v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 14 – INCOME TAXES

The Company’s provision for income taxes in interim periods is computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. For the three and six months ended June 30, 2026, the Company utilized an estimated effective tax rate.

 

 

Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

Income tax expense

 

 

1,990

 

 

 

1,876

 

Effective tax rate

 

 

90

%

 

(52%)

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Income tax expense

 

 

1,692

 

 

 

1,559

 

Effective tax rate

 

 

88

%

 

(35%)

 

The effective tax rate of 90% for the three months ended June 30, 2026 was higher than the rate for the three months ended June 30, 2025, of (52)% primarily due to the change in our pre-tax book loss year over year.

The effective tax rate of 88% for the six months ended June 30, 2026 was higher than the rate for the six months ended June 30, 2025, of (35)% primarily due to the change in our pre-tax book loss year over year.

Income tax expenses for the three and six months ended June 30, 2026 and June 30, 2025 were calculated using an estimated effective tax rate which differs from the U.S. federal statutory rate of 21% primarily due to the adjustment for production tax credits.