Goodwill was $70.7 million and $70.6 million as of March 31, 2026 and December 31, 2025, respectively. The Company tests its goodwill and indefinite-lived intangible assets allocated to its reporting units for impairment annually on October 1, or more frequently if events or circumstances indicate that it is more likely than not that the fair value of its reporting units and indefinite-lived intangible assets are less than their carrying amount. The Company has the option to assess goodwill for

possible impairment by performing a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessments results in a more-likely-than-not determination or if a qualitative assessment is not performed.

The Company did not recognize any impairment charges on its goodwill or intangible assets during the three months ended March 31, 2026 and 2025.

The following table summarizes the carrying amount and changes in goodwill associated with the Company’s segments for the three months ended March 31, 2026 and for the year ended December 31, 2025.


(in thousands)	GCR		ODR		Total






Goodwill as of January 1, 2025	4,244		28,790		33,034
Measurement period adjustments - Kent Island Transaction	94		—		94
Measurement period adjustments - Consolidated Mechanical Transaction	—		3		3
Goodwill associated with the Pioneer Power Transaction	10,984		25,630		36,614
Measurement period adjustments - Pioneer Power Transaction	256		599		855
Goodwill as of December 31, 2025	$	15,578	$	55,022	$	70,600
Measurement period adjustments - Pioneer Power Transaction(1)	—		68		68
Goodwill as of March 31, 2026	$	15,578	$	55,090	$	70,668

(1) Measurement period adjustments recorded during the quarter ended March 31, 2026 reflect changes to the fair value of contract liabilities assumed, resulting in a net increase of approximately $0.1 million to goodwill.


(in thousands)	Gross carrying amount		Accumulated amortization		Net intangible assets, excluding goodwill
March 31, 2026
Amortized intangible assets:
Customer relationships	$	47,620	$	(13,062)	$	34,558




Backlog	5,960		(5,920)		40

Trade name, trademarks and intellectual property	5,550		(2,666)		2,884

Total amortized intangible assets	59,130		(21,648)		37,482
Unamortized intangible assets:
Trade name – Limbach(1)	9,960		—		9,960
Total unamortized intangible assets	9,960		—		9,960
Total amortized and unamortized assets, excluding goodwill	$	69,090	$	(21,648)	$	47,442

(1) The Company has determined that its trade name has an indefinite useful life. The Limbach trade name has been in existence since the Company’s founding in 1901 and therefore is an established brand within the industry.


(in thousands)	Gross carrying amount		Accumulated amortization		Net intangible assets, excluding goodwill
December 31, 2025
Amortized intangible assets:
Customer relationships	$	47,620	$	(11,741)	$	35,879



Backlog	5,960		(5,800)		160

Trade name, trademarks and intellectual property	5,550		(2,362)		3,188
Total amortized intangible assets	59,130		(19,903)		39,227
Unamortized intangible assets:
Trade name – Limbach	9,960		—		9,960
Total unamortized intangible assets	9,960		—		9,960
Total amortized and unamortized assets, excluding goodwill	$	69,090	$	(19,903)	$	49,187