Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 5. GOODWILL AND INTANGIBLE ASSETS

Goodwill

We perform our annual test of goodwill impairment in the fourth quarter of every year. The Company determined, after performing the qualitative analysis that there was no evidence that it is more likely than not that the fair value of the reporting unit was less than the carrying amount. Therefore, it was not necessary to perform a quantitative impairment test. As of December 31, 2024 and 2023, goodwill was $25,465.

Intangibles

Intangible assets as of December 31, 2024 are as follows:

	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and tradenames, indefinite-lived	Indefinite	$	654	$	—	$	654
Patents, trademarks and tradenames, definite-lived	17.8		9,296		3,183		6,113
Customer relationships	3-7		1,641		781		860
Developed technology	12		17,690		4,958		12,732
Other intangibles	3		30		30		—
Total intangible assets, net		$	29,311	$	8,952	$	20,359

Intangible assets as of December 31, 2023 are as follows:

	Estimated Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and tradenames, indefinite-lived	Indefinite	$	987	$	—	$	987
Patents, definite-lived	17.6		7,900		2,649		5,251
Customer relationships	3-7		1,733		567		1,166
Developed technology	12		17,690		3,424		14,266
Other intangibles	3		30		26		4
Total intangible assets, net		$	28,340	$	6,666	$	21,674

Amortization expense is included in Selling, general, and administrative expenses, which is included on the Consolidated Statements of Operations and Comprehensive Loss, and was $2,317, $2,027 and $2,904 for the years ended December 31, 2024, 2023 and 2022, respectively. During the second quarter of 2024, the Company recategorized one of its intangible assets from Trademarks and tradenames, indefinite-lived to Patents, trademarks and tradenames, definite-lived and recorded the related amortization expense.

Expected future amortization expense is as follows:

2025	$	2,050
2026		2,050
2027		1,970
2028		1,971
2029		1,826
Thereafter		9,838
Total future amortization expense	$	19,705

No impairment charges related to intangible assets and goodwill were recorded for the years ended December 31, 2024, 2023 and 2022.