INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

The Company's intangible assets relate to intellectual property that has been amortized over five years. The carrying amount of intangible assets is as follows:


	As of June 30, 2026
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets
Licenses and patents	5	$	2,000	$	(1,600)	$	400
Developed technology	5	21,500		(2,293)		19,207
Customer relationships
Follow-on	10	10,800		(576)		10,224
Existing backlog	1	1,100		(587)		513
Trade names	4	2,200		(293)		1,907
Total intangible assets		$	37,600	$	(5,349)	$	32,251

	As of December 31, 2025
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets
Licenses and patents	5	$	2,000	$	(1,400)	$	600
Developed technology	5	21,500		(147)		21,353
Customer relationships
Follow-on	10	10,800		(35)		10,765
Existing backlog	1	1,100		(27)		1,073
Trade names	4	2,200		(18)		2,182
Total intangible assets		$	37,600	$	(1,627)	$	35,973

The following table presents amortization expense recognized on the condensed consolidated statements of operations:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Amortization expense	$	1,865	$	100	$	3,722	$	200

Future amortization expense related to intangibles assets, as of June 30, 2026, is expected to be as follows:


Remainder of 2026	$	3,678
2027	6,130
2028	5,930
2029	5,912
2030	5,237
Thereafter	5,364
	$	32,251

The following table summarizes the changes in the carrying amount of goodwill:


As of December 31, 2025	$	116,866
Additions	1,092
As of June 30, 2026	$	117,958

The carrying amount of the Company’s goodwill was $118.0 million as of June 30, 2026 and $116.9 million as of December 31, 2025. During the three months ended June 30, 2026, we adjusted the fair value of certain assets acquired of $0.4 million based on information that existed as of the acquisition date. Total consideration as of the acquisition date also increased by $0.7 million as a result of working capital adjustments, resulting in a goodwill increase of $1.1 million.