Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income Tax (Benefit) Expense

The table below presents the components of income tax expense (benefit) for the following periods


	Year Ended December 31,
	2024		2023 (as restated)		2022 (as restated)
Federal:
Current	$	—	$	—	$	—
Deferred	—		(323)		(1,539)
Total Federal	—		(323)		(1,539)

State:
Current	16		13		40
Deferred	(37)		88		(385)
Total State	(21)		101		(345)

Total Foreign	(235)		—		—
Income tax expense (benefit)	$	(256)	$	(222)	$	(1,884)

Schedule of Effective Income Tax Rate Reconciliation

The following is the reconciliation of the amounts computed using the federal statutory income tax rate and the amounts computed using the effective income tax rate:


	Year Ended December 31,
	2024			2023 (as restated)			2022 (as restated)
Tax benefit at federal statutory rates	$	(62,118)		$	(14,881)		$	(23,724)
State income tax, net of federal tax benefit	(11,422)			(5,070)			(6,426)
Class B Incentive Unit equity-based compensation	(4)			727			1,001
Valuation allowance	46,739			17,248			25,205
Net increase (decrease) in fair value of derivatives	11,281			1,559			(334)
Goodwill impairment	15,544			—			1,900

Other permanent differences	(276)			195			494
Income tax expense (benefit)	$	(256)		$	(222)		(1,884)

Effective tax rate	0.1		%	0.3		%	1.7		%

Schedule of Deferred Tax Assets and Liabilities

The table below presents the components of net deferred tax assets and deferred liabilities:




	December 31, 2024		December 31, 2023 (as restated)
Deferred tax assets:
Net operating loss carryforwards	$	62,811	$	32,017
Interest carryforwards	12,755		8,356
Amortizable transaction costs	2,121		2,285
Accrued expenses	1,643		1,330

Equity-based compensation	3,175		2,313
Derivative liability	30,824		130
Depreciation and amortization	7,083		6,594
Lease liabilities	2,741		1,436
Section 174 costs	8,327		3,268
Other assets	109		493
Total deferred tax assets	131,589		58,222
Valuation allowance	(112,003)		(46,569)
Net deferred tax assets	19,586		11,653

Deferred tax liabilities:

Discount on debt	16,340		10,081
Prepaid expenses	752		765
Right-of-use assets	2,494		1,135
Total deferred tax liabilities	19,586		11,981
Net deferred tax (liabilities) assets	$	—	$	(328)

Schedule of Unrecognized Tax Benefits

The table below presents the Company’s gross unrecognized tax benefits:





Unrecognized tax benefits as of December 31, 2022	$	785
Increases related to positions taken on prior year items	—
Unrecognized tax benefits as of December 31, 2023	$	785
Increases related to positions taken on prior year items	—
Unrecognized tax benefits as of December 31, 2024	$	785