v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of our income (loss) before income taxes for the years ended December 31, 2025 and 2024, are as follows:
For the Years Ended December 31,
dollars in thousands20252024
Domestic$3,199 $(15,566)
Foreign726 (763)
Income (loss) before income taxes$3,925 $(16,329)
Schedule of Components of Income Tax Expense (Benefit)
The components of the current tax provision and deferred tax benefit for the years ended December 31, 2025 and 2024, are as follows:
For the Years Ended December 31,
dollars in thousands20252024
Current tax provision:
U.S. Federal$— $— 
State and local285 (47)
Foreign(127)427 
Total current tax provision$158 $380 
Deferred tax benefit:
U.S. Federal$— $(1,269)
State and local— 127 
Foreign(373)— 
Total deferred tax benefit$(373)$(1,142)
Income tax benefit$(215)$(762)
Effective rate of tax(5.5)%4.7 %
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation between the statutory federal income tax rate and the effective income tax rate for the year ended December 31, 2025, are as follows:
dollars in thousands2025
Income tax - at US statutory tax rate$824 21.0 %
State and local taxes - net of federal1
226 5.8 %
Foreign tax effects
Spain
Stock Based Compensation(651)(16.6)%
Other(2)(0.1)%
Nontaxable or nondeductible items
Stock Based Compensation1,183 30.1 %
Warrant Mark-to-Market Adjustment895 22.8 %
Contingent Liability(480)(12.2)%
Other(38)(1.0)%
Changes in valuation allowance(2,116)(53.9)%
Other
Deferred Remeasurement(56)(1.4)%
Effective rate of tax$(215)(5.5)%
1    State taxes in Alabama made up the majority (greater than 50 percent) of the tax effect in this category
The reconciliation between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2024, are as follows:
2024
Income tax - at U.S. statutory tax rate21.0 %
State and local taxes - net of federal4.9 %
Stock-based compensation(34.5)%
Warrant mark-to-market adjustment5.8 %
Valuation allowance10.9 %
Return to provision(1.6)%
Other(1.8)%
Effective rate of tax4.7 %
Schedule of Deferred Tax Assets and Liabilities
The components of the total net deferred tax assets and liabilities as of December 31, 2025 and 2024, consisted of the following:
As of December 31,
dollars in thousands20252024
Deferred tax assets:
Net operating losses$26,609 $24,117 
Partnership4,027 11,638 
Interest expense limitation - 163(j)12,413 11,568 
Stock-based compensation3,067 3,492 
Other1,609 123 
Total deferred tax assets47,725 50,938 
Valuation allowance for deferred tax assets(45,845)(49,748)
Net deferred tax assets1,880 1,190 
Deferred tax liabilities:
Intangibles(1,507)(1,190)
Total deferred tax liabilities(1,507)(1,190)
Net deferred tax assets$373 $— 
Schedule of Cash Flow, Supplemental Disclosures
For the Years Ended December 31,
dollars in thousands20252024
Cash paid for interest$28,839 $23,137 
Cash paid for income taxes, net of refunds430 — 
Fixed assets in accounts payable15 — 
Non-cash investing and financing activities:
Series A Preferred Stock - adjustment to maximum redemption value$27,078 $25,339 
Recognition of new right-of-use assets and corresponding operating lease liabilities30,582 1,262 
Derecognition of right-of-use assets and corresponding operating lease liabilities4,567 — 
Recognition of new right-of-use asset and corresponding financing lease liability69 — 
Derecognition or modification of right-of-use assets and corresponding finance lease liabilities13 — 
Purchase consideration of Ignis acquisition paid in Common Stock (Note 12)
1,191 4,038 
Purchase consideration of FMS acquisition paid in Common Stock— 14,179 
The components of the income taxes paid as of December 31, 2025, consisted of the following:
dollars in thousands2025
Federal$— 
State
Alabama118 
Texas38 
Other7 
Foreign
Spain267 
Total Income Taxes Paid$430