v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Taxes  
Income Taxes

10. Income Taxes

 

The Company’s effective tax rate was (131.22)% and 11.5% for the three months ended March 31, 2026 and 2025, respectively. The difference in the effective tax rate and the U.S. federal statutory rate was primarily due to the full valuation allowance the Company maintains against its deferred tax assets and state minimum taxes in the United States. The effective tax rate is calculated by dividing the income tax provision (benefit) by the loss before income tax provision (benefit).