v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Loss Before Taxes

The domestic and foreign components of Loss before taxes were as follows:
December 31,
20252024
(In thousands)
Domestic
$(298,048)$(16,392)
Foreign
(636)— 
Loss before taxes$(298,684)$(16,392)
Schedule of Components of Provisions For Taxes
The component of benefit from taxes were as follows:
December 31,
20252024
(In thousands)
Current:
Foreign$2 $— 
Deferred:
Foreign$(162)$— 
Benefit from taxes$(160)$— 
Schedule of Deferred Tax Assets and Liabilities Significant deferred tax assets and liabilities consist of the following:
December 31,
20252024
(In thousands)
Deferred tax assets:
Reserves$96 $— 
Accrued expenses398 385 
Other deferred197 340 
Lease liability196 3 
Deferred revenue1,839 1,722 
Intangible assets— 139 
Stock compensation1,321 — 
Net operating losses16,373 2,828 
Deferred tax assets
20,420 5,417 
Valuation allowance(16,103)(4,480)
Deferred tax assets, net4,317 937 
Deferred tax liabilities:
Investment in Round Top Mountain(981)(703)
Fixed assets(2,770)(234)
Right-of-use asset(276)— 
Intangible assets(17,005)— 
Deferred tax liabilities
(21,032)(937)
Deferred tax liabilities, net
$(16,715)$— 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliation of the U.S. Federal statutory rate to the Company’s effective tax rate is as follows:
December 31,
20252024
(In thousands, except percent)
U.S. Federal statutory amount and rate$(62,714)21 %$(3,394)21 %
State and local income taxes, less federal income tax benefit (1)
— — — — 
United Kingdom(25)— — — 
Changes in valuation allowances9,138 (3)2,671 (17)
Mark-to-market of warrants and earnouts51,371 (17)— — 
Nondeductible/nontaxable items1,795 (1)390 (2)
Minority share/partnership filing period— — 333 (2)
Other275 — — — 
Effective tax amount and rate (2)
$(160)— %$— — %
(1)For the year ended December 31, 2025, state taxes that made up the majority (greater than 50 percent) of the tax effect in this category were Colorado, Florida and Oklahoma.
Summary of Operating Loss Carryforwards Following is a summary of NOL carryforwards and the related expiration dates by jurisdiction:
JurisdictionNOL/Tax Credit Carryforward AmountExpiration
(In thousands)(year)
Domestic
Federal NOL (1)
$53,953 Indefinite
State NOL
39,683 2045
State NOL
28,359 Indefinite
​
Foreign
United Kingdom
$10,851 Indefinite
(1)The U.S. Federal net operating loss carryforwards for income tax purposes are carry forward indefinitely and are subject to an annual limitation of 80% of taxable income.
Deferred Tax Assets, Change in Valuation Allowance The valuation allowance primarily relates to foreign tax credits and certain state interest expense carryforwards and other deferred tax assets.
December 31,
20252024
(In thousands)
Valuation Allowance at Beginning of year$(4,480)$(1,809)
Additions charged to income tax benefit(11,623)(2,671)
Valuation Allowance at End of Year$(16,103)$(4,480)