Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Provision (benefit) for Income Taxes |
The Company recorded a provision (benefit) for
income taxes as follows (in thousands):
| |
|
Years Ended December 31, |
|
| |
|
2025 |
|
|
2024 |
|
|
2023 |
|
| Current provision (benefit) |
|
$ |
(621 |
) |
|
$ |
173 |
|
|
$ |
97 |
|
| Deferred provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total |
|
$ |
(621 |
) |
|
$ |
173 |
|
|
$ |
97 |
|
|
| Schedule of Reconciliation of Effective Tax Rate |
A
reconciliation of the differences between the United States statutory federal income tax rate and the effective tax rate, as provided
in the consolidated statements of operations, is as follows for the year ended December 31, 2025 (dollars in thousands):
| Statutory rate |
|
$ |
2,671 |
|
|
|
21.0 |
% |
| State income taxes, net of federal benefit* |
|
|
170 |
|
|
|
1.3 |
|
| Change in valuation allowance |
|
|
(21,858 |
) |
|
|
(171.9 |
) |
| Nontaxable or nondeductible items |
|
|
|
|
|
|
|
|
| Transferable tax credits, net |
|
|
(1,470 |
) |
|
|
(11.6 |
) |
| Stock-based compensation |
|
|
203 |
|
|
|
1.6 |
|
| Nondeductible items |
|
|
12 |
|
|
|
0.1 |
|
| Change in unrecognized tax benefits |
|
|
(836 |
) |
|
|
(6.6 |
) |
| Other adjustments |
|
|
|
|
|
|
|
|
| Capital loss expiration |
|
|
21,102 |
|
|
|
165.9 |
|
| Deferred true up adjustments |
|
|
(538 |
) |
|
|
(4.2 |
) |
| Other |
|
|
(77 |
) |
|
|
(0.5 |
) |
| Effective rate |
|
$ |
(621 |
) |
|
|
(4.9 |
)% |
| * |
State tax expense in Oregon and Illinois made up the majority (greater than 50%) of the tax effect in this category. |
A reconciliation of the differences between the
United States statutory federal income tax rate and the effective tax rate as provided in the consolidated statements of operations for
the years ended December 31, 2024 and 2023 is as follows:
| |
|
2024 |
|
|
2023 |
|
| Statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| State income taxes, net of federal benefit |
|
|
5.5 |
|
|
|
4.6 |
|
| Change in valuation allowance |
|
|
(29.3 |
) |
|
|
(23.4 |
) |
| Stock-based compensation |
|
|
(0.4 |
) |
|
|
(2.3 |
) |
| Non-deductible items |
|
|
(0.1 |
) |
|
|
0.8 |
|
| Other |
|
|
3.0 |
|
|
|
(1.0 |
) |
| Effective rate |
|
|
(0.3 |
)% |
|
|
(0.3 |
)% |
|
| Schedule of Components of Deferred Income Taxes |
Deferred income taxes are provided using the asset
and liability method to reflect temporary differences between the financial statement carrying amounts and the tax bases of assets and
liabilities using presently enacted tax rates and laws. The components of deferred income taxes included in the consolidated balance sheets
were as follows (in thousands):
| |
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
62,949 |
|
|
$ |
64,901 |
|
| Capital loss |
|
|
— |
|
|
|
26,692 |
|
| Disallowed interest |
|
|
5,707 |
|
|
|
5,048 |
|
| R&D, energy and AMT credits |
|
|
3,742 |
|
|
|
3,742 |
|
| Derivatives |
|
|
146 |
|
|
|
— |
|
| Intangibles |
|
|
3,617 |
|
|
|
2,981 |
|
| Pension liability |
|
|
1,064 |
|
|
|
1,016 |
|
| Railcar contracts |
|
|
1,233 |
|
|
|
1,090 |
|
| Stock-based compensation |
|
|
983 |
|
|
|
803 |
|
| Allowance for credit losses and other assets |
|
|
1,021 |
|
|
|
1,059 |
|
| Other |
|
|
2,607 |
|
|
|
4,971 |
|
| Total gross deferred tax assets |
|
|
83,069 |
|
|
|
112,303 |
|
| Less: valuation allowance |
|
|
(82,606 |
) |
|
|
(110,687 |
) |
| Total deferred tax assets, net of valuation allowance |
|
|
463 |
|
|
|
1,616 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Property and equipment |
|
|
(66 |
) |
|
|
(703 |
) |
| Derivatives |
|
|
— |
|
|
|
(574 |
) |
| Other |
|
|
(633 |
) |
|
|
(575 |
) |
| Total deferred tax liabilities |
|
|
(699 |
) |
|
|
(1,852 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax liabilities, included in other liabilities |
|
$ |
(236 |
) |
|
$ |
(236 |
) |
|
| Schedule of Net Operating Loss Carryforwards |
These net operating loss carryforwards expire as follows (in thousands):
| Tax Years |
|
Federal |
|
|
State |
|
| 2026–2030 |
|
$ |
— |
|
|
$ |
89,350 |
|
| 2031–2035 |
|
|
15,245 |
|
|
|
37,165 |
|
| 2036–2040 |
|
|
101,348 |
|
|
|
98,850 |
|
| 2041 and after* |
|
|
105,453 |
|
|
|
30,680 |
|
| Total NOLs |
|
$ |
222,046 |
|
|
$ |
256,045 |
|
|
* |
Includes indefinite life federal net operating losses of $128.8 million generated after 2017. |
|
| Schedule of Balance of Gross Unrecognized Tax Benefits, Before Interest and Penalties |
A reconciliation of the beginning balance and
the ending balance of gross unrecognized tax benefits, before interest and penalties, for the period presented is as follows (in thousands):
| |
|
December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| Unrecognized tax benefits at beginning of year |
|
$ |
739 |
|
|
$ |
739 |
|
| Increases related to current-year tax positions |
|
|
— |
|
|
|
— |
|
| Decreases related to current-year tax positions |
|
|
— |
|
|
|
— |
|
| Increases related to prior year tax positions |
|
|
— |
|
|
|
— |
|
| Decreases related to prior year tax positions |
|
|
— |
|
|
|
— |
|
| Decreases related to expiration of prior year tax positions |
|
|
(739 |
) |
|
|
— |
|
| Decreases related to settlements of prior year tax positions |
|
|
— |
|
|
|
— |
|
| Unrecognized tax benefits at end of year |
|
$ |
— |
|
|
$ |
739 |
|
|
| Schedule of Income Tax in the United States Jurisdiction and Various State Jurisdictions |
The Company is subject to income
tax in the United States federal jurisdiction and various state jurisdictions and has identified its federal tax return and tax returns
in state jurisdictions below as “major” tax filings. These jurisdictions, along with the years still open to audit under the
applicable statutes of limitation, are as follows:
| Jurisdiction |
| Tax Years |
| Federal |
| 2022 – 2024 |
| Alabama |
| 2022 – 2024 |
| Arizona |
| 2021 – 2024 |
| Arkansas |
| 2022 – 2024 |
| California |
| 2021 – 2024 |
| Colorado |
| 2021 – 2024 |
| Connecticut |
| 2022 – 2024 |
| Georgia |
| 2022 – 2024 |
| Idaho |
| 2022 – 2024 |
| Illinois |
| 2022 – 2024 |
| Indiana |
| 2022 – 2024 |
| Iowa |
| 2022 – 2024 |
| Kansas |
| 2022 – 2024 |
| Louisiana |
| 2022 – 2024 |
| Michigan |
| 2022 – 2024 |
| Minnesota |
| 2022 – 2024 |
| Mississippi |
| 2022 – 2024 |
| Missouri |
| 2022 – 2024 |
| Nebraska |
| 2022 – 2024 |
| New Mexico |
| 2022 – 2024 |
| Oklahoma |
| 2022 – 2024 |
| Oregon |
| 2022 – 2024 |
| Pennsylvania |
| 2022 – 2024 |
| Rhode Island |
| 2022 – 2024 |
| South Carolina |
| 2022 – 2024 |
| Tennessee |
| 2022 – 2024 |
| Texas |
| 2021 – 2024 |
|