Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income (Loss) Before Provision for Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
U.S.	$	105,078	$	113,045	$	136,498
Foreign	(134,295)		(363,621)		40,659
Income (loss) before provision for income taxes	$	(29,217)	$	(250,576)	$	177,157

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes charged to operations consists of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current expense (benefit):
U.S. Federal	$	15,364	$	21,686	$	26,592
U.S. State	4,741		2,707		5,678
Spain	(536)		986		1,507
Other Countries	254		2,089		15,002
	19,823		27,468		48,779
Deferred expense (benefit):
U.S. Federal	4,615		(1,361)		942
U.S. State	(778)		(406)		(327)
Spain	(617)		(2,849)		(2,989)
Other Countries	(25)		(33,034)		(6,488)
	3,195		(37,650)		(8,862)
Total income tax expense (benefit)	$	23,018	$	(10,182)	$	39,917

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Bad debts	$	782	$	143
Inventories	5,404		5,439
Accrued warranties	7,720		4,753
Accrued compensation	818		496
Net operating loss	16,124		4,247
Equity-based compensation	4,026		2,769
Lease liabilities	24,110		4,982
Premium on capped call	13,197		7,777
Capitalized R&D expenses	(391)		6,405
Other	8,477		5,244
Deferred tax assets	80,267		42,255
Valuation allowance	(22,020)		(11,181)
Deferred tax assets, net	58,247		31,074
Deferred tax liabilities:
Property, plant, and equipment	(7,050)		(2,349)
Intangible assets	(25,275)		(28,450)
ROU assets	(24,090)		(3,919)
Deferred tax liabilities	(56,415)		(34,718)
Deferred tax asset (liability), net	$	1,832	$	(3,644)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense computed at the federal statutory rate to the actual income tax expense at the Company’s effective rate is as follows (in thousands):


	Year Ended December 31,
	2025		%		2024		%		2023		%
Adjusted pre-tax book (loss) income	$	(29,217)			$	(250,576)			$	177,157
Federal statutory tax rate	(6,136)		21.0	%	(52,621)		21.0	%	37,204		21.0	%
State and local income taxes	2,968		(10.2)	%	1,732		(0.7)	%	4,150		2.3	%
Foreign tax effects	17,047		(58.4)	%	35,929		(14.3)	%	(2,650)		(1.5)	%
Brazil	(3,567)		12.2	%	35,831		(14.3)	%	3,420		1.9	%
Tax rate differential	(3,894)		13.3	%	(14,311)		5.7	%	3,143		1.8	%
Non-deductible goodwill	—		—	%	49,560		(19.8)	%	—		—	%
Non-deductible expenses	327		(1.1)	%	582		(0.2)	%	277		0.2	%
South Africa	(437)		1.5	%	(53)		—	%	(148)		(0.1)	%
Spain	21,204		(72.6)	%	975		(0.4)	%	(5,438)		(3.1)	%
Non-deductible goodwill	21,538		(73.7)	%	—		—	%	—		—	%
Other	(334)		1.1	%	975		(0.4)	%	(5,438)		(3.1)	%
All others	(153)		0.5	%	(824)		0.3	%	(484)		(0.3)	%
Valuation allowances	9,660		(33.1)	%	7,760		(3.1)	%	911		0.5	%
Brazil	10,183		(34.9)	%	7,760		(3.1)	%	911		0.5	%
South Africa	(523)		1.8	%	—		—	%	—		—	%
R&D credits	(816)		2.8	%	(3,623)		1.5	%	(407)		(0.2)	%
Uncertain tax positions	122		(0.4)	%	714		(0.3)	%	—		—	%
Non-taxable or non-deductible items	668		(2.3)	%	(9)		—	%	377		0.2	%
Investment tax credits included in Cost of product and service revenue	(1,812)		6.2	%	(931)		0.4	%	—		—	%
Compensation	1,508		(5.2)	%	945		(0.4)	%	(414)		(0.2)	%
Contingent consideration	761		(2.6)	%	26		—	%	622		0.3	%
Non-deductible expenses	211		(0.7)	%	(49)		—	%	169		0.1	%
Other adjustments	(495)		1.7	%	(64)		—	%	332		0.2	%
Total	$	23,018	(78.8)	%	$	(10,182)	4.1	%	$	39,917	22.5	%

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the unrecognized tax benefits included within Other long-term liabilities in the consolidated statements of operations is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Unrecognized tax benefits – January 1	$	714	$	—	$	—
Gross increases – tax positions in prior period	—		533		—
Gross decreases – tax positions in prior period	—		—		—
Gross increases – tax positions in current period	122		181		—
Settlement	—		—		—
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits – December 31	$	836	$	714	$	—