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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of provision (benefit) for income tax expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(In thousands)		2024			2023			2022
Current income taxes, Federal	​	$	4,304	​	$	5,045	​	$	1,838
Current income taxes, State	​	​	1,365	​	​	1,440	​	​	637
​	​	​	5,669	​	​	6,485	​	​	2,475
​	​	​	​	​	​	​	​	​	​
Deferred income taxes, Federal	​		702	​		(19,046)	​		(32)
Deferred income taxes, State	​	​	365	​	​	(332)	​	​	—
​	​	​	1,067	​	​	(19,378)	​	​	(32)
​	​	​	​	​	​	​	​	​	​
Unrecognized tax benefit, Federal	​		(207)	​		148	​		(50)
Unrecognized tax benefit, State	​	​	—	​	​	—	​	​	—
​	​	​	(207)	​	​	148	​	​	(50)
​	​	​	​	​	​	​	​	​	​
Total provision (benefit) for income taxes	​	$	6,529	​	$	(12,745)	​	$	2,393

Schedule of components of our deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	At December 31,
(In thousands)		2024			2023
Deferred tax assets:	​	​	​	​	​	​
Operating lease liability	​	$	4,755	​	$	5,394
Net operating loss carryforwards	​	​	1	​	​	50
Accounts receivable and inventory reserves	​	​	5,406	​	​	7,065
Stock-based compensation	​	​	5,818	​	​	5,144
Accrued liabilities	​		1,766	​		2,056
Warranty reserves	​	​	752	​	​	1,025
Intangible assets	​	​	875	​	​	1,645
Business credits	​	​	761	​	​	630
R&D expenses	​	​	3,253	​	​	2,189
Other	​		342	​		309
Total deferred tax assets	​	​	23,729	​	​	25,507
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Right of use operating lease assets	​		(4,177)	​		(4,799)
Fixed assets	​	​	(877)	​	​	(975)
Prepaid expenses	​	​	(209)	​	​	(232)
Other	​	​	(155)	​	​	(123)
Total deferred tax liabilities	​	​	(5,418)	​	​	(6,129)
​	​	​	​	​	​	​
Net deferred tax assets	​	$	18,311	​	$	19,378

Schedule of reconciliation of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024		​	2023		​	2022
Tax expense at statutory rate		21.0	%	​	21.0	%	​	21.0	%
State income taxes, net of federal benefit	​	4.7	​	​	5.2	​	​	4.1	​
Executive compensation	​	1.1	​	​	0.9	​	​	—	​
Meals and entertainment	​	1.7	​	​	2.1	​	​	—	​
Employee Stock Purchase Plan	​	0.4	​	​	0.9	​	​	(1.0)	​
Federal business credits	​	(1.5)	​	​	(1.5)	​	​	1.6	​
Valuation allowance	​	—	​	​	(113.3)	​	​	(37.4)	​
Return to provision	​	(0.5)	​	​	0.5	​	​	(0.2)	​
Deferred reprice - state		0.9		​	0.2		​	0.9	​
Unrecognized tax benefits	​	0.3	​	​	0.3	​	​	(0.3)	​
Excess benefit on non-qualified stock options and RSUs	​	0.7	​	​	2.3	​	​	(3.7)	​
Interest and penalties	​	—	​	​	0.1	​	​	—	​
162(m) write down	​	—	​	​	1.6	​	​	—	​
Other		(1.0)		​	(1.1)		​	(0.5)	​
Net effective rate		27.8	%	​	(80.8)	%	​	(15.5)	%

Schedule of unrecognized tax benefits ("UTB")

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
(In thousands)		2024			2023			2022
Balance beginning of the year	​	$	702	​	$	612	​	$	522
Gross changes — tax positions in prior year	​	​	(272)	​	​	—	​	​	—
Gross changes — tax positions in current year	​	​	117	​	​	90	​	​	90
Balance end of the year	​	$	547	​	$	702	​	$	612

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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 the change in unrecognized tax benefits.

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