Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Benefit From Provision for Income Taxes From Continuing Operations

The provision for (benefit from) income taxes consists of:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Current income tax:
Federal	$	18	$	—	$	—
State	(888)		1,357		502
Foreign	3,472		2,361		1,149
	2,602		3,718		1,651
Deferred income tax:
Federal	952		(5,576)		59
State	534		(707)		138
Foreign	(1,165)		(2,203)		—
	321		(8,486)		197
Provision for (benefit from) income taxes	$	2,923	$	(4,768)	$	1,848

Schedule of Components of Loss Before Income Taxes

The components of net loss before income taxes consist of the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
United States	$	(61,393)	$	(77,811)	$	(65,972)
International	(20,342)		(16,867)		(13,799)
Total net loss before income taxes	$	(81,735)	$	(94,678)	$	(79,771)

Schedule of Income Taxes, Net of Refunds

Applying the updated requirements in ASU 2023-09 on a prospective basis, cash payments made for income taxes, net of refunds, are as follows:


	Year Ended December 31,
(in thousands)	2025
Federal	$	—
State and municipal:
California	498
Maryland	297
New York	617
Other(1)	1,422
Foreign:
Australia	608
India	561
New Zealand	1,673
Other(1)	87
Income taxes paid, net of refunds	$	5,763

(1) No other jurisdiction meets the 5% threshold for the separate reporting requirement.

Schedule of Deferred Tax Assets and Liabilities

Deferred tax (liabilities) assets are comprised of the following at:


	December 31,
(in thousands)	2025		2024
Deferred tax liabilities:


Operating lease assets	$	(1,723)	$	(1,588)
Software development costs	(737)		(2,788)
Intangible assets	(25,480)		(29,776)
481(a) adjustment	(465)		(950)
Depreciation on property, plant and equipment	(2,040)		(1,901)
Partnership basis difference	(6,333)		(4,993)
Gross deferred tax liabilities	(36,778)		(41,996)

Deferred tax assets:
Allowances for bad debts and inventory	2,713		2,896
Capitalized inventory costs	15		17

Employee benefit accruals	6,116		5,096
Interest expense limitation under section 163 (j)	4,294		2,594
Operating lease liabilities	1,767		1,730
Federal net operating loss carryforward	52,428		29,339
State net operating loss carryforward	13,233		11,020
Foreign net operating loss carryforward	14,956		11,117
Federal and state tax credit carryforwards	16,933		16,435
R&D capitalization	12,527		28,484
Other	953		900
Gross deferred tax assets	125,935		109,628

Less valuation allowance	(106,013)		(85,100)

Non-current net deferred tax liabilities	$	(16,856)	$	(17,468)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the required disclosures pursuant to ASU 2023-09 and reconciles the Company's effective tax rate from the U.S. federal statutory tax rate of 21%:


	Year Ended December 31, 2025
	Amount		Percent
Federal statutory tax rate	$	(17,164)	21.0	%
State taxes, net of federal benefit(1)	(207)		0.2
Tax credits:
Research and development	(279)		0.3
Foreign tax impacts:
Australia
Statutory tax rate difference	(1,516)		1.9
Valuation allowance	5,219		(6.4)
Other	43		(0.1)
Canada
Prior Year NOL Adjustment	(900)		1.1
Other	1,150		(1.4)
Switzerland
Statutory tax rate difference	883		(1.1)
Other	601		(0.7)
Other foreign jurisdictions	1,098		(1.3)
Nontaxable or nondeductible expenses:
Stock based compensation	(1,857)		2.3
Executive compensation	3,831		(4.7)
Other	443		(0.5)
Valuation allowance	11,685		(14.3)
Other	(107)		0.1
Effective tax rate	$	2,923	(3.6)	%

(1) State taxes in New York and Texas comprised greater than 50% of the tax effect in this category.

The following table reconciles the Company's effective tax rate from the U.S. federal statutory tax rate of 21% prior to the adoption of ASU 2023-09:


	Year Ended December 31,
	2024		2023
Federal statutory tax rate	21.0	%	21.0	%
State taxes, net of federal benefit	(0.5)		(0.7)
Contingent consideration revaluation	0.1		2.4
Nondeductible expenses	(1.4)		(0.2)
Tax credits (including R&D)	2.8		1.5
Foreign income tax rate differential	(3.9)		(4.9)


Stock based compensation	(1.6)		(1.2)

Valuation allowance	(11.0)		(20.1)

Other	(0.5)		(0.1)
Effective tax rate	5.0	%	(2.3)	%