Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of income before income taxes

	Year ended December 31,
	2025		2024		2023
	(in thousands)
United States	$	118,896	$	222,160	$	270,842
Foreign		19,353		8,114		7,757
Income before income taxes	$	138,249	$	230,274	$	278,599

Schedule of provision for income taxes

	Year ended December 31,
	2025		2024		2023
	(in thousands)
Current:
United States
Federal	$	22,762	$	38,963	$	46,871
State		1,122		2,026		1,985
Foreign		4,824		3,887		3,498
Total current		28,708		44,876		52,354
Deferred:
Federal		(10,478)		(13,758)		(18,526)
State		279		205		(440)
Foreign		(498)		(2,041)		(1,052)
Total deferred		(10,697)		(15,594)		(20,018)
Income tax provision	$	18,011	$	29,282	$	32,336

Schedule of reconciliation of income taxes at the United States Federal statutory rate to the effective income tax rate

	Year ended December 31,
	2025				2024				2023
	Dollar		Percentage		Dollar		Percentage		Dollar		Percentage
	(dollars in thousands)
Adjusted Pre-Tax Book Income	$	138,249			$	230,274			$	278,599
U.S. Federal Statutory Tax Rate		29,032	21.0	%		48,358	21.0	%		58,506	21.0	%
State Income Taxes, net of federal income tax benefit*		1,271	0.9	%		1,828	0.8	%		1,220	0.4	%
Foreign Tax Effects
South Korea
Withholding Taxes		552	0.4	%		3,268	1.4	%		5,062	1.8	%
Other		(221)	(0.2)	%		(265)	(0.1)	%		211	0.1	%
Other Jurisdictions		512	0.3	%		378	0.2	%		533	0.2	%
Tax Credits
Research and Development Credit		(3,030)	(2.2)	%		(4,142)	(1.8)	%		(4,577)	(1.6)	%
Effect of Cross-Border Tax Laws
Foreign-derived intangible income		(12,241)	(8.9)	%		(20,439)	(8.9)	%		(24,052)	(8.6)	%
Foreign Tax Credit		(552)	(0.4)	%		(3,268)	(1.4)	%		(5,062)	(1.8)	%
Other		74	0.1	%		42	—	%		45	—	%
Valuation Allowances		113	0.1	%		1,379	0.6	%		1,999	0.7	%
Nontaxable or Nondeductible Items
Nondeductible Compensation		668	0.5	%		2,834	1.2	%		4,488	1.6	%
Share-based Compensation		1,815	1.3	%		(2,765)	(1.2)	%		(6,718)	(2.4)	%
Other nontaxable or nondeductible Items		109	0.1	%		269	0.1	%		215	0.1	%
Changes in Unrecognized Tax Benefits		242	0.2	%		761	0.3	%		1,053	0.3	%
Other Adjustments		(333)	(0.2)	%		1,044	0.5	%		(587)	(0.2)	%
Income Tax Expense	$	18,011	13.0	%	$	29,282	12.7	%	$	32,336	11.6	%

* The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Texas, and Utah in 2025, Oregon, New York, and Maine for 2024, and Oregon, Minnesota, and Vermont for 2023.

Schedule of income taxes paid (net of refunds)

	Year ended December 31,
	2025		2024		2023
	(in thousands)
U.S. Federal	$	7,850	$	44,495	$	48,900
State
California		1,358		*		*
Other		1,087		3,569		2,928
Foreign
South Korea
Withholding Tax		2,368		3,268		5,062
Other		1,586		1,934		891
Other Jurisdictions		1,406		1,560		1,496
Total Income Taxes Paid (net of refunds)	$	15,655	$	54,826	$	59,277

*The amount of income taxes paid during the years ended December 31, 2024 and 2023 does not meet the 5% disaggregation threshold and is included in ‘Other’.

Schedule of significant components of current and long-term deferred income taxes

	Year ended December 31,
	2025		2024
	(in thousands)
Deferred tax assets:
State net operating loss carryforwards	$	44	$	52
Foreign net operating loss carryforwards		131		122
Federal tax credit carryforwards		3,491		3,378
State tax credit carryforwards		12,510		11,357
Property, plant and equipment		3,242		4,896
Operating lease liability		5,095		5,504
Accrued compensation		152		313
Inventories		—		552
Stock compensation		2,089		2,399
Warranty		2,032		2,666
Deferred revenue		7,523		6,562
Transaction Costs		3,103		—
Capitalized research and development costs		61,699		54,673
Other		2,851		—
Gross deferred tax assets		103,962		92,474
Valuation allowance		(16,001)		(14,736)
Net deferred tax assets		87,961		77,738
Deferred tax liabilities:
Inventories		(641)		—
Right-of-use asset		(8,013)		(8,750)
Other		(945)		(711)
Gross deferred tax liabilities		(9,599)		(9,461)
Deferred taxes, net	$	78,362	$	68,277

Schedule of reconciliation of the beginning and ending balance of unrecognized tax benefits

		Year ended December 31,
	2025		2024		2023
	(in thousands)
Balance at beginning of year	$	12,543	$	11,926	$	10,443
Decrease in unrecognized tax benefits as a result of tax positions taken during a prior period		(295)		(330)		(271)
Decreases in unrecognized tax benefits related to settlements with tax authorities		—		—		—
Increases in unrecognized tax benefits as a result of tax positions taken during the current period		438		947		1,754
Balance at end of year	$	12,686	$	12,543	$	11,926
Recorded as other long-term liability	$	9,291	$	9,049	$	8,344
Recorded as a decrease in deferred tax assets		3,395		3,494		3,582
Balance at end of year	$	12,686	$	12,543	$	11,926