Annual report [Section 13 and 15(d), not S-K Item 405]

Note 17 - Income Taxes (Tables)

v3.25.4
Note 17 - Income Taxes (Tables)
12 Months Ended
Nov. 30, 2025
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
   

Year Ended November 30,

 
   

2025

   

2024

 

United States

  $ 12,418     $ 8,226  

Foreign

    (677 )     (1,142 )

Total

  $ 11,741     $ 7,084  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

Year Ended November 30,

 
   

2025

   

2024

 

Current expense:

               

Federal

  $ 67     $ 6  

State

    267       123  

Foreign

    17       —  

Total current expense:

    351       129  
                 

Deferred expense (benefit):

               

Federal

    1,832       (5,164 )

State

    (129 )     (673 )

Foreign

    —       —  

Total deferred expense (benefit)

    1,703       (5,837 )
                 

Total income tax provision (benefit)

  $ 2,054     $ (5,708 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Year Ended November 30,

 
   

2025

   

2024

 

Income at US statutory rate

    21.00 %     21.00 %

State income taxes

    0.74 %     3.15 %

Permanent differences

    (1.82 )%     15.06 %

Foreign rate differential

    (0.35 )%     (0.96 )%

Valuation allowance

    (0.33 )%     (118.75 )%

Tax credits

    (2.03 )%     (4.41 )%

Other

    0.28 %     4.60 %

Total

    17.49 %     (80.31 )%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

November 30,

 
   

2025

   

2024

 

Net operating loss ("NOL") carryforwards

  $ 2,002     $ 3,438  

Research and development tax credits

    430       318  

Stock-based compensation

    1,230       1,033  

Inventory reserve

    110       107  

Allowance for current expected credit losses

    14       70  

Personnel costs

    949       879  

Warranty reserves

    35       57  

Foreign tax credit carryforwards

    9       9  

Capital loss carryover

    118       115  

Unrealized losses

    23       14  

Deferred revenue

    —       21  

Lease liability

    535       583  

Research and experimental capitalization

    1,113       802  

Business interest limitation

    425       325  

Subtotal deferred tax assets

    6,993       7,771  

Valuation allowance

    (775 )     (837 )

Total deferred tax assets

    6,218       6,934  
                 

Depreciation and amortization

    (1,619 )     (555 )

Right of use asset

    (465 )     (542 )

Total deferred tax liabilities

    (2,084 )     (1,097 )
                 

Net deferred tax assets (liabilities)

  $ 4,134     $ 5,837