Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income before (loss) income tax, domestic and foreign

The following table presents domestic and foreign components of (loss) income before income taxes as follows for the periods indicated:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Domestic	$	(28,332)	$	(104,161)	$	42,080
Foreign	(1,218)		2,272		3,259
(Loss) income before taxes	$	(29,550)	$	(101,889)	$	45,339

Schedule of components of income tax expense (benefit)

The federal, state and foreign components of the income tax (benefit) expense are summarized as follows for the periods indicated:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Current:
Federal	$	9	$	34	$	407
State	133		216		306
Foreign	3,001		3,793		2,189
Total current income tax expense	3,143		4,043		2,902
Deferred:
Federal	—		(4,137)		(257)
State	—		(633)		(166)
Foreign	(3,595)		(1,046)		(1,364)
Total deferred tax benefit	(3,595)		(5,816)		(1,787)
Total income tax (benefit) expense	$	(452)	$	(1,773)	$	1,115

Schedule of effective income tax rate reconciliation

The effective tax rate of the provision for income tax differs from the federal statutory rate as follows for the periods indicated:

	Year Ended December 31,
(in thousands)	2024				2023				2022
Federal statutory income tax rate	$	(6,206)	21.0	%	$	(21,398)	21.0	%	$	9,521	21.0	%
State taxes, net of federal benefit	475		(1.6)		(3,083)		3.0		(1,041)		(2.3)
Officer compensation	905		(3.1)		844		(0.8)		2,323		5.1
Change in fair value of warrants	(644)		2.2		(2,503)		2.5		(16,452)		(36.3)
Transaction costs	—		—		—		—		(32)		(0.1)
Share-based compensation	5,130		(17.4)		2,922		(2.9)		—		—
Foreign rate differential	(64)		0.2		338		(0.3)		(10)		—
R&D credit	(289)		1.0		(824)		0.8		(900)		(2.0)
Permanent differences	296		(1.0)		2,183		(2.1)		—		—
Change in valuation allowance	1,006		(3.4)		18,400		(18.1)		6,242		13.8
Other	(1,061)		3.6		1,348		(1.3)		1,464		3.2
Income tax (benefit) expense	$	(452)	1.5	%	$	(1,773)	1.7	%	$	1,115	2.4	%

Schedule of deferred tax assets and liabilities

The components of the deferred tax assets are as follows for the periods indicated:

(in thousands)	December 31, 2024		December 31, 2023
Deferred income tax assets
State taxes	$	20	$	23
Accrued expenses	3,497		5,807
Inventories	6,226		4,944
Accounts receivable	1,840		1,563
Section 163(j) limitation	6,822		6,031
Net operating loss carryforwards	11,722		12,379
Share-based compensation	2,927		4,032
Lease liabilities	3,983		3,191
Capitalized research	5,249		5,305
Other	3,480		1,611
Total deferred income tax assets	45,766		44,886
Deferred income tax liabilities
Goodwill and intangibles	(3,710)		(6,713)
Prepaid expenses	(283)		(434)
Right-of-use assets	(3,401)		(2,506)
Property and equipment	(630)		(2,165)
Total deferred tax liabilities	(8,024)		(11,818)
Valuation allowance	(34,244)		(33,239)
Net deferred income tax assets (liabilities)	$	3,498	$	(171)

The Company’s net deferred income tax assets (liabilities) as presented on the Consolidated Balance Sheets consists of the following items as of the dates indicated:

(in thousands)	December 31, 2024		December 31, 2023
Deferred income tax assets	$	3,894	$	531
Deferred income tax liabilities	(396)		(702)
Net deferred income tax assets (liabilities)	$	3,498	$	(171)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:

(in thousands)	December 31, 2024		December 31, 2023
Unrecognized tax benefits at beginning of period	$	1,104	$	674
Increases for tax positions in prior periods	—		230
Decreases for tax positions in prior periods	(54)		(112)
Increases for tax positions in current period	261		312
Settlements/statute expirations	(117)		—
Unrecognized tax benefits at end of period	$	1,194	$	1,104