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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of domestic and foreign components of income (loss) before provision for income taxes

The domestic and foreign components of income (loss) before provision for income taxes were as follows for the years ended December 31:

​	​	​	​	​	​	​
(in thousands)		2023			2022
Domestic	​	$	(19,910)	​	$	(30,559)
Foreign	​		(2,018)	​		4,268
Loss before provision for income taxes	​	$	(21,928)	​	$	(26,291)

Schedule of provision for income taxes

The provision for income taxes for the years ended December 31, 2023 and 2022 consisted of the following:

​	​	​	​	​	​	​
(in thousands)		2023			2022
Current		​			​
Federal	​	$	215	​	$	128
State	​		1	​		1
Foreign	​		325	​		(8)
Total current	​		541	​		121
​	​	​	​	​	​	​
Deferred	​			​
Federal	​		—	​		—
State	​		—	​		—
Foreign	​		—	​		—
Total deferred	​		—	​		—
Total provision for income taxes	​	$	541	​	$	121

Schedule of reconciliation of federal statutory income tax to provision for income taxes

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Expected benefit at statutory federal rate	​	$	(4,941)	​	$	(6,717)
State tax — net of federal benefit	​		72	​		100
Research and development credits	​		—	​		(564)
Foreign income/losses taxed at different rates	​		14	​		15
Unrecognized tax benefits	​		276	​		126
Stock-based compensation	​		8	​		3
Interest expense	​		333	​		233
Remeasurements of net defined benefit liabilities	​		5	​		—
Exchange rate difference	​		287	​		551
Change in tax rate	​		(242)	​		(92)
True-up deferred taxes	​		1,382	​		3,254
True-up payable	​		75	​		—
Accumulated deficit	​		67	​		10
Change in valuation allowance	​		3,182	​		3,246
Other	​		23	​		(44)
Total provision for income taxes	​	$	541	​	$	121

Schedule of significant components of deferred tax assets and liabilities

​	​	​	​	​	​	​
(in thousands)		2023			2022
Deferred tax assets	​	​	​	​	​	​
Net operating loss carryforwards	​	$	79,078	​	$	78,583
Capitalized costs	​		5,409	​		3,095
Accruals and reserves	​		4,610	​		4,830
Inventory reserves	​		267	​		402
Stock compensation	​		382	​		368
Loss on unrealized currency translation	​		166	​		160
Research and development credits	​		2,490	​		2,490
Financial guarantee liabilities	​		5,410	​		5,320
Lease liability	​		197	​		4
Provision for credit losses	​		368	​		119
Gross deferred tax assets	​		98,377	​		95,371
Valuation allowance	​		(97,628)	​		(94,446)
Net deferred tax assets	​		749	​		925
Deferred tax liabilities	​	​	​	​	​	​
Revaluation of convertible promissory notes	​		(448)	​		(742)
Contract assets	​		(3)	​		(8)
ROU assets	​		(298)	​		(175)
Gross deferred tax liabilities	​		(749)	​		(925)
Net deferred income tax	​	$	—	​	$	—

Schedule of reconciliation of the unrecognized tax benefits ("UTBs")

A reconciliation of the unrecognized tax benefits (“UTBs”) as of December 31, 2023 and 2022 is as follows:

​	​	​	​	​	​	​
(in thousands)		2023			2022
Beginning gross UTBs	​	$	3,203	​	$	3,106
Additions for tax positions taken in a prior year	​		—	​		(35)
Additions for tax provision taken in the current year	​		319	​		1,093
Adjustments for tax positions for changes in currency translation	​		95	​		(223)
Reductions for tax positions taken in the prior year	​		1,051	​		(270)
Reductions for tax positions taken in the prior year due to statutes lapsing	​		(1,585)	​		(468)
Ending gross UTBs	​		3,083	​		3,203
UTBs offset by deferred tax assets and/or valuation allowance	​		(1,419)	​		(1,714)
Net UTBs	​	$	1,664	​	$	1,489

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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