Property and Equipment, and Intangible Assets

12 Months Ended

Dec. 31, 2025

Property and Equipment, and Intangible Assets

Property and Equipment, and Intangible Assets

4. Property and Equipment, and Intangible Assets

Property and equipment, net consisted of the following:

	Year Ended
	December 31,
	2025		2024
	(in thousands)
Network under construction	$	582	$	1,664
PNT network		25,452		27,903
Office equipment, furniture, and leasehold improvements		2,187		2,123
Accumulated depreciation		(16,458)		(13,716)
Property and equipment, net	$	11,763	$	17,974

Depreciation expense on property and equipment was $6.3 million and $4.0 million for the years ended December 31, 2025 and 2024, respectively.

No impairment was recorded for the years ended December 31, 2025 or 2024.

Intangible assets as of December 31, 2025 consisted of the following (in thousands):

		Gross Amount		Accumulated Amortization		Net Carrying Value
Indefinite-Lived intangible assets	$	36,443	$	—	$	36,443
Acquired Software		7,602		3,264		4,338
Acquired Technology		639		182		457
Internal Use Software		3,650		2,721		929
	$	48,334	$	6,167	$	42,167

The weighted average remaining useful lives of acquired software and acquired technology were 8.8 years as of December 31, 2025.

Intangible assets as of December 31, 2024 consisted of the following (in thousands):

		Gross Amount		Accumulated Amortization		Net Carrying Value
Indefinite-Lived intangible assets	$	3,467	$	—	$	3,467
Acquired Software		6,907		2,492		4,415
Acquired Technology		566		102		464
Internal Use Software		3,120		1,877		1,243
	$	14,060	$	4,471	$	9,589

The weighted average remaining useful lives of acquired software and acquired technology were 9.8 years as of December 31, 2024.

Amortization expense on intangible assets was $1.5 million and $1.2 million for the years ended December 31, 2025 and 2024, respectively. Future amortization is expected as follows:

2026	$	1,147
2027		782
2028		633
2029		542
2030 and thereafter		2,620
	$	5,724