The following table presents the changes in the carrying amount of goodwill:



(in thousands)
Balance at December 31, 2025	$	—
Exaion acquisition	92,517
Foreign currency translation adjustments	(2,030)
Balance at March 31, 2026	$	90,487

On February 20, 2026, the Company completed the acquisition of Exaion, and recognized goodwill, representing the excess of the purchase price over the fair value of the net assets acquired. Refer to Note 3 – Acquisitions and Strategic Partnerships, for further information. As of December 31, 2025, the Company had no goodwill.

The following table presents the Company’s intangible assets, which are included in “Intangible assets, net” on the Condensed Consolidated Balance Sheets, as of March 31, 2026 and December 31, 2025, respectively:


	As of March 31, 2026
(in thousands)		Cost		Accumulated Amortization		Net

Developed technology		$	17,692	$	(295)	$	17,397
Customer relationships (1)		21,641		(1,344)		20,297

Trade names		5,898		(49)		5,849
Capitalized software development costs		822		(61)		761






Cumulative translation adjustment						(1,181)
Total intangible assets		$	46,053	$	(1,749)	$	43,123


	As of December 31, 2025
(in thousands)	Cost		Accumulated Amortization		Other		Net

Customer relationships	$	1,000	$	(291)	$	—	$	709
Intellectual property (2)	2,633		(1,536)		(1,097)		—
Capitalized software development costs	287		(8)		—		279
Total intangible assets	$	3,920	$	(1,835)	$	(1,097)	$	988

(1) During the three months ended March 31, 2026, the Company exited a customer hosting arrangement at one of its owned sites, and as a result, fully amortized the remaining carrying value of the customer relationship of $0.6 million.

(2) In connection with the restructuring activities during the year ended December 31, 2025, the Company fully eliminated $1.1 million of internal intellectual property associated with its technology operations.

Amortization expense related to intangible assets was $1.4 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

The following table presents the Company’s estimated future amortization of finite-lived intangible assets, excluding cumulative translation adjustment, as of March 31, 2026:


Year	Amount (in thousands)
2026 (remaining)	$	6,601
2027	8,637
2028	8,256
2029	8,256
2030	8,256
Thereafter	4,298
Total	$	44,304