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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

Goodwill

The goodwill balance of $122.5 million and $121.9 million as of June 30, 2025 and December 31, 2024, respectively, was attributable to the assembled workforces of experienced personnel at Block Mining and E4A Solutions and synergies expected to be achieved as a result of the Company’s acquisitions. See Note 3. Acquisitions.

Finite-lived intangible assets

The following table presents the Company’s finite-lived intangible assets as of June 30, 2025:

​	​	​	​	​	​	​	​	​	​	​	​
​		​	​	​	​	​	​	​		​	Weighted-
​	​	Gross		​	Accumulated		​	Net book		​	average life
​		book value			amortization			value			(years)
Customer contracts	​	$	29,400	​	$	(3,473)	​	$	25,927		10
Trademark	​		6,100	​		(1,851)	​		4,249		10
UL Listings	​		2,700	​		(806)	​		1,894		12
Patents	​	​	10,060	​	​	(10,060)	​	​	—	​	Various
Finite-lived intangible assets	​	$	48,260	​	$	(16,190)	​	$	32,070	​	​

​

The following table presents the Company’s finite-lived intangible assets as of December 31, 2024:

​	​	​	​	​	​	​	​	​	​	​	​
​		​	​	​	​	​	​	​	​	​	Weighted-
​	​	Gross			Accumulated			Net book		​	average life
​		book value			amortization			value			(years)
Customer contracts	​	$	29,400	​	$	(1,911)	​	$	27,489		10
Trademark	​		6,100	​		(1,542)	​		4,558		10
UL Listings	​		2,700	​		(694)	​		2,006		12
Patents	​	​	10,060	​	​	(10,060)	​	​	—	​	Various
Finite-lived intangible assets	​	$	48,260	​	$	(14,207)	​	$	34,053	​	​

​

For the three months ended June 30, 2025 and 2024, amortization expense related to finite-lived intangible assets was $1.0 million and $1.4 million, respectively, and $2.0 million and $2.9 million, respectively, for the six months ended June 30, 2025 and 2024.

The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of June 30, 2025:

​	​	​	​
Remainder of 2025	​	$	1,888
2026	​		3,775
2027	​		3,775
2028	​		3,775
2029	​		3,775
Thereafter	​		15,082
Total	​	$	32,070

​

The Company did not identify any impairment of its finite-lived intangible assets during the three and six months ended June 30, 2025 and 2024.

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