v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Taxes
A summary of income (loss) before income taxes as follows:
Year Ended
December 31,
202520242023
Domestic$71,745 $55,408 $(27,200)
Foreign(972)(7,885)(4,314)
Total income (loss) before income taxes$70,773 $47,523 $(31,514)
Schedule of Components of Income Tax Expense (Benefit)
A summary of income tax (benefit) expense as follows:
Year Ended
December 31,
202520242023
Current:
Federal$— $— $— 
State436 598 210 
Foreign— — — 
Total Current$436 $598 $210 
Deferred:
Federal$(57,729)$— $— 
State(11,164)— — 
Foreign93 — — 
Total Deferred$(68,800)$— $— 
Total income tax (benefit) expense$(68,364)$598 $210 
Schedule of Effective Income Tax Rate Reconciliation
The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate:
Year Ended
December 31,
202520242023
Tax at federal statutory rate$14,859 21.0 %$9,983 21.0 %$(6,989)21.0 %
Domestic federal
Change in valuation allowance:
Federal valuation allowance(68,968)(97.5)%(4,946)(10.4)%8,001 (24.1)%
Nontaxable or nondeductible items:
Stock-based compensation expense - excess benefit(1,812)(2.5)%(8,775)(18.5)%(2,327)7.0 %
Non-deductible compensation under IRC Section 162(m)656 0.9 %1,619 3.4 %86 (0.2)%
Other351 0.5 %372 0.8 %325 (1.0)%
Tax credits:
Research and development(1,697)(2.4)%— — %— — %
Other(1,231)(1.7)%217 0.4 %38 (0.1)%
State and local income tax, net of federal income tax effect (1)
(10,819)(15.3)%472 1.0 %171 (0.5)%
Foreign tax rate effects:
United Kingdom33 — %1,385 2.9 %505 (1.5)%
Other foreign264 0.4 %271 0.6 %400 (1.2)%
Effective tax rate$(68,364)(96.6)%$598 1.2 %$210 (0.6)%
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Pennsylvania, Illinois and Florida for 2025, California for 2024, and North Carolina, New York, Texas and Massachusetts for 2023.
Schedule of Supplemental Cash Flow Information
The amounts of cash taxes paid by the Company are as follows:
Year Ended
December 31,
202520242023
Federal$— $— $— 
State (2)
910 193 308 
Foreign— — — 
Income taxes, net of amounts refunded$910 $193 $308 
(2) The individual jurisdictions with cash taxes paid that equaled or exceeded 5% of total income taxes paid included California ($530), Pennsylvania ($125), Texas ($123) and Illinois ($75) for 2025. For 2024, such jurisdictions included Massachusetts ($30), New York ($45), North Carolina ($30), Oregon ($30), South Carolina ($15) and Tennessee ($15). For 2023, such jurisdictions included Massachusetts ($40), New York ($57), North Carolina ($79), South Carolina ($25), Tennessee ($25) and Texas ($25).
Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
Year Ended
December 31,
Operating cash flow information:202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$4,982 $1,645 $1,802 
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)$2,101 $2,244 $1,235 
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)$2,120 $1,977 $1,109 
Schedule of Deferred Tax Assets And Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows:
Year Ended
December 31,
202520242023
Federal net operating losses (NOLs)$82,140 $82,206 $88,265 
State NOLs15,840 15,939 12,699 
Foreign NOLs2,159 5,584 4,269 
Stock-based compensation expense25,269 34,368 23,643 
Property and equipment(59,345)(47,159)(35,756)
Other5,335 7,555 5,536 
Gross deferred income tax assets$71,398 $98,493 $98,656 
Domestic valuation allowance(858)(92,952)(94,448)
Foreign valuation allowance(1,740)(5,541)(4,208)
Net deferred income tax assets$68,800 $— $—