Intangible Assets, net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

5. Intangible Assets, net

Intangible assets consist of the following as of March 31, 2026:

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	41,415	$	5,470
Assembled workforce	500		442		58
Patents	446		42		404
Total	$	47,831	$	41,899	$	5,932

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

Amortization expense for each of the three months ended March 31, 2026 and 2025 was approximately $2.4 million and $2.4 million, respectively.

The strategic pipeline contract relates to supply of a critical input to our digital mining and hosting 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	2026
2026 (remainder of the year)	$	5,544
2027	21
2028	21
2029	21
2030	21
Thereafter	304
Total	$	5,932