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INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES

INCOME TAXES

15. INCOME TAXES

​

​	​	​	​	​	​	​
​	​	December 31, 2025		​	December 31, 2024
Pre-Tax Income	​	$	51,566	​	$	76,038
​	​	​	​	​	​	​

​

The Company's income tax expense is as follows:

​

​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2025		​ ​ ​	December 31, 2024
U.S. Federal	​	$	5,846	​	$	13,213
State	​	​	2,154	​	​	1,315
Current income tax expense	​	​	8,000	​	​	14,528
U.S. Federal	​	​	2,117	​	​	(126)
State	​	​	(360)	​	​	(6)
Deferred income tax expense	​	​	1,757	​	​	(132)
Total income tax expense	​	$	9,757	​	$	14,396

​

The following is a reconciliation from the Company’s statutory rate to the effective tax rate reported in the financial statements:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​ ​ ​	​	​	​	​ ​ ​	​	​ ​ ​
​	​	Year Ended			​	​	​	Year Ended
​	​ ​ ​	December 31, 2025			​ ​ ​	​	​	December 31, 2024
Income Tax at Federal Statutory Rate	$	10,829		21.00	%	​	$	15,968		21.00	%
State and local income tax, net of federal benefit of state		572		1.11	%	​	​	1,309		1.72	%
Energy efficient home credit		(2,335)		(4.53)	%	​	​	(3,160)		(4.16)	%
Nontaxable or Nondeductible items		623		1.21	%	​	​	827		1.09	%
Unrecognized tax benefits		2,889		5.60	%	​	​	—		0.00	%
Deferred true-ups		(2,208)		(4.28)	%	​	​	—		0.00	%
Other		(613)		(1.19)	%	​	​	(548)		(0.72)	%
Total	$	9,757		18.92	%	​	$	14,396		18.93	%

​

For the year ended December 31, 2025, the Company's state and local income tax expense, net of federal income tax effect, was primarily attributable to income taxes incurred in Georgia and Texas. These states collectively comprised more than 50% of the total state and local income tax expense for the period.

For the period ended December 31, 2025, the primary driver of the variance from the statutory rate was the federal Energy Efficient Home Credit, and deferred true-ups, which were partially offset by uncertain tax benefits.

For the period ended December 31, 2024, the primary driver of the variance from the statutory rate was the federal Energy Efficient Home Credit.

The tax effect of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases that give rise to deferred tax assets and liabilities is as follows:

​

​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2025		​ ​ ​	December 31, 2024
Accruals and reserves	​	$	1,043	​	$	(8)
Operating lease liabilities	​	​	299	​	​	301
Other assets	​	​	295	​	​	—
Goodwill and identifiable intangibles assets	​	​	44	​	​	—
Allowance for doubtful accounts	​	​	2,373	​	​	967
State Taxes	​	​	—	​	​	170
Uniform capitalization	​	​	32	​	​	25
Gross deferred tax assets	​	$	4,086	​	$	1,455
Valuation allowance	​	​	—	​	​	—
Total deferred tax assets	​	$	4,086	​	$	1,455
Deferred tax liabilities	​	​	​	​	​	​
Property and equipment, net	​	​	(1,994)	​	​	(2,179)
Operating lease, right-of-use assets	​	​	(293)	​	​	(319)
Installment sale revenue	​	​	(258)	​	​	(386)
Accrued interest receivable	​	​	(543)	​	​	(777)
Total deferred tax liabilities	​	$	(3,088)	​	$	(3,661)
Net deferred tax assets (liabilities)	​	$	998	​	$	(2,206)

​

For the period ended December 31, 2025, the Company does not have any federal or state carryforward tax attributes. Additionally, after weighing up all available and positive and negative evidence for the period ended December 31, 2025, the Company determined no full valuation allowance was necessary, consistent with prior year.

On July 4th, 2025, the President signed into law significant federal tax legislation, H.R.1 (the “One, Big, Beautiful Bill Act” (OBBBA)). The legislation includes numerous changes to U.S. corporate income tax law, including but not limited to: permanent 100% bonus depreciation for qualified property, immediate expensing of domestic research and experimental expenditures, modifications to the limitation on business interest expense, increased Section 179 expensing limits, changes to the international tax regime, and expanded limitations on the deductibility of executive compensation under IRC Section 162(m). Most provisions are effective for tax years beginning after December 31, 2024, with certain transition rules and exceptions. The OBBBA did not materially impact the Company’s effective tax rate for the period ended December 31, 2025.

The Company is subject to income tax in multiple jurisdictions, including federal and several states. The Company has federal and state income tax returns that are open to examination from 2022 forward. As a result, the Company continuously monitors its current and prior filing positions in order to determine if any unrecognized tax positions need to be recorded. The analysis involves considerable judgment and is based on the best information available. A reconciliation of the beginning to ending gross amount of unrecognized tax benefits is as follows:

​

​	​	​	​	​	​	​
​	​ ​ ​	December 31, 2025		​ ​ ​	December 31, 2024
Balance as of January 1st	​	$	—	​	$	—
Additions for tax positions of prior years	​	​	3,111	​	​	—
Reductions for tax positions of prior years	​	​	(222)	​	​	—
Balance as of December 31st	​	$	2,889	​	$	—

​

A majority of the unrecognized tax benefit for the period ended December 31, 2025 relates to the recognition of revenue for income tax purposes. The Company has accrued interest expenses related to the unrecognized tax benefits for the periods ended December 31, 2025 and 2024, of $638 and $0, respectively. In addition, the Company has accrued penalties related to the unrecognized tax benefits for the periods ended December 31, 2025 and 2024 of $353 and $0,

respectively. As of December 31, 2025, the unrecognized tax benefits would, if recognized, decrease our effective taxes by $1.7 million.

The following summarizes the Company’s tax payments and refunds by jurisdiction.

​

​	​	​
Income Tax Paid, Net of Refunds	​ ​ ​	​ ​ ​
Federal	$	4,710
State - GA		612
State - TX		406
Other Jurisdictions		726
Total	$	6,454

​

​

In addition to the income tax payments (net of refunds) presented above, the company purchased $5.0 million of 2024 transferable credits during the year ended December 31, 2025.

​

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