Tailwind Two Acquisition Corp. General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Income before Income Tax, Domestic and Foreign

Significant components of loss before income taxes for the periods presented were as follows:


	Years Ended December 31,
(in thousands)	2021			2020
United States	$	(140,563	)	$	(10,727	)
Foreign		1,619			88

Loss before income taxes	$	(138,944	)	$	(10,639	)

Schedule of Components of Income Tax Expense (Benefit)

Significant components of provision for (benefit from) income taxes for the periods presented were as follows:


	Years Ended December 31,
(in thousands)	2021			2020
Current:
Federal	$	(5	)	$	(186	)
State		2			2
Foreign		41			—

Current income tax expense (benefit)		38			(184	)

Deferred:
Federal		—			—
State		—			—
Foreign		—			—

Deferred income tax benefit		—			—

Provision for (benefit from) income taxes	$	38		$	(184	)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the provision for (benefit from) income taxes and the amount computed at the statutory U.S. federal income tax rate for the periods presented was as follows:


	Years Ended December 31,
(in thousands)	2021			2020
Income taxes computed at the U.S. federal statutory rate	$	(29,178	)	$	(2,234	)
State and local income taxes, net of federal benefit		(2,960	)		(616	)
Permanent differences		18,417			83
Change in valuation allowance		14,548			3,055
Federal refunds		(5	)		(186	)
Other, net		(784	)		(286	)

Provision for (benefit from) income taxes	$	38		$	(184	)

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s net deferred tax assets for the periods presented were as follows:


	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Share-based compensation	$	670		$	552
Property, plant and equipment		95			52
Disallowed interest		2,194			715
Legal accrual		224			230
Reserve for anticipated losses on contracts		224			540
Net operating losses		25,109			13,695
Accrued liabilities		2,011			226

Total deferred tax assets		30,527			16,010

Valuation allowance		(30,046	)		(15,498	)

Deferred tax assets, net of valuation allowance	$	481		$	512

Deferred tax liabilities:
Deferred financing costs	$	—		$	(512	)
Warrants and derivatives		(481	)		—
Total deferred tax liabilities		(481	)		(512	)

Net deferred tax assets	$	—		$	—

Schedule Of Reconciliation Of Valuation Allowance For Deferred Tax Assets

The change in the valuation allowance for deferred tax assets for the periods presented was as follows:


	Years Ended December 31,
(in thousands)	2021			2020
Beginning balance	$	(15,498	)	$	(12,443	)
Change in valuation allowance		(14,548	)		(3,055	)

Ending balance	$	(30,046	)	$	(15,498	)

Schedule Of Open Tax years By Jurisdiction

The following is a summary of open tax years by jurisdiction:


Jurisdiction	Years Open to Audit
Federal		2018 - 2020
State		2017 - 2020
Italy		2016 - 2020