v3.26.1
Intangible Assets and Deferred Consideration
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets and Deferred Consideration Intangible Assets and Deferred Consideration
Intangible Assets
Our customer relationship intangible asset relates to customer relationships acquired in connection with an acquisition (the "Evoqua Asset Acquisition") executed on July 10, 2023 with Evoqua Water Technologies LLC ("Evoqua").
The details of our intangible assets subject to amortization are set forth below (in thousands):
June 30, 2026
Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships20 years$11,035 $(1,655)$9,380 
December 31, 2025
Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer Relationships20 years$11,035 $(1,379)$9,656 
During each of the three months ended June 30, 2026 and 2025, the Company recorded amortization of its customer relationship intangible asset of $0.1 million. During each of the six months ended June 30, 2026 and 2025, the Company recorded amortization of its customer relationship intangible asset of $0.3 million.
Estimated future amortization expense on the Company's customer relationships intangible asset as of June 30, 2026 is as follows (table in thousands):
Year ending December 31:
2026 (Remainder of Year)$276 
2027552 
2028552 
2029552 
2030552 
Thereafter6,896 
Total$9,380 
Deferred Consideration
A portion of the purchase price of the Evoqua Asset Acquisition was deferred on the acquisition date and is reflected in Deferred Consideration of $0 as of June 30, 2026 on the condensed consolidated balance sheet, with payment terms extending through April 2026. The Company made payments of $0.5 million and $1.0 million, respectively, during the three and six months ended June 30, 2026, which satisfied the remaining deferred consideration liability. The Company made payments of $0.4 million and $0.9 million, respectively, during the three and six months ended June 30, 2025.