v3.25.2
Intangible Assets
6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
5.
INTANGIBLE ASSETS

Intangible Assets, Net consists of the following:

 

 

June 30,
2025

 

 

December 31,
2024

 

Finite-Lived Intangible Assets

 

 

 

 

 

 

Customer Relationships

 

$

66,376

 

 

$

66,376

 

Trade Name

 

 

9,900

 

 

 

9,900

 

Total Intangible Assets

 

 

76,276

 

 

 

76,276

 

Accumulated Amortization

 

 

 

 

 

 

Customer Relationships

 

 

(56,385

)

 

 

(53,846

)

Trade Name

 

 

(9,732

)

 

 

(9,397

)

Total Accumulated Amortization

 

 

(66,117

)

 

 

(63,243

)

Intangible Assets, Net

 

$

10,159

 

 

$

13,033

 

Amortization expense was $1.4 million and $2.9 million for the three and six months ended June 30, 2025, respectively, and $1.2 million and $2.5 million for the three and six months ended June 30, 2024, respectively.

Amortization of Intangible Assets held at June 30, 2025 is expected to be $2.7 million for the remainder of the year ending December 31, 2025, $4.0 million the year ending December 31, 2026, $0.7 million for each of the years

ending December 31, 2027, 2028 and 2029. The intangible assets as of June 30, 2025 are expected to amortize over a weighted-average period of 3.5 years.