Goodwill and Intangible Assets, Net (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Intangible Asset, Goodwill and Other [Abstract] |
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| Summary of Goodwill |
The following table summarizes the activity in goodwill balance for periods presented below (in thousands):
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Natural Gas Technologies |
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Production Solutions |
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Total |
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Goodwill |
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Accumulated
Impairment
Losses |
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Goodwill, net of
Accumulated
Impairment |
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Goodwill |
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Accumulated
Impairment
Losses |
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Goodwill, net of
Accumulated
Impairment |
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Goodwill, net of
Accumulated
Impairment |
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Balance as of December 31, 2024 |
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$ |
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66,325 |
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$ |
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— |
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$ |
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66,325 |
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$ |
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188,739 |
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$ |
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(5,372 |
) |
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$ |
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183,367 |
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$ |
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249,692 |
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Additions to goodwill |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Goodwill impairment |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Balance as of June 30, 2025 |
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$ |
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66,325 |
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$ |
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— |
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$ |
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66,325 |
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$ |
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188,739 |
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$ |
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(5,372 |
) |
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$ |
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183,367 |
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$ |
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249,692 |
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Balance as of December 31, 2025 |
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$ |
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66,325 |
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$ |
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— |
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$ |
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66,325 |
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$ |
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188,739 |
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$ |
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(5,372 |
) |
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$ |
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183,367 |
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$ |
|
249,692 |
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Additions to goodwill |
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— |
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— |
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— |
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55,463 |
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— |
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55,463 |
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55,463 |
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Goodwill impairment |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Balance as of June 30, 2026 |
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$ |
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66,325 |
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$ |
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— |
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$ |
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66,325 |
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$ |
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244,202 |
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$ |
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(5,372 |
) |
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$ |
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238,830 |
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$ |
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305,155 |
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| Schedule of Intangible Assets, Net |
Intangible assets, net, consist of the following as of June 30, 2026 and December 31, 2025 (in thousands):
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As of June 30, 2026 |
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As of December 31, 2025 |
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Gross
Carrying
Value |
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Accumulated
Amortization |
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Net
Carrying
Value |
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Gross
Carrying
Value |
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Accumulated
Amortization |
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Net
Carrying
Value |
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Developed technology |
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$ |
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97,354 |
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(20,265 |
) |
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$ |
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77,089 |
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$ |
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97,354 |
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$ |
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(16,584 |
) |
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$ |
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80,770 |
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Trade name |
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72,110 |
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(15,367 |
) |
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56,743 |
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61,010 |
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(11,946 |
) |
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49,064 |
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Customer relationships |
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195,264 |
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(38,602 |
) |
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156,662 |
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170,264 |
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(28,659 |
) |
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141,605 |
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Non-compete agreement |
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6,748 |
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(1,659 |
) |
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5,089 |
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2,048 |
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(796 |
) |
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1,252 |
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Patent |
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1,077 |
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(30 |
) |
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1,047 |
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764 |
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(18 |
) |
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746 |
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Customer contracts |
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10,200 |
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(358 |
) |
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9,842 |
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— |
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— |
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— |
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Total |
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$ |
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382,753 |
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$ |
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(76,281 |
) |
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$ |
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306,472 |
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$ |
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331,440 |
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$ |
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(58,003 |
) |
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$ |
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273,437 |
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| Schedule of Weighted Average Remaining Useful Lives of Company's Intangible Assets |
As of June 30, 2026, the weighted average remaining useful lives for the Company's intangible assets are as follows:
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Developed technology |
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12.3 Years |
Trade name |
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7.9 Years |
Customer relationships |
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8 Years |
Non-compete agreement |
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2.3 Years |
Patent |
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18 Years |
Customer contracts |
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9.2 Years |
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| Schedule of Estimated Future Amortization Expense |
Estimated future amortization expense as of June 30, 2026 for each of the next five years and thereafter is as follows (in thousands):
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Remainder of 2026 |
$ |
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19,410 |
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2027 |
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38,706 |
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2028 |
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37,234 |
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2029 |
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34,910 |
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2030 |
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33,648 |
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Thereafter |
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142,564 |
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$ |
|
306,472 |
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