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Income Taxes (Tables)

12 Months Ended

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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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 reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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