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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company did not record any U.S. income tax expense during the three and nine months ended September 30, 2025 and 2024. The Company has historically incurred operating losses and maintains a full valuation allowance against its U.S. net deferred tax assets. Foreign taxes were insignificant during the three and nine months ended September 30, 2025 and 2024. The U.S. net operating losses (NOLs) and tax credit carry-forwards are subject to review and possible adjustment by the Internal Revenue Service (“IRS”) and may become subject to annual limitation due to ownership changes that occur under Section 382 of the Internal Revenue Code, as amended and similar state provisions. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period. As of December 31, 2024, the Company completed a Section 382 study and did not identify ownership changes that would subject its NOLs or tax credit carry-forwards to Section 382 limitations. The Company files income tax returns in the United States, Canada and United Kingdom. The Company files state income tax returns in multiple states in the United States among others Utah, California and Massachusetts. The Company is not currently under examination in any of these jurisdictions. The Company is subject to income tax examinations for all US federal and state returns filed since the 2016 tax year, Canadian income tax returns since the 2021 tax year, and UK income tax returns since the 2021 tax year. In July 2025, congress approved the One Big Beautiful Bill Act (OBBBA), which extends, with modifications, many of the expiring provisions of the Tax Cuts and Jobs Act (TCJA) and makes additional changes to tax laws and regulations. OBBBA includes a broad array of changes including new and modified incentives for business investment and Inflation Reduction Act (IRA) tax credits and various limits on business tax deductions. It also impacts the deduction of research and development costs and property, plant and equipment costs. This act did not have a material impact on Recursion’s consolidated balance sheet and statement of operations. The Company will continue to monitor the impact of this Act in future periods.

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