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Goodwill and Intangible Assets, Net | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net | Note 8 – Goodwill and Intangible Assets, Net Goodwill The following table summarizes the activity in goodwill balance for periods presented below (in thousands):
|  | Natural Gas Technologies |  |  | Production Solutions |  |  | Total |
|  | Goodwill |  |  | Accumulated Impairment Losses |  |  | Goodwill, net of Accumulated Impairment |  |  | Goodwill |  |  | Accumulated Impairment Losses |  |  | Goodwill, net of Accumulated Impairment |  |  | Goodwill, net of Accumulated Impairment |
Balance as of December 31, 2023 |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 7,596 |  |  | $ |  | (5,372 | ) |  | $ |  | 2,224 |  |  | $ |  | 2,224 |
Additions to goodwill |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Goodwill impairment |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Balance as of March 31, 2024 |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 7,596 |  |  | $ |  | (5,372 | ) |  | $ |  | 2,224 |  |  | $ |  | 2,224 |
Balance as of December 31, 2024 |  | $ |  | 66,325 |  |  | $ |  | — |  |  | $ |  | 66,325 |  |  | $ |  | 188,739 |  |  | $ |  | (5,372 | ) |  | $ |  | 183,367 |  |  | $ |  | 249,692 |
Additions to goodwill |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Goodwill impairment |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Balance as of March 31, 2025 |  | $ |  | 66,325 |  |  | $ |  | — |  |  | $ |  | 66,325 |  |  | $ |  | 196,335 |  |  | $ |  | (10,744 | ) |  | $ |  | 183,367 |  |  | $ |  | 249,692 |
Goodwill is not subject to amortization but is tested for impairment on an annual basis or more frequently if indicators arise. No events or changes in circumstances were present as of March 31, 2025, which indicated the fair value of any of the Company's reporting unit was below the respective carrying amount. As such, no goodwill impairment expense was recorded during the three months ended March 31, 2025. Intangible Assets Intangible assets, net, consist of the following as of March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Developed technology |  | $ |  | 97,350 |  |  |  |  | (11,062 | ) |  | $ |  | 86,288 |  |  | $ |  | 97,350 |  |  | $ |  | (9,221 | ) |  | $ |  | 88,129 |
Trade name |  |  |  | 61,010 |  |  |  |  | (7,370 | ) |  |  |  | 53,640 |  |  |  |  | 61,010 |  |  |  |  | (5,845 | ) |  |  |  | 55,165 |
Customer relationships |  |  |  | 168,340 |  |  |  |  | (15,514 | ) |  |  |  | 152,826 |  |  |  |  | 168,340 |  |  |  |  | (11,350 | ) |  |  |  | 156,990 |
Non-compete agreement |  |  |  | 2,048 |  |  |  |  | (285 | ) |  |  |  | 1,763 |  |  |  |  | 2,048 |  |  |  |  | — |  |  |  |  | 2,048 |
Patent |  |  |  | 212 |  |  |  |  | (5 | ) |  |  |  | 207 |  |  |  |  | 193 |  |  |  |  | (3 | ) |  |  |  | 190 |
Total |  | $ |  | 328,960 |  |  | $ |  | (34,236 | ) |  | $ |  | 294,724 |  |  | $ |  | 328,941 |  |  | $ |  | (26,419 | ) |  | $ |  | 302,522 |
Amortization expense totaled $7.9 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively. The Company reviews finite-lived identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. If such indicators are present, the Company performs a recoverability test by comparing the estimated future undiscounted net cash flows expected to be generated by the asset group to its carrying amount. If the carrying amount of the asset group exceeds the estimated future undiscounted net cash flows, an impairment loss is recognized in the period in which the impairment occurs and represents the excess of the asset carrying value over its estimated fair value. During the three months ended March 31, 2025 and 2024, the Company did no t record any impairment associated with its finite-lived identifiable intangible assets. As of March 31, 2025, the weighted average remaining useful lives for the Company's intangible assets are as follows:
Developed technology |  | 9.5 Years
Trade name |  | 8.8 Years
Customer relationships |  | 9.3 Years
Non-compete agreement |  | 2.6 Years
Patent |  | 19.3 Years
Amortization expense is classified in operating expenses on the accompanying consolidated statements of operations. Estimated future amortization expense as of March 31, 2025 for each of the next five years and thereafter is as follows (in thousands):
2025 (remaining 9 months) | $ |  | 23,441 |
2026 |  |  | 31,255 |
2027 |  |  | 31,141 |
2028 |  |  | 30,375 |
2029 |  |  | 29,420 |
Thereafter |  |  | 149,092 |
| $ |  | 294,724 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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