Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 17. INCOME TAXES For the three months ended June 30, 2026, the Company recognized an income tax benefit of $6.1 million, resulting in an effective tax rate of 0.3%, which differs from the 21% U.S. federal statutory rate primarily due to net losses incurred in certain foreign operations and a tax benefit related to a reduction of valuation allowance recognized in connection with the Nexus Acquisition. These benefits were partially offset by a derecognition of the U.S. valuation allowance attributable to certain indefinite-lived deferred tax attributes. For the three months ended June 30, 2025, the Company recognized an income tax benefit of $15.3 million, resulting in an effective tax rate of 7.9%, which differs from the 21% U.S. federal statutory rate primarily as a result of not recognizing a deferred tax asset for losses due to having a full valuation allowance against the generated deferred tax assets. For the six months ended June 30, 2026, the Company recognized an income tax benefit of $12.4 million, resulting in an effective tax rate of 1.2%, which differs from the 21% U.S. federal statutory rate primarily due to net losses incurred in certain foreign operations and a tax benefit related to a reduction of valuation allowance recognized in connection with the Nexus and Skyloom Acquisitions. These benefits were partially offset by a derecognition of the U.S. valuation allowance attributable to certain indefinite-lived deferred tax attributes. For the six months ended June 30, 2025, the Company recognized income tax benefit of $15.3 million, resulting in an effective tax rate of 6.8%, which differs from the 21% U.S. federal statutory rate primarily as a result of not recognizing a deferred tax asset for losses due to having a full valuation allowance against the generated deferred tax assets. As of June 30, 2026 and December 31, 2025, the Company maintains a valuation allowance against the majority of its U.S. and Swiss deferred tax assets. |