v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Taxes [Abstract]  
INCOME TAXES

17. INCOME TAXES

 

The following table provides details of income taxes:

 

   For the Three Months Ended
March 31,
 
   2026   2025 
         
Loss before income taxes  $(149,857,788)  $(57,039,929)
Provision for income taxes  $421,523   $671,716 
Effective tax rate   (0.3)%   (1.2)%

 

Our income tax provision was $0.4 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively. The income tax provision was lower during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to higher pretax loss, geographic mix earning impacts and Net CFC Tested Income or NCTI (a.k.a GILTI) impact. Also, in both periods presented, we were not able to benefit from current year foreign loss before taxes due to foreign valuation allowance from certain foreign operations.