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Intangible Assets, Net (Tables)
6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets, Net

Intangible assets, net consisted of the following:

 

 

 

 

 

June 30, 2024

(in thousands)

 

Fair Value at Acquisition

 

 

Accumulated Amortization

 

 

Net Carrying Value

 

 

Weighted Average Amortization Period

Customer relationships

 

$

2,110

 

 

$

(94

)

 

$

2,016

 

 

8.5 years

Developed technology

 

 

4,006

 

 

 

(401

)

 

 

3,605

 

 

5 years

Non-compete agreement

 

 

220

 

 

 

(18

)

 

 

202

 

 

3 years

Trade names

 

 

165

 

 

 

(21

)

 

 

144

 

 

3 years

Total intangible assets

 

$

6,501

 

 

$

(534

)

 

$

5,967

 

 

6 years

Schedule of Estimated Amortization Expense The estimated amortization expense for each of the next five years is as follows:

 

As of June 30,

 

(in thousands)

 

2024 (remaining six months)

 

$

603

 

2025

 

 

1,206

 

2026

 

 

1,206

 

2027

 

 

1,102

 

2028

 

 

1,077

 

Thereafter

 

 

773

 

Total

 

$

5,967