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Intangible Assets, Net (Tables)
3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of 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

Schedule of Estimated Amortization Expense 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