Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Loss before income taxes consisted of (in thousands):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(80,825)	$	(25,933)	$	(46,847)
Foreign	16,886		15,427		14,906
Loss before income taxes	$	(63,939)	$	(10,506)	$	(31,941)

Schedule of Income Tax Expense

The components of the Company’s income tax expense consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current income taxes:
Federal	$	—	$	—	$	5,574
State and local	170		94		71
Foreign	4,186		4,771		3,728
Current income taxes	4,356		4,865		9,373
Deferred income taxes:
Federal	—		(57)		105,236
State and local	—		—		17,888
Foreign	—		(244)		—
Deferred income taxes	—		(301)		123,124
Total income taxes:
Federal	—		(57)		110,810
State and local	170		94		17,959
Foreign	4,186		4,527		3,728
Income tax expense	$	4,356	$	4,564	$	132,497

Schedule of Reconciliation of Income Tax Expense

The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the provision computed at the U.S. federal statutory income tax rate to the provision for income taxes for 2025:


	Year Ended
	December 31, 2025
	Amount (in thousands)		Percent
Expected U.S. federal income taxes at statutory rate	$	(13,427)	21.0	%
State and local income taxes, net of federal income tax effect (1)	170		(0.3)
Foreign tax effects
United Kingdom	3,518		(5.5)
Other foreign jurisdictions	525		(0.8)

Effect of cross-border tax laws	124		(0.2)


Changes in valuation allowance	12,283		(19.2)
Nontaxable or nondeductible Items	966		(1.4)




Other adjustments	197		(0.4)
Effective tax rate	$	4,356	(6.8)	%

(1) In 2025, state and local taxes in Texas comprise the majority of the state and local taxes, net of federal effect category.

The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the provision computed at the U.S. federal statutory income tax rate to the provision for income taxes for 2024 and 2023:


	Year Ended December 31,
		2024		2023
Expected U.S. federal income taxes at statutory rate		21.0	%	21.0	%
State and local income taxes, net of federal benefit		(3.5)		(56.2)
Foreign taxes		(34.2)		(9.3)


Non-deductible expenses		(4.7)		(0.9)
Change in valuation allowance		(3.9)		(340.5)
Non-controlling interest		(0.7)		(6.8)
Share-based compensation		(11.0)		(1.6)
Return to provision		1.0		(23.8)
Other, net		(7.4)		3.3
Income tax expense		(43.4)	%	(414.8)	%

Schedule of Deferred Tax Assets and Liabilities

The significant items comprising deferred tax assets and liabilities is as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Investment in partnership	$	68,334	$	82,486
Tax receivable agreement liability	29		—
Stock-based compensation	8,019		7,266
Foreign tax credit	62		62
Section 163(j) interest	15,281		9,149
Other carryforwards	238		218
Net operating loss carryforward	56,066		33,424
Gross deferred tax assets	148,029		132,605
Valuation allowance	(148,029)		(132,605)
Deferred tax assets, net of valuation allowance	—		—
Deferred tax liabilities:

Property and equipment	(584)		(542)

Gross deferred tax liabilities	(584)		(542)
Net deferred tax assets	$	(584)	$	(542)

Summary of Valuation Allowance

The following table presents a reconciliation of the total change in the valuation allowance for the year ended December 31, 2025 (in thousands):


Beginning balance	$	(132,605)
Change charged to income tax expense	(14,333)


Changes charged to additional paid-in-capital	(1,091)
Ending balance	$	(148,029)

Schedule of Income Taxes Paid, Net


	Year Ended December 31, 2025
	(in thousands)
U.S. federal	$	—
U.S. state	182
Foreign
United Kingdom	4,124
Spain	1,049
Total Foreign	$	5,173
Total income taxes	$	5,355