Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rates for the three and six months ended June 30, 2023 and June 30, 2022 differed from the federal statutory rate applied to losses before income taxes primarily as a result of the mix of income, losses and valuation allowances.

The Company recognized an income tax benefit of approximately $642 thousand and $206 thousand for the three and six months ended June 30, 2023 respectively. The Company recognized an income tax expense of approximately $9 thousand and $19 thousand for the three and six months ended June 30, 2022. The income tax benefit recognized in 2023 relates to a current period and prior period favorable adjustment in U.S. income taxes. The income tax expense recognized for 2022, was a result of

income in certain jurisdictions. The tax expense is not offset by a tax benefit as the Company has losses which are fully offset by a valuation allowance in its significant jurisdictions.