| Schedule of Changes in Carrying Amount of Goodwill |
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.
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| Schedule of Definite-Lived and Indefinite-Lived Intangible Assets |
Intangible assets are comprised of the following: | | | | | | | | | | | | | | | | | | | (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 | |
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