Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax Expense (Benefit)

Teknova’s provision for (benefit from) income taxes consist of the following for the year ended December 31, 2021 and 2020 (in thousands):

	For the Year Ended December 31,
	2021			2020
Current:
Federal	$	—		$	(1,196	)
State		3			262
Total current		3			(934	)
Deferred:
Federal		(2,604	)		1,954
State		(233	)		136
Total deferred		(2,837	)		2,090
Income tax expense (benefit)	$	(2,834	)	$	1,156

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rate to the Company’s effective tax rate is as follows:

	For the Year Ended December 31,
	2021			2020
Statutory federal income tax rate %		21.0	%		21.0	%
State income tax rate		2.1			7.0
Permanent items		—			(0.2	)
Stock compensation		(1.5	)		1.7
CARES Act		—			(4.7	)
Research and development credit		0.6			—
Other		0.2			(0.3	)
Effective tax rate %		22.4	%		24.5	%

Schedule of Net Deferred Tax Liability and Assets

The Company’s component of net deferred tax liability and assets consist of the following as of December 31, 2021 and 2020 (in thousands):

	As of December 31,
	2021			2020
Deferred tax asset
Net operating loss carryforwards	$	3,672		$	692
Accrued compensation		401			214
Stock compensation		262			—
Tax credit carryforwards		150			53
Accruals and other		241			88
Total deferred tax asset		4,726			1,047
Deferred tax liability
Fixed assets		(2,429	)		(1,746	)
Intangibles		(4,973	)		(5,291	)
Total deferred tax liability		(7,402	)		(7,037	)
Valuation allowance		(477	)		—
Net deferred tax liability	$	(3,153	)	$	(5,990	)