Intangible Assets and Deferred Consideration

9 Months Ended

Sep. 30, 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):

	September 30, 2025
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	20 years	$	11,035	$	(1,241)	$	9,794

	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 September 30, 2025 and 2024, the Company recorded amortization of its customer relationship intangible asset of $0.1 million. During each of the nine months ended September 30, 2025 and 2024, the Company recorded amortization of its customer relationship intangible asset of $0.4 million.

Estimated future amortization expense on the Company's customer relationships intangible asset as of September 30, 2025 is as follows (table in thousands):

Year ending December 31:
2025 (remainder of year)	$	138
2026	552
2027	552
2028	552
2029	552
Thereafter	7,448
Total	$	9,794

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. During the three and nine months ended September 30, 2025, the Company made payments of $0.8 million and $1.6 million, respectively. As of September 30, 2025, a deferred consideration liability of $1.8 million is presented in Deferred Consideration - Current on the accompanying condensed consolidated balance sheet.