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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) before Income Taxes | A summary of income (loss) before income taxes as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | 71,745 |  |  | $ | 55,408 |  |  | $ | (27,200) |
Foreign | (972) |  |  | (7,885) |  |  | (4,314) |
Total income (loss) before income taxes | $ | 70,773 |  |  | $ | 47,523 |  |  | $ | (31,514) |
Schedule of Components of Income Tax Expense (Benefit) | A summary of income tax (benefit) expense as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 436 |  |  | 598 |  |  | 210 |
Foreign | — |  |  | — |  |  | — |
Total Current | $ | 436 |  |  | $ | 598 |  |  | $ | 210 |
Deferred: |  |  |  |  |
Federal | $ | (57,729) |  |  | $ | — |  |  | $ | — |
State | (11,164) |  |  | — |  |  | — |
Foreign | 93 |  |  | — |  |  | — |
Total Deferred | $ | (68,800) |  |  | $ | — |  |  | $ | — |
Total income tax (benefit) expense | $ | (68,364) |  |  | $ | 598 |  |  | $ | 210 |
Schedule of Effective Income Tax Rate Reconciliation | The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Tax at federal statutory rate | $ | 14,859 |  | 21.0 | % |  | $ | 9,983 |  | 21.0 | % |  | $ | (6,989) |  | 21.0 | %
Domestic federal |  |  |  |  |  |  |  |
Change in valuation allowance: |  |  |  |  |  |  |  |
Federal valuation allowance | (68,968) |  | (97.5) | % |  | (4,946) |  | (10.4) | % |  | 8,001 |  | (24.1) | %
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |
Stock-based compensation expense - excess benefit | (1,812) |  | (2.5) | % |  | (8,775) |  | (18.5) | % |  | (2,327) |  | 7.0 | %
Non-deductible compensation under IRC Section 162(m) | 656 |  | 0.9 | % |  | 1,619 |  | 3.4 | % |  | 86 |  | (0.2) | %
Other | 351 |  | 0.5 | % |  | 372 |  | 0.8 | % |  | 325 |  | (1.0) | %
Tax credits: |  |  |  |  |  |  |  |
Research and development | (1,697) |  | (2.4) | % |  | — |  | — | % |  | — |  | — | %
Other | (1,231) |  | (1.7) | % |  | 217 |  | 0.4 | % |  | 38 |  | (0.1) | %
State and local income tax, net of federal income tax effect (1) | (10,819) |  | (15.3) | % |  | 472 |  | 1.0 | % |  | 171 |  | (0.5) | %
Foreign tax rate effects: |  |  |  |  |  |  |  |
United Kingdom | 33 |  | — | % |  | 1,385 |  | 2.9 | % |  | 505 |  | (1.5) | %
Other foreign | 264 |  | 0.4 | % |  | 271 |  | 0.6 | % |  | 400 |  | (1.2) | %
Effective tax rate | $ | (68,364) |  | (96.6) | % |  | $ | 598 |  | 1.2 | % |  | $ | 210 |  | (0.6) | %
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Pennsylvania, Illinois and Florida for 2025, California for 2024, and North Carolina, New York, Texas and Massachusetts for 2023.
Schedule of Supplemental Cash Flow Information | The amounts of cash taxes paid by the Company are as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State (2) | 910 |  |  | 193 |  |  | 308 |
Foreign | — |  |  | — |  |  | — |
Income taxes, net of amounts refunded | $ | 910 |  |  | $ | 193 |  |  | $ | 308 |
(2) The individual jurisdictions with cash taxes paid that equaled or exceeded 5% of total income taxes paid included California ($530), Pennsylvania ($125), Texas ($123) and Illinois ($75) for 2025. For 2024, such jurisdictions included Massachusetts ($30), New York ($45), North Carolina ($30), Oregon ($30), South Carolina ($15) and Tennessee ($15). For 2023, such jurisdictions included Massachusetts ($40), New York ($57), North Carolina ($79), South Carolina ($25), Tennessee ($25) and Texas ($25). Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
| Year Ended December 31,
Operating cash flow information: | 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,982 |  |  | $ | 1,645 |  |  | $ | 1,802 |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) | $ | 2,101 |  |  | $ | 2,244 |  |  | $ | 1,235 |
Finance cash flow information: |  |  |  |  |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) | $ | 2,120 |  |  | $ | 1,977 |  |  | $ | 1,109 |
Schedule of Deferred Tax Assets And Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Federal net operating losses (NOLs) | $ | 82,140 |  |  | $ | 82,206 |  |  | $ | 88,265 |
State NOLs | 15,840 |  |  | 15,939 |  |  | 12,699 |
Foreign NOLs | 2,159 |  |  | 5,584 |  |  | 4,269 |
Stock-based compensation expense | 25,269 |  |  | 34,368 |  |  | 23,643 |
Property and equipment | (59,345) |  |  | (47,159) |  |  | (35,756) |
Other | 5,335 |  |  | 7,555 |  |  | 5,536 |
Gross deferred income tax assets | $ | 71,398 |  |  | $ | 98,493 |  |  | $ | 98,656 |
Domestic valuation allowance | (858) |  |  | (92,952) |  |  | (94,448) |
Foreign valuation allowance | (1,740) |  |  | (5,541) |  |  | (4,208) |
Net deferred income tax assets | $ | 68,800 |  |  | $ | — |  |  | $ | — |

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