Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 18. INCOME TAXES For the three months ended September 30, 2026, the Company recognized an income tax benefit of $141.7 million, resulting in an effective tax rate of (33.6)%, which differs from the 21% U.S. federal statutory rate primarily due to a tax benefit related to a reduction of valuation allowance recognized in connection with the SkyWater Acquisition and net losses incurred in certain foreign operations. For the three months ended September 30, 2025, the Company recognized an income tax benefit of $4.4 million, resulting in an effective tax rate of 0.4%, 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 valuation allowance against deferred tax assets. For the nine months ended September 30, 2026, the Company recognized an income tax benefit of $154.2 million, resulting in an effective tax rate of 23.5%, which differs from the 21% U.S. federal statutory rate primarily due to a tax benefit related to a reduction of valuation allowance recognized in connection with the SkyWater, Nexus Photonics, and Skyloom Acquisitions and net losses incurred in certain foreign operations. These benefits were partially offset by a derecognition of the U.S. valuation allowance attributable to certain indefinite-lived deferred tax attributes. For the nine months ended September 30, 2025, the Company recognized an income tax benefit of $19.7 million, resulting in an effective tax rate of 1.5%, 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 September 30, 2026 and December 31, 2025, the Company maintains a valuation allowance against the majority of its U.S. and Swiss deferred tax assets. |