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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | Income tax expense for the years ended December 31, 2024, 2023, and 2022 consisted of the following (in thousands):
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 7,059 |  |  | $ | 25,170 |  |  | $ | 35,857 |
State | 2,040 |  |  | 3,001 |  |  | 5,558 |
Total current | 9,099 |  |  | 28,171 |  |  | 41,415 |
Deferred |  |  |  |  |
Federal | (6,325) |  |  | 1,523 |  |  | (738) |
State | (1,078) |  |  | (312) |  |  | (186) |
Total deferred | (7,403) |  |  | 1,211 |  |  | (924) |
Provision for income taxes | $ | 1,696 |  |  | $ | 29,382 |  |  | $ | 40,491 |
Schedule of Components of Total Income Tax Provision | Those amounts have been allocated to the following financial statement items (in thousands):
| 2024 |  | 2023 |  | 2022
Provision for income taxes | $ | 1,696 |  |  | $ | 29,382 |  |  | $ | 40,491 |
Stockholders' equity, unrealized (losses) gains on investment securities & foreign currency | (52) |  |  | 112 |  |  | (27) |
Total provision for income taxes | $ | 1,644 |  |  | $ | 29,494 |  |  | $ | 40,464 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the United States federal statutory tax provision to the Company’s provision for income taxes for the years ended December 31, 2024, 2023, and 2022 (in thousands, except percentages):
| 2024 |  | 2023 |  | 2022
Statutory federal tax | $ | 795 |  |  | 21.0 | % |  | $ | 27,048 |  |  | 21.0 | % |  | $ | 38,621 |  |  | 21.0 | %
State income taxes, net of federal benefit | 759 |  |  | 20.0 | % |  | 2,124 |  |  | 1.7 | % |  | 4,635 |  |  | 2.5 | %
Foreign taxes |  |  |  |  |  |  |  |  |  |  |
Hong Kong | (5) |  |  | (0.1) | % |  | 63 |  |  | 0.0 | % |  | 75 |  |  | 0.0 | %
Singapore | (1) |  |  | 0.0 | % |  | (199) |  |  | (0.2) | % |  | 28 |  |  | 0.0 | %
Share-based compensation | 889 |  |  | 23.4 | % |  | 143 |  |  | 0.1 | % |  | (26) |  |  | — | %
Research and development and jobs credits | (713) |  |  | (18.9) | % |  | (1,258) |  |  | (1.0) | % |  | (819) |  |  | (0.4) | %
Executive compensation | 52 |  |  | 1.2 | % |  | 1,895 |  |  | 1.5 | % |  | 1,470 |  |  | 0.8 | %
Charitable donations | (236) |  |  | (6.2) | % |  | (1,094) |  |  | (0.8) | % |  | (4,316) |  |  | (2.3) | %
Valuation allowance | (20) |  |  | (0.5) | % |  | (613) |  |  | (0.5) | % |  | 396 |  |  | 0.2 | %
Intercompany loan restructuring | — |  |  | — | % |  | 1,167 |  |  | 0.9 | % |  | — |  |  | — | %
Other permanent differences | 176 |  |  | 4.9 | % |  | 106 |  |  | 0.1 | % |  | 427 |  |  | 0.2 | %
Provision for income taxes | $ | 1,696 |  |  | 44.8 | % |  | $ | 29,382 |  |  | 22.8 | % |  | $ | 40,491 |  |  | 22.0 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets (liabilities) consisted of the following (in thousands):
| December 31, 2024 |  | December 31, 2023
Reserves on inventory and sales | $ | 472 |  |  | $ | 721 |
Credit and loss carryforwards | 2,730 |  |  | 2,881 |
Stock compensation | 2,055 |  |  | 1,784 |
Accrued expenses and deferred costs | 2,235 |  |  | 2,986 |
Inventory capitalization | 708 |  |  | 587 |
Lease obligations | 4,047 |  |  | 5,542 |
Capitalized research costs | 7,028 |  |  | 5,841 |
Charitable donations | 83 |  |  | 114 |
State taxes | 1,594 |  |  | 1,520 |
Unrealized loss on investment | 967 |  |  | — |
Other | 183 |  |  | 164 |
Valuation allowance | (1,624) |  |  | (1,680) |
Total deferred tax assets | 20,478 |  |  | 20,460 |
Right-of-use assets | (2,800) |  |  | (3,938) |
Prepaid expenses | (1,590) |  |  | (2,084) |
Depreciation | (4,628) |  |  | (10,321) |
Total deferred tax liabilities | (9,018) |  |  | (16,343) |
Net deferred tax assets | $ | 11,460 |  |  | $ | 4,117 |
Schedule of Unrecognized Tax Benefits Roll Forward | The amounts of unrecognized tax benefits were as follows (in thousands):
| December 31, 2024 |  | December 31, 2023
Unrecognized tax benefit at the beginning of the period | $ | 7,502 |  |  | $ | 6,011 |
Increase for current year tax positions | 71 |  |  | 1,744 |
(Decrease) increase for prior period tax positions | (5) |  |  | 38 |
Reduction due to lapse in statute of limitations | (135) |  |  | (291) |
Unrecognized tax benefit at the end of the period | $ | 7,433 |  |  | $ | 7,502 |

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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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