v3.25.2
INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The Company’s intangible assets consisted of the following (in thousands):
June 30, 2025
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Strategic contract$7,000 $(554)$6,446 
Capitalized software3,389 (606)2,783 
Total$10,389 $(1,160)$9,229 
December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Strategic contract$7,000 $(379)$6,621 
Capitalized software2,653 (393)2,260 
Total$9,653 $(772)$8,881 

The Company recorded amortization expense related to intangible assets of $0.2 million and $0.4 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2024, respectively. The Company expects to record amortization expense as follows over the next five subsequent years:
(in thousands)
Remaining Year Ended December 31, 2025$413 
Year Ended December 31, 2026827 
Year Ended December 31, 2027827 
Year Ended December 31, 2028735 
Year Ended December 31, 2029$525