The following table provides the carrying amount of the Company's goodwill:


	Activity
Balance as of December 31, 2024	$	—
Addition related to the acquisition of Desktop Metal		139,400
Impairment of Desktop Metal goodwill		(139,400	)
Addition related to the acquisition of Markforged		40,388
Balance as of December 31, 2025	$	40,388

Desktop Metal was acquired by the Company on April 2, 2025 and goodwill of $139.4 million was recorded. The Company determined that the Desktop Metal asset group qualified as 'assets held for disposal other than sale' on the acquisition date and fully impaired the asset group, including the goodwill carrying value of $139.4 million, to 'net loss from discontinued operations' on the consolidated statements of operations and comprehensive loss (see Note 8).

On April 25, 2025, the Company acquired Markforged and recorded goodwill of $40.4 million (see Note 8).

The Company tests the recorded amount of goodwill for impairment on an annual basis on October 1 or more frequently if there are indicators that the book value of each reporting unit exceeds its fair value. The Company has a single reporting segment. As of December 31, 2025, it was determined that the remaining goodwill balance, which is solely attributable to Markforged was not impaired.

The following table displays intangible assets, net by major class:


	December 31, 2025							December 31, 2024
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net

Technology	$	13,636	$	(1,519	)	$	12,117	$	2,235	$	(80	)	$	2,155
Mutual licensing under settlement agreement		5,320		(156	)		5,164		—		—			—
Trademark		1,811		(1,207	)		604		—		—			—
Customer relationships		1,660		(111	)		1,549		—		—			—
Intangible assets	$	22,427	$	(2,993	)	$	19,434	$	2,235	$	(80	)	$	2,155

The increase in intangible assets, net during 2025 is related to the acquisition of Markforged. See Note 8. Partially offsetting the increase was a $1.8 million impairment to legacy technology no longer being pursued, which is recorded in Impairment losses on the consolidated statements of operations and comprehensive loss.


	December 31,
	2025		2024		2023
Cost of revenue	$	1,837	$	80	$	—
Operating expenses		1,318		—		—
Total	$	3,155	$	80	$	—

Expected resulting revenue is the basis for the economic pattern used to determine the amortization schedule of technology and customer relationships. Trademark intangible amortization is based on the term in which the Company anticipates using the asset. Amortization related to technology and mutual licensing under a settlement agreement are recorded to cost of revenue on the consolidated statement of operations and comprehensive loss. Amortization related to trademarks and customer relationships are recorded in sales and marketing expense on the consolidated statements of operations and comprehensive loss.

As of December 31, 2025, estimated amortization expense for intangible assets for each of the next five fiscal years and thereafter is expected to be as follows:


Fiscal Year	December 31, 2025
2026	$	3,276
2027		2,673
2028		2,673
2029		2,673
2030		2,673
Thereafter		5,466
Total intangible assets, net	$	19,434

Note 7 – Goodwill and Intangible Assets