GOODWILL AND INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Rollforward

The following table presents the changes in the Company’s goodwill balance for the fiscal year ended December 31, 2023 (in thousands):

	Goodwill
Balance at December 31, 2022	$	161,527
Purchase price adjustment ¹	1,688
Balance at December 31, 2023	$	163,215

¹ In 2023, the Company received information regarding products shipped by GeneSiC to a distributor prior to the Company’s acquisition of GeneSiC. GeneSiC had the option, but not the obligation, to accept returns sold to the distributor. The Company determined that a $1.7 million return liability should have been recorded as of the close of the acquisition on August 15, 2022. The Company recorded the return liability as a purchase price adjustment in 2023, resulting in an increase to goodwill and accounts payable and other accrued expenses of $1.7 million.

Schedule of Finite-Lived Intangible Assets

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2024 (in thousands):

Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(900)	$	—	Straight line	2 years
Developed Technology	53,500		(31,074)		22,426		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(5,834)		29,066		Straight line	5-15 years
Customer Relationships	24,300		(5,771)		18,529		Straight line	10 years
Non-Competition Agreements	1,900		(903)		997		Straight line	5 years
Other	658		(658)		—		Straight line	5 years
Total	$	117,335	$	(45,140)	$	72,195

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2023 (in thousands):

Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(619)	$	281	Straight line	2 years
Developed Technology	53,500		(17,703)		35,797		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(3,424)		31,476		Straight line	5-15 years
Customer Relationships	24,300		(3,341)		20,959		Straight line	10 years
Non-Competition Agreements	1,900		(523)		1,377		Straight line	5 years
Other	658		(626)		32		Straight line	5 years
Total	$	117,335	$	(26,236)	$	91,099

The following tables presents the changes in the Company’s intangible asset balance for the fiscal year ended December 31, 2024 and December 31, 2023 (in thousands):

	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,299
Amortization expense	(18,820)
Balance at December 31, 2023	$	91,099
Other Adjustments	22
Amortization expense	(18,926)
Balance at December 31, 2024	$	72,195

Schedule of Indefinite-Lived Intangible Assets

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2024 (in thousands):

Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(900)	$	—	Straight line	2 years
Developed Technology	53,500		(31,074)		22,426		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(5,834)		29,066		Straight line	5-15 years
Customer Relationships	24,300		(5,771)		18,529		Straight line	10 years
Non-Competition Agreements	1,900		(903)		997		Straight line	5 years
Other	658		(658)		—		Straight line	5 years
Total	$	117,335	$	(45,140)	$	72,195

The following table presents the Company’s intangible asset balance by asset class for the fiscal year ended December 31, 2023 (in thousands):

Intangible Asset	Cost		Accumulated Amortization		Net Book Value		Amortization Method	Useful Life
Trade Names	$	900	$	(619)	$	281	Straight line	2 years
Developed Technology	53,500		(17,703)		35,797		Straight line	4-10 years
In-process R&D	1,177		—		1,177		Indefinite	N/A
Patents	34,900		(3,424)		31,476		Straight line	5-15 years
Customer Relationships	24,300		(3,341)		20,959		Straight line	10 years
Non-Competition Agreements	1,900		(523)		1,377		Straight line	5 years
Other	658		(626)		32		Straight line	5 years
Total	$	117,335	$	(26,236)	$	91,099

The following tables presents the changes in the Company’s intangible asset balance for the fiscal year ended December 31, 2024 and December 31, 2023 (in thousands):

	Intangible Assets, net
Balance at December 31, 2022	$	105,620
Additions to intangible assets	4,299
Amortization expense	(18,820)
Balance at December 31, 2023	$	91,099
Other Adjustments	22
Amortization expense	(18,926)
Balance at December 31, 2024	$	72,195

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Total future amortization expense of intangible assets is estimated to be as follows (in thousands):

Fiscal Year Ending December 31,	Total
2025	$	18,645
2026	14,042
2027	5,336
2028	4,690
2029	4,690
Thereafter	23,615
Total	$	71,018