XML 61 R50.htm IDEA: XBRL DOCUMENT
v3.25.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of loss before income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
United States |  | $ | (151,679 | ) |  | $ | (144,808 | ) |  | $ | (140,371 | )
Foreign |  |  | (2,046 | ) |  |  | (1,301 | ) |  |  | 7,005 |
Total |  | $ | (153,725 | ) |  | $ | (146,109 | ) |  | $ | (133,366 | )
Schedule of Components of Income Tax Expense (Benefit) | The components of the benefits for income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 95 |  |  | $ | 41 |  |  | $ | 96 |
State |  |  | — |  |  |  | 69 |  |  |  | 23 |
Foreign |  |  | 1,215 |  |  |  | 1,886 |  |  |  | 766 |
Total current expense: |  | $ | 1,310 |  |  | $ | 1,996 |  |  | $ | 885 |
Deferred expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | (128 | ) |  | $ | (4 | ) |  | $ | (2,000 | )
State |  |  | 11 |  |  |  | (5 | ) |  |  | (5 | )
Foreign |  |  | (4,206 | ) |  |  | (3,909 | ) |  |  | (3,414 | )
Total deferred expense: |  | $ | (4,323 | ) |  | $ | (3,918 | ) |  | $ | (5,419 | )
Total income tax benefit |  | $ | (3,013 | ) |  | $ | (1,922 | ) |  | $ | (4,534 | )
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the effective tax rate for the year ended December 31, 2025 after the adoption of ASU 2023-09 is as follows:
|  | For the Year Ended December 31, |
|  | 2025 |
|  | (in thousands) |  |  | Percent |
Income tax provision at U.S. statutory federal rate |  | $ | (32,282 | ) |  |  | 21.00 | %
Foreign tax effects |  |  |  |  |  |
Canada |  |  |  |  |  |
Provincial income tax provision |  |  | (2,200 | ) |  |  | 1.42 | %
Change in valuation allowance |  |  | 2,069 |  |  |  | (1.34 | )%
Other |  |  | (382 | ) |  |  | 0.25 | %
China |  |  | (1,931 | ) |  |  | 1.25 | %
Other |  |  | (117 | ) |  |  | 0.08 | %
Change in valuation allowance |  |  | 29,062 |  |  |  | (18.75 | )%
Other |  |  |  |  |  |
Noncontrolling interest |  |  | 2,851 |  |  |  | (1.84 | )%
Other |  |  | (83 | ) |  |  | 0.01 | %
Provision for income taxes |  | $ | (3,013 | ) |  |  | 1.91 | %
A reconciliation of the federal statutory income tax rate to the effective tax rate for years prior to the adoption of ASU 2023-09 is as follows:
|  | 2024 |  |  | 2023 |
Income tax provision at U.S. statutory federal rate |  | $ | (30,683 | ) |  | $ | (27,721 | )
State income tax provision, net of federal income tax effect |  |  | 389 |  |  |  | (1,216 | )
Foreign rate differential |  |  | (1,571 | ) |  |  | (2,445 | )
Noncontrolling interest |  |  | 2,965 |  |  |  | 4,858 |
Change in valuation allowance |  |  | 24,358 |  |  |  | 19,511 |
Section 162(m) addback on executive compensation |  |  | — |  |  |  | 565 |
GILTI inclusion, net |  |  | 4,102 |  |  |  | 2,881 |
Other |  |  | (1,482 | ) |  |  | (967 | )
Provision for income taxes |  | $ | (1,922 | ) |  | $ | (4,534 | )
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets (liabilities) as of December 31, 2025 and 2024 are as follows:
|  | December 31, |
|  | 2025 |  |  | 2024 |
Investment in Ay Dee Kay, LLC |  | $ | 50,477 |  |  | $ | 58,005 |
Net operating loss (“NOL”) carryforwards |  |  | 93,492 |  |  |  | 68,102 |
Tax credits |  |  | 11,434 |  |  |  | 6,789 |
Other deferred tax assets |  |  | 13,174 |  |  |  | 9,696 |
Total deferred tax assets before valuation allowance |  |  | 168,577 |  |  |  | 142,592 |
Valuation allowance |  |  | (162,194 | ) |  |  | (137,444 | )
Deferred tax assets – net of valuation allowance |  | $ | 6,383 |  |  | $ | 5,148 |
Intangibles |  | $ | (17,178 | ) |  | $ | (15,659 | )
Other deferred tax liabilities |  |  | (1,064 | ) |  |  | (1,149 | )
Total deferred tax liabilities |  |  | (18,242 | ) |  |  | (16,808 | )
Net deferred tax liabilities |  | $ | (11,859 | ) |  | $ | (11,660 | )
Schedule of Valuation Allowance | Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025 and 2024, are as follows:
|  | 2025 |  |  | 2024 |
Valuation Allowance as on January 1 st |  | $ | 137,444 |  |  | $ | 109,701 |
Increases recorded to tax provision |  |  | 26,138 |  |  |  | 27,743 |
Decreases recorded as a benefit to income tax provision |  |  | (1,388 | ) |  | — |
Valuation Allowance as on December 31 st |  | $ | 162,194 |  |  | $ | 137,444 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 are as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Balance at January 1st |  | $ | 696 |  |  | $ | 696 |  |  | $ | — |
Additions for purchase accounting |  |  | — |  |  |  | — |  |  |  | 696 |
Balance at December 31st |  | $ | 696 |  |  | $ | 696 |  |  | $ | 696 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration