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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10. Income taxes In general, the Company determines its quarterly provision for income taxes by applying an estimated annual effective tax rate, which is based on expected annual income or loss and statutory tax rates in the various jurisdictions in which the Company operates. Certain discrete items are separately recognized in the quarter in which they occur and can be a source of variability on the effective tax rates from quarter to quarter. The Company’s effective tax rate may change based on recurring and non-recurring factors, including the geographical mix of earnings or losses, enacted tax legislation, and state and local income taxes. Each quarter, a cumulative adjustment is recorded for any fluctuations in the estimated annual effective tax rate as compared to the prior quarter. For the three months ended September 30, 2025, the Company’s income tax provision and effect ive tax rate were $1.8 million and 33.5%, respectively. This rate differed from the statutory federal income tax rate of 21.0% primarily due to an increase in the Company's taxable income and state income taxes. For the three months ended September 30, 2024, the Company’s income tax benefit and effective tax rate were $0.6 million and 49.9%, respectively. This rate differed from the statutory federal income tax rate of 21.0% primarily due to Subpart F income (i.e., foreign income earned by a controlled foreign corporation that will be taxed to the U.S. taxpayer, regardless of any distribution) and a change in valuation allowance. For the nine months ended September 30, 2025, the Company’s income tax benefit and effective tax rate were $10.8 million and 10.3%, respectively. This rate differed from the statutory federal income tax rate of 21.0% primarily due to a non-taxable portion of gains on digital assets, subpart F income, and a change in valuation allowance. For the nine months ended September 30, 2024, the Company’s income tax expense and effective tax rate were $24.8 million and 12.5%, re spectively. This rate differed from the statutory federal income tax rate of 21.0% primarily due to non-taxable portion of gains on digital assets, Subpart F income, and a change in valuation allowance. The Company is subject to U.S. federal income taxes as well as income taxes in various state jurisdictions and federal and provincial taxes in Canada. The Company’s tax returns for tax years beginning 2024 remain subject to potential examination by the taxing authorities. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the United States. The legislation introduced a wide array of changes to the U.S. corporate tax system, including extensions of certain provisions of the Tax Cuts and Jobs Act of 2017 (both domestic and international). Key provisions include changes to bonus depreciation for certain assets placed in service after January 19, 2025 and interest expense limitations under Internal Revenue Code Section 163(j). The Company incorporated the provision changes around bonus depreciation and Section 163(j) in its accounting for income taxes as of September 30, 2025, and will continue to further evaluate the overall impact of OBBBA on its financial position.

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