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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

The Company’s income (loss) before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to

income taxes at different statutory rates. In addition, tax expense is impacted by losses in jurisdictions where no tax benefit can be realized.

For the three months ended June 30, 2025, and 2024, the Company recorded a benefit for income taxes of $0.2 million and provision for income taxes of $1.6 million, respectively. For the six months ended June 30, 2025, and 2024, the Company recorded a benefit for income taxes of $2.7 million and a provision for income taxes of $3.5 million, respectively.

As of June 20, 2025 and December 31, 2024, the Company’s unrecognized tax benefits, excluding interest and penalties, were $14.9 million and $13.9 million, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant tax related provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates with the earliest provisions taking effect in 2025 and others beginning in 2026 and beyond. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, during the three months ending September 30, 2025, the Company will continue to evaluate all deferred tax balances under the newly enacted tax law and identify any other changes to its financial statements as a result of the OBBBA. We are currently assessing its impact on our consolidated financial statements.