As a result of our ongoing strategic review process, there was an indicator of value for the Markforged FFF product line that was a triggering event for a goodwill impairment review. As a result, the Company conducted a goodwill impairment review and it was determined that the entire Markforged FFF product line goodwill balance was impaired as of March 31, 2026, resulting in a charge of $40.4 million during the six months ended June 30, 2026.

The following table displays intangible assets, net by major class:


	June 30, 2026							December 31, 2025
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net

Technology	$	13,636	$	(2,654	)	$	10,982	$	13,636	$	(1,519	)	$	12,117
Mutual licensing under settlement agreement		5,320		(274	)		5,046		5,320		(156	)		5,164
Trademark		1,811		(1,811	)		—		1,811		(1,207	)		604
Customer relationships		1,660		(194	)		1,466		1,660		(111	)		1,549
Intangible assets	$	22,427	$	(4,933	)	$	17,494	$	22,427	$	(2,993	)	$	19,434

The Company recognized amortization expense of intangible assets as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	568	$	456	$	1,146	$	536
Operating expenses		193		330		687		330
Total	$	761	$	786	$	1,833	$	866

Expected resulting revenue is the basis for the economic pattern used to determine the amortization schedule of technology and customer relationships. Trademark intangible amortization is based on the term in which the Company anticipates using the asset. Amortization related to technology and mutual licensing under a settlement agreement are recorded to cost of revenue on the condensed consolidated statements of operations and comprehensive loss. Amortization related to trademarks and customer relationships are recorded in sales and marketing expense on the condensed consolidated statements of operations and comprehensive loss.

As of June 30, 2026, estimated amortization expense for intangible assets for each of the next five fiscal years and thereafter is expected to be as follows:


For the Years Ended December 31,	Estimated Amortization Expense
2026 (remaining six months)	$	1,336
2027		2,673
2028		2,673
2029		2,673
2030		2,673
Thereafter		5,466
Total intangible assets, net	$	17,494

Note 7 – Goodwill and Intangible Assets