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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2025

Income Taxes

Summary of income (loss) from continuing operations before income taxes disaggregated between domestic and foreign

​

​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended		​	Year Ended
​		June 30, 2025			December 31, 2024			December 31, 2023
Domestic	​	$	324,000	​	$	(11,426,000)	​	$	(3,001,000)
Foreign	​	​	1,299,000	​	​	2,196,000	​	​	—
​	​	$	1,623,000	​	$	(9,230,000)	​	$	(3,001,000)

Summary of income taxes paid (net of refunds received)

Income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign for the six months ended June 30, 2025 is as follows:

​	​	​	​
Virginia		$	105,000
Other states	​		6,000
Foreign - Netherlands	​		137,000
Foreign - South Africa	​	​	(57,000)
​	​	$	191,000

Summary of income tax expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended		​	Year Ended
​		June 30, 2025			December 31, 2024			December 31, 2023
Federal	​	$	4,000	​	$	—	​	$	—
State	​	​	(2,000)	​	​	21,000	​	​	20,000
Foreign	​	​	317,000	​	​	730,000	​	​	—
Total current tax expense	​	​	319,000	​	​	751,000	​	​	20,000
Federal	​	​	65,000	​	​	(2,731,000)	​	​	—
State	​	​	(831,000)	​	​	(193,000)	​	​	—
Foreign	​	​	134,000	​	​	(156,000)	​	​	—
Total deferred tax benefit	​	​	(632,000)	​	​	(3,080,000)	​	​	—
Total income tax (benefit) expense	​	$	(313,000)	​	$	(2,329,000)	​	$	20,000

Summary of reconciliation of effective federal income tax rate

​

​	​	​	​	​	​	​
​	​	Six Months Ended June 30, 2025
​	​	Amount		​	Percent
Federal statutory rate		$	341,000	​	21.0	%
State and local taxes, net of federal income tax effect		​	64,000	​	3.9
Foreign tax effects:		​	​	​	​
Statutory difference between US and foreign jurisdictions	​	​	63,000	​	3.8	​
Other foreign - Netherlands	​	​	9,000	​	0.6	​
Other foreign - South Africa	​	​	107,000	​	6.6	​
Change in valuation allowance	​	​	3,000	​	0.2	​
Nontaxable or nondeductible items		​	5,000	​	0.3
Deferred tax rate change		​	(887,000)	​	(54.6)
Other	​	​	(18,000)	​	(1.1)	​
​		$	(313,000)	​	(19.3)	%

​

​	​	​	​	​	​	​	​
​	​	Six Months Ended	​	Year Ended			​
​		June 30, 2025		December 31, 2024		December 31, 2023	​
Federal statutory rate		21.0	%	21.0	%	21.0	%
State and local tax		3.9		1.0	​	3.1	​
Foreign income taxes		3.8		(0.6)	​	—	​
Stock-based awards	​	—	​	—	​	(0.5)	​
Change in valuation allowance	​	0.2	​	5.4	​	(24.6)	​
Permanent differences		0.3		(0.7)	​	—	​
Deferred tax rate change	​	(54.6)	​	—	​	—	​
Other		6.1		(0.9)	​	0.3	​
Effective income tax rate		(19.3)	%	25.2	%	(0.7)	%

Schedule of deferred tax assets (liabilities)

​

​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended		​	Year Ended
​		June 30, 2025			December 31, 2024			December 31, 2023
Deferred tax assets	​	​	​	​	​	​	​	​	​
Accrued expenses and reserves	​	$	53,000	​	$	57,000	​	$	117,000
Net operating loss and credit carryforwards	​		1,574,000	​		1,968,000	​		529,000
Right of use liability	​	​	7,630,000	​	​	8,458,000	​	​	—
Other	​		889,000	​		665,000	​		13,000
Total deferred tax assets	​	$	10,146,000	​	$	11,148,000	​	$	659,000
​	​	​	​	​	​	​	​	​	​
Deferred tax liabilities	​			​			​
Property, plant and equipment	​	$	(1,907,000)	​	$	(2,207,000)	​	$	(5,000)
Accrued expenses and reserves	​	​	(1,598,000)	​	​	(1,530,000)	​	​	—
Intangible assets	​	​	(5,838,000)	​	​	(6,581,000)	​	​	—
Right of use asset	​	​	(7,450,000)	​	​	(8,321,000)	​	​	—
Other	​	​	(216,000)	​	​	(7,000)	​	​	(9,000)
Total deferred tax liabilities	​		(17,009,000)	​		(18,646,000)	​		(14,000)
​	​	​	​	​	​	​	​	​	​
Net deferred tax (liability) asset before valuation allowance	​	​	(6,863,000)	​	​	(7,498,000)	​	​	645,000
Less: valuation allowance	​	​	(147,000)	​	​	(144,000)	​	​	(645,000)
Net deferred tax liability	​	$	(7,010,000)	​	$	(7,642,000)	​	$	—

Summary of reconciliation of liability for uncertain tax positions

​

​	​	​	​
Balance at January 1, 2023		$	53,000
Decrease due to state tax expense	​		(16,000)
Increases due to interest and state tax	​		5,000
Balance at December 31, 2023	​	$	42,000
Decrease due to state tax expense	​		(8,000)
Increases due to interest and state tax	​		1,000
Balance at December 31, 2024	​	$	35,000
Balance at June 30, 2025	​	$	35,000

​

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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 for tax position taken on unrecognized tax benefit.

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