Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

5. Goodwill and Intangible Assets

The carrying amount of goodwill was $11.5 million as of March 31, 2025 and December 31, 2024, and related to the Company’s 2023 acquisition. Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. To date, the Company has had no impairments to goodwill.

Acquired intangible assets consisted of the following (in thousands):


			March 31, 2025
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization		Carrying Value
	(in years)
Customer relationship		12	$	2,320	$	314	$	2,006
Other		12		110		15		95
			$	2,430	$	329	$	2,101


			December 31, 2024
	Weighted Average Useful Life		Gross Amount		Accumulated Amortization		Carrying Value
	(in years)
Customer relationship		12	$	2,320	$	265	$	2,055
Other		12		110		13		97
			$	2,430	$	278	$	2,152

Amortization expense is recorded within selling, general and administrative expense. Amortization expense was $0.1 million for each of the three months ended March 31, 2025 and 2024. Future amortization expense of the intangible assets as of March 31, 2025 is expected to be as follows (in thousands):


Year Ending December 31,
2025 (nine months)	$	152
2026		203
2027		203
2028		203
2029		203
Thereafter		1,137
	$	2,101