Note 7 – Goodwill and Intangible Assets

The Company’s intangible assets, net consists of the following (in thousands):

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There was no amortization of intangible assets for the three and six months ended June 30, 2025 (Successor).

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During the fourth quarter of 2024, the Company performed an impairment assessment on its indefinite lived intangible assets, and determined that as of December 31, 2024, the fair value of its intangible assets was less than the carrying amount. As a result, the Company recorded an $18.9 million impairment charge during the period from July 31, 2024, to December 31, 2024 (Successor). The impairment was driven by a sustained decline in the Company’s share price and market capitalization.

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Based on the Company’s qualitative analysis, no intangible assets impairment charges were recorded for the three and six months ended June 30, 2025 (Successor).

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There were no intangible assets as of June 30, 2024 (Predecessor).

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The following table presents the changes in goodwill (in thousands):

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 During the fourth quarter of 2024, the Company conducted its annual assessment of goodwill. During its assessment, the Company determined that as of December 31, 2024, its fair value was less than the carrying amount. As a result, the Company recorded a $30.3 million goodwill impairment charge during the period from July 31, 2024, to December 31, 2024 (Successor). The impairment was driven by a sustained decline in the Company’s share price and market capitalization.

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Based on the Company’s qualitative analysis, no goodwill impairment charges were recorded for the three and six months ended June 30, 2025 (Successor).

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There was no goodwill as of June 30, 2024 (Predecessor).