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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

The following table summarizes the activity related to Goodwill (in thousands):

 

 

As of December 31,

 

 

 

2023

 

 

2022

 

Balance at the beginning of the period, gross

 

$

13,597

 

 

$

7,148

 

Accumulated impairment at the beginning of the period

 

 

(1,003

)

 

 

(1,003

)

Goodwill from acquisitions

 

 

 

 

 

6,449

 

Impairment

 

 

(12,594

)

 

 

 

Balance at the end of the period

 

$

 

 

$

12,594

 

Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands except for years):

 

 

 

As of December 31, 2023

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

 

Weighted Average Remaining Useful Life

Customer relationships

 

$

20,662

 

 

$

(4,833

)

 

$

15,829

 

 

13.0 years

Customer backlog

 

 

5,100

 

 

 

(1,374

)

 

 

3,726

 

 

8.4 years

Developed technology

 

 

11,207

 

 

 

(5,902

)

 

 

5,305

 

 

4.1 years

In-process research and development

 

 

890

 

 

 

(519

)

 

 

371

 

 

2.1 years

Tradenames

 

 

300

 

 

 

(47

)

 

 

253

 

 

8.4 years

Total intangible assets, net

 

$

38,159

 

 

$

(12,675

)

 

$

25,484

 

 

10.3 years

 

 

 

 

As of December 31, 2022

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

 

Weighted Average Remaining Useful Life

Customer relationships

 

$

24,330

 

 

$

(4,759

)

 

$

19,571

 

 

13.2 years

Customer backlog

 

 

5,100

 

 

 

(506

)

 

 

4,594

 

 

9.4 years

Developed technology

 

 

11,207

 

 

 

(4,463

)

 

 

6,744

 

 

5.0 years

In-process research and development

 

 

890

 

 

 

(340

)

 

 

550

 

 

3.1 years

Tradenames

 

 

300

 

 

 

(17

)

 

 

283

 

 

9.4 years

Total intangible assets, net

 

$

41,827

 

 

$

(10,085

)

 

$

31,742

 

 

10.7 years

 

Future Amortization Expense of Intangible Assets

As of December 31, 2023, expected future amortization expense for the years indicated was as follows (in thousands):

 

2024

 

$

4,916

 

2025

 

 

4,910

 

2026

 

 

3,850

 

2027

 

 

3,143

 

2028

 

 

2,401

 

Thereafter

 

 

6,264

 

Total

 

$

25,484