Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax provision was $0.1 million and $0.2 million for the three and nine months ended September 30, 2025, and $0.1 million and $0.9 million for the three and nine months ended September 30, 2024, respectively. The effective tax rate for the three and nine months ended September 30, 2025 was 0.3% and 0.4%, and for the three and nine months ended September 30, 2024 was 0.4% and 1.3%, respectively. The income tax provision and effective tax rate are primarily driven by a mix of geographic income and associated effective tax rates.

Our tax provision for income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any. Each quarter, we update our estimate of the annual effective tax rate and make a year-to-date adjustment to the provision.

As of September 30, 2025, we are subject to examination by various tax authorities for 2019 through 2024. During the three and nine months ended September 30, 2025, there was no material change to our uncertain tax positions. We do not expect our unrecognized tax positions to change significantly over the next twelve months.

Additionally, the One Big Beautiful Bill Act, or the 2025 Tax Act, enacted on July 4, 2025 makes changes to U.S. federal corporate income taxes including reinstating the option to claim 100% accelerated depreciation deductions on qualified property, with retroactive application beginning January 20, 2025 and immediate expensing of domestic research and development costs, with retroactive application beginning January 1, 2025. The enactment of the 2025 Tax Act did not have a material impact on the Company’s consolidated financial position or results of operations.