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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income Before Income Tax Domestic and Foreign Current and Deferred Portions of Income Tax Benefits

The domestic and foreign components of income (loss) before provision for income taxes and the provision for income taxes were as follows (in millions):


	Fiscal Year Ended December 31, 2025		Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
United States	$	(15.2)	$	(71.8)	$	(125.0)
Foreign	47.9		37.9		19.7
Net income (loss) before provision/(benefit) from income taxes	$	32.7	$	(33.9)	$	(105.3)
Income tax provision/(benefit):
Current:
Federal	$	1.7	$	3.1	$	8.6
State and local	2.8		2.6		2.0
Foreign	20.7		20.8		13.7
Total current provision/(benefit)	$	25.2	$	26.5	$	24.3
Deferred:
Federal	$	(16.3)	$	(11.0)	$	(17.6)
State and local	—		(2.3)		(5.5)
Foreign	(6.0)		(10.5)		(7.8)
Total deferred provision/(benefit)	$	(22.3)	$	(23.8)	$	(30.9)
Total provision/(benefit) from income taxes	$	2.9	$	2.7	$	(6.6)

Schedule of Effective Income Tax Rate Reconciliation

The provision (benefit) for income taxes differs from the amount computed by applying the U.S. Federal statutory income tax rate to income before provision for income taxes as follows (amounts in millions):


	Fiscal Year Ended December 31, 2025
	Amount		Percent
U.S. Federal statutory tax rate	$	6.9	21.0	%
State and local taxes, net of federal impact (1)	0.5		1.5	%
Foreign tax effects
Belgium	0.4		1.2	%
Canada
Effect of statutory rate difference	(1.1)		(3.4)	%
Local income tax effect	2.0		6.1	%
Other	0.1		0.3	%
France
Effect of statutory rate difference	0.6		1.8	%
Research and development incentives	(0.6)		(1.8)	%
Other	0.7		2.1	%
Germany
Effect of statutory rate difference	(0.5)		(1.5)	%
Local income tax effect	1.8		5.5	%
Other	(0.2)		(0.6)	%
United Kingdom
Change in valuation allowance	1.4		4.3	%
Other foreign jurisdictions	—		—	%
Effect of changes in tax laws or rates enacted in the current period	—		—	%
Effect of cross-border tax laws
Global intangible low-taxed income, net of foreign tax credits	1.4		4.3	%
Subpart F income, net of foreign tax credits	0.4		1.2	%
Foreign-derived intangible income	(0.8)		(2.4)	%
Research and development tax credits	(0.9)		(2.8)	%
Change in valuation allowance	(13.9)		(42.5)	%
Nontaxable or nondeductible items
Transaction costs	2.1		6.4	%
Stock-based compensation	1.6		4.9	%
Other	0.1		0.5	%
Changes in unrecognized tax benefits	0.9		2.8	%
Total effective income tax rate	$	2.9	8.9	%

(1) State taxes in California, Florida, Maryland, Pennsylvania, and Tennessee contributed to the majority (greater than 50%) of the tax effect in this category for 2025.

As previously disclosed for the years ended December 31, 2024, and 2023, prior to the adoption of ASU 2023-09, the provision (benefit) for income taxes differs from the amount computed by applying the U.S. Federal statutory income tax rate to loss before provision for income taxes as follows:


	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
Income tax at U.S. Federal statutory rate	21.0	%	21.0	%
State and local taxes, net of federal impact	3.0	%	2.4	%
Foreign tax rate differential	(7.1)	%	(1.5)	%
U.S. tax on foreign earnings, net of foreign tax credits	(9.6)	%	(2.2)	%
State and local tax legislative changes	—	%	1.3	%
Research and development tax credits	3.7	%	1.7	%
U.S. foreign derived intangible income deduction	7.5	%	3.5	%
Change in valuation allowance	(13.4)	%	(9.0)	%
Unrecognized tax benefits	1.1	%	(2.2)	%
Stock-based compensation expense	(6.3)	%	(3.4)	%
Warrant liability change in fair value	(3.4)	%	(5.5)	%
Impact of foreign exchange	1.6	%	(0.1)	%
Non-deductible compensation	(5.1)	%	—	%
Other	(0.9)	%	0.3	%
Total effective income tax rate	(7.9)	%	6.3	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s net deferred tax assets and liabilities consist of the following (in millions):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating losses, tax credit carryforwards, and other	$	23.1	$	13.5
Compensation and employee benefits	9.7		7.6
Capitalized inventory and reserves	11.3		8.5
Deferred and other revenue differences	9.5		7.4
Interest carryforwards	41.9		31.2
Other reserves and accrued expenses	6.5		5.3
Lease liabilities	8.6		8.4
Derivatives	9.5		1.8
Other assets	2.1		1.6
Capitalized research and development	8.1		12.4
Total gross deferred tax assets	130.3		97.7
Less: valuation allowance	(32.0)		(32.9)
Total deferred tax assets	$	98.3	$	64.8

Deferred tax liabilities:
Purchased technologies and other intangibles	$	(128.8)	$	(92.7)
Deferred and other revenue differences	(12.5)		(9.0)
Property, plant and equipment	(8.9)		(10.0)
Lease right of use assets	(7.9)		(7.6)
Other liabilities	(10.2)		(6.6)
Total gross deferred tax liabilities	(168.3)		(125.9)
Net deferred tax liabilities	$	(70.0)	$	(61.1)

Schedule of Cash Paid for Income Taxes, Net of Refunds

The amount of cash taxes paid for income tax is as follows (in millions):


	Fiscal Year Ended December 31, 2025
Cash paid during the period for income taxes, net of refunds:
U.S. Federal	$	1.2
U.S. State	1.2
Foreign
France	11.9
Canada	7.6
Belgium	1.8
Germany	1.5
Other foreign jurisdictions	1.8
Total	$	27.0

Supplemental cash flow information and schedules of non-cash investing and financing activities (in millions):


	Fiscal Year Ended December 31, 2025		Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
Cash Paid For:
Cash paid for interest	$	37.9	$	55.1	$	58.5
Cash paid for income taxes	$	27.0	$	23.1	$	26.3
Non-Cash Investing and Financing Activities:
Property, plant, and equipment purchases in accounts payable	$	1.1	$	1.0	$	2.1
Property, plant, and equipment purchases in accrued expense and other liabilities	$	0.9	$	—	$	1.4
Public warrants exercises and private warrants exchange (see Note 1)	$	—	$	60.6	$	—

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balances sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in millions).


	Fiscal Year Ended December 31, 2025		Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
Cash and cash equivalents	$	412.3	$	175.2	$	128.8
Restricted cash—current (included within prepaid expenses and other current assets)	2.8		0.3		0.6
Restricted cash—non-current (included within other assets)	0.1		0.1		1.1
Total cash, cash equivalents, and restricted cash	$	415.2	$	175.6	$	130.5

Schedule of Valuation Allowance


(in millions)	Fiscal Year Ended December 31, 2025		Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
Balance, beginning of period	$	32.9	$	30.0	$	23.9
Increases from business combinations	0.1		—		—
Other increases	1.8		10.0		9.8
Other decreases	(2.8)		(7.1)		(3.7)
Balance, end of period	$	32.0	$	32.9	$	30.0

Schedule of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	Fiscal Year Ended December 31, 2025		Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023
Balance, beginning of period	$	7.5	$	8.4	$	6.9
Current year additions to positions	1.0		1.0		2.7
Additions from business combinations	0.2		—		—
Lapse of applicable statute of limitations	(0.1)		(0.1)		(0.2)
Reductions to prior year positions	(0.6)		(1.8)		(1.0)
Foreign currency translation adjustments	—		—		—
Balance, end of period	$	8.0	$	7.5	$	8.4

Schedule of Open Tax Years by Major Jurisdictions

In many cases, the Company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes open tax years by major tax jurisdictions as of December 31, 2025:


			Years Open
Jurisdiction:
Canada			2020 – 2025
France			2023 – 2025
Germany			2020 – 2025
United Kingdom			2023 – 2025
United States—Federal			2017 – 2025
United States—State			2007 – 2025