v3.26.1
Goodwill Associated with Business Acquisition
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Goodwill associated with Business Acquisition Goodwill Associated with Business Acquisition
In connection with the Company’s September 2025 acquisition of AIXC, the Company recognized goodwill in its consolidated financial statements. There were no business acquisitions during the three and six months ended June 30, 2026.
The following table summarizes the goodwill recognized in connection with the AIXC acquisition and related impairment activity through June 30, 2026 (amounts in thousands):
Description
Amount
Goodwill acquired at acquisition30,214 
Goodwill impairment recorded during the year ended December 31, 2025(4,450)
Goodwill balance as of December 31, 202525,764 
Goodwill impairment recorded during the six months ended June 30, 2026(2,072)
Goodwill balance as of June 30, 2026$23,692 
All of the goodwill recognized in connection with the acquisition is recorded in the Company’s consolidated financial statements and, for purposes of goodwill impairment testing, was assigned to the reporting unit comprising the AIXC business. The impairment charges were recorded because the carrying amount of that reporting unit exceeded its estimated fair value. The Company determined the fair value of the reporting unit using a market-based approach to calculate its fully diluted market capitalization. The Company adjusted the observed market capitalization by applying a control premium to reflect the value that a market participant would attribute to obtaining a controlling interest in the reporting unit. The control premium was determined based on an analysis of expected synergies and other benefits that a market participant buyer could realize upon obtaining control. During the three and six months ended June 30, 2026, the Company recorded a goodwill impairment charge of zero and $2.1 million. The Company will continue to evaluate goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable.