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Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Summary of Intangible Assets, Net

Intangible assets, net is composed of the following (in thousands, except as otherwise noted):

 

 

December 31, 2024

 

 

Weighted
Average
Remaining
Useful Life
(Years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

Internal-use software

 

 

2.1

 

 

$

21,301

 

 

$

(10,701

)

 

$

10,600

 

Customer relationships

 

 

5.0

 

 

 

7,700

 

 

 

 

 

 

7,700

 

Patents

 

 

15.1

 

 

 

7,112

 

 

 

(487

)

 

 

6,625

 

Developed technology

 

 

5.0

 

 

 

4,293

 

 

 

(293

)

 

 

4,000

 

Trademark

 

Indefinite

 

 

 

377

 

 

 

 

 

 

377

 

Website and other

 

 

7.9

 

 

 

227

 

 

 

(60

)

 

 

167

 

Total

 

 

 

 

$

41,010

 

 

$

(11,541

)

 

$

29,469

 

 

 

December 31, 2023

 

 

Weighted
Average
Remaining
Useful Life
(Years)

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Amount

 

Internal-use software

 

 

2.3

 

 

$

14,524

 

 

$

(5,445

)

 

$

9,079

 

Patents

 

 

15.9

 

 

 

5,783

 

 

 

(287

)

 

 

5,496

 

Developed technology

 

 

1.0

 

 

 

318

 

 

 

(159

)

 

 

159

 

Trademark

 

Indefinite

 

 

 

154

 

 

 

 

 

 

154

 

Website and other

 

 

8.9

 

 

 

227

 

 

 

(38

)

 

 

189

 

Total

 

 

 

 

$

21,006

 

 

$

(5,929

)

 

$

15,077

 

 

Summary of the Projected Annual Amortization Expense for the Company's Intangible Assets

Total amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022, was $5.6 million, $3.2 million and $1.6 million, respectively. As of December 31, 2024, the projected annual amortization expense for the Company’s intangible assets is as follows (in thousands):

 

 

 

Amount

 

Year ending December 31,

 

 

 

2025

 

$

8,164

 

2026

 

 

6,495

 

2027

 

 

3,660

 

2028

 

 

2,573

 

2029

 

 

2,570

 

Thereafter

 

 

5,630

 

Total amortization expense

 

$

29,092