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Income Taxes (Tables) | 12 Months Ended
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Oct. 31, 2024
Income Taxes |
Summary of Income Tax Provision (Benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 1,987 | ​ | $ | 2,144 | ​ | $ | 3,778 | ​
State | ​ |  | 105 | ​ |  | 281 | ​ |  | 147 | ​
Foreign | ​ |  | 1,564 | ​ |  | 1,143 | ​ |  | 1,209 | ​
Total current | ​ |  | 3,656 | ​ |  | 3,568 | ​ |  | 5,134 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 290 | ​ |  | (349) | ​ |  | (2,568) | ​
State | ​ |  | 718 | ​ |  | 273 | ​ |  | 487 | ​
Foreign | ​ |  | (604) | ​ |  | 2,656 | ​ |  | (701) | ​
Total deferred | ​ |  | 404 | ​ |  | 2,580 | ​ |  | (2,782) | ​
Change in valuation allowance | ​ | ​ | (1,735) | ​ | ​ | — | ​ | ​ | 813 | ​
Total income tax provision | ​ | $ | 2,325 | ​ | $ | 6,148 | ​ | $ | 3,165 | ​
Schedule of loss before income taxes | The following table presents domestic and foreign components of income (loss) before income taxes for the years ended October 31, (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Domestic | ​ | $ | 10,518 | ​ | $ | 4,485 | ​ | $ | (1,743)
Foreign | ​ | ​ | (1,345) | ​ | ​ | 6,716 | ​ | ​ | (1,940)
Income (loss) before taxes | ​ | $ | 9,173 | ​ | $ | 11,201 | ​ | $ | (3,683)
Components of Deferred Taxes | Significant components of our deferred tax assets (liabilities) as of October 31, are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ | $ | — | ​ | $ | 941 | ​
Stock-based compensation | ​ |  | 837 | ​ |  | 316 | ​
State taxes | ​ |  | 6 | ​ |  | 7 | ​
Allowance for accounts receivable | ​ | ​ | 868 | ​ | ​ | 1,276 | ​
Inventories | ​ | ​ | 515 | ​ | ​ | 591 | ​
Accrued liabilities | ​ | ​ | 2,596 | ​ | ​ | 2,238 | ​
Operating lease liabilities | ​ | ​ | 6,474 | ​ | ​ | 14,444 | ​
Net operating loss | ​ | ​ | 2,510 | ​ | ​ | 4,109 | ​
Capital loss carryover | ​ | ​ | 801 | ​ | ​ | 806 | ​
Credits and incentives | ​ |  | 901 | ​ |  | 1,099 | ​
Total deferred income tax assets | ​ | ​ | 15,508 | ​ | ​ | 25,827 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant, and equipment | ​ |  | (1,153) | ​ |  | (6,340) | ​
Intangible assets | ​ | ​ | (32) | ​ | ​ | ​ | ​
Operating lease - right of use assets | ​ | ​ | (4,597) | ​ | ​ | (12,111) | ​
Prepaid expense | ​ | ​ | (491) | ​ | ​ | ​ | ​
Other | ​ |  | — | ​ |  | (227) | ​
Total deferred income tax liabilities | ​ | ​ | (6,273) | ​ | ​ | (18,678) | ​
Valuation allowance | ​ | ​ | (1,762) | ​ | ​ | (4,885) | ​
Net deferred income tax assets | ​ | $ | 7,473 | ​ | $ | 2,264 | ​
​ The Company’s net deferred income tax assets as presented in the consolidated balance sheets consists of the following items as of October 31, (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended October 31,
​ | ​ | 2024 | ​ | 2023
Deferred income tax assets | ​ | $ | 7,473 | ​ | $ | 3,010
Deferred income tax liabilities | ​ | ​ | — | ​ | ​ | (746)
Net deferred income tax assets | ​ | $ | 7,473 | ​ | $ | 2,264
Reconciliation of effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal statutory tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State taxes, net of federal effects |  | 5.8 | ​ | 4.2 | ​ | (0.7) | ​
Foreign tax rate differential |  | (1.3) | ​ | 5.4 | ​ | 4.7 | ​
Uncertain tax positions |  | — | ​ | — | ​ | 4.7 | ​
Stock based compensation |  | (0.6) | ​ | 4.8 | ​ | (5.6) | ​
Provision to return | ​ | 5.2 | ​ | 2.2 | ​ | (54.5) | ​
US tax on foreign income, net | ​ | — | ​ | 2.9 | ​ | — | ​
State rate change |  | 0.2 | ​ | (0.1) | ​ | (2.3) | ​
Valuation allowance | ​ | (18.9) | ​ | — | ​ | (22.1) | ​
Limits on executive compensation | ​ | — | ​ | 3.9 | ​ | — | ​
Other permanent differences | ​ | 12.3 | ​ | 3.5 | ​ | (32.7) | ​
Other |  | 1.6 | ​ | 7.2 | ​ | 1.6 | ​
​ |  | 25.3 | % | 55.0 | % | (85.9) | %
Reconciliation of unrecognized taxes | A reconciliation of the beginning and ending amount of gross unrecognized taxes (exclusive of interest and penalties) was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended October 31,
​ | ​ | 2024 | ​ | 2023
Beginning balance | ​ | $ | 11,131 | ​ | $ | 11,131
Reductions based on tax positions related to prior periods | ​ | ​ | — | ​ | ​ | —
Gross increase - Tax positions in prior periods | ​ |  | — | ​ |  | —
Gross increase - Tax positions in current period | ​ |  | — | ​ |  | —
Ending balance | ​ | $ | 11,131 | ​ | $ | 11,131

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