Intangible Assets, net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

5. Intangible Assets, net

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

(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Total
Strategic pipeline contract	$	46,885	$	32,038	$	14,847
Assembled workforce		500		342		158
Patents		311		24		287
Total	$	47,696	$	32,404	$	15,292

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 the each of the three months ended March 31, 2025 and 2024 was approximately $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	2025
2025 (remainder of the year)	$	7,119
2026		7,912
2027		15
2028		15
2029		15
Thereafter		216
Total	$	15,292