Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of (Loss) Income Before Income Tax |
Loss before income taxes consisted of the following:
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Year Ended December 31, |
| 2025 |
|
2024 |
|
2023 |
United States |
$ |
(22,090) |
|
|
$ |
(5,016) |
|
|
$ |
(8,904) |
|
Foreign |
(7,225) |
|
|
(16,645) |
|
|
(88,061) |
|
Loss before income taxes |
$ |
(29,315) |
|
|
$ |
(21,661) |
|
|
$ |
(96,965) |
|
|
| Schedule of Components of Income Tax Expense |
The components of the provision for income taxes consisted of the following:
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Year Ended December 31, |
|
2025 |
|
2024 |
|
2023 |
Current: |
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|
|
|
|
Federal |
$ |
1,261 |
|
|
$ |
1,588 |
|
|
$ |
1,496 |
|
State |
702 |
|
|
826 |
|
|
649 |
|
Foreign |
116 |
|
|
424 |
|
|
465 |
|
Total |
2,079 |
|
|
2,838 |
|
|
2,610 |
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| Deferred: |
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|
|
|
|
Federal |
— |
|
|
1,654 |
|
|
(2,305) |
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State |
— |
|
|
(115) |
|
|
467 |
|
Foreign |
40 |
|
|
(48) |
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|
1,149 |
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| Total |
40 |
|
|
1,491 |
|
|
(689) |
|
Provision for income taxes |
$ |
2,119 |
|
|
$ |
4,329 |
|
|
$ |
1,921 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before taxes for years prior to the adoption of ASU 2023-09 is as follows:
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Year Ended December 31, |
|
2024 |
|
2023 |
Benefit from income taxes at U.S. statutory rate |
$ |
(4,549) |
|
|
$ |
(20,363) |
|
State income taxes, net of federal income tax benefit |
558 |
|
|
512 |
|
Permanent differences |
618 |
|
|
555 |
|
Foreign tax rate differential |
(1,532) |
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|
(8,220) |
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|
|
|
|
Equity-based compensation |
240 |
|
|
1,082 |
|
Goodwill impairment |
— |
|
|
21,444 |
|
Change in valuation allowance |
9,186 |
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|
6,987 |
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|
|
|
|
|
|
|
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Other |
(192) |
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|
(76) |
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Provision for (benefit from) income taxes |
$ |
4,329 |
|
|
$ |
1,921 |
|
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
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Year Ended December 31, |
|
2025 |
|
Amount |
|
Percent |
Benefit from income taxes at U.S. federal statutory rate |
$ |
(6,256) |
|
|
21 |
% |
State and local income tax, net of federal income tax effect1
|
419 |
|
|
(1) |
% |
Foreign tax effects: |
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|
| Australia |
|
|
|
Rate differential |
(707) |
|
|
2 |
% |
Changes in Valuation Allowance |
4,032 |
|
|
(14) |
% |
Nontaxable or nondeductible items |
(1,564) |
|
|
5 |
% |
Other foreign jurisdiction |
12 |
|
|
— |
% |
| Effect of cross border tax laws |
|
|
|
Subpart F income inclusion |
1,125 |
|
|
(4) |
% |
Changes in valuation allowance |
4,344 |
|
|
(15) |
% |
Nontaxable or nondeductible items |
542 |
|
|
(2) |
% |
Changes in unrecognized tax benefits |
172 |
|
|
(1) |
% |
Provision for income taxes |
$ |
2,119 |
|
|
(7) |
% |
1 The states and local jurisdictions that contribute to the majority (greater than 50%) of the effect in this category include California and New York.
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| Schedule of Deferred Tax Assets |
The components of net deferred tax assets were as follows:
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Year Ended December 31, |
|
2025 |
|
2024 |
| Deferred tax assets: |
|
|
|
| Transaction costs |
$ |
4 |
|
|
$ |
341 |
|
|
|
|
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| Accruals and reserves |
4,894 |
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|
6,175 |
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| Lease liabilities |
26,207 |
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18,742 |
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Inventory |
2,593 |
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|
3,462 |
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| Foreign exchange gains / losses |
2,635 |
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|
653 |
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Interest limitation |
5,557 |
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|
2,811 |
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Loss carryforwards |
14,994 |
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|
9,949 |
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Other |
1,294 |
|
|
679 |
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| Subtotal |
58,178 |
|
|
42,812 |
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| Less: Valuation allowance |
(29,135) |
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|
(18,777) |
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| Total deferred tax assets |
29,043 |
|
|
24,035 |
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| Deferred tax liabilities: |
|
|
|
Property and equipment |
(4,282) |
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|
(754) |
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| Intangible assets |
(41) |
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|
(5,069) |
|
Right-of-use assets |
(24,475) |
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|
(18,066) |
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|
|
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Other |
(128) |
|
|
— |
|
Asset retirement obligations |
(109) |
|
|
(99) |
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| Total deferred tax liabilities |
(29,035) |
|
|
(23,988) |
|
Net deferred tax assets |
$ |
8 |
|
|
$ |
47 |
|
|
| Schedule of Income Taxes Paid |
The amount of income taxes paid (net of refunds received) were as follows:
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Year Ended December 31, |
|
2025 |
Federal |
$ |
1,125 |
|
State and local |
|
California |
315 |
|
New York State |
279 |
|
New York City |
152 |
|
Texas |
150 |
|
Other |
139 |
|
New Zealand |
394 |
|
Total income taxes paid (net of refunds received) |
$ |
2,554 |
|
|
| Schedule of Uncertain Tax Positions |
The following table summarizes the Company’s uncertain tax positions:
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Year Ended December 31, |
|
2025 |
| Gross unrecognized tax benefits at the beginning of the year |
$ |
— |
|
Increases related to tax positions taken during the current periods |
24 |
|
Increases related to tax positions taken during the prior periods |
194 |
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| Gross unrecognized tax benefits at the end of the year |
$ |
218 |
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