Intangible Assets

3 Months Ended

Mar. 31, 2025

Intangible Assets

Intangible Assets

5. Intangible Assets

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of March 31, 2025 were as follows (in thousands):

	Weighted Average	Gross Carrying		Accumulated
	Amortization Period	Amount		Amortization		Total
Acquired technology	14 years	$	34,877	$	(8,467)	$	26,410
Dry stack electrolyzer technology	10 years		11,351		(765)		10,586
Customer relationships, trade name, and other	15 years		57,116		(11,335)		45,781
		$	103,344	$	(20,567)	$	82,777

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 change in the gross carrying amount of the acquired technology and customer relationships, trade name and other during the three months ended March 31, 2025 was primarily due to foreign currency translation.

Amortization expense for acquired identifiable intangible assets during the three months ended March 31, 2025 and 2024 was $2.0 million and $4.4 million, respectively.

The estimated amortization expense for subsequent years as of March 31, 2025 is as follows (in thousands):

Remainder of 2025	$	6,012
2026		7,955
2027		7,955
2028		7,618
2029		7,505
2030 and thereafter		45,732
Total	$	82,777