The Company’s Goodwill balance was $323.5 million as of June 30, 2026 and December 31, 2025. In addition to annual impairment testing of goodwill, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore would require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization and general industry, market and macroeconomic conditions. Due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market during the prior year, the Company performed interim tests as of March 31, 2025 and June 30, 2025. As a result of the interim testing the Company recorded $113.3 million and $346.6 million in non-deductible, non-cash goodwill impairment charges, within the condensed consolidated statements of operations and comprehensive income (loss) during the three and six months ended June 30, 2025, respectively. There were no goodwill impairment charges for the three and six months ended June 30, 2026. As of June 30, 2026 and December 31, 2025, the Company recognized accumulated impairment losses on goodwill of $346.6 million.

The Company’s June 30, 2025 goodwill impairment testing was performed using the income approach via a discounted cash flow model. The income approach estimates fair value by converting future cash flows to a current amount on the measurement date after taking into consideration marketplace conditions. Assumptions including discount rate and estimated future cash flows had a significant impact to the estimated fair value of the reporting unit. These fair values are Level 3 assets in the fair value hierarchy.

In the event there are further adverse changes in the Company’s projected cash flows or further changes in key assumptions, including but not limited to an increase in the discount rate and further decline in the Company’s stock price, the Company may be required to record additional non-cash impairment charges to goodwill. Such non-cash charges could have a material adverse effect on the Company’s condensed consolidated statements of operations and comprehensive income (loss) and condensed consolidated balance sheets in the reporting period of the charge.


	June 30, 2026							December 31, 2025
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in thousands)
Trade names	14.3	$	17,800	$	(1,946)	$	15,854	$	17,800	$	(1,390)	$	16,410
Customer relationships	1.3	4,600		(2,682)		1,918		4,600		(1,915)		2,685
Developed technology	7.5	165,100		(33,158)		131,942		165,100		(23,678)		141,422
Other finite-lived intangible assets	1.4	30		(15)		15		30		(10)		20
Total intangible assets		$	187,530	$	(37,801)	$	149,729	$	187,530	$	(26,993)	$	160,537

Amortization expense of $5.4 million and $10.8 million was recognized for the three and six months ended June 30, 2026 and 2025, respectively, and is recorded within Cost of sales, General and administrative and Research and development on the condensed consolidated statements of operations and comprehensive income (loss).