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Income Taxes | 3 Months Ended
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Mar. 31, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | 13. INCOME TAXES OSG files a consolidated U.S. federal income tax return with its 80% or more owned domestic subsidiaries ("Consolidated Tax Subsidiaries"). Octave Ventures' U.S. subsidiaries file separate U.S. federal income tax returns as they are not directly owned by Octave for tax purposes. OSG and its Consolidated Tax Subsidiaries also file separate or combined income tax returns in various states, local and foreign jurisdictions. In accordance with the Income Tax Topic of the ASC, a valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some, or all, of the deferred tax asset will not be realized. As a result of the risks and uncertainties associated with future operating results, management believes it is more likely than not that the Company will not generate sufficient U.S. federal, state and/or local taxable income to recover its deferred tax operating assets and therefore maintains a full valuation allowance on OSG's U.S. net deferred tax assets. Consolidated Pretax Income (Loss) U.S. and foreign components of pretax income (loss) from continuing operations for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, | 2026 |  | 2025 |  |  |  |
U.S. | $ | (6,941) |  |  | $ | (11,153) |  |  |  |  |
Foreign | 3,597 |  |  | (3,954) |  |  |  |  |
Total | $ | (3,344) |  |  | $ | (15,107) |  |  |  |  |
Provision (Benefit) for Income Taxes The components of the provision (benefit) for income taxes from continuing operations for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31, | 2026 |  | 2025 |  |  |  |
Current taxes |  |  |  |  |  |  |
U.S. state and local | $ | — |  |  | $ | — |  |  |  |  |
Foreign | 2,609 |  |  | 1,154 |  |  |  |  |
Total Current taxes | 2,609 |  |  | 1,154 |  |  |  |  |
Deferred taxes |  |  |  |  |  |  |
U.S.federal and state | 222 |  |  | (1,042) |  |  |  |  |
Foreign | (3,312) |  |  | (729) |  |  |  |  |
Total Deferred taxes | (3,090) |  |  | (1,771) |  |  |  |  |
Provision (benefit) for income taxes | $ | (481) |  |  | $ | (617) |  |  |  |  |

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