Company: REE
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025661
Chunk: 203

Company: REE Automotive Ltd.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 203
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 more likely than not that the deferred tax regarding the loss carry forward and other temporary differences will not be realized in the foreseeable future.

The net changes in the total valuation allowance for each of the years ended December 31, 2024 and 2023, are comprised as follows:

                                 December 31, 2024                   December 31, 2023               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Opening balance                $                      164,848      $                      144,444  
  Additions during the year                              18,003                              20,404  
  Ending balance                 $                      182,851      $                      164,848  

Income taxes are comprised as follows:

                December 31, 2024                  December 31, 2023                    December 31, 2022             
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current       $                      ( 330)      $                        ( 749)      $                      1,748  
  Deferred                              2,393      ( 611)                               —                             
                $                       2,063      $                      ( 1,360)      $                      1,748  
                December 31, 2024                  December 31, 2023                    December 31, 2022             
  Domestic      $                          84      $                            92      $                        136  
  Foreign                               1,979      ( 1,452)                                                    1,612  
                $                       2,063      $                      ( 1,360)      $                      1,748  

F-31

Table of Contents

REE AUTOMOTIVE LTD. AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

U. S. dollars in thousands (except share and per share data)

NOTE 12. INCOME TAXES(cont.)

Uncertain tax positions

A reconciliation of the opening and closing amounts of total unrecognized tax benefits is as follows:

                                                                        December 31, 2024      December 31, 2023             
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Opening balance                                                       $                      $                      1,726  
  Tax positions reversed in current year related to previous years      ( 685)                 ( 1,315)                      
  Tax positions