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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Tax, Domestic and Foreign | For the years ended December 31, 2024, 2023 and 2022 income (loss) before income taxes included the following components:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 97,051 |  |  | $ | 16,501 |  |  | $ | (60,099) |
Foreign | 5,255 |  |  | 1,276 |  |  | 1,463 |
Total | $ | 102,306 |  |  | $ | 17,777 |  |  | $ | (58,636) |
Schedule of Effective Income Tax Rate Reconciliation | For the years ended December 31, 2024, 2023 and 2022 the Company recognized the following provision for income taxes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 10,652 |  |  | $ | 895 |  |  | $ | 302 |
State | 2,639 |  |  | 607 |  |  | 327 |
Foreign | 284 |  |  | 341 |  |  | 524 |
Total | $ | 13,575 |  |  | $ | 1,843 |  |  | $ | 1,153 |
Deferred: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | — |  |  | — |  |  | — |
Foreign | 157 |  |  | (133) |  |  | (215) |
Total | $ | 157 |  |  | $ | (133) |  |  | $ | (215) |
Total provision for income taxes | $ | 13,732 |  |  | $ | 1,710 |  |  | $ | 938 |
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Expected income tax expense at federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of Federal income tax effect | (3.8) |  |  | (35.1) |  |  | 6.7 |
Section 162(m) limitation | 58.1 |  |  | 56.5 |  |  | (15.2) |
Equity compensation | (97.9) |  |  | (208.4) |  |  | 28.4 |
Meals and entertainment | 1.2 |  |  | 5.6 |  |  | (1.2) |
Foreign-Derived Intangible Income deduction | (13.5) |  |  | (13.4) |  |  | — |
Other permanent adjustments | 1.8 |  |  | 2.2 |  |  | 0.3 |
Research and development credit | (23.5) |  |  | (76.4) |  |  | 11.7 |
Valuation allowance | 70.0 |  |  | 257.6 |  |  | (53.3) |
Effective income tax rate | 13.4 | % |  | 9.6 | % |  | (1.6) | %
Schedule of Deferred Tax Assets and Liabilities | The Company has the following deferred tax assets (liabilities) as of December 31, 2024 and 2023:
| 2024 |  | 2023
Net operating loss carryforwards | $ | 4,491 |  |  | $ | 15,533 |
Stock-based compensation | 4,755 |  |  | 5,207 |
Research and development credits | 61,198 |  |  | 38,146 |
Lease liability | 13,004 |  |  | 5,739 |
Section 174 research and development capitalization | 190,768 |  |  | 102,055 |
Marketing and advertising | 674 |  |  | 766 |
Sales tax / Value added tax ("VAT") reserve | 560 |  |  | 397 |
Other deferred tax assets | 70 |  |  | 65 |
Valuation allowance | (256,728) |  |  | (156,870) |
Total deferred tax assets | 18,792 |  |  | 11,038 |
ROU asset | (10,757) |  |  | (4,354) |
Property and equipment | (2,885) |  |  | (2,164) |
Capitalized software | (4,444) |  |  | (3,716) |
Other deferred tax liabilities | (322) |  |  | (38) |
Total deferred tax liabilities | (18,408) |  |  | (10,272) |
Net deferred taxes | $ | 384 |  |  | $ | 766 |
Schedule of Valuation Allowance | The following table represents the activity in our valuation allowance for the years ended December 31, 2024 and 2023:
| Year Ended December 31,
| 2024 |  | 2023
Beginning balance—January 1 | $ | (156,870) |  |  | $ | (108,504) |
Valuation allowances established | (99,858) |  |  | (48,366) |
Release of valuation allowances | — |  |  | — |
Ending balance—December 31 | $ | (256,728) |  |  | $ | (156,870) |

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