v3.26.3
Intangible Assets
9 Months Ended
Sep. 30, 2026
Intangible Assets  
Intangible Assets

5. Intangible Assets

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The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of September 30, 2026 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

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Gross Carrying

​

Accumulated

​

​

​

​

  ​ ​ ​

Amortization Period

  ​ ​ ​

Amount

  ​ ​ ​

Amortization

  ​ ​ ​

Total

Acquired technology

 

11 years

 

$

15,992

​

$

(4,224)

​

$

11,768

Dry stack electrolyzer technology

​

10 years

​

​

11,351

​

​

(3,061)

​

​

8,290

Customer relationships, trade name, and other

​

14 years

​

 

7,319

​

​

(1,018)

​

​

6,301

​

​

​

​

$

34,662

​

$

(8,303)

​

$

26,359

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The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2025 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

Gross Carrying

​

Accumulated

​

​

​

​

  ​ ​ ​

Amortization Period

  ​ ​ ​

Amount

  ​ ​ ​

Amortization

  ​ ​ ​

Total

Acquired technology

 

11 years

​

$

15,997

​

$

(3,047)

​

$

12,950

Dry stack electrolyzer technology

​

10 years

​

​

11,352

​

​

(1,913)

​

​

9,439

Customer relationships, trade name, and other

 

14 years

​

 

7,446

​

​

(607)

​

 

6,839

​

​

​

​

$

34,795

​

$

(5,567)

​

$

29,228

​

The change in the gross carrying amount of the acquired technology and customer relationships, trade name and other during the nine months ended September 30, 2026 was due to foreign currency translation.

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Amortization expense for acquired identifiable intangible assets during the three months ended September 30, 2026 and 2025 was $0.9 million and $2.0 million, respectively. Amortization expense for acquired identifiable intangible assets during the nine months ended September 30, 2026 and 2025 was $2.7 million and $6.0 million, respectively.

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The estimated amortization expense for subsequent years as of September 30, 2026 is as follows (in thousands):

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​

​

​

Remainder of 2026

$

916

2027

​

3,665

2028

​

3,328

2029

​

3,213

2030

​

3,194

2031 and thereafter

​

12,043

Total

$

26,359

​