7. Intangible Assets, net Intangible assets, net consists of the following (in thousands): | | | | | | | | | | | | March 31, 2026 | | | Cost | | Accumulated Amortization | | Net Book Value | Customer Relationships | | $ | 3,122 | | $ | (657) | | $ | 2,465 | Developed Technology | | | 38,080 | | | (4,866) | | | 33,214 | | | $ | 41,202 | | $ | (5,523) | | $ | 35,679 |
| | | | | | | | | | | | December 31, 2025 | | | Cost | | Accumulated Amortization | | Net Book Value | Customer Relationships | | $ | 3,122 | | $ | (559) | | $ | 2,563 | Developed Technology | | | 38,080 | | | (4,231) | | | 33,849 | | | $ | 41,202 | | $ | (4,790) | | $ | 36,412 |
Amortization expense for intangible assets was recorded in the following expense categories of its condensed consolidated statements of operations (in thousands): | | | | | | | | | | | March 31, | | | | 2026 | | 2025 | Cost of revenue | | | $ | 635 | | $ | 635 | Selling, general and administrative expenses | | | | 98 | | | 78 | | | | $ | 733 | | $ | 713 |
Estimated future amortization expense for the intangible assets as of March 31, 2026 are as following (in thousands): | | | | 2026 | | $ | 2,197 | 2027 | | | 2,929 | 2028 | | | 2,929 | 2029 | | | 2,929 | 2030 | | | 2,929 | Thereafter | | | 21,766 | | | $ | 35,679 |
|