Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

Note 8 — Goodwill and Intangible Assets

The changes in the carrying value of goodwill were as follows:

in thousands		Total
Balance as of December 31, 2025		$	—
Acquisitions			63,245
Foreign currency translation			(3,184	)
Balance as of March 31, 2026		$	60,061

There was no accumulated goodwill impairment as of March 31, 2026.

Identifiable intangible assets as of March 31, 2026 and consisted of the following:

in thousands		Weighted Average Amortization Period		March 31, 2026
Cost:
Developed technology		15 years		$	5,679
Customer relationships		13 years			753
Total intangible assets					6,432
Accumulated amortization:
Developed technology					(67	)
Customer relationships					(15	)
Total accumulated amortization					(82	)
Total intangible assets, net				$	6,350

Total amortization for the three months ended March 31, 2026, was $0.1 million. The estimated future amortization expense for the remainder of the current fiscal year is $0.4 million. Over the next five years, the Company expects to recognize annual amortization of $0.5 million in each year, respectively.

There were no identifiable intangible assets as of December 31, 2025, prior to the Business Combination.