INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of (Loss) Income before Income Taxes and Equity in Losses

The components of (loss) income before income taxes and equity in losses are as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Domestic	$	(19,349)	$	16,509	$	22,134
Foreign	(10,871)		(12,099)		(11,659)
Foreign - loss on equity securities	—		(14,152)		—
Total (loss) income before income taxes and equity in losses	$	(30,220)	$	(9,742)	$	10,475

Schedule of (Benefit) Provision for Income Taxes

The (benefit) provision for income taxes (before equity in losses) consists of:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Current:
Federal	$	(32)	$	4,254	$	6,326
State and local	390		913		1,447
Foreign	364		203		579
Deferred	(4,005)		(2,039)		(2,130)
Income tax (benefit) provision	$	(3,283)	$	3,331	$	6,222

Schedule of Significant Components of Net Deferred Income Tax Assets (Liabilities)

Significant components of the Company’s deferred income tax assets and (liabilities) are as follows:


	December 31,
	2025		2024
	(in thousands)
Deferred income tax assets:
Operating lease liabilities	$	13,903	$	17,257

Stock options	858		819
Inventory	2,251		2,573
Operating loss carryforwards	29,383		23,262
Accounts receivable allowances	1,929		2,473
Accrued compensation	989		979

Deferred compensation	458		448

Environmental remediation accrual	1,274		1,331
Capitalized research and experimental expenditures	481		3,881
Section 163j interest carryforward	2,929		2,458
Fixed assets	214		—
U.S Federal Tax Credits	1,137		575
Other	2,068		1,396
Total deferred income tax assets	$	57,874	$	57,452
Deferred income tax liabilities:
Operating lease right-of-use assets	$	(11,511)	$	(14,243)
Fixed assets	—		(304)
Intangibles	(19,268)		(26,814)

Total deferred income tax liabilities	(30,779)		(41,361)
Net deferred income tax asset	27,095		16,091
Valuation allowance	(28,649)		(21,692)
Net deferred income tax liability	$	(1,554)	$	(5,601)

Schedule of Difference Between (Benefit) Provision for Income Taxes and Amount Computed by Applying Federal Statutory Rates

The (benefit) provision for income taxes (before equity in losses) differs from the amounts computed by applying the applicable federal statutory rates as follows:


	Year Ended December 31,
	2025				2024				2023
(in thousands, except percentages)	Tax effect		Rate impact		Tax effect		Rate impact		Tax effect		Rate impact

United States Statutory Tax Rate	$	(6,346)	21.00	%	$	(2,046)	21.00	%	$	2,200	21.00	%
State and Local Income Taxes, Net of Federal Income Tax Effect(1)	(561)		1.86		340		(3.49)		598		5.71
Foreign Tax Effects
China
Adjustment of deferred tax liabilities	5		(0.02)		1		(0.01)		150		1.43
Other	(5)		0.02		13		(0.14)		(10)		(0.10)
Hong Kong
Foreign rate Differential	(17)		0.06		151		(1.55)		87		0.83
Other	141		(0.47)		(5)		0.05		39		0.37
Jersey
Foreign rate Differential	—		—		(336)		3.44		(326)		(3.12)
Other	—		—		—		—		—		—
Mexico
Book Loss on GV Investment	—		—		2,973		(30.51)		—		—
Other	31		(0.10)		27		(0.28)		10		0.10
Netherlands
Adjustment of deferred tax liabilities	(32)		0.11		256		(2.63)		16		0.16
Change in Valuation Allowance	—		—		(778)		7.98		(42)		(0.40)
Reverse 2022 TP Adjustment	—		—		—		—		111		1.06
Other	(6)		0.02		(4)		0.04		4		0.04
United Kingdom
Adjustment of deferred tax liabilities	(901)		2.98		(195)		2.00		(186)		(1.77)
Change in Valuation Allowance	3,526		(11.67)		2,821		(28.96)		3,064		29.25
Foreign rate Differential	(420)		1.39		(420)		4.31		(461)		(4.40)
Other Disallowed Interest	—		—		336		(3.44)		326		3.12
Other	17		(0.06)		101		(1.03)		(90)		(0.86)
Other foreign jurisdictions	264		(0.87)		(62)		0.64		(55)		(0.52)
Effect of Changes in Tax Laws or Rates Enacted in the Current Period	—		—		—		—		—		—
Effect of Cross-Border Tax Laws
Foreign Tax Withholding	346		(1.15)		170		(1.75)		527		5.03
Other	13		(0.04)		31		(0.32)		37		0.35
Tax Credits
R&D CREDIT	(317)		1.05		(290)		2.98		(266)		(2.54)
Foreign Tax Credit	(245)		0.81		(161)		1.66		(522)		(4.98)
Changes in Valuation Allowances	978		(3.24)		(151)		1.55		(16)		(0.16)
Nontaxable or Nondeductible items
FDII	—		—		(56)		0.58		(132)		(1.26)
Non-deductible Officer's Compensation	104		(0.34)		653		(6.70)		476		4.55
Other	76		(0.25)		83		(0.85)		77		0.74
Changes in Unrecognized Tax Benefits	(22)		0.07		(747)		7.67		(97)		(0.93)
Other Adjustments
Adjustment of deferred tax liabilities	111		(0.37)		911		(9.35)		839		8.01
Return to Provision	56		(0.19)		(285)		2.91		(136)		(1.31)
Other	(79)		0.30		—		—		—		—
Effective Tax Rate	$	(3,283)	10.90	%	$	3,331	(34.20)	%	$	6,222	59.40	%

(1) State taxes in CA and NJ made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Estimated Values of Gross Uncertain Tax Positions

The estimated values of the Company’s gross uncertain tax positions at December 31, 2025, 2024 and 2023 consist of the following:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Balance at January 1	$	(457)	$	(990)	$	(1,130)
Additions based on tax positions related to the current year	(37)		(27)		(27)

Reductions for tax position of prior years	78		560		167

Balance at December 31	$	(416)	$	(457)	$	(990)

Schedule of Cash Paid for Taxes

The following table presents cash paid for taxes (net of refunds) by jurisdiction for the year ended December 31, 2025:


	Year Ended December 31,
	2025
	(in thousands)
Federal taxes
United States	$	2,185
State
Other state jurisdictions	600
Foreign
Canada	274
Other foreign jurisdictions	114
	$	3,173


	Year Ended December 31,
	2025		2024		2023
			(in thousands)

Cash paid for interest	$	17,651	$	19,961	$	18,626
Cash paid for taxes, net of refunds	3,173		5,962		8,054