Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before income taxes is summarized as follows (in thousands):

	December 31, 2023		December 31, 2022
U.S.	$	(129,862)	$	12,388
Non-U.S.	(54,656)		(66,375)
Total	$	(184,518)	$	(53,987)

Schedule of Reconciliation of Statutory Tax Rate and Effective Tax Rate

A reconciliation of the Company’s effective income tax rate is as follows:

	December 31, 2023	December 31, 2022
Federal tax at a statutory rate	21.0%	21.0%
Earnings taxed at other than Federal statutory rate	1.5	5.4
Section 162(m)	—	(0.2)
Change in fair value of private warrants	0.1	5.5
Change in fair value of earnout liability	1.1	36.1
SEC settlement	(2.9)	—
R&D and state credits	1.6	1.2
Other	(0.4)	0.5
Change in valuation allowance	(21.7)	(70.5)
Income tax provision benefit (expense)	0.3%	(1.0)%

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities are summarized as follows (in thousands):

	December 31, 2023		December 31, 2022
Deferred income tax assets:
Net operating loss carryforwards	$	71,259	$	47,817
Revenue recognition basis differences	4,021		4,118
Stock-based compensation	1,751		957
Lease liabilities	1,858		2,288
Tax basis in acquired IP	1,870		1,930
Capitalized research and development	12,341		3,796
Other accruals and reserves	4,230		3,745
Federal R&D credit	3,645		680
Investments in Raven SR	369		—
Valuation allowance	(99,879)		(60,343)
Deferred income tax assets - total	1,465		4,988
Deferred income tax liabilities:
Investments in Raven SR	—		(2,708)
Property and equipment	(381)		(606)
ROU assets	(1,084)		(2,200)
Deferred income tax liabilities - total	(1,465)		(5,514)
Deferred income tax liabilities, net	$	—	$	(526)

Summary of Valuation Allowances

The following table summarizes the activity related to the Company’s valuation allowances (in thousands):

	December 31, 2023		December 31, 2022
Valuation Allowances - beginning of period	$	60,343	$	23,005
Increase in reserve, net of foreign currency exchange impact	39,536		37,338
Valuation Allowances - end of period	$	99,879	$	60,343