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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 9. Goodwill and Intangible Assets Goodwill
| (in thousands)
Balance as of December 31, 2024 | $ | 667,936 |
Impairment | (346,557) |
Other | 2,084 |
Balance as of December 31, 2025 | $ | 323,463 |
In addition to annual impairment testing of goodwill, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore would require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization and general industry, market and macroeconomic conditions. During the year ended December 31, 2025, the Company recorded $346.6 million in non-deductible, non-cash goodwill impairment charges, within the consolidated statements of operations and comprehensive income (loss) due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market in late February 2025 through April 2025. The Company’s annual fourth quarter, June 30, 2025 and March 31, 2025 goodwill impairment testing was performed using the income approach via a discounted cash flow model. The income approach estimates fair value by converting future cash flows to a current amount on the measurement date after taking into consideration marketplace conditions. Assumptions including discount rate and estimated future cash flows had a significant impact to the estimated fair value of the reporting unit. These fair values are Level 3 assets in the fair value hierarchy. In the event there are further adverse changes in the Company’s projected cash flows or further changes in key assumptions, including but not limited to an increase in the discount rate and further decline in the Company’s stock price, the Company may be required to record additional non-cash impairment charges to goodwill. Such non-cash charges could have a material adverse effect on the Company’s consolidated statements of operations and comprehensive income (loss) and consolidated balance sheets in the reporting period of the charge. Other intangible assets, net
| December 31, 2025 |  | December 31, 2024
Intangible Asset | Weighted-Average Amortization Period Remaining (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount |  | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount
|  | (in thousands)
Trade names | 14.8 | $ | 17,800 |  | $ | (1,390) |  | $ | 16,410 |  |  | $ | 17,800 |  | $ | (277) |  | $ | 17,523 |
Customer relationships | 1.8 | 4,600 |  | (1,915) |  | 2,685 |  |  | 4,600 |  | (382) |  | 4,218 |
Developed technology | 8.0 | 165,100 |  | (23,678) |  | 141,422 |  |  | 165,100 |  | (4,718) |  | 160,382 |
Other finite-lived intangible assets | 1.9 | 30 |  | (10) |  | 20 |  |  | 30 |  | — |  | $ | 30 |
Total intangible assets |  | $ | 187,530 |  | $ | (26,993) |  | $ | 160,537 |  |  | $ | 187,530 |  | $ | (5,377) |  | $ | 182,153 |
Amortization expense of $21.6 million and $5.4 million was recognized for the years ended December 31, 2025 and for the successor period October, 2 2024 through December 31, 2024, respectively, and is recorded within Cost of sales, General and administrative and Research and development on the consolidated statements of operations and comprehensive income (loss). Estimated future amortization expense is as follows (in thousands):
| Amortization Expense
2026 | $ | 21,616 |
2027 | 21,234 |
2028 | 20,073 |
2029 | 18,853 |
2030 | 15,173 |
Thereafter | 63,588 |
Total | $ | 160,537 |

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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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