| INTANGIBLE ASSETS AND GOODWILL |
INTANGIBLE ASSETS AND GOODWILL The Company's intangible assets relate to intellectual property that has been amortized over five years. The carrying amount of intangible assets is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | Weighted
Average Useful
Life | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Finite-lived intangible assets | | | | | | | | | Licenses and patents | 5 | | $ | 2,000 | | | $ | (1,500) | | | $ | 500 | | | Developed technology: government | 5 | | 21,500 | | | (1,218) | | | 20,282 | | | Customer relationships | | | | | | | | | Follow-on | 10 | | 10,800 | | | (306) | | | 10,494 | | | Existing backlog | 1 | | 1,100 | | | (305) | | | 795 | | | Trade names | 4 | | 2,200 | | | (156) | | | 2,044 | | | Total intangible assets | | | $ | 37,600 | | | $ | (3,485) | | | $ | 34,115 | | | | | | | | | | | As of December 31, 2025 | | Weighted
Average Useful
Life | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Finite-lived intangible assets | | | | | | | | | Licenses and patents | 5 | | $ | 2,000 | | | $ | (1,400) | | | $ | 600 | | | Developed technology: government | 5 | | 21,500 | | | (147) | | | 21,353 | | | Customer relationships | | | | | | | | | Follow-on | 10 | | 10,800 | | | (35) | | | 10,765 | | | Existing backlog | 1 | | 1,100 | | | (27) | | | 1,073 | | | Trade names | 4 | | 2,200 | | | (18) | | | 2,182 | | | Total intangible assets | | | $ | 37,600 | | | $ | (1,627) | | | $ | 35,973 | |
Amortization expense was $1.9 million and $0.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively Future amortization expense related to intangibles assets, as of March 31, 2026, is expected to be as follows: | | | | | | | Remainder of 2026 | $ | 5,546 | | | 2027 | 6,130 | | | 2028 | 5,930 | | | 2029 | 5,912 | | | 2030 | 5,237 | | | Thereafter | 5,360 | | | $ | 34,115 | |
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