v3.25.4

Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 13. 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 | )
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 |
For the years ended December 31, 2025, 2024 and 2023, the foreign current income tax provision (recovery) was primarily for German entities. The Company’s effective income tax rate can be affected by many factors, including but not limited to, changes in the mix of earnings in tax jurisdictions with differing statutory rates, changes in corporate structure, changes in the valuation of deferred tax assets and liabilities, the result of audit examinations of previously filed tax returns and changes in tax laws and rates. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company and/or one or more of its subsidiaries file income tax returns in the U.S., Germany, Canada and Australia. Currently, the Company does not anticipate that the expiration of the statute of limitations or the completion of audits in the next fiscal year will result in liabilities for uncertain income tax positions that are materially different than the amounts accrued or disclosed as of December 31, 2025. However, this could change as tax years are examined by taxing authorities, the timing of which are uncertain at this time. The German tax authorities have completed examinations up to and including the 2021 tax year for all but one German entity which had its examination completed up to and including the 2019 tax year. The Company is generally not subject to U.S. or Canadian income tax examinations for tax years before 2022 and 2021, respectively. The Company believes that it has adequately provided for any reasonably foreseeable outcomes related to its tax audits and that any settlement will not have a material adverse effect on its consolidated results. The liability in the Consolidated Balance Sheets related to unrecognized tax benefits was $nil as of December 31, 2025 (2024 – $nil). The Company recognizes interest and penalties related to unrecognized tax benefits in “Income tax recovery” in the Consolidated Statements of Operations. During the years ended December 31, 2025, 2024 and 2023, the Company did no t record any interest and penalties related to unrecognized tax benefits. 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 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 | )
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
At each reporting period, the Company assesses whether it is more likely than not that the deferred tax assets will be realized, based on the review of all available positive and negative evidence, including future reversals of existing taxable temporary differences, estimates of future taxable income, past operating results and prudent and feasible tax planning strategies. The carrying value of the Company’s deferred tax assets reflects its expected ability to generate sufficient future taxable income in certain tax jurisdictions to utilize these deferred income tax benefits. Significant judgment is required when evaluating this positive and negative evidence. 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 |
As of December 31, 2025, the Company has a full valuation allowance against the net deferred tax assets of its U.S., Canadian and certain German entities. The Company has not recognized a tax liability on the undistributed earnings of its foreign subsidiaries as of December 31, 2025 because these earnings are expected to be permanently reinvested outside the U.S. or repatriated without incurring a tax liability. 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 |
Global Corporate Minimum Tax Rate In 2021, the Organisation for Economic Co-operation and Development proposed a global corporate minimum tax rate of 15% (the “Pillar Two” rules). As of December 31, 2025, Germany, Canada and Australia have enacted laws to conform with the Pillar Two rules, but the U.S. has not. The enacted Pillar Two rules have not had a material impact to the Company's effective tax rates and tax liabilities as of December 31, 2025. The Company will continue to monitor the impact of proposed and enacted legislative changes in the geographic regions in which we operate.

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