Company: LASR
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001124796-25-000021
Chunk: 60

Company: NLIGHT, INC.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 60
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it) expense was as follows (in thousands): Year Ended December 31, 202420232022Current tax expense (benefit):State$(7)$53 $73 Foreign557 (985)264 Current tax expense (benefit)550 (932)337 Deferred tax expense (benefit):Foreign(626)(46)7 Deferred tax expense (benefit)(626)(46)7 Income tax expense (benefit)$(76)$(978)$344 The income tax (benefit) expense differs from the amount computed by applying the statutory federal income tax rate of 21% to the loss before income taxes as a result of the following differences (in thousands): Year Ended December 31, 202420232022Tax computed at federal statutory rate$(12,782)$(8,956)$(11,436)State tax, net of federal tax benefit(1,066)(800)(842)Permanent items175 (364)(522)Stock-based compensation287 1,923 4,005 Foreign dividends and unremitted earnings56 104 (231)Foreign rate differential35 146 (360)Federal credits(920)(988)(445)Tax contingencies, net of reversals(1,215)(1,177)256 Transfer pricing adjustment1,091 — — Return to provision441 (429)(523)Expiration of net operating loss carryforwards4,115 1,810 — Other660 49 (324)Valuation allowance9,047 7,704 10,766 Income tax (benefit) expense$(76)$(978)$344 The income tax (benefit) expense recorded primarily relates to operations in China and Finland, which have income tax rates of 25% and 20%, respectively. 

54

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands): Year Ended December 31, 202420232022Deferred tax assets:Net operating loss carryforwards$42,058 $39,714 $39,998 Research and alternative minimum tax credits8,432 7,822 6,658 Accrued expenses and other5,240 4,365 4,999 Lease liabilities2,534 2,854 3,270 Inventory3,712 3,283 3,305 Property and equipment707