INCOME TAXES |
9 Months Ended |
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Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES As of September 30, 2026, the Company had a net deferred tax liability of $7.53 million. The change from a net deferred tax asset position with a full valuation allowance primarily reflects deferred tax liabilities recognized in connection with the ASM Acquisition, principally related to differences arising from the purchase price adjustment of intangible assets in South Korea. As of September 30, 2026 and December 31, 2025, the Company continues to maintain valuation allowances against deferred tax assets in jurisdictions where, based on the weight of available evidence, it is more likely than not that some or all of such deferred tax assets will not be realized. The Company evaluates the realizability of its deferred tax assets and the adequacy of its valuation allowances. If the Company’s assessment changes in a future period, the valuation allowance may be adjusted, which could result in a corresponding income tax benefit or expense in the period of adjustment. For the three months ended September 30, 2026, the Company recorded income tax benefit of $0.46 million on a loss before tax of $52.83 million, resulting in an effective tax rate of 0.9%. The income tax benefit primarily reflects a decrease in the deferred tax liabilities recognized in connection with the ASM Acquisition, principally related to differences arising from the purchase price adjustments of intangible assets in South Korea. For the three months ended September 30, 2025, the Company recorded income tax expense of $0.08 million on loss before tax of $16.92 million, resulting in an effective tax rate of 0.5%. The tax expense consists primarily of Brazil income tax arising from the transfer pricing revenue recognized. For the nine months ended September 30, 2026, the Company recorded income tax benefit of $0.37 million on a loss before tax of $97.30 million, resulting in an effective tax rate of 0.4%. The income tax benefit primarily reflects a decrease in the deferred tax liabilities recognized in connection with the ASM acquisition, principally related to differences arising from the purchase price adjustments of intangible assets in South Korea. For the nine months ended September 30, 2025, the Company recorded income tax benefit of $1.04 million on loss before tax of $66.21 million, resulting in an effective tax rate of 1.6%. The tax benefit consists of the reversal of the tax liability for Base Titanium Limited that was recorded primarily prior to the acquisition of Base Resources Limited (“Base Resources”).
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