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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Loss from Continuing Operations Before Income Taxes | The components of Loss from continuing operations before income taxes consisted of the following (in thousands):
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. operations |  | $ | (55,498 | ) |  | $ | (60,674 | ) |  | $ | (96,110 | )
Foreign operations |  |  | 31,905 |  |  |  | 9,827 |  |  |  | 41,610 |
Total |  | $ | (23,593 | ) |  | $ | (50,847 | ) |  | $ | (54,500 | )
Schedule of Provision (Benefit) for Income Taxes and the Income Taxes Paid | The provision (benefit) for income taxes and the income taxes paid consisted of the following (in thousands):
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 766 |  |  | $ | 1,616 |  |  | $ | (2,556 | )
State |  |  | 945 |  |  |  | (875 | ) |  |  | 483 |
Foreign |  |  | 10,381 |  |  |  | 5,875 |  |  |  | 16,407 |
Total current taxes |  |  | 12,092 |  |  |  | 6,616 |  |  |  | 14,334 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |  |  |  | (11,464 | )
State |  |  | — |  |  |  | — |  |  |  | (5,127 | )
Foreign |  |  | (1,855 | ) |  |  | (1,414 | ) |  |  | (5,339 | )
Total deferred taxes |  |  | (1,855 | ) |  |  | (1,414 | ) |  |  | (21,930 | )
Provision (benefit) for income taxes |  | $ | 10,237 |  |  | $ | 5,202 |  |  | $ | (7,596 | )
Net income taxes paid |  | $ | 8,278 |  |  | $ | 20,152 |  |  | $ | 25,627 |
Schedule of Reconciliation of the Income Tax Provision (Benefit) at the U.S Statutory Income Tax Rate | A reconciliation of the income tax provision (benefit) at the U.S. statutory income tax rate to our income tax benefit is as follows (in thousands):
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income tax (benefit) provision at the U.S. statutory rate |  | $ | (4,955 | ) |  | $ | (10,678 | ) |  | $ | (11,445 | )
State taxes, net of federal deduction |  |  | (277 | ) |  |  | (1,739 | ) |  |  | (1,651 | )
Change in valuation allowance |  |  | 10,238 |  |  |  | 6,467 |  |  |  | 1,033 |
Tax impact of foreign operations, including U.S. taxes on international income and foreign tax credits |  |  | 1,761 |  |  |  | 3,547 |  |  |  | 2,344 |
GILTI |  |  | 1,652 |  |  |  | 2,474 |  |  |  | 2,406 |
Share-based compensation |  |  | 1,278 |  |  |  | 1,652 |  |  |  | 667 |
Non-deductible executive compensation |  |  | 1,050 |  |  |  | 1,349 |  |  |  | 1,157 |
Base Erosion Anti-Abuse Tax |  |  | 1,013 |  |  |  | — |  |  |  | — |
Subpart F Income |  |  | 566 |  |  |  | 20 |  |  |  | — |
Non-deductible expenses |  |  | 255 |  |  |  | — |  |  |  | — |
Non-deductible transaction cost |  |  | 89 |  |  |  | 1,001 |  |  |  | — |
Pre-spin tax expense |  |  | — |  |  |  | — |  |  |  | 877 |
Return to provision adjustments |  |  | (1,363 | ) |  |  | 24 |  |  |  | (228 | )
R&D tax credit |  |  | (975 | ) |  |  | (79 | ) |  |  | (622 | )
Other |  |  | (95 | ) |  |  | 1,164 |  |  |  | (2,134 | )
Income tax provision (benefit) |  | $ | 10,237 |  |  | $ | 5,202 |  |  | $ | (7,596 | )
Components of Deferred Taxes | The components of deferred taxes consisted of the following (in thousands):
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Capitalized research and development |  | $ | 23,688 |  |  | $ | 21,749 |
Net operating loss carryover |  |  | 15,654 |  |  |  | 10,408 |
Disallowed business interest expense |  |  | 11,776 |  |  |  | 6,518 |
Share-based compensation |  |  | 6,834 |  |  |  | 8,228 |
Deferred market closing loss deferral |  |  | 4,004 |  |  |  | — |
Inventory |  |  | 3,961 |  |  |  | 25,092 |
Capital loss carryover |  |  | 2,714 |  |  |  | — |
Leases - right of use liability |  |  | 2,336 |  |  |  | 3,578 |
Accrued liabilities |  |  | 1,844 |  |  |  | 4,069 |
Accounts receivable |  |  | 758 |  |  |  | 3,264 |
Tax credit carryover |  |  | 428 |  |  |  | — |
Product liability and litigation |  |  | 216 |  |  |  | 576 |
Fixed assets |  |  | 58 |  |  |  | 1,357 |
Other |  |  | 909 |  |  |  | 1,900 |
Total deferred tax assets |  |  | 75,180 |  |  |  | 86,739 |
Less: Valuation allowances |  |  | (49,181 | ) |  |  | (49,084 | )
Total deferred tax assets after valuation allowances |  |  | 25,999 |  |  |  | 37,655 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  |  | 13,880 |  |  |  | 27,647 |
Leases - right of use asset |  |  | 2,294 |  |  |  | 2,574 |
Unremitted earnings of foreign subs |  |  | 1,152 |  |  |  | 1,703 |
Other |  |  | 84 |  |  |  | 683 |
Total deferred tax liabilities |  |  | 17,410 |  |  |  | 32,607 |
Total net deferred income taxes |  | $ | 8,589 |  |  | $ | 5,048 |
Summary of Net Operating Loss and Tax Credit Carryovers | At December 31, 2024, net operating loss and tax credit carryovers available to reduce future federal, state and foreign taxable earnings consisted of the following (in millions):
Expiration Period |  | Net operating loss carryover |  |  | Tax credit carryover |  |  | Capital loss carryover |
2025 - 2029 |  | $ | 3.5 |  |  | $ | — |  |  | $ | 2.7 |
2030 - 2034 |  | 2.1 |  |  |  | — |  |  |  | — |
2035 - 2044 |  |  | 6.0 |  |  |  | 0.4 |  |  |  | — |
Indefinite |  |  | 4.1 |  |  |  | — |  |  |  | — |
Total |  | $ | 15.7 |  |  | $ | 0.4 |  |  | $ | 2.7 |
Valuation allowances |  | $ | 14.7 |  |  | $ | 0.4 |  |  | $ | 2.7 |
Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):
|  | For the Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at January 1 |  | $ | 304 |  |  | $ | 105 |  |  | $ | — |
Increases related to current period |  | $ | 96 |  |  | $ | 168 |  |  | $ | 105 |
Increases related to prior periods |  | $ | 6 |  |  | $ | 31 |  |  | $ | — |
Balance at December 31 |  | $ | 406 |  |  | $ | 304 |  |  | $ | 105 |
Amounts impacting effective tax rate, if balance at December 31 recognized |  | $ | 406 |  |  | $ | 105 |  |  | $ | — |
Interest and penalty expense related to unrecognized tax benefits |  | $ | 8 |  |  | $ | 3 |  |  | $ | — |
Total accrued interest and penalties balance at December 31 |  | $ | 11 |  |  | $ | 3 |  |  | $ | — |

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