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INCOME TAXES
 9 Months Ended
Sep. 30, 2025
INCOME TAXES  
INCOME TAXES

NOTE 7—INCOME TAXES

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The Company’s effective tax rate for the three and nine months ended September 30, 2025 was 27.2% and 33.8%, respectively, based on pretax income of $4.2 million and $10.2 million, respectively. The Company’s effective tax rate for the quarter ended September 30, 2025 was impacted by non-deductible expenses and earnings and losses in certain foreign jurisdictions. The Company’s effective tax rate for the three and nine months ended September 30, 2024 was 60.2% and 112.9%, respectively, based on pretax income of $2.9 million and $1.6 million, respectively. The Company’s effective tax rate for the quarter ended September 30, 2024 was impacted by non-deductible expenses and earnings and losses in certain foreign jurisdictions.

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On July 4, 2025, the “One Big Beautiful Bill Act” (OBBBA) was signed into law, making significant changes to the U.S. federal tax code. At the date of issuance of these financial statements, the Company is currently in the process of evaluating the impacts of the legislation on its consolidated financial statements.