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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | 5. INCOME TAXES Income Tax (Expense) Benefit A reconciliation of the U.S. federal statutory tax rate to our effective tax rate for 2024 and 2023, is as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
U.S. statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |
Permanent differences |  |  | 2.2 | % |  |  | (1.0 | )%
State income taxes |  |  | 2.3 | % |  |  | (0.3 | )%
Discrete items |  |  |  |  |  |
Vesting of common stock |  |  | (0.9 | )% |  |  | (0.2 | )%
Statutory rate change |  |  | 5.4 | % |  |  | — | %
Change in valuation allowance |  |  | (31.3 | )% |  |  | (19.4 | )%
Return to provision and other |  |  | 0.9 | % |  |  | 0.1 | %
Effective tax rate |  |  | (0.4 | )% |  |  | 0.2 | %
Significant components of our income tax (expense) benefit for 2024 and 2023, were as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Current |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  |  | (12 | ) |  |  | — |
Total current |  |  | (12 | ) |  |  | — |
Deferred |  |  |  |  |  |
Federal |  |  | (3,418 | ) |  |  | 4,933 |
State |  |  | (1,050 | ) |  |  | (24 | )
Valuation allowance |  |  | 4,531 |  |  |  | (4,868 | )
Total deferred |  |  | 63 |  |  |  | 41 |
Income tax (expense) benefit |  | $ | 51 |  |  | $ | 41 |
Deferred Taxes Significant components of our deferred tax assets and liabilities at December 31, 2024 and 2023, were as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Leases |  | $ | 56 |  |  | $ | 144 |
Employee benefits |  |  | 1,479 |  |  |  | 1,499 |
Accrued losses on uncompleted contracts |  |  | 2 |  |  |  | 77 |
Stock based compensation expense |  |  | 336 |  |  |  | 373 |
Debt interest |  |  | 469 |  |  |  | 516 |
Federal net operating losses |  |  | 25,492 |  |  |  | 28,413 |
State net operating losses |  |  | 2,284 |  |  |  | 3,407 |
R&D and other tax credits |  |  | 1,070 |  |  |  | 1,037 |
Other |  |  | 78 |  |  |  | 242 |
Total deferred tax assets |  |  | 31,266 |  |  |  | 35,708 |
Deferred tax liabilities |  |  |  |  |  |
Depreciation |  |  | (446 | ) |  |  | (564 | )
Prepaid insurance |  |  | (487 | ) |  |  | (280 | )
Total deferred tax liabilities |  |  | (933 | ) |  |  | (844 | )
Net deferred tax assets |  |  | 30,333 |  |  |  | 34,864 |
Valuation allowance |  |  | (30,333 | ) |  |  | (34,927 | )
Net deferred taxes (1) |  | $ | — |  |  | $ | (63 | )
(1) Amounts are included in other noncurrent liabilities on our Balance Sheet. At December 31, 2024 and 2023, we had total DTAs of $31.3 million and $35.7 million, respectively (including U.S. federal net operating losses (“NOL(s)”) DTAs of $25.5 million and $28.4 million, respectively). On a periodic and ongoing basis, we evaluate our DTAs (including our NOL DTAs) and assess the appropriateness of our valuation allowance(s) (“VA(s)”). In assessing the need for a VA, we consider both positive and negative evidence related to the likelihood of realizing our DTAs. If, based upon the available evidence, our assessment indicates that it is more likely than not that some or all of the DTAs will not be realized, we record a VA. Our assessments include, among other things, the amount of taxable temporary differences that will result in future taxable income, the value and quality of our backlog, evaluations of existing and anticipated market conditions, analysis of recent and historical operating results (including cumulative losses over multiple periods) and projections of future results and strategic plans, as well as asset expiration dates. As a result of our assessment and due to cumulative losses for the three years ended December 31, 2024, we believe the negative evidence outweighs the positive evidence with respect to our ability to realize our DTAs, and accordingly, at December 31, 2024 and 2023, we had VAs of $30.3 million and $34.9 million, respectively, offsetting our net DTAs. At December 31, 2024, we had gross U.S. federal NOL carryforwards (excluding VAs) of $121.4 million, of which $28.6 million will expire in 2037 with the remaining U.S. federal NOL carryforwards eligible to be carried forward indefinitely, subject to an 80% limitation on taxable income in each year. At December 31, 2024, we had gross state NOL carryforwards (excluding VAs) of $40.7 million, of which $1.3 million will expire from 2039 through 2041 and the remaining carryforwards can be carried forward indefinitely, subject to a 72% limitation on taxable income each year. Uncertain Tax Positions Reserves for uncertain tax positions are recognized when we consider it more likely than not that additional tax will be due in excess of amounts reflected in our income tax returns, irrespective of whether or not we have received tax assessments. Interest and penalties on uncertain tax positions are recorded within income tax expense. At December 31, 2024 and 2023, we had no material reserves for uncertain tax positions. Tax returns subject to examination by the U.S. Internal Revenue Service are open for years after 2020.

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