Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of tax expense


(Amounts in thousands)		December 31, 2025			December 31, 2024			December 31, 2023
Current income tax
Federal		$	(1,093)		$	(3,091)		$	710
State			832			(310)			620
Foreign			(500)			1,260			2,633
Deferred income tax
Federal			(50,160)			(37,131)			(6,394)
State			(11,464)			(7,390)			(2,616)
Foreign			2,057			(6,717)			(319)
Valuation allowance			116,825			6,487			(3,161)
Income tax expense (benefit)		$	56,497		$	(46,892)		$	(8,527)

Schedule of effective income tax rate reconciliation


		December 31, 2025
(Amounts in thousands)		Amount			Percent
Statutory rate		$	(52,892)			21.0	%
State income taxes - net of federal benefit ⁽¹⁾			10,081			(4.0)	%
Foreign Tax Effects ⁽²⁾
Canada			1,790			(0.7)	%
Bahamas			(682)			0.3	%
United Kingdom			—			—	%
Effect of cross-border tax laws
Effect of GILTI inclusion			914			(0.4)	%
Tax Credits
Research and development tax credits			103			—	%
Change in valuation allowance			95,257			(37.8)	%
Nontaxable or nondeductible items
Other			(200)			0.1	%
Changes in unrecognized tax benefits			36			—	%
Other
Prior period true-up			2,225			(0.9)	%
Other			(135)			—	%
Income tax expense		$	56,497			(22.4)	%

(1)	State taxes in Florida, New York City, and New York made up the majority (greater than 50%) of the tax effect in this category in the current year.

(2)	The Company has determined that there are no reconciling items for all foreign jurisdictions that meet the 5% threshold. As a result, no further disaggregation of the foreign jurisdictions reconciling items has been presented.


(Amounts in thousands)		December 31, 2024			December 31, 2023
Statutory rate		$	(32,008)		$	(5,721)
State income taxes - net of federal benefit			(7,644)			(2,918)
Change in effective state tax rate			5			940
Revocation of S-corporation status			—			4,799
Earnout			—			(4,345)
Foreign rate differential			(13,155)			(5,501)
Change in valuation allowances			6,487			(3,161)
Effect of foreign tax credits			—			(443)
Effect of uncertain tax positions			(4,279)			459
Prior year true-ups			(254)			297
Effect of GILTI Inclusion			—			8,193
Effect of deferred true-ups			1,368			254
Research and development tax credits			(1,712)			(1,062)
Other			4,300			(318)
Income tax expense (benefit)		$	(46,892)		$	(8,527)


(Amounts in thousands)		December 31, 2024		December 31, 2023
Statutory rate		21.0	%	21.0	%
State income taxes - net of federal benefit		5.1	%	10.7	%
Change in effective state tax rate		—	%	(3.5)	%
Revocation of S-corporation status		—	%	(17.6)	%
Earnout		—	%	15.9	%
Foreign rate differential		8.6	%	20.2	%
Change in valuation allowances		(4.3)	%	11.6	%
Effect of foreign tax credits		—	%	1.6	%
Effect of uncertain tax positions		2.8	%	(1.7)	%
Prior year true-ups		0.2	%	(1.1)	%
Effect of GILTI inclusion		—	%	(30.1)	%
Effect of deferred true-ups		(0.9)	%	(0.9)	%
Research and development tax credits		1.1	%	3.9	%
Other		(2.8)	%	1.3	%
Total		30.8	%	31.3	%

Schedule of income taxes paid net of refunds


(Amounts in thousands)	December 31, 2025
Domestic
New York City	$	392
Oklahoma		202
New York		101
Missouri		87
Tennessee		76
Other states		49
Foreign
Canada		256
Total cash paid for income taxes, net of refunds	$	1,163

Schedule of deferred income tax assets and deferred tax liabilities


(Amounts in thousands)		December 31, 2025			December 31, 2024
Deferred tax assets:
Net operating loss carryforwards		$	90,476		$	55,250
Deferred compensation			2,232			2,940
Lease liability			2,474			2,541
Real estate transaction			10,687			10,111
Capitalized research and development expenditures			9,048			15,295
Interest expense limitation			19,260			10,674
Loss reserves			2,363			3,871
Research and development tax credits			1,886			2,853
Legal settlements			23,656			—
Other			2,288			1,938
Total deferred tax assets			164,370			105,473

Valuation allowance			(143,267)			(25,209)

Deferred tax liabilities:
Property and equipment			(11,397)			(11,741)
Intangible assets in excess of tax basis			(679)			(627)
Passthrough income / joint ventures			(1,450)			(4,929)
ROU asset			(2,493)			(2,551)
Deminimis contracts			(738)			(2,385)
Other			(7,375)			(3,792)
Total deferred tax liabilities			(24,132)			(26,025)

Net deferred tax assets		$	(3,029)		$	54,239

Schedule of uncertain tax positions


(Amounts in thousands)		December 31, 2025			December 31, 2024
Balance at beginning of period		$	243		$	4,522
Additions to current year tax positions			—			—
Additions to interest and penalties on prior year tax positions taken			36			32
Reductions to prior year tax positions			—			(3,412)
Reductions to interest and penalties on prior year tax positions taken			—			(899)
Balance at end of period		$	279		$	243