Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Pretax Income (Loss)

Domestic and foreign pretax income (loss) are as follows for the years ended December 31, 2023 and 2022 (in thousands):

	Year Ended December 31,
	2023			2022
Domestic	$	(365,520	)	$	(472,203	)
Foreign		595			613
Total	$	(364,925	)	$	(471,590	)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2023		2022
Current:
Federal	$	—	$	—
State and local		526		4,083
Foreign		89		92
Total current tax expense		615		4,175
Deferred tax (benefit):
Federal		—		(20,472	)
State and local		—		(3,383	)
Foreign		—		—
Total deferred tax (benefit)		—		(23,855	)
Provision (benefit) for income taxes	$	615	$	(19,680	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes at the statutory rate to the amount reflected in the consolidated statements of operations is as follows (in thousands):

	Year Ended December 31,
	2023			2022
Income taxes at statutory rate	$	(76,657	)	$	(99,034	)
State income taxes, net of federal benefit		(23,718	)		(3,529	)
Foreign Rate Differential		(36	)		(129	)
Permanent differences		1,550			1,510
Goodwill impairment		—			41,241
Deferred tax adjustment for acquisition of business		—			(23,855	)
Change in valuation allowance		99,926			66,634
Other		(450	)		(2,518	)
Provision (benefit) for income taxes	$	615		$	(19,680	)

Schedule of Deferred Tax Assets and Liabilities

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

	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	365,841		$	265,927
Inventory reserves		9,758			9,395
Stock-based compensation		2,169			3,067
Depreciation		3,729			—
Lease Liability		8,829			7,086
Unrealized Gains/Losses		3,636			10,549
Allowance for Doubtful Accounts		1,765			8,342
Other		2,441			2,612
Total deferred tax assets		398,168			306,978
Less: valuation allowance		(358,722	)		(258,796	)
Net deferred tax assets		39,446			48,182
Deferred tax liabilities:
Intangible amortization		(32,687	)		(37,377	)
Depreciation		—			(3,017	)
Repo Expenses		(4,966	)		(2,194	)
Right of Use Asset		(1,793	)		(5,594	)
Net deferred tax liabilities		(39,446	)		(48,182	)
Net deferred income taxes	$	—		$	—