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Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Values Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill (in thousands):

 

 

 

 

 

Balance as of January 1, 2025

 

$

52,942

 

Purchase price adjustment

 

 

(2,514

)

Balance as of June 30, 2025

 

$

50,428

 
Schedule of Intangible Assets

Acquired identifiable intangible assets, and related accumulated amortization, as of June 30, 2025 and December 31, 2024 consisted of (in thousands):

 

 

 

June 30, 2025

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

 

 

 

Customer relationships

 

$

11,220

 

 

$

7,425

 

 

$

3,795

 

Tradenames

 

 

18,293

 

 

 

5,566

 

 

 

12,727

 

Developed technology

 

 

27,706

 

 

 

5,964

 

 

 

21,742

 

Patent and trademarks

 

 

784

 

 

 

681

 

 

 

103

 

Total Intangible Assets

 

$

58,003

 

 

$

19,636

 

 

$

38,367

 

 

 

 

December 31, 2024

 

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

 

 

 

Customer relationships

 

$

10,880

 

 

$

6,533

 

 

$

4,347

 

Tradenames

 

 

18,293

 

 

 

4,451

 

 

 

13,842

 

Developed technology

 

 

27,706

 

 

 

3,656

 

 

 

24,050

 

Patent and trademarks

 

 

784

 

 

 

625

 

 

 

159

 

Total Intangible Assets

 

$

57,663

 

 

$

15,265

 

 

$

42,398

 

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2025, estimated annual amortization expense related to definite lived intangible assets in future periods was as follows (in thousands):

 

2025

 

$

4,024

 

2026

 

 

7,763

 

2027

 

 

7,590

 

2028

 

 

7,590

 

2029

 

 

7,590

 

Thereafter

 

 

3,810

 

Total

 

$

38,367