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INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2024

INCOME TAXES

Components of Income (loss) before taxes

The components of income (loss) before taxes are (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended October 31,
​		2024			2023			2022
Income (loss) before income taxes:		​			​			​
Domestic	​	$	(15,024)		$	(3,259)		$	(232)
Foreign	​		5,174			10,013			12,110
​	​	$	(9,850)		$	6,754		$	11,878

Schedule of provision (benefit) for income taxes

In the fiscal years set forth below, the provision (benefit) for income taxes consisted of the following (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended October 31,
​		2024			2023			2022
Current:		​			​	​		​
U.S. taxes	​	$	647		$	(431)		$	1,092
Foreign taxes	​		1,804	​		2,775	​		3,191
​	​		2,451	​		2,344	​		4,283
Deferred:	​		​	​		​	​		​
U.S. taxes	​		(3,765)	​		167	​		(839)
Foreign taxes	​		(518)	​		(287)	​		(204)
​	​		(4,283)	​		(120)	​		(1,043)
Valuation allowance	​	​	8,590	​	​	141	​	​	412
​	​	$	6,758		$	2,365		$	3,652

Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended October 31,
​		2024			​	2023			2022
​	​		​	​	​		​	​
U.S. statutory rate	​		21	%	​		21	%		21	%
Effect of tax rate of international jurisdictions different than U.S. statutory rates	​		(4)	%	​		6	%		4	%
Valuation allowance	​		(87)	%	​		2	%		3	%
State taxes	​		4	%	​		(1)	%		1	%
Tax credits	​		—	%	​		—	%		1	%
US benefit of foreign intangible income	​	​	—	%	​	​	—	%	​	(3)	%
US tax on distributed and undistributed earnings	​	​	(2)	%	​	​	—	%	​	—	%
Stock-based compensation	​	​	(3)	%	​	​	6	%	​	4	%
Other	​		2	%	​		1	%		—	%
Effective tax rate	​		(69)	%	​		35	%		31	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of October 31, 2024 and 2023 are as follows (in thousands):

​	​	​	​	​	​	​
​	​	October 31,
​		2024			2023
Deferred Tax Assets:		​			​
Accrued inventory reserves	​	$	1,605		$	1,580
Accrued warranty expenses	​		191	​		241
Compensation related expenses	​		1,800	​		2,222
Net derivative gain	​	​	500	​	​	683
Unrealized exchange gain	​		58	​		—
Other accrued expenses	​		351	​		344
Net operating loss carryforwards	​		6,115	​		2,249
Other credit carryforwards	​		948	​		712
Operating lease liabilities	​	​	2,924	​	​	2,818
Goodwill and intangibles	​	​	750	​	​	798
Other	​		118	​		131
​	​		15,360	​		11,778
Less: Valuation allowance – net operating loss and other credit carryforwards	​		(9,203)	​		(1,810)
Deferred tax assets	​		6,157	​		9,968
​	​		​	​		​
Deferred Tax Liabilities:	​		​	​		​
Unrealized exchange loss	​		—	​		(159)
Property and equipment and capitalized software development costs	​		(1,525)	​		(1,915)
Operating lease - right of use assets	​	​	(2,837)	​	​	(2,731)
Other	​		(499)	​		(497)
Net deferred tax assets	​	$	1,296		$	4,666

Schedule of reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding the related accrual for interest or penalties, is as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
Balance, beginning of year	​	$	138		$	138		$	167
Additions based on tax positions related to the current year	​		—	​		—	​		21
Additions (reductions) related to prior year tax positions	​		—	​		—	​		—
Reductions due to statute expiration	​		(117)	​		—	​		(50)
Balance, end of year	​	$	21		$	138		$	138

Summary of open tax years by major jurisdiction

​

​	​	​
United States federal	​	Fiscal year 2021 through the current period
Germany¹	​	Fiscal year 2022 through the current period
Taiwan	​	Fiscal year 2019 through the current period
United Kingdom	​	Fiscal year 2018 through the current period

¹ Includes federal as well as state, provincial or similar local jurisdictions, as applicable.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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