The following table summarizes the activity in goodwill balance for periods presented below (in thousands):


	Natural Gas Technologies						Production Solutions							Total
	Goodwill		Accumulated Impairment Losses		Goodwill, net of Accumulated Impairment		Goodwill		Accumulated Impairment Losses			Goodwill, net of Accumulated Impairment		Goodwill, net of Accumulated Impairment
Balance as of December 31, 2024	$	66,325	$	—	$	66,325	$	188,739	$	(5,372	)	$	183,367	$	249,692
Additions to goodwill		—		—		—		—		—			—		—
Goodwill impairment		—		—		—		—		—			—		—
Balance as of March 31, 2025	$	66,325	$	—	$	66,325	$	188,739	$	(5,372	)	$	183,367	$	249,692

Balance as of December 31, 2025	$	66,325	$	—	$	66,325	$	188,739	$	(5,372	)	$	183,367	$	249,692
Additions to goodwill		—		—		—		55,556		—			55,556		55,556
Goodwill impairment		—		—		—		—		—			—		—
Balance as of March 31, 2026	$	66,325	$	—	$	66,325	$	244,295	$	(5,372	)	$	238,923	$	305,248

As discussed in Note 3 – Business Combination and Asset Acquisition, the Company accounted for the Valiant Acquisition as a business combination pursuant to ASC 805, and recorded excess consideration above the fair value of identifiable assets acquired, net of liabilities assumed, as goodwill in the amount of $55.6 million.

Goodwill is not subject to amortization but is tested for impairment on an annual basis or more frequently if indicators arise. No events or changes in circumstances were present as of March 31, 2026, which indicated the fair value of the Company's reporting unit was below the respective carrying amount. As such, no goodwill impairment expense was recorded during the three months ended March 31, 2026.

Intangible assets, net, consist of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026							As of December 31, 2025
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Developed technology	$	97,350		(18,424	)	$	78,926	$	97,354	$	(16,584	)	$	80,770
Trade name		72,110		(13,564	)		58,546		61,010		(11,946	)		49,064
Customer relationships		195,264		(33,378	)		161,886		170,264		(28,659	)		141,605
Non-compete agreement		6,748		(1,098	)		5,650		2,048		(796	)		1,252
Patent		897		(24	)		873		764		(18	)		746
Customer contracts		10,200		(89	)		10,111		—		—			—
Total	$	382,569	$	(66,577	)	$	315,992	$	331,440	$	(58,003	)	$	273,437

Amortization expense totaled $8.6 million and $7.9 million for the three months ended March 31, 2026 and 2025, respectively.

The Company reviews finite-lived identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. If such indicators are present, the Company performs a recoverability test by comparing the estimated future undiscounted net cash flows expected to be generated by the asset group to its carrying amount. If the carrying amount of the asset group exceeds the estimated future undiscounted net cash flows, an impairment loss is recognized in the period in which the impairment occurs and represents the excess of the asset carrying value over its estimated fair value. During the three months ended March 31, 2026 and 2025, the Company did not record any impairment associated with its finite-lived identifiable intangible assets.

Amortization expense is classified in operating expenses on the accompanying consolidated statements of operations. Estimated future amortization expense as of March 31, 2026 for each of the next five years and thereafter is as follows (in thousands):