v3.25.1
INTANGIBLE ASSETS, NET
3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 6 – INTANGIBLE ASSETS, NET

 

The following table shows the components of intangible assets, net (in thousands):

 

 

Useful Lives (in Years)

 

March 31, 2025

 

 

December 31, 2024

 

Trade name

 

10-15

 

$

3,996

 

 

$

3,184

 

Developed Technology

 

13-20

 

 

15,475

 

 

 

15,438

 

Customer Relationships

 

20-25

 

 

23,869

 

 

 

21,081

 

Patents

 

5-20

 

 

12

 

 

 

11

 

Total intangible assets

 

 

 

 

43,352

 

 

 

39,714

 

Less: accumulated amortization

 

 

 

 

(3,125

)

 

 

(2,482

)

Intangible assets, net

 

 

 

$

40,227

 

 

$

37,232

 

 

 

 

Total amortization expense for the three months ended March 31, 2025 and 2024 was approximately $632 thousand and $31 thousand, respectively.