Goodwill was $33.1 million and $33.0 million as of March 31, 2025 and December 31, 2024, respectively. The Company tests its goodwill and indefinite-lived intangible assets allocated to its reporting units for impairment annually on October 1, or more frequently if events or circumstances indicate that it is more-likely-than-not that the fair value of its reporting units and indefinite-lived intangible assets are less than their carrying amount. The Company has the option to assess goodwill for possible impairment by performing a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessments results in a more-likely-than-not determination or if a qualitative assessment is not performed.

The following table summarizes the carrying amount and changes in goodwill associated with the Company’s segments for the three months ended March 31, 2025 and for the year ended December 31, 2024.


(in thousands)	GCR		ODR		Total


Goodwill as of January 1, 2024	$	—	$	16,374	$	16,374
Measurement period adjustments - Industrial Air Transaction(1)	—		59		59
Goodwill associated with the Kent Island Transaction(2)	4,244		1,240		5,484
Goodwill associated with the Consolidated Mechanical Transaction	—		11,117		11,117
Goodwill as of December 31, 2024	4,244		28,790		33,034
Measurement period adjustments - Kent Island Transaction(2)	94		—		94
Measurement period adjustments - Consolidated Mechanical Transaction(3)	—		14		14
Goodwill as of March 31, 2025	$	4,338	$	28,804	$	33,142

(1) Includes certain adjustments to preliminary estimates of fair value within the measurement period of up to one-year from the date of the Industrial Air transaction. Measurement period adjustments related to certain working capital adjustments.

(2) In connection with the Kent Island Transaction, the Company recorded preliminary goodwill of $4.8 million. During the fourth quarter of 2024, the Company recognized certain adjustments to preliminary estimates of fair value within the measurement period of up to one-year from the date of the Kent Island Transaction. The measurement period adjustments amounted to $0.7 million and related to certain working capital adjustments made in connection with the finalization of the transaction’s closing date cash consideration. In addition, during the first quarter of 2025, the Company recognized further adjustments to the preliminary estimates of fair value within the measurement period of $0.1 million related to the receipt of additional information regarding the facts and circumstances that existed as of the acquisition date.

(3) During the first quarter of 2025, the Company recognized certain adjustments to the preliminary estimates of fair value within the measurement period amounting to less than $0.1 million associated with certain working capital adjustments made in connection with the finalization of the transaction’s closing date cash consideration.


(in thousands)	Gross carrying amount		Accumulated amortization		Net intangible assets, excluding goodwill
March 31, 2025
Amortized intangible assets:
Customer relationships	$	32,820	$	(8,160)	$	24,660




Backlog	5,560		(3,872)		1,688

Trade name, trademarks and intellectual property	4,550		(1,465)		3,085

Total amortized intangible assets	42,930		(13,497)		29,433
Unamortized intangible assets:
Trade name – Limbach(1)	9,960		—		9,960
Total unamortized intangible assets	9,960		—		9,960
Total amortized and unamortized assets, excluding goodwill	$	52,890	$	(13,497)	$	39,393

(1) The Company has determined that its trade name has an indefinite useful life. The Limbach trade name has been in existence since the Company’s founding in 1901 and therefore is an established brand within the industry.


(in thousands)	Gross carrying amount		Accumulated amortization		Net intangible assets, excluding goodwill
December 31, 2024
Amortized intangible assets:
Customer relationships	$	32,820	$	(7,124)	$	25,696



Backlog	5,560		(3,310)		2,250

Trade name, trademarks and intellectual property	4,550		(1,228)		3,322
Total amortized intangible assets	42,930		(11,662)		31,268
Unamortized intangible assets:
Trade name – Limbach	9,960		—		9,960
Total unamortized intangible assets	9,960		—		9,960
Total amortized and unamortized assets, excluding goodwill	$	52,890	$	(11,662)	$	41,228