Orion has $0.9 million of goodwill related to its purchase of Voltrek in the third quarter of fiscal 2023, which is assigned to the EV segment.

Orion has $0.6 million of goodwill related to its purchase of Stay-Lite Lighting during fiscal year 2022, which is assigned to the Orion maintenance segment.

The costs of specifically identifiable intangible assets that do not have an indefinite life are amortized over their estimated useful lives. Goodwill and intangible assets with indefinite lives are not amortized.

Orion performed a qualitative assessment in conjunction with its annual impairment test of its indefinite lived intangible assets and goodwill as of January 1, 2026. This qualitative assessment considered Orion’s operating results for the first nine months of fiscal 2026 in comparison to prior years as well as its anticipated fourth quarter results and fiscal 2026 plan. As a result of the conditions that existed as of the assessment date, an asset impairment was not deemed to be more likely than not and a quantitative analysis was not required.

Orion performed a qualitative assessment in conjunction with its annual impairment test of its indefinite lived intangible assets and goodwill as of January 1, 2025. This qualitative assessment considered Orion’s operating results for the first nine months of fiscal 2025 in comparison to prior years as well as its anticipated fourth quarter results and fiscal 2025 plan. As a result of the conditions that existed as of the assessment date, an asset impairment was not deemed to be more likely than not and a quantitative analysis was not required.

The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands):


	March 31, 2026									March 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life		Gross Carrying Amount		Accumulated Amortization			Net
Amortized Intangible Assets
Patents	$	1,865	$	(1,603	)	$	262		8.5	$	1,895	$	(1,568	)	$	327
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		300		(209	)		91		1.5		300		(150	)		150
Customer relationships		5,000		(5,000	)		—		—		5,000		(4,763	)		237
Vendor relationships		2,600		(1,297	)		1,303		3.5		2,600		(925	)		1,675
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	10,723	$	(9,067	)	$	1,656		4.2	$	10,753	$	(8,364	)	$	2,389

Indefinite-lived Intangible Assets
Trade name and trademarks	$	990	$	—		$	990			$	990	$	—		$	990
Total Indefinite-lived Intangible Assets	$	990	$	—		$	990			$	990	$	—		$	990

Total Other Intangible Assets	$	11,713	$	(9,067	)	$	2,646			$	11,743	$	(8,364	)	$	3,379

Amortization expense is set forth in the following table (dollars in thousands):


	Fiscal Year Ended March 31,
	2026		2025		2024
Amortization included in cost of revenue:
Patents	$	65	$	171	$	99
Total	$	65	$	171	$	99
Amortization included in operating expenses:
Customer relationships	$	237	$	467	$	525
Vendor relationships		371		371		371
Tradename		60		60		90
Total		668		898		986
Total amortization of intangible assets	$	733	$	1,069	$	1,085

Orion’s management periodically reviews the carrying value of patent applications and related costs. When a patent application is probable of being unsuccessful or a patent is no longer in use, Orion writes off the remaining carrying value as a charge to general and administrative expense within its consolidated statements of operations. In fiscal years 2026, 2025, and 2024, write-offs were immaterial.