v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of (Benefit) Provision for Income Taxes
The components of income (loss) before income taxes are as follows:
Years Ended December 31,
202520242023
U.S.$(112,349)$(67,297)$(23,994)
Non-U.S.(423)(39)(863)
Loss before taxes
$(112,772)$(67,336)$(24,857)
The components of the expense (benefit) for income taxes are as follows:
Years Ended December 31,
202520242023
Current:
Federal$(23)$773 $933 
State61 133 408 
Total current income tax expense$38 $906 $1,341 
Deferred:
Federal$(1,243)$(2,213)$(648)
State765 (401)(352)
Total deferred tax benefit$(478)$(2,614)$(1,000)
Total income tax (benefit) expense$(440)$(1,708)$341 
Schedule of Effective Income Tax Rate Reconciliation
The Company adopted ASU 2023-09 “Income Taxes (Topic 740): Improvements To Income Tax Disclosures” on a retrospective basis beginning with the year ended December 31, 2023. The following table presents the required disclosures pursuant to ASU 2023-09 and reconciles the U.S. federal statutory income tax amount to the global effective amount (in thousands, except for percentages):
Years Ended December 31,
202520242023
AmountPercentageAmountPercentageAmountPercentage
Income tax benefit at federal statutory rate$(23,682)21.0 %$(14,140)21.0 %$(5,220)21.0 %
State and local income taxes, net of federal benefit748 (0.7)%(813)1.2 %(438)1.8 %
Foreign tax effects89 (0.1)%(4)— %142 (0.6)%
Change in valuation allowance17,436 (15.5)%12,865 (19.1)%5,832 (23.5)%
Nontaxable or nondeductible items:
Stock-based compensation1,549 (1.4)%469 (0.7)%293 (1.2)%
Change in fair value of earnout liability52 — %(1,188)1.8 %(676)2.7 %
Transaction costs or permanent adjustments687 (0.6)%140 (0.2)%220 (0.9)%
Noncontrolling interest1,534 (1.4)%803 (1.2)%— — %
Other:
PPA adjustment1,580 (1.4)%— — %— — %
Other(433)0.4 %160 (0.2)%188 (0.8)%
Total income tax (benefit) expense and effective tax rate$(440)0.4 %$(1,708)2.5 %$341 (1.4)%
Schedule of Deferred Tax Assets and Liabilities
The components of net deferred tax assets and liabilities are as follows:
Years Ended December 31,
20252024
Deferred Tax Assets:
Net operating losses$50,636 $23,278 
Research and other credit carryforwards3,749 3,104 
Accruals and reserves692 1,411 
Stock-based compensation2,768 847 
Deferred revenue1,878 1,219 
Capitalized research and development11,305 13,457 
Lease liabilities4,740 2,148 
Interest4,809 4,554 
Other871 919 
Total gross deferred tax assets81,448 50,937 
Less: Valuation allowance(48,664)(40,257)
Total deferred tax assets$32,784 $10,680 
Deferred Tax Liabilities:
Property and equipment$(1,846)$(1,118)
Intangible assets(18,209)(7,710)
Lease assets(4,470)(1,901)
Investment in subsidiaries(16,194)1,076 
Method change §481(a) adjustment(842)(1,062)
Unrealized gains and losses(81)(77)
Total gross deferred tax liabilities$(41,642)$(10,792)
Net deferred tax liabilities$(8,858)$(112)
Schedule of Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits for the year ended December 31, 2025 and 2024, excluding interest and penalties. The unrecognized tax benefits are recorded in other long-term liabilities. The Company does not anticipate that a material change of unrecognized tax benefits will occur within the next twelve months.
Years Ended December 31,
20252024
Balance - Beginning of Year$— $1,072 
Gross increase (decrease) related to current year tax positions— — 
Gross increase (decrease) related to prior year tax positions590 (1,072)
Balance - End of Year$590 $—