INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES [Abstract]

Income Tax Expense (Benefit)

The components of the Company’s income tax expense (benefit) are as follows:

	Year Ended December 31,
	(In thousands)
	2024			2023		2022
Current:
Federal	$	10,434		$	-	$	-
State		1,887			-		-
Total current		12,321			-		-
Deferred:
Federal		(72,858	)		-		-
State		(11,422	)		-		-
Total deferred		(84,280	)		-		-
Total benefit from income taxes	$	(71,959	)	$	-	$	-

Reconciliation of Income Taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the benefit for income taxes is as follows:

	Year Ended December 31,
	(In thousands)
	2024			2023			2022
Tax provision (benefit) at U.S. federal statutory rate	$	26,400		$	(5,930	)	$	(13,840	)
State taxes, net of federal benefit		(9,931	)		(763	)		(1,773	)
Non-deductible executive compensation		4,340			983			862
Excess tax benefits related to stock-based compensation		(5,661	)		-			-
Change in valuation allowance		(87,969	)		4,696			15,117
Other		862			1,014			(366	)
Benefit for income taxes	$	(71,959	)	$	-		$	-

Deferred Tax Assets

The significant components of the Company’s deferred tax assets are as follows:

	Year Ended December 31,
	2024			2023
Deferred tax assets:	(in thousands)
Federal and state net operating loss carryforwards	$	65,615		$	76,645
Interest expense limitation carryforwards		13,604			21,165
Inventory		3,911			2,937
Stock-based compensation		2,523			1,795
Lease obligations		2,549			2,330
Accrued expenses and other		5,779			5,831
Total gross deferred tax assets		93,981			110,703
Less: valuation allowance for deferred tax assets		-			(101,422	)
Total deferred tax assets, net of valuation allowance		93,981			9,281
Deferred tax liabilities:
Depreciation of property and equipment		(6,166	)		(6,837	)
Right-of-use assets		(2,247	)		(2,077	)
Other deferred tax liabilities		(1,288	)		(367	)
Total deferred tax liabilities		(9,701	)		(9,281	)
Net deferred tax assets	$	84,280		$	-

Expiration of Federal Net Operating Loss

The annual amount of Federal NOLs that expire each year is as follows (in thousands):

Expiration Date	Remaining Available
2031	$	2,409
2032		7,430
2033		11,295
2034		1,025
2035		1,025
2036		1,025
2037		9,157
Indefinite		232,240
Total	$	265,606