| Schedule of Changes in Carrying Amount of Goodwill |
The following table summarizes the carrying amount and changes in goodwill associated with the Company’s segments: | | | | | | | | | | | | | | | | | | | (in thousands) | ODR | | GCR | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Goodwill as of December 31, 2025 | $ | 55,022 | | | $ | 15,578 | | | $ | 70,600 | | Measurement period adjustments - Pioneer Power Transaction(1) | 2,044 | | | — | | | 2,044 | | Goodwill associated with the 1901 Transaction(2) | 3,583 | | | 10,751 | | | 14,334 | | Goodwill associated with the CYMCOR Transaction(2) | 14,193 | | | — | | | 14,193 | | | Goodwill as of September 30, 2026 | $ | 74,842 | | | $ | 26,329 | | | $ | 101,171 | |
(1) The Company recorded cumulative measurement period adjustments during the six months ended June 30, 2026 primarily related to refinements of acquired working capital balances, including accounts payable, accrued expenses and other current liabilities, and contract liabilities, based on additional information regarding facts and circumstances that existed as of the acquisition date. The net effect of these adjustments was recorded as a corresponding adjustment to goodwill. See Note 3 – Acquisitions for further detail. (2) See Note 3 – Acquisitions for further information on the CYMCOR and 1901 transactions.
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| Schedule of Definite-Lived and Indefinite-Lived Intangible Assets |
Intangible assets are comprised of the following: | | | | | | | | | | | | | | | | | | | (in thousands) | Gross
carrying
amount | | Accumulated
amortization | | Net intangible
assets, excluding
goodwill | September 30, 2026 | | | | | | | Amortized intangible assets: | | | | | | | Customer relationships | $ | 82,120 | | | $ | (16,070) | | | $ | 66,050 | | | | | | | | | | | | | | | | | | | | | | | | | | | Backlog | 14,460 | | | (6,725) | | | 7,735 | | | | | | | | | Trade name, trademarks and intellectual property | 6,950 | | | (3,352) | | | 3,598 | | | Developed technology | 400 | | | (18) | | | 382 | | | Non-compete agreements | 1,700 | | | (46) | | | 1,654 | | | | | | | | | Total amortized intangible assets | 105,630 | | | (26,211) | | | 79,419 | | | Unamortized intangible assets: | | | | | | Trade name – Limbach(1) | 9,960 | | | — | | | 9,960 | | | Total unamortized intangible assets | 9,960 | | | — | | | 9,960 | | | Total amortized and unamortized assets, excluding goodwill | $ | 115,590 | | | $ | (26,211) | | | $ | 89,379 | |
(1) The Company has determined that its trade name has an indefinite useful life. The Limbach trade name has been in existence since the Company’s founding in 1901 and therefore is an established brand within the industry. | | | | | | | | | | | | | | | | | | | (in thousands) | Gross
carrying
amount | | Accumulated
amortization | | Net intangible
assets, excluding
goodwill | December 31, 2025 | | | | | | | Amortized intangible assets: | | | | | | | Customer relationships | $ | 47,620 | | | $ | (11,741) | | | $ | 35,879 | | | | | | | | | | | | | | | | | | | | | Backlog | 5,960 | | | (5,800) | | | 160 | | | | | | | | | Trade name, trademarks and intellectual property | 5,550 | | | (2,362) | | | 3,188 | | | Total amortized intangible assets | 59,130 | | | (19,903) | | | 39,227 | | | Unamortized intangible assets: | | | | | | | Trade name – Limbach | 9,960 | | | — | | | 9,960 | | | Total unamortized intangible assets | 9,960 | | | — | | | 9,960 | | | Total amortized and unamortized assets, excluding goodwill | $ | 69,090 | | | $ | (19,903) | | | $ | 49,187 | |
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