Intangible Assets, net

9 Months Ended

Sep. 30, 2025

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets, net as of September 30, 2025 and December 31, 2024 consist of the following:


		As of September 30, 2025				As of December 31, 2024
(In thousands)	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Acquired technology	6	$	3,100	$	172	$	—	$	—
Customer relationships	5 to 12	36,506		30,418		34,653		28,091
Patents, trademarks, and other	10 to 20	13,468		12,501		13,356		12,437
Total		$	53,074	$	43,091	$	48,009	$	40,528

Amortization expense was $0.7 million and $2.0 million for the three and nine months ended September 30, 2025 respectively, compared to $0.6 million and $2.0 million for the three and nine months ended September 30, 2024 respectively. There was no cost of sales amortization expense for the three and nine months ended September 30, 2025, Amortization expense includes cost of sales amortization expense of $0 and $0.2 million for the three and nine months ended September 30, 2024 respectively, directly related to delivering cloud subscription revenue. Costs are recorded in "Services and other cost of goods sold" on the condensed consolidated statements of operations.

Certain intangible assets are denominated in functional currencies besides the U.S. Dollar and are subject to currency fluctuations.

In connection with the continued execution of cost reductions, the Company decided to stop any incremental development investments supporting its previously acquired blockchain technology and related commercial efforts (see Note 18, Restructuring and Other Related Charges). This asset contributed no revenue as it was still in its investment stage. As a result, the Company wrote-off $0.8 million that is recorded in "Services and other cost of goods sold" on the condensed consolidated statements of operations for the nine months ended September 30, 2024.

There was no impairment of intangible assets recorded during the nine months ended September 30, 2025 and 2024.