Intangible assets, net consisted of the following:


	March 31, 2026							December 31, 2025
(in thousands)	Fair Value at Acquisition		Accumulated Amortization			Net Carrying Value		Fair Value at Acquisition		Accumulated Amortization			Net Carrying Value
Customer relationships	$	2,260	$	(631	)	$	1,629	$	2,260	$	(556	)	$	1,704
Developed technology		4,006		(1,803	)		2,203		4,006		(1,603	)		2,403
Non-compete agreement		230		(153	)		77		230		(134	)		96
Trade names		165		(117	)		48		165		(102	)		63
Total intangible assets	$	6,661	$	(2,704	)	$	3,957	$	6,661	$	(2,395	)	$	4,266

Amortization expense related to definite lived intangible assets was $0.3 million for each of the three months ended March 31, 2026 and 2025, respectively, and was included in selling, general and administrative expense in the unaudited condensed consolidated statements of operations and comprehensive income.

The estimated amortization expense for each of the next five years is as follows:


As of March 31,	(in thousands)
2026 (remaining nine months)		925
2027		1,128
2028		1,102
2029		164
2030		151
Thereafter		487
Total	$	3,957