v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of Loss Before Income Taxes | The components of loss before income taxes for the years ended December 31, 2025, 2024 and 2023 were as follows:
| For the Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
U.S. | $ | (120,255 | ) |  | $ | (80,257 | ) |  | $ | (69,116 | )
Foreign |  | (390,956 | ) |  |  | (6,658 | ) |  |  | (200,707 | )
| $ | (511,211 | ) |  | $ | (86,915 | ) |  | $ | (269,823 | )
Schedule of Income Tax Recovery Recognized in Consolidated Statements of Operations | Income tax recovery recognized in the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 was comprised of the following:
| For the Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
Current income tax recovery (provision) |  |  |  |  |  |  |  |
U.S. Federal | $ | (21 | ) |  |  |  |  |  |
U.S. State |  | (30 | ) |  |  |  |  |  |
U.S. |  | (51 | ) |  | $ | (640 | ) |  | $ | 1,564 |
Foreign |  | 2,055 |  |  |  | (33,307 | ) |  |  | (10,189 | )
Total current income tax recovery (provision) | $ | 2,004 |  |  | $ | (33,947 | ) |  | $ | (8,625 | )
Deferred income tax recovery (provision) |  |  |  |  |  |  |  |
Foreign | $ | 11,318 |  |  | $ | 35,721 |  |  | $ | 36,392 |
Total income tax recovery (provision) |  |  |  |  |  |  |  |
U.S. Federal | $ | (21 | ) |  |  |  |  |  |
U.S. State |  | (30 | ) |  |  |  |  |  |
U.S. |  | (51 | ) |  | $ | (640 | ) |  | $ | 1,564 |
Foreign |  | 13,373 |  |  |  | 2,414 |  |  |  | 26,203 |
Total income tax recovery | $ | 13,322 |  |  | $ | 1,774 |  |  | $ | 27,767 |
Reconciliation of Effective Tax Rate | The difference between the U.S. Federal statutory and the Company’s effective rate for the year ended December 31, 2025 was as follows:
| For the Year Ended December 31,
| Amount |  | %
Income tax recovery using U.S. Federal statutory rate on loss before income taxes | $ | 107,354 |  | 21.0%
U.S. Federal |  |  |
Changes in valuation allowances |  | (20,435 | ) | (4.0%)
Other (a) |  | (4,424 | ) | (0.9%)
U.S. state income taxes, net of federal income tax effect (b) |  | (30 | ) | (0.0%)
Foreign tax effects |  |  |
Germany |  |  |
Trade taxes |  | 10,689 |  | 2.1%
Changes in valuation allowances |  | (13,515 | ) | (2.6%)
Other (a) |  | (223 | ) | (0.0%)
Canada |  |  |
Statutory income tax rate differential |  | (18,365 | ) | (3.6%)
Provincial taxes |  | 25,989 |  | 5.1%
Changes in valuation allowances |  | (72,747 | ) | (14.2%)
Other (a) |  | (557 | ) | (0.1%)
Australia |  |  |
Changes in valuation allowances |  | (7,201 | ) | (1.4%)
Prior year true-up: Non-capital loss and others |  | 6,610 |  | 1.3%
Other (a) |  | 177 |  | 0.0%
Income tax recovery and effective tax rate | $ | 13,322 |  | 2.6%
(a) Primarily includes return-to-provision adjustments, non-taxable government subsidies, tax benefit of partnership structure and the effect of statutory tax rate changes enacted during the period. (b) In 2025, state income taxes in Maryland and Louisiana comprise the majority of the U.S. state income taxes, net of federal income tax effect category. Differences between the U.S. Federal statutory and the Company’s effective rates for the years ended December 31, 2024 and 2023 were as follows:
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |
U.S. Federal statutory rate | 21% |  |  | 21% |
Income tax recovery using U.S. Federal statutory rate on loss before income taxes | $ | 18,252 |  |  | $ | 56,663 |
Tax differential on foreign income (loss) |  | (1,243 | ) |  |  | 9,049 |
Effect of foreign earnings (a) |  | (5,169 | ) |  |  | — |
Valuation allowance |  | (2,392 | ) |  |  | (39,810 | )
Tax benefit of partnership structure |  | 1,479 |  |  |  | 3,132 |
Non-taxable foreign subsidies |  | 2,332 |  |  |  | 3,297 |
Non-deductible goodwill impairment |  | (10,039 | ) |  |  | — |
True-up of prior year taxes |  | (363 | ) |  |  | (4,553 | )
Other |  | (1,083 | ) |  |  | (11 | )
Income tax recovery | $ | 1,774 |  |  | $ | 27,767 |
(a) Primarily due to the impact of the global intangible low-taxed income provision in the Tax Cuts and Jobs Act of 2017.
Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2025 and December 31, 2024 were comprised of the following:
| December 31, |
| 2025 |  |  | 2024 |
German tax loss carryforwards | $ | 20,090 |  |  | $ | 18,843 |
U.S. tax loss carryforwards and credits |  | 88,205 |  |  |  | 61,318 |
Canadian tax loss carryforwards |  | 56,886 |  |  |  | 34,758 |
Australian tax loss carryforwards |  | 9,047 |  |  |  | 5,544 |
Basis difference between income tax and financial reporting with respect to operating sites |  | (51,025 | ) |  |  | (109,550 | )
Amortizable intangible assets |  | (822 | ) |  |  | (6,973 | )
Accounts payable and accrued expenses |  | 4,020 |  |  |  | 3,100 |
Finance leases |  | 9,883 |  |  |  | 10,799 |
Scientific research and experimental development investment tax credit and expenditure pool |  | 8,076 |  |  |  | 6,390 |
Other |  | 3,958 |  |  |  | 575 |
|  | 148,318 |  |  |  | 24,804 |
Valuation allowance |  | (198,777 | ) |  |  | (81,798 | )
Net deferred income tax liability | $ | (50,459 | ) |  | $ | (56,994 | )
Comprised of: |  |  |  |  |
Deferred income tax asset | $ | 7,839 |  |  | $ | 17,778 |
Deferred income tax liability |  | (58,298 | ) |  |  | (74,772 | )
Net deferred income tax liability | $ | (50,459 | ) |  | $ | (56,994 | )
Summary of Investment Tax Credit and Other Tax Attributes Carryforwards | The following table details the scheduled expiration dates of the Company’s net operating loss, interest, investment tax credit and other tax attributes carryforwards as of December 31, 2025:
| Amount |  |  | Expiration
U.S. |  |  |  |
Net operating loss | $ | 76,800 |  |  | Indefinite
Interest | $ | 343,200 |  |  | Indefinite
Germany |  |  |  |
Corporate and trade tax loss | $ | 101,300 |  |  | Indefinite
Interest | $ | 24,800 |  |  | Indefinite
Canada |  |  |  |
Net operating loss | $ | 174,100 |  |  | 2036 – 2044
Interest | $ | 51,500 |  |  | Indefinite
Scientific research and experimental development investment tax credit | $ | 6,800 |  |  | 2030 – 2044
Australia |  |  |  |
Net operating loss | $ | 30,200 |  |  | Indefinite
Summary of Changes in Valuation Allowance | Changes in valuation allowances related to net deferred tax assets for the years ended December 31, 2025 and 2024 were as follows:
| December 31, |
| 2025 |  |  | 2024 |
Beginning of year balance | $ | 81,798 |  |  | $ | 78,689 |
Additions (reversals) |  |  |  |  |
U.S. |  | 20,435 |  |  |  | 8,727 |
Germany |  | 13,515 |  |  |  | — |
Canada |  | 72,747 |  |  |  | (7,815 | )
Australia |  | 7,201 |  |  |  | 610 |
The impact of changes in foreign exchange rates |  | 3,081 |  |  |  | 1,587 |
End of year balance | $ | 198,777 |  |  | $ | 81,798 |
Income Tax Payments (Net of Refunds) by Jurisdiction | Income tax payments (net of refunds) by jurisdiction for the year ended December 31, 2025 were as follows:
| For the Year Ended |
| December 31, 2025 |
U.S. state | $ | 548 |
Foreign |  |
Germany Federal |  | 2,828 |
Germany state and local |  |
Thuringia |  | 6,610 |
Saalburg-Ebersdorf |  | 6,478 |
Arneburg |  | 3,753 |
Rosenthal |  | 3,576 |
Torgau |  | 1,482 |
Other |  | 743 |
Total | $ | 26,018 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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