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INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Three Months Ended
June 30,		Six Months Ended June 30,
2026202520262025
Income before income taxes28,063 (924,423)$81,974 $(909,932)
Provision for income taxes213 (1,047)668 505 
Effective tax rate0.8 %0.1 %0.8 %(0.1)%

The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate (“ETR”), adjusted for discrete items arising in the period. In each quarter, the Company updates its estimated annual ETR and makes a year-to-date calculation of the provision.
The Company’s ETR was 0.8% and 0.8% for the three and six months ended June 30, 2026 . The primary difference between the ETR and the federal statutory tax rate for each period was due to the non-deductible executive compensation, the excess tax benefits from stock-based compensation and valuation allowance on the Company’s deferred tax assets. Tax expense for the three and six months ended June 30, 2026 was primarily due to certain state taxes.
The Company’s ETR was 0.1% and (0.1)% for the three and six months ended June 30, 2025. The primary difference between the ETR and the federal statutory tax rate for each period was due to the non-deductible executive compensation, the excess tax benefits from stock-based compensation and valuation allowance on the Company’s deferred tax assets. Tax expense for the six months ended June 30, 2025 was primarily due to certain state taxes.
Management reviews all available positive and negative evidence in assessing the realizability of deferred tax assets. As of June 30, 2026, the Company maintained a full valuation allowance against the net deferred tax assets in applicable jurisdictions.