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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision (benefit) for income taxes is as follows (in thousands):

 

			For the year ended December 31,
			2024						2023						2022
Income (loss) before provision (benefit) for income taxes from:
U.S. operations			$	16,010					$	(6,900)					$	439
Foreign operations			8,234						(11,765)						8,855
Income (loss) before provision (benefit) for income taxes			$	24,244					$	(18,665)					$	9,294

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of the following (in thousands):

 

			For the year ended December 31,
			2024						2023						2022
Current
Federal			$	6,164					$	1,372					$	(644)
States and local			1,333						705						464
Foreign			2,642						2,063						3,251
Reserve for uncertain tax positions			3						16						136
Total current provision (benefit)			$	10,142					$	4,156					$	3,207
Deferred
Federal			$	(3,595)					$	(2,005)					$	(435)
States and local			143						(122)						242
Foreign			(188)						(1,439)						(1,614)
Reserve for uncertain tax positions			—						—						—
Total deferred benefit			(3,640)						(3,566)						(1,807)
Net change in valuation allowance			(1,228)						(1,810)						1,320
Net deferred benefit			(4,868)						(5,376)						(487)
Total provision (benefit) for income taxes			$	5,274					$	(1,220)					$	2,720

Schedule of Provision (Benefit) for Income Taxes Computed by Applying Statutory Federal Tax Rate

The provision (benefit) for income taxes differs from the amount computed by applying the statutory federal tax rate to income tax as follows (in thousands):

			For the years ended December 31,
			2024												2023												2022
Federal tax at statutory rate			$	5,091					21.0		%				$	(3,920)					21.0		%				$	1,952					21.0		%
State taxes, net of federal benefit			872						3.6		%				611						(3.3)		%				622						6.7		%
Foreign tax			444						1.8		%				274						(1.5)		%				218						2.3		%
Goodwill impairment			—						—		%				2,901						(15.5)		%				—						—		%
Equity compensation			(20)						(0.1)		%				716						(3.8)		%				—						—		%
US taxation of foreign earnings			19						0.1		%				98						(0.5)		%				100						1.1		%
Permanent differences			405						1.7		%				485						(2.6)		%				363						3.9		%
Research & Development Credit			(713)						(2.9)		%				(602)						3.2		%				(1,716)						(18.5)		%
Change in valuation allowance			(1,228)						(5.1)		%				(1,810)						9.7		%				1,320						14.2		%
Impact of foreign tax rate changes			—						—		%										—		%				(246)						(2.6)		%
Other			404						1.7		%				27						(0.1)		%				107						1.2		%
Total provision (benefit) for income taxes			$	5,274					21.8		%				$	(1,220)					6.6		%				$	2,720					29.3		%

Schedule of Net Deferred Income Tax Assets and Liabilities

Deferred income tax attributes resulting from differences between financial accounting amounts and income tax basis of assets and liabilities are as follows (in thousands):

			December 31,
			2024						2023
Deferred income tax assets
Allowance for doubtful accounts			$	470					$	298
Inventory			1,218						1,201
Intangible assets			808						1,036
Accrued expenses			4,090						4,085
Net operating loss carryforward			4,369						5,329
Finance lease obligations			189						275
Stock Options			183						187
Deferred stock based compensation			911						723
Interest carryforward			6,328						4,174
Right-of-use liability			8,696						8,984
R&D Expense			6,671						5,091
Credits			100						87
Other			442						1,694
Deferred income tax assets			34,475						33,164
Valuation allowance			(4,034)						(6,029)
Net deferred income tax assets			$	30,441					$	27,135
Deferred income tax liabilities
Property and equipment			$	(5,404)					$	(6,472)
Goodwill			(10,134)						(9,132)
Intangible assets			(1,952)						(2,822)
Right-of-use asset			(8,657)						(8,944)
Other			—						(2)
Deferred income tax liabilities			(26,147)						(27,372)
Net deferred income taxes			$	4,294					$	(237)

Schedule of Changes in Company's Gross Unrecognized Tax Benefits, Excluding Interest and Penalties

The following table summarizes the changes in the Company’s gross unrecognized tax benefits, excluding interest and penalties (in thousands):

			For the year ended December 31,
			2024						2023
Balance at beginning of period			$	258					$	258
Additions for tax positions related to the current fiscal period			—						—
Additions for tax positions related to prior years			—						—
Reductions related to the expiration of statutes of limitations			(7)						—
Balance at end of period			$	251					$	258

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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 components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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