Intangible Assets and Deferred Consideration

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Deferred Consideration

Intangible Assets and Deferred Consideration

Intangible Assets

Our customer relationship intangible asset relates to customer relationships acquired in connection with an acquisition executed on July 10, 2023 with Evoqua Water Technologies LLC ("Evoqua") (the "Evoqua Asset Acquisition").

The details of our intangible assets subject to amortization are set forth below (in thousands):

	March 31, 2025
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	20 years	$	11,035	$	(966)	$	10,069

	December 31, 2024
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	20 years	$	11,035	$	(828)	$	10,207

During each of the three months ended March 31, 2025 and 2024, the Company recorded amortization of its customer relationship intangible asset of $0.1 million.

Estimated future amortization expense on the Company's customer relationships intangible asset as of March 31, 2025 is as follows (table in thousands):

Year ending December 31:
2025 (remainder of year)	$	414
2026	552
2027	552
2028	552
2029	552
Thereafter	7,447
Total	$	10,069

Deferred Consideration

A portion of the purchase price of the Evoqua Asset Acquisition was deferred on the acquisition date, with payment terms extending through April 2026. As of March 31, 2025, a deferred consideration liability of $2.9 million, which encompasses both Deferred Consideration - Current and Deferred Consideration - Long-Term, is presented on the accompanying condensed consolidated balance sheet.