Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company recognized income tax benefit of $112 and $106 for the three and six months ended June 30, 2026 compared to income tax expense of $3 and $95 for the same respective periods in 2025. The effective tax rate on the Company's net loss differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S. A valuation allowance has been established against the net U.S. and International deferred tax assets which is primarily attributable to net operating losses in the respective regions. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. and International net deferred tax assets as more evidence is needed regarding the utilization of these losses. At June 30, 2026, the Company has available net operating loss ("NOL") carry-forwards of $471,645 (December 31, 2025: $473,094) for income tax purposes. Approximately $383,409 (December 31, 2025: $388,724) of NOL carryforwards expire in various years beginning in 2029. As of June 30, 2026, approximately $88,236 or 18.7% of the Company's NOL carryforwards have no expiry date under the relevant U.S. tax law (December 31, 2025: $84,370 or 17.8%).
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