Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Intangible assets consist of the following as of December 31, 2025:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	39,071	$	7,814
Assembled workforce	500		416		84
Patents	400		37		363
Total	$	47,785	$	39,524	$	8,261

Intangible assets consist of the following as of December 31, 2024:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	29,694	$	17,191
Assembled workforce	500		317		183
Patents	266		20		246
Total	$	47,651	$	30,031	$	17,620

Amortization expense for each of the years ended December 31, 2025 and 2024 was approximately $9.5 million.

The strategic pipeline contract relates to supply of a critical input to our digital mining business. The Company has analyzed this strategic pipeline contract similar to a permit for future benefit. The strategic pipeline contract relates to potential renewable energy datacenters that fit in the alignment of the Company structure to expand operations of the Company’s new focus in their business.

The Company expects to record amortization expense of intangible assets over the next five years and thereafter as follows:

(Dollars in thousands)
Year ending December 31,
2026	$	7,917
2027	19
2028	19
2029	19
2030	19
Thereafter	268
Total	$	8,261