Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

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INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 15—INCOME TAXES
The Company recorded an income tax expense of $0.3 million and an income tax benefit of $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and the Company recorded an income tax expense of $0.9 million and an income tax expense of $0.1 million for the nine months ended September 30, 2025 and 2024, respectively. Our effective tax rate was (3.3)% for the three months ended September 30, 2025 compared to (14.7)% for the three months ended September 30, 2024. Our effective tax rate was (6.0)% for the nine months ended September 30, 2025 compared to (0.9)% for the nine months ended September 30, 2024.
Income tax expense for the three and nine months ended months ended September 30, 2025 and 2024 is primarily related to non-US based income taxes and nondeductible items. In July 2025, U.S. Congress enacted the One Big Beautiful Bill Act (“OBBBA”), which included a range of tax reform measures, including the extension and modification of certain provisions originally enacted under the Tax Cuts and Jobs Act. The OBBBA does not materially impact the Company’s effective tax rate or cash flows in the current fiscal year.