v3.26.1
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The change in the carrying value of Goodwill by segment is as follows:

Amount
Automotive Products
Beginning balance as of January 1, 2026$309,709,522 
Period activity— 
Balance as of June 30, 2026 (1)
$309,709,522 
Premium Audio Products
Beginning balance as of January 1, 2026$12,713,758 
Acquisitions (including measurement period adjustments) (see Note 16)
3,765,220 
Balance as of June 30, 2026 (1)
$16,478,978 
Other
Beginning balance as of January 1, 2026$34,788,639 
Foreign currency adjustment(127,317)
Balance as of June 30, 2026
$34,661,322 
Gross carrying value at June 30, 2026
$38,326,026 
Accumulated impairment charges(3,664,704)
Net carrying value at June 30, 2026
$34,661,322 
Total Goodwill, net$360,849,822 
(1) The gross carrying values of goodwill in the Automotive Products and Premium Audio Products segments are equal to their net carrying values as there have been no impairments of goodwill within these segments.
In addition to annual impairment testing, which is performed as of the first day of the Company's fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets, thus resulting in the need for interim impairment testing, including: long-term revenue growth projections; profitability; discount rates; recent market valuations from transactions by comparable companies; volatility in the Company's market capitalization; and general industry, market, and macroeconomic conditions. No such events or circumstances that might negatively impact the key assumptions related
to goodwill were observed during the second quarter of 2026 and, as such, nothing indicated the need for interim impairment testing.
During the first quarter of 2026, as a result of costs to develop the Company's In-Process Research and Development ("In Process R&D") continuing to exceed original estimates, as well as delays in the expected timing of commercialization of the related technology, management approved and began executing a plan to cease operations at the facility where its Vaporsens In-Process R&D activities were conducted. This plan included the termination of substantially all employees associated with those activities. As a result, the Company discontinued further development of the underlying technology and shifted its strategy to the potential sale of the related assets. These actions represented a significant adverse change in the extent and manner in which the In-Process R&D was expected to be used and in its projected future cash flows, indicating that the carrying value of the asset may not be recoverable. Accordingly, the Company recorded an impairment charge of $2.8 million in the first quarter of 2026 and, as such, it is included in the results for the six months ended June 30, 2026, to reduce the carrying amount of the asset to its estimated fair value. The estimated fair value was determined based on the Company's estimate of the expected selling price of the asset, taking into consideration available market information and indicative third-party interest, as applicable.
The Company's patents and intangible assets and related change in carrying values are set forth in the tables below, including the Vaporsens In-Process R & D, which has been previously disclosed.
As of June 30, 2026:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$40,145,801 $(29,223,269)$10,922,532 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (180,000,000)— 12 years
Existing Customer Platforms43,000,000 (43,000,000)— 10 years
Exclusive Licensing Agreement96,000,000 — 96,000,000 Indefinite
BioCenturion LLC ("BioCenturion") Trade Names and Trademarks640,000 (106,667)533,333 10 years
BioCenturion Developed Technology2,300,000 (319,445)1,980,555 12 years
eSight Developed Technology12,000,000 (2,666,667)9,333,333 12 years
eSight Trade Names and Trademarks870,000 (193,333)676,667 12 years
BioConnect Trade Names and Trademarks845,310 (73,489)771,821 12 years
BioConnect Developed Technology5,283,178 (459,303)4,823,875 12 years
BioConnect Customer Relationships1,690,617 (146,977)1,543,640 10 years
Vaporsens In-Process R&D3,000,000 — 3,000,000 Indefinite
Argil Developed Technology6,278,132 (392,383)5,885,749 12 years
Air-Craftglass Developed Technology1,507,778 (188,472)1,319,306 12 years
Guardian Trade Names1,300,000 (216,667)1,083,333 12 years
Guardian Developed Technology6,800,000 (1,133,333)5,666,667 12 years
Total Other Intangible Assets$413,515,015 $(228,896,736)$184,618,279 
Total Patents & Other Intangible Assets$453,660,816 $(258,120,005)$195,540,811 
As of December 31, 2025:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$39,769,415 $(28,758,462)$11,010,953 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (180,000,000)— 12 years
Existing Customer Platforms43,000,000 (43,000,000)— 10 years
Exclusive Licensing Agreement96,000,000 — 96,000,000 Indefinite
BioCenturion Trade Names and Trademarks640,000 (74,667)565,333 10 years
BioCenturion Developed Technology2,300,000 (223,611)2,076,389 12 years
eSight Developed Technology12,000,000 (2,166,667)9,833,333 12 years
eSight Trade Names and Trademarks870,000 (157,083)712,917 12 years
BioConnect Trade Names and Trademarks874,320 (32,254)842,066 12 years
BioConnect Developed Technology5,465,061 (241,908)5,223,153 12 years
BioConnect Customer Relationships1,748,640 (77,411)1,671,229 10 years
Vaporsens In-Process R&D5,800,000 — 5,800,000 Indefinite
Argil Developed Technology6,278,132 (130,794)6,147,338 12 years
Air-Craftglass Developed Technology1,507,778 (125,649)1,382,129 12 years
Guardian Trade Names1,300,000 (162,500)1,137,500 12 years
Guardian Developed Technology6,800,000 (850,000)5,950,000 12 years
Total Other Intangible Assets$416,583,931 $(227,242,544)$189,341,387 
Total Patents & Other Intangible Assets$456,353,346 $(256,001,006)$200,352,340 
Amortization expense of patents and intangible assets was approximately $1.2 million and $2.4 million during the three and six months ended June 30, 2026, respectively, compared to approximately $4.7 million and $9.3 million during the three and six months ended June 30, 2025, respectively.
Excluding the impact of any future acquisitions, the Company estimates amortization expense to be approximately $2.4 million for the remainder of the year ending December 31, 2026, $5 million for each of the years ending December 31, 2027, and December 31, 2028, respectively, and $4 million for each of the years ended December 31, 2029, and December 31, 2030, respectively.