Goodwill, Intangible Assets, net and Digital Assets (Tables)
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6 Months Ended |
Jun. 30, 2026 |
|---|
| Intangible Asset, Goodwill and Other [Abstract] |
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| Schedule of Changes in Goodwill |
Changes in goodwill for the six months ended June 30, 2026 are as follows:
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|
|
|
(in thousands) |
|
Goodwill |
|
Balance as of December 31, 2025 |
|
$ |
15,545 |
|
Goodwill acquired |
|
|
5,145 |
|
Foreign currency translation adjustments |
|
|
(51 |
) |
Balance as of June 30, 2026 |
|
$ |
20,639 |
|
|
| Schedule of Identifiable Intangible Assets, Net |
Identifiable intangible assets, net consists of the following:
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As of June 30, |
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As of December 31, |
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|
2026 |
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|
2025 |
|
(in thousands) |
|
Cost |
|
Accumulated Amortization |
Net Book Value |
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|
Cost |
|
|
Accumulated Amortization |
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|
Net Book Value |
|
Internal-use software |
|
$ |
6,441 |
|
|
$ |
(6,269 |
) |
|
$ |
172 |
|
|
$ |
6,415 |
|
|
$ |
(6,171 |
) |
|
$ |
244 |
|
Developed technology |
|
|
4,987 |
|
|
|
(891 |
) |
|
|
4,095 |
|
|
|
2,610 |
|
|
|
(535 |
) |
|
|
2,075 |
|
Customer related |
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|
12,050 |
|
|
|
(2,071 |
) |
|
|
9,979 |
|
|
|
5,479 |
|
|
|
(944 |
) |
|
|
4,535 |
|
Trademark and trade name |
|
|
1,996 |
|
|
|
(291 |
) |
|
|
1,704 |
|
|
|
1,203 |
|
|
|
(194 |
) |
|
|
1,009 |
|
Total identifiable intangible assets |
|
$ |
25,474 |
|
|
$ |
(9,523 |
) |
|
$ |
15,950 |
|
|
$ |
15,707 |
|
|
$ |
(7,844 |
) |
|
$ |
7,863 |
|
|
| Schedule of Estimated Annual Amortization Expense |
As of June 30, 2026, estimated annual amortization expense for the remainder of 2026 and each of the next five fiscal years is as follows:
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|
|
|
Fiscal Years Ending December 31, |
|
(in thousands) |
|
|
|
2026 (remaining) |
|
|
2,340 |
|
2027 |
|
|
4,558 |
|
2028 |
|
|
2,406 |
|
2029 |
|
|
1,715 |
|
2030 |
|
|
1,689 |
|
2031 |
|
|
1,158 |
|
Total |
|
$ |
13,866 |
|
|
| Schedule of Activity Related to the Company's Digital Assets |
The details of the activity related to the Company’s digital assets as of June 30, 2025 are as follows:
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(in thousands) |
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Tether Units |
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Tether Fair Value |
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FET Units |
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FET Fair Value |
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Total Units |
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|
Total Fair Value |
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Digital assets at December 31, 2024 |
|
|
— |
|
|
$ |
— |
|
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|
— |
|
|
$ |
— |
|
|
|
— |
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|
$ |
— |
|
Additions |
|
|
25,000 |
|
|
|
25,000 |
|
|
|
29,609 |
|
|
|
20,000 |
|
|
|
54,609 |
|
|
|
45,000 |
|
Change in fair value of digital assets |
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|
— |
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— |
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— |
|
|
|
125 |
|
|
|
— |
|
|
|
125 |
|
Digital assets at June 30, 2025 |
|
|
25,000 |
|
|
$ |
25,000 |
|
|
|
29,609 |
|
|
$ |
20,125 |
|
|
|
54,609 |
|
|
$ |
45,125 |
|
|