INCOME TAX (EXPENSE)/CREDIT (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of income tax credit [Abstract]

Schedule of Charge for Tax

	December 31, 2024 US$‘000			December 31, 2023 US$‘000			December 31, 2022 US$‘000
Current tax expense/(credit)
Irish Corporation tax		21			-			(336	)
Foreign taxes (a)		254			462			(5	)
Adjustment in respect of prior years		10			(198	)		61
Total current tax expense/(credit)		285			264			(280	)
Deferred tax credit (b)
Origination and reversal of temporary differences (see Note 14)		(41	)		(547	)		324
Origination and reversal of net operating losses (see Note 14)		242			224			(238	)
Total deferred tax charge/(credit)		201			(323	)		86
Total income tax charge/(credit) on continuing operations in statement of operations		486			(59	)		(194	)
Tax charge on discontinued operations (see Note 8)		-			-			2
Total tax charge/(credit)		486			(59	)		(192	)

(a) In 2024, the foreign taxes relate primarily to Luxembourg and Canada.

(b) In 2024, there was a deferred tax credit of US$43,000 (2023: charge of US$174,000) (2022: charge of US$109,000) recognised in respect of Ireland and a deferred tax charge of US$244,000 (2023: credit of US$497,000) (2022: credit of US$26,000) recognised in respect of overseas tax jurisdictions.

Schedule of Overseas Tax Jurisdictions

Effective tax rate	December 31, 2024			December 31, 2023			December 31, 2022
Loss before taxation – continuing operations (US$‘000)		(30,730	)		(36,927	)		(43,780	)
As a percentage of loss before tax:
Current tax %		(0.93	)%		(0.72	)%		(0.64	)%
Total (current and deferred) %		(1.58	)%		(0.16	)%		(0.44	)%

Schedule of Statutory Tax Rate

	December 31, 2024			December 31, 2023			December 31, 2022
Irish corporation tax		(12.5	)%		(12.5	)%		(12.5	)%
Effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised (a)		15.89	%		17.19	%		10.97	%
Effect of tax rates on overseas earnings		6.63	%		(7.82	)%		(7.30	)%
Effect of Irish income taxable at higher tax rate		(4.09	)%		2.62	%		3.93	%
Adjustments in respect of prior years		0.04	%		(0.53	)%		0.14	%
R&D tax credits		-			-			(0.75	)%
Other items (b)		(7.55	)%		0.88	%		5.07	%
Effective tax rate		(1.58	)%		(0.16	)%		(0.44	)%

(a) No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and insufficient future projected taxable income in the same jurisdiction.

(b) Other items comprise items not chargeable to tax and expenses not deductible for tax purposes. In 2022, other items mainly related to the loss on disposal of the exchangeable notes which was non-recurring.

Schedule of Unrecognised Deferred Tax Assets

	December 31, 2024 US$‘000			December 31, 2023 US$‘000			December 31, 2022 US$‘000
Rest of World – Ireland		(17,296	)		(12,922	)		(22,354	)
Rest of World – Other		(315	)		(104	)		(33	)
Americas		(13,119	)		(23,901	)		(21,393	)
		(30,730	)		(36,927	)		(43,780	)

Schedule of (Loss)/Profit Before Taxes

	December 31, 2024 US$‘000		December 31, 2023 US$‘000		December 31, 2022 US$‘000
Rest of World – Ireland		107,093		69,851		62,731
Rest of World – Other		52,852		52,511		448
Americas		22,866		13,840		12,778
		182,811		136,202		75,957

Schedule of Unused Tax Losses and Unused Tax Credits

	December 31, 2024 US$‘000		December 31, 2023 US$‘000		December 31, 2022 US$‘000
Rest of World – Ireland – unused tax losses		13,275		8,464		7,489
Rest of World – Other – unused tax losses		14,777		14,701		124
Americas – unused tax losses		2,149		3,395		3,163
Americas – unused tax credits		5,702		5,806		4,658
Unrecognised deferred tax asset		35,903		32,366		15,434