Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of company's deferred tax assets and liabilities
December 31,
2024 2023
(U.S. $ in thousands)
Deferred tax assets
Tax losses carry forwards 755,431  $ 682,095 
Inventory related 2,500  2,241 
Intangible assets 11,465  16,990 
Provision for employee related obligations 2,380  703 
Stock-based compensation expense 9,838  8,803 
Deferred revenue 4,524  3,742 
Property, plant and equipment 254  — 
Allowance for credit losses 173  119 
Research and development credit carry forwards 21,577  20,368 
Research and development capitalization (including Section 174) 22,952  19,384 
Basis difference in equity method investment 9,240  1,406 
Other items 6,491  5,320 
Gross deferred tax assets
 846,825  761,171 
 Valuation allowance (826,870) (737,560)
Total deferred tax assets 19,955  23,611 
 
Deferred tax liabilities
Intangible assets (7,423) (8,803)
Property, plant and equipment (12,077) (14,228)
Total deferred tax liabilities (19,500) (23,031)
Net deferred tax assets (liabilities) 455  $ 580 
Schedule of deferred tax assets and liabilities classified in consolidated balance sheets
December 31,
2024 2023
(U.S. $ in thousands)
Deferred tax assets (under "Other non-current assets") 962  $ 1,303 
Deferred tax liabilities 507  723 
Net deferred tax assets (liabilities) 455  $ 580 
Schedule of valuation allowance
Valuation Allowance
U.S. $ in thousands
Balance at January 1, 2022 $ 693,120 
Additions 8,788 
Decrease (2,214)
Balance as of December 31, 2022 699,694 
Additions 38,500 
Decrease (634)
Balance as of December 31, 2023 737,560 
Additions 94,935 
Decrease (5,625)
Balance as of December 31, 2024 $ 826,870 
Schedule of loss before Income Taxes
2024 2023 2022
(U.S. $ in thousands)
Domestic $ (30,874) $ (47,959) $ (28,725)
Foreign (53,111) (36,628) 10,931 
$ (83,985) $ (84,587) $ (17,794)
Schedule of components of income taxes
2024 2023 2022
(U.S. $ in thousands)
Current
Domestic $ 4,976  $ 8,238  $ 7,301 
Foreign 1,823  2,874  942 
6,799  11,112  8,243 
Deferred
Domestic (3,774) (3,993) (1,440)
Foreign (52) (1,337) (1,349)
(3,826) (5,330) (2,789)
Total income taxes $ 2,973  $ 5,782  $ 5,454 
Schedule of reconciliation of income tax rate
2024 2023 2022
Statutory tax rate 23.0  % 23.0  % 23.0  %
Reduced tax rate under Israeli benefit programs (1.5) (5.0) (4.3)
Exempted Profits release (see below) —  —  (16.0)
Stock-based compensation expense (4.0) (3.8) (16.1)
Permanent differences, net —  1.0  (0.8)
Earnings taxed under foreign law with different tax rate 0.8  27.0  24.7 
Valuation Allowance (17.5) (44.8) (18.6)
Changes in uncertain tax positions (5.5) (3.8) (22.1)
Withholding tax (0.1) (0.3) — 
Other 1.7  (0.1) (0.5)
Effective income tax rate (3.5) % (6.8) % (30.7) %
Schedule of beginning and ending balance of uncertain tax positions
2024 2023 2022
(U.S. $ in thousands)
Balance at beginning of year $ 8,859  $ 6,043  $ 3,015 
Additions for tax positions related to the current year 5,008  3,636  4,684 
Foreign currency impact —  —  181 
Decrease related to settlements with tax authorities and lapse of applicable statutes of limitation (354) (458) (500)
Classification to DTA (3,535) (362) (1,337)
Balance at end of year $ 9,978  $ 8,859  $ 6,043