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Software Assets, Net

9 Months Ended

Sep. 30, 2025

Finite Lived Intangible Assets Disclosure [Abstract]

7. Software Assets, Net

Costs incurred are used to develop internal software applications and consist of mainly compensation and benefits. We capitalize software development costs upon the establishment of technological feasibility. During the three and nine months ended September 30, 2025, we capitalized $0.5 million and $1.6 million, respectively, of software development costs. When the software is ready for use, these capitalized costs are amortized on a straight‑line basis over the estimated useful life, estimated to be three years.

Software assets, net, consisted of the following (in thousands):


	September 30, 2025			December 31, 2024
Software in development	$	771		$	1,400
Software assets in use		13,025			11,240
Less: accumulated amortization		(9,008	)		(6,511	)
Software assets in use, net		4,017			4,729
Software assets, net	$	4,788		$	6,129

The following summarizes the future amortization expense as of September 30, 2025 (in thousands):



Three months ending December 31, 2025	$	766
2026		2,070
2027		1,119
2028		62
	$	4,017

Amortization expense was $0.8 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $1.3 million and $3.7 million for the three and nine months ended September 30, 2024, respectively.