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Income Taxes | 3 Months Ended
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Mar. 31, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | 9. Income Taxes The components of income (loss) before income taxes, as shown in the accompanying Financial Statements, consisted of the following for the three months ended March 31, 2026 and 2025:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | (Amounts in thousands) |
Income (loss) before income taxes: |  |  |  |  |  |
Domestic |  | $ | 136 |  |  | $ | (2,586 | )
Foreign |  |  | 521 |  |  |  | 824 |
Income (loss) before income taxes |  | $ | 657 |  |  | $ | (1,762 | )
The Company has foreign subsidiaries that generate revenues from non-U.S. clients and provide services to the Company’s U.S. operations. As a result, a portion of the Company’s earnings is subject to foreign tax jurisdictions, which may have tax rates that differ from those in the United States. The provision (benefit) for income taxes, as shown in the accompanying Financial Statements, consisted of the following for the three months ended March 31, 2026 and 2025:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | (Amounts in thousands) |
Current provision (benefit): |  |  |  |  |  |
Federal |  | $ | (353 | ) |  | $ | (576 | )
State |  |  | (58 | ) |  |  | (106 | )
Foreign |  |  | 169 |  |  |  | 356 |
Total current provision (benefit) |  |  | (242 | ) |  |  | (326 | )
Deferred provision (benefit): |  |  |  |  |  |
Federal |  |  | 558 |  |  |  | 22 |
State |  |  | 98 |  |  |  | 4 |
Foreign |  |  | (21 | ) |  |  | (23 | )
Total deferred provision (benefit) |  |  | 635 |  |  |  | 3 |
Change in valuation allowance |  |  | - |  |  |  | - |
Total provision (benefit) for income taxes |  | $ | 393 |  |  | $ | (323 | )
The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision (benefit) for income taxes for the three months ended March 31, 2026 and 2025 were as follows (amounts in thousands):
|  | Three Months Ended March 31, 2026 |  |  | Three Months Ended March 31, 2025 |
Income taxes computed at the federal statutory rate |  | $ | 138 |  |  |  | 21.0 | % |  | $ | (370 | ) |  |  | (21.0 | )%
State income taxes, net of federal tax benefit |  |  | 40 |  |  |  | 6.1 |  |  |  | (102 | ) |  |  | (5.8 | )
Stock-based compensation shortfalls |  |  | 85 |  |  |  | 12.9 |  |  |  | (22 | ) |  |  | (1.2 | )
Non-deductible executive compensation |  |  | 76 |  |  |  | 11.6 |  |  |  | — |  |  |  | — |
Difference in income tax rate on foreign earnings/other |  |  | 54 |  |  |  | 8.2 |  |  |  | 171 |  |  |  | 9.7 |
|  | $ | 393 |  |  |  | 59.8 | % |  | $ | (323 | ) |  |  | (18.3 | )%
The Company evaluates deferred income taxes on a quarterly basis to determine whether valuation allowances are required or should be adjusted. Accounting guidance requires the Company to assess whether valuation allowances should be established against deferred tax assets based on all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other factors, the nature of cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and available tax planning strategies. At March 31, 2026 and 2025, the Company’s valuation allowance relates primarily to net operating losses in Ireland and the United Kingdom, totaling approximately $435,000 and $452,000, respectively. These valuation allowances reflect uncertainties regarding the Company’s ability to realize these deferred tax assets in future periods.

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