v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

12. INCOME TAXES

The Company's effective tax rates were (2.1)% and (0.2)% for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate in 2026 differs from 2025 primarily due to additional tax expense recorded in Australia. The income tax provision and effective tax rate are driven primarily by a valuation allowance in the United States, partially offset by income tax in Australia.

 

The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized.