Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income (loss) before income taxes consisted of the following:
Year Ended
December 31, 2025 December 31, 2024 December 31, 2023
Domestic income (loss)
 $ (190,676) $ (108,886) $ (20,310)
Foreign income (loss)
 (60,890) (7,445) (7,440)
Income (loss) before income taxes
 $ (251,566) $ (116,331) $ (27,750)
Schedule of Current and Deferred Components of Income Tax Expense (Benefit)
Income tax provision (benefit) consisted of the following:
Year Ended
December 31, 2025 December 31, 2024 December 31, 2023
Current:
Federal $ (64) $ —  $ — 
State (5) 67  (73)
Foreign (44) (284) 512 
Total current income tax expense (benefit) (113) (217) 439 
Deferred:
Federal (19,423) (122) 48 
State (5,135) 271  62 
Foreign (343) (1,952) (1,035)
Total deferred income tax expense (benefit) (24,901) (1,803) (925)
Total income tax expense (benefit) $ (25,014) $ (2,020) $ (486)
Schedule of Effective Income Tax Rate
A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows:
Year Ended
December 31, 2025
Amount
Rate
Income (loss) before income taxes $ (251,566)
Federal statutory income tax rate 21.0  %
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate (52,829) 21.0  %
State and local income taxes, net of federal income tax effect* (6,685) 2.7  %
Foreign tax effects:
Belgium:
Impairment of goodwill 5,175  (2.1) %
Statutory tax rate difference
 (2,172) 0.9  %
Changes in valuation allowance 8,450  (3.4) %
Other (33) —  %
Other foreign jurisdictions:
Statutory tax rate difference
 59  —  %
Change in valuation allowance
 481  (0.2) %
Other 438  (0.2) %
Nontaxable or nondeductible items:
Change in fair value of warrants (3,383) 1.3  %
Tax (benefits) / non-deductible expenses related to equity-based compensation (4,371) 1.7  %
Acquisitions costs
 2,377  (0.9) %
Non-deductible compensation costs related to the Edge Incentive Units 9,224  (3.7) %
Effect of cross-border tax laws:
Global intangible low-taxed income 1,156  (0.5) %
Change in valuation allowance
 16,449  (6.5) %
Other 650  (0.3) %
Total income tax expense (benefit) $ (25,014) 9.9  %
Effective tax rate 9.9  %
*State taxes in California make up the majority (greater than 50%) of the tax effect in this category for the year ended December 31, 2025.
A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows:
Year Ended
December 31, 2024 December 31, 2023
Amount
Rate
 Amount Rate
Income (loss) before income taxes $ (116,331) $ (27,750)
Federal statutory income tax rate 21.0  % 21.0  %
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate (24,430) 21.0  % (5,828) 21.0  %
State income tax (benefit), net of federal tax benefit (3,159) 2.7  % (1,190) 4.3  %
Change in fair value of warrants 10,912  (9.4) % 422  (1.5) %
Permanent differences 314  (0.3) % 136  (0.5) %
Tax (benefits) / non-deductible expenses related to equity-based compensation (636) 0.5  % 984  (3.5) %
Acquisition costs 219  (0.2) % —  —  %
Change in valuation allowance 16,153  (13.9) % 4,808  (17.3) %
Other (1,393) 1.2  % 182  (0.7) %
Total income tax expense (benefit) $ (2,020) 1.7  % $ (486) 1.8  %
Effective tax rate 1.7  % 1.8  %
Schedule of Deferred Tax Assets and Liabilities
The table below presents the components of deferred tax assets, net and deferred tax liabilities:
December 31, 2025 December 31, 2024
Deferred tax assets:
Accrued expenses and reserves $ 7,287  $ 456 
Capitalized research and development expenses 8,722  4,528 
Tax credit carryforwards 618  243 
Deferred revenue 3,652  1,367 
Net operating loss carryforwards 80,436  38,676 
Interest disallowance 18,164  10,007 
Equity-based compensation 4,430  2,643 
Lease liability 9,183  4,956 
Other assets 50  62 
Total deferred tax assets 132,542  62,938 
Less: valuation allowance (70,704) (45,324)
Deferred tax assets, net of valuation allowance 61,838  17,614 
Deferred tax liabilities:
Right-of-use asset $ (8,425) $ (4,291)
Tax on undistributed profits
 (8,741) — 
Depreciation and amortization (79,471) (13,616)
Other (3,559) (217)
Deferred tax liabilities (100,196) (18,124)
Total net deferred tax assets (liabilities) $ (38,358) $ (510)
Schedule of Change in Valuation Allowance
The table below presents the change in valuation allowance for the following periods:
Valuation allowance as of December 31, 2023 $ (23,821)
Acquired deferred tax assets  (5,350)
  Income tax expense
 (16,153)
Valuation allowance as of December 31, 2024 (45,324)
Income tax expense (25,380)
Valuation allowance as of December 31, 2025 $ (70,704)
Schedule of Unrecognized Tax Benefits
The table below presents changes in reserves for unrecognized income tax benefits for the following periods:
Year Ended
December 31, 2025 December 31, 2024 December 31, 2023
Unrecognized tax benefits, beginning of period $ 1,380  $ 1,380  $ 1,380 
Increase (decrease) for tax positions taken related to a prior period —  —  — 
Unrecognized tax benefits, end of period $ 1,380  $ 1,380  $ 1,380