Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following:


	For the Year Ended December 31,
	2024		2023		2022
Current expense:
United Kingdom	$	101	$	513	87
United States	85		541		(313)
Foreign	877		116		722
Total current expense	1,063		1,170		496
Deferred benefit:
United Kingdom	25,436		175		(1,231)
United States	43,017		(10,170)		(24,689)
Foreign	(784)		(833)		(558)
Total deferred expense	67,669		(10,828)		(26,478)
Total provision for income taxes	$	68,732	$	(9,658)	$	(25,982)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense calculated using the applicable federal statutory rate to the Company's actual income tax expense is as follows:


	For the Year Ended December 31,
	2024		2023		2022
Tax expense (benefit) at statutory rate (25% for 2024, 23.5% for 2023, 19% for 2022)	$	(6,754)	$	(11,655)	$	(1,183)
Effect of different tax rates in different jurisdictions	(3,879)		2,329		(62)
Permanent items	127		66		(1,024)
Effect of research and development credits	(1,000)		(900)		(1,831)
Change in valuation allowances	79,035		150		(21,928)
Other	1,203		352		46
	$	68,732	$	(9,658)	$	(25,982)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets are as follows:


	For the Year Ended December 31,
	2024		2023
Deferred tax assets:
Accrued expense	$	7,746	$	7,324
Deferred revenue	4,015		4,070
Inventories	196		936
Intangible assets	1,806		1,263
Fixed assets	982		1,226
R&D Costs	8,171		6,480
Losses and credit carryforwards	58,565		49,102
Share-based compensation	431		—
Lease liability	—		214
Other	1,652		1,060
Less: valuation allowance	(80,054)		(1,019)
Total deferred tax asset	$	3,510	$	70,656
Deferred tax liability:
Intangible assets	(12,828)		(12,000)
Lease assets	—		(254)
Other	(404)		(367)
Total deferred tax liability	(13,232)		(12,621)
Net deferred tax liabilities	$	(9,722)	$	58,035