Intangible Assets and Deferred Consideration

3 Months Ended

Mar. 31, 2026

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 (the "Evoqua Asset Acquisition") executed on July 10, 2023 with Evoqua Water Technologies LLC ("Evoqua").

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

	March 31, 2026
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	20 years	$	11,035	$	(1,517)	$	9,518

	December 31, 2025
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	20 years	$	11,035	$	(1,379)	$	9,656

During each of the three months ended March 31, 2026 and 2025, 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, 2026 is as follows (table in thousands):

Year ending December 31:
2026 (Remainder of Year)	$	414
2027	552
2028	552
2029	552
2030	552
Thereafter	6,896
Total	$	9,518

Deferred Consideration

A portion of the purchase price of the Evoqua Asset Acquisition was deferred on the acquisition date and is reflected in Deferred Consideration - Current on the condensed consolidated balance sheet, with payment terms extending through April 2026. The Company made payments of $0.5 million and $0.4 million during the three months ended March 31, 2026 and 2025, respectively.