12. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The components of goodwill as of December 31, 2025 are as follows:

The Company recorded goodwill in the amount of $20.1 million in connection with its acquisition of Enovum on October 11, 2024. Refer to Note 4. Acquisitions for further information. The Company performed its annual goodwill impairment test as of December 31, 2025 using a qualitative assessment. Based on an evaluation of relevant qualitative factors, management concluded that it is not more likely than not that the fair value of its reporting units is less than their carrying amounts. Accordingly, no goodwill impairment was recognized.

Finite-lived intangible assets

In addition to goodwill, in connection with the acquisition of Enovum, the Company recorded an identified intangible asset, customer relationships, with a definite useful life of 19 years in the amount of $13.5 million. Refer to Note 4. Acquisitions for further information.

The following table presents the Company’s finite-lived intangible assets as of December 31, 2025:

The following table presents the Company’s finite-lived intangible assets as of December 31, 2024: 

The following table presents the Company’s estimated future amortization of finite-lived intangible assets as of December 31, 2025:

The Company did not identify any impairment of its finite-lived intangible assets for the year ended December 31, 2025.