The following table presents the changes in the carrying amount of goodwill:



(in thousands)
Balance at December 31, 2025	$	—
Exaion acquisition	92,517
Foreign currency translation adjustments	(2,798)
Balance at June 30, 2026	$	89,719

On February 20, 2026, the Company completed the acquisition of Exaion and recognized goodwill, representing the excess of the purchase price over the fair value of the net identifiable assets acquired. Refer to Note 3 – Acquisitions and Strategic Partnerships, for further information. As of December 31, 2025, the Company had no goodwill.

The following table presents the Company’s intangible assets, which are included in “Intangible assets, net” on the Condensed Consolidated Balance Sheets, as of June 30, 2026 and December 31, 2025, respectively:


	As of June 30, 2026
(in thousands)		Cost		Accumulated Amortization		Net

Developed technology		$	17,692	$	(1,180)	$	16,512
Customer relationships (1)		21,641		(2,376)		19,265

Trade names		5,898		(196)		5,702
Capitalized software development costs		814		(128)		686






Cumulative translation adjustment						(1,653)
Total intangible assets		$	46,045	$	(3,880)	$	40,512


	As of December 31, 2025
(in thousands)	Cost		Accumulated Amortization		Other		Net

Customer relationships	$	1,000	$	(291)	$	—	$	709
Intellectual property (2)	2,633		(1,536)		(1,097)		—
Capitalized software development costs	287		(8)		—		279
Total intangible assets	$	3,920	$	(1,835)	$	(1,097)	$	988

(1) During the six months ended June 30, 2026, the Company exited a customer hosting arrangement at one of its owned sites, and as a result, fully amortized the remaining carrying value of the customer relationship of $0.6 million.

(2) In connection with the restructuring activities during the year ended December 31, 2025, the Company fully eliminated $1.1 million of internal intellectual property associated with its technology operations.

The Company’s amortization expense related to intangible assets for the three months ended June 30, 2026 and 2025 was $2.1 million and $0.3 million, respectively, and $3.5 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.

The following table presents the Company’s estimated future amortization of finite-lived intangible assets, excluding cumulative translation adjustment, as of June 30, 2026:


Year	Amount (in thousands)
2026 (remaining)	$	4,471
2027	8,599
2028	8,256
2029	8,256
2030	8,256
Thereafter	4,327
Total	$	42,165