v3.25.2
Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets, Net

Intangible assets, net consisted of the following:

 

 

June 30, 2025

 

 

December 31, 2024

 

(in thousands)

 

Fair Value at Acquisition

 

 

Accumulated Amortization

 

 

Net Carrying Value

 

 

Fair Value at Acquisition

 

 

Accumulated Amortization

 

 

Net Carrying Value

 

Customer relationships

 

$

2,260

 

 

$

(406

)

 

$

1,854

 

 

$

2,260

 

 

$

(255

)

 

$

2,005

 

Developed technology

 

 

4,006

 

 

 

(1,202

)

 

 

2,804

 

 

 

4,006

 

 

 

(801

)

 

 

3,205

 

Non-compete agreement

 

 

230

 

 

 

(95

)

 

 

135

 

 

 

230

 

 

 

(58

)

 

 

172

 

Trade names

 

 

165

 

 

 

(75

)

 

 

90

 

 

 

165

 

 

 

(47

)

 

 

118

 

Total intangible assets

 

$

6,661

 

 

$

(1,778

)

 

$

4,883

 

 

$

6,661

 

 

$

(1,161

)

 

$

5,500

 
Schedule of Estimated Amortization Expense The estimated amortization expense for each of the next five years is as follows:

As of June 30,

 

(in thousands)

 

2025 (remaining six months)

 

$

617

 

2026

 

 

1,234

 

2027

 

 

1,128

 

2028

 

 

1,102

 

2029

 

 

164

 

Thereafter

 

 

638

 

Total

 

$

4,883