Intangible assets with finite lives acquired through a business combination are recorded at fair value, less accumulated amortization. Customer relationships and trade-names are amortized on a straight-line basis over their expected useful lives of 15 to 20 years and 5 years, respectively.

To determine if goodwill is potentially impaired, we may perform either a qualitative or quantitative assessment to determine whether it is more likely than not that the fair value is less than the carrying value. The Company most recently performed a qualitative assessment in the fourth quarter of 2025 whereby we considered the enterprise value from the previous 2023 quantitative test (including the underlying excess fair value over carrying value), macroeconomic conditions (including changes in interest and discount rates), industry and market considerations, recent and projected financial performance, as well as other factors. The Company concluded that it was not more likely than not that an impairment of the goodwill balances existed.

In the quarter ended June 30, 2026, the Company identified certain events and circumstances, specifically a sustained decline in market capitalization, that required an interim evaluation of whether it was more likely than not that its fair value was less than its carrying value. Accordingly, the Company performed a quantitative goodwill impairment assessment during the quarter ended June 30, 2026.

The fair value of the reporting unit was determined using a combination of an income approach, based on discounted cash flows, and a market approach, utilizing comparable public company multiples. Under the income approach, the fair value of the reporting unit is estimated based on the present value of the projected future cash flows. Management's cash flow projections for the reporting unit included significant judgments and assumptions, including revenue growth rate, EBITDA margin, future capital expenditures, market participants cost synergies and discount rate. Under the market approach, management uses selected financial information of publicly-traded companies that compare to the reporting unit to derive a market-based multiple. The Company considered the difference between net book value and market capitalization in assessing the reasonableness of the estimated fair value of its reporting unit.

Based on the results of the quantitative assessment completed during the second quarter, the Company concluded that the estimated fair value of the reporting unit was in excess of its carrying value, resulting in no impairment.

Our qualitative and quantitative assessment reflects our best estimates of the impacts of the cyclical nature of the industries in which we operate, as well as the cycles of fluctuating supply and demand for each of our products resulting in changes in selling prices and margins. It is possible that in the future there may be changes in industry trends, estimates and assumptions, including the timing and amount of future cash flows, margins, growth rates, market participant assumptions, comparable benchmark companies and related multiples and discount rates, which could impact estimates of fair value. Significant and adverse changes to any one or more of the above-noted estimates and assumptions could result in an impairment.


	June 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Customer relationships	$	36,820	$	(8,526)	$	28,294	$	36,820	$	(7,572)	$	29,248
Licenses	18,451		(8,303)		10,148		18,451		(7,842)		10,609
Trade names	1,100		(972)		128		1,100		(862)		238
Total	$	56,371	$	(17,801)	$	38,570	$	56,371	$	(16,276)	$	40,095

For each of the three months ended June 30, 2026 and June 30, 2025, the Company recorded amortization expense on intangible assets of $0.8 million. For each of the six months ended June 30, 2026 and June 30, 2025, the Company recorded amortization expense on intangible assets of $1.5 million.