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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, the components of income (loss) from continuing operations before income tax benefit were as follows:
|  | For the Year Ended
(Dollars in Thousands) |  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
U.S. Domestic |  | $ | (66,901) |  |  | $ | (65,357) |  |  | $ | (8,812) |
Foreign |  | (38,228) |  |  | (57,747) |  |  | (33,363) |
Income (loss) before income tax benefit |  | $ | (105,129) |  |  | $ | (123,104) |  |  | $ | (42,175) |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of the Company’s income tax expense (benefit) from continuing operations :
|  | For the Year Ended
(Dollars in Thousands) |  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Current income tax expense (benefit) |  |  |  |  |  |
U.S. federal |  | $ | (175) |  |  | $ | 584 |  |  | $ | 749 |
State and local |  | 361 |  |  | 1,046 |  |  | 98 |
Foreign |  | 1,704 |  |  | 465 |  |  | 871 |
|  | $ | 1,890 |  |  | $ | 2,095 |  |  | $ | 1,718 |
Deferred income tax expense (benefit) |  |  |  |  |  |
U.S. federal |  | $ | 12,658 |  |  | $ | (10,202) |  |  | $ | (344) |
State and local |  | 4,997 |  |  | (10,119) |  |  | (1,021) |
Foreign |  | (957) |  |  | (2,630) |  |  | (859) |
|  | $ | 16,698 |  |  | $ | (22,951) |  |  | $ | (2,224) |
Total income tax expense (benefit) |  |  |  |  |  |
U.S. federal |  | $ | 12,483 |  |  | $ | (9,618) |  |  | $ | 405 |
State and local |  | 5,358 |  |  | (9,073) |  |  | (923) |
Foreign |  | 747 |  |  | (2,165) |  |  | 12 |
Total income tax expense (benefit) |  | $ | 18,588 |  |  | $ | (20,856) |  |  | $ | (506) |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate for the year ended December 31, 2025:
|  | For the Year Ended
(Dollars in Thousands) |  | December 31, 2025 |  |  |  |
U.S. federal tax expense (benefit) at statutory rate |  | $ | (22,077) |  | 21.0 | % |  |  |  |  |  |
State tax, net of federal benefit |  | 3,522 |  | (3.3) | % |  |  |  |  |  |
Foreign tax effects |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |  |
Foreign rate differential |  | (1,379) |  | 1.3 | % |  |  |  |  |  |
Change in valuation allowance |  | 3,840 |  | (3.7) | % |  |  |  |  |  |
Non-deductible expenses |  | 3,153 |  | (3.0) | % |  |  |  |  |  |
Change in fair value of contingent consideration |  | 1,268 |  | (1.2) | % |  |  |  |  |  |
Other |  | 354 |  | (0.3) | % |  |  |  |  |  |
Germany |  |  |  |  |  |  |  |  |
Foreign rate differential |  | (219) |  | 0.2 | % |  |  |  |  |  |
Non-deductible expenses |  | 759 |  | (0.7) | % |  |  |  |  |  |
Other jurisdictions |  |  |  |  |  |  |  |  |
Foreign rate differential |  | (77) |  | 0.1 | % |  |  |  |  |  |
Change in valuation allowance |  | 1,014 |  | (1.0) | % |  |  |  |  |  |
Other |  | 53 |  | — | % |  |  |  |  |  |
Change in Valuation Allowance |  | 26,429 |  | (25.1) | % |  |  |  |  |  |
Nondeductible items |  |  |  |  |  |  |  |  |
Stock based compensation |  | (9) |  | — | % |  |  |  |  |  |
Executive Compensation Limitation under 162(m) |  | 61 |  | (0.1) | % |  |  |  |  |  |
Net impact of non-controlling interest |  | 3,344 |  | (3.2) | % |  |  |  |  |  |
Change in fair value of contingent consideration |  | (1,365) |  | 1.3 | % |  |  |  |  |  |
Other Permanent differences |  | (95) |  | 0.1 | % |  |  |  |  |  |
Rate change |  | 12 |  | — | % |  |  |  |  |  |
Total Effective Tax Rate |  | $ | 18,588 |  | (17.7) | % |  |  |  |  |  |
The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate for the years ended December 31, 2024 and 2023:
|  | For the Year Ended
(Dollars in Thousands) |  | December 31, 2024 |  | December 31, 2023
U.S. federal tax expense (benefit) at statutory rate |  | $ | (25,851) |  | 21.0 | % |  | $ | (8,856) |  | 21.0 | %
State tax, net of federal benefit |  | (9,457) |  | 7.7 | % |  | (1,246) |  | 3.0 | %
Goodwill Impairment |  | 7,342 |  | (6.0) | % |  | — |  | — | %
Non-deductible Professional Fees |  | 1,337 |  | (1.1) | % |  | 1,808 |  | (4.3) | %
Change in fair value of warrant liability |  | — |  | — | % |  | 2,702 |  | (6.4) | %
Change in fair value of contingent consideration |  | (6,129) |  | 5.0 | % |  | (5,657) |  | 13.4 | %
Other Perms |  | 421 |  | (0.3) | % |  | 256 |  | (0.6) | %
Prior year true-ups |  | (361) |  | 0.3 | % |  | 10 |  | — | %
Change in Valuation Allowance |  | 6,278 |  | (5.1) | % |  | 10,530 |  | (25.0) | %
Foreign rate differential |  | (1,751) |  | 1.4 | % |  | (1,778) |  | 4.2 | %
Stock based compensation |  | 434 |  | (0.4) | % |  | 145 |  | (0.3) | %
Rate Change |  | 96 |  | (0.1) | % |  | — |  | — | %
Net impact of non-controlling interest |  | 6,785 |  | (5.5) | % |  | 1,580 |  | (3.7) | %
Total Effective Rate |  | $ | (20,856) |  | 16.9 | % |  | $ | (506) |  | 1.2 | %
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2025 and 2024 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
(Dollars in Thousands) |  | December 31, 2025 |  | December 31, 2024
Deferred tax assets |  |  |  |
Net operating losses |  | $ | 44,632 |  |  | $ | 27,736 |
Investment in partnership |  | 18,519 |  |  | 13,117 |
Goodwill |  | 921 |  |  | 1,503 |
Disallowed interest carryforward |  | 3,455 |  |  | 5,816 |
Accruals and reserves |  | 7,017 |  |  | 6,567 |
Operating Lease Liability |  | 1,329 |  |  | 1,744 |
Other deferred tax asset |  | 802 |  |  | 921 |
Total deferred tax assets |  | 76,675 |  |  | 57,404 |
Deferred tax liabilities |  |  |  |
Intangibles |  | $ | 17,405 |  |  | $ | 17,353 |
Operating Lease - Right Of Use |  | 1,281 |  |  | 1,723 |
Other deferred tax liability |  | 233 |  |  | 254 |
Total deferred tax liabilities |  | 18,919 |  |  | 19,330 |
Valuation allowance |  | (67,323) |  |  | (27,325) |
Net deferred tax asset (liabilities) |  | $ | (9,567) |  |  | $ | 10,749 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended December 31, 2025 and 2024:
(Dollars in Thousands) |  | December 31, 2025 |  | December 31, 2024
Balance at January 1, |  | $ | 240 |  |  | $ | — |
Additions, based on tax positions related to current year |  | — |  |  | — |
Additions for tax positions of prior years |  | — |  |  | 240 |
Reduction for tax positions of prior years |  | — |  |  | — |
Settlements |  | — |  |  | — |
Lapses in statues of limitations |  | — |  |  | — |
Balance at December 31 |  | $ | 240 |  |  | $ | 240 |
Schedule of Cash Flow Supplemental Disclosures | For the year ended December 31, 2025, income taxes paid exceeded 5% of total income taxes paid, net of refunds, in the following jurisdictions:
(Dollars in Thousands) |  | December 31, 2025
Federal |  | $ | 744 |
New York City |  | 253 |
Hong Kong |  | 485 |
Switzerland |  | 289 |
Singapore |  | 243 |
Italy |  | 175 |
Other |  | 135 |
Total income taxes paid (net of refunds) |  | $ | 2,324 |

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- 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
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