Goodwill and intangible assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and intangible assets

Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination is determined to have an indefinite useful life and is not amortized but instead is tested for impairment at least annually in accordance with ASC 350.

Intangible assets

Intangible assets, net consisted of the following as of March 31, 2025 and December 31, 2024:

(In thousands, except weighted average useful life)	March 31, 2025
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer relationships	$	2,516	$	(2,512)	$	4	0.3
Tradenames	4,114		(1,901)		2,213		5.6
Technology - acquired	18,672		(12,032)		6,640		2.9
Non-compete agreements	90		(90)		-		0.0
Total intangible assets	$	25,392	$	(16,535)	$	8,857	3.1

(In thousands, except weighted average useful life)	December 31, 2024
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer relationships	$	2,516	$	(2,508)	$	8	0.6
Tradenames	4,114		(1,799)		2,315		5.9
Technology - acquired	18,672		(11,436)		7,236		3.1
Non-compete agreements	90		(90)		-		0.0
Total intangible assets	$	25,392	$	(15,833)	$	9,559	3.3

Amortization expense for definite-lived intangible assets was $0.7 million and $0.7 million for the three months ended March 31, 2025 and March 31, 2024, respectively. As of March 31, 2025, the Company expects to record the following amortization expense for definite-lived intangible assets:

(In thousands)	Amortization Expense
For the Years Ending December 31,
2025 (9 months remaining)	$	2,105
2026	2,692
2027	1,938
2028	828
2029	530
Thereafter	764
Total	$	8,857