v3.25.4

Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of income before provision for income taxes

The following table showed income/(loss) before provision for income taxes based on geographical location to which such income was attributable for the periods indicated:

			For the years ended December 31,
			2025						2024						2023
			(in thousands)
United States			$	(11,370)					$	(13,393)					$	(6,107)
Foreign			27,071						24,448						10,945
Total income/(loss) before provision for income taxes			$	15,701					$	11,055					$	4,838

Schedule of federal and state income tax provision/ (benefit)

Provision/(benefit) for the income taxes consisted of the following components:

			For the years ended December 31,
			2025						2024						2023
			(in thousands)
Current
Federal			$	451					$	4,900					$	3,619
State			310						1,051						941
Foreign			6,616						5,096						6,183
Deferred
Federal			455						(3,463)						(2,265)
State			(17)						(92)						(474)
Foreign			(1,782)						(478)						(1,401)
Total tax expense			$	6,033					$	7,014					$	6,603

Schedule of deferred tax assets and liability

The tax effects of significant items comprising the Company’s deferred taxes as of December 31, 2025 and 2024 were as follows:

			As of December 31,
			2025						2024
			(in thousands)
Deferred tax assets
Stock-based compensation			$	4,331					$	5,365
R&D capitalization			3,902						4,559
Accrued compensation and benefits			2,907						2,502
Operating lease liabilities			794						577
Other			818						285
Total deferred tax assets			$	12,752					$	13,288
Valuation allowance			(491)						—
Total deferred tax assets, net of valuation allowance			$	12,261					$	13,288
Deferred tax liabilities
Intangible assets			$	(10,777)					$	(12,751)
Operating lease right-of-use assets			(746)						(546)
Other			207						(131)
Total deferred tax liabilities			(11,316)						(13,428)
Net deferred taxes			$	945					$	(140)

Schedule of net operating losses and tax credit carryforwards

Net operating losses and tax credit carryforwards as of December 31, 2025 were as follows:

			Amount						Expiration years
			(in thousands)
Net operating losses, state			$	7,203					2040

Schedule of effective tax rate reconciliation

A reconciliation of the U.S. federal statutory corporate tax rate to the Company’s income tax expense and effective tax rate, presented in accordance with the prospectively adopted ASU 2023-09, for the year ended December 31, 2025 is as follows:

			For the year ended December 31, 2025
			Amount						Percent
			(in thousands, except percentages)
U.S. Federal statutory tax rate			$	3,297					21.0		%
State and local income tax, net of federal (national) income tax effect(1)			310						2.0
Foreign tax effects
Argentina
Foreign tax rate differential			(8)						—
Nontaxable or nondeductible items			354						2.3
Armenia
Foreign tax rate differential			(62)						(0.4)
Nontaxable or nondeductible items			(200)						(1.3)
India
Foreign tax rate differential			392						2.5
Nontaxable or nondeductible items			(292)						(1.9)
Mexico
Foreign tax rate differential			88						0.6
Nontaxable or nondeductible items			221						1.4
Poland
Foreign tax rate differential			(202)						(1.3)
Nontaxable or nondeductible items			(166)						(1.1)
R&D tax relief			(809)						(5.2)
Switzerland
Foreign tax rate differential			(144)						(0.9)
Nontaxable or nondeductible items			(56)						(0.4)
Other foreign jurisdictions			33						0.2
Nontaxable or nondeductible items
Stock-based compensation			(980)						(6.2)
162M limitation			5,843						37.2
Change in fair value of contingent consideration payable			(1,444)						(9.2)
Changes in unrecognized tax benefits			(247)						(1.6)
Other adjustments			105						0.7
Total worldwide effective tax expense and rate			$	6,033					38.4		%

__________________________

(1)State Taxes in California and Georgia made up the majority of tax effect in this category.

A reconciliation of the U.S. federal statutory corporate tax rate to the Company’s effective tax rate, for the years ended December 31, 2024 and 2023 is as follows:

						For the years ended December 31,
						2024						2023
U.S. federal statutory rate						21.0		%				21.0		%
State and local income tax, net of federal (national) income tax effect						8.4						10.1
Nontaxable or nondeductible items						1.7						(9.9)
Stock-based compensation						7.2						39.3
Tax credits						(30.6)						(120.0)
Foreign tax rate differential						(4.1)						7.2
Foreign inclusion adjustments						29.4						74.7
Foreign intangible amortization						0.2						10.2
162M limitation						30.2						103.9
Total worldwide effective tax rate						63.4		%				136.5		%

Schedule of unrecognized tax benefits

A reconciliation of beginning to ending amounts of unrecognized tax benefits is as follows:

			For the years ended December 31,
			2025						2024						2023
			(in thousands)
Unrecognized tax benefit as of January 1			$	1,371					$	1,162					$	1,151
Changes related to prior year tax positions			(311)						(35)						(101)
Changes related to current year tax positions			53						244						112
Unrecognized tax benefit as of December 31			$	1,113					$	1,371					$	1,162

Cash paid for income taxes

Cash paid for income taxes for the year ended December 31, 2025 was as follows:

			For the year ended December 31,
			2025
			(in thousands)
Cash paid for income taxes, net of refunds
U.S. Federal			$	5,161
State and local			948
Foreign
United Kingdom			1,552
India			1,067
Poland			930
Netherlands			649
Aggregated foreign jurisdictions			2,051
Total			$	12,358

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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