Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

Intangible Assets and Goodwill

Intangible Assets and Goodwill

11. Intangible Assets and Goodwill

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2024 were as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	14 years	$	34,872	$	(7,805)	$	27,067
Dry stack electrolyzer technology	10 years		11,351		(383)		10,968
Customer relationships, trade name, and other	15 years		56,989		(10,364)		46,625
		$	103,212	$	(18,552)	$	84,660

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2023 were as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	14 years	$	103,060	$	(20,204)	$	82,856
Dry stack electrolyzer technology	10 years		29,000		(5,317)		23,683
Customer relationships, trade name, and other	13 years		103,981		(21,634)		82,347
		$	236,041	$	(47,155)	$	188,886

The change in the gross carrying amount of the acquired technology and customer relationships, trade name and other during the year ended December 31, 2024 was primarily due to an impairment charge of $79.7 million. The Company recorded an impairment charge of $20 thousand and $0 for the years ended December 31, 2023 and 2022, respectively.

Amortization expense for acquired identifiable intangible assets for the years ended December 31, 2024, 2023 and 2022 was $23.4 million, $19.1 million and $21.2 million, respectively. Of the total amortization expense for the year ended December 31, 2024, $7.2 million was due to accelerated amortization which resulted from the Company’s annual impairment analysis.

Estimated amortization expense for subsequent years is as follows (in thousands):

2025	$	8,008
2026		7,945
2027		7,945
2028		7,608
2029		7,495
2030 and thereafter		45,659
Total	$	84,660

As of December 31, 2024 and 2023, the Company has no goodwill.