Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

8.INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

			March 31, 2024
(in thousands)	Fair Value at Acquisition		Accumulated Amortization			Net Carrying Value		Weighted Average Amortization Period
Customer relationships	$	2,097	$	(25	)	$	2,072	8.5 years
Developed technology		3,760		(188	)		3,572	5 years
Non-compete agreement		220		—			220	3 years
Trade names		158		(7	)		151	3 years
Total intangible assets	$	6,235	$	(220	)	$	6,015	6 years

As of December 31, 2023, the Company did not have any intangible assets.

Definite Lived Intangible Asset Amortization

The Company recognized $0.2 million of amortization expense, related to the acquired definite lived intangible assets in the three months ended March 31, 2024. The estimated amortization expense for each of the next five years is as follows:

As of March 31,	(in thousands)
2024 (remaining nine months)	$	865
2025		1,153
2026		1,153
2027		1,052
2028		1,027
Thereafter		765
Total	$	6,015