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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 5 — Goodwill and Intangible Assets Goodwill Goodwill represented the future economic benefits derived from the Company’s unique market position, the growth attributable to the Net Power Cycle and the Company’s assembled workforce, none of which are individually and separately recognized as intangible assets. Goodwill was allocated to the Company’s sole reportable segment and reporting unit. The following table presents the changes to goodwill included in the condensed consolidated balance sheets:
|  | June 30, |  | December 31,
$ in thousands |  | 2025 |  | 2024
Balance at the beginning of the period |  | $ | 359,847 |  |  | $ | 423,920 |
Impairment |  | (359,847) |  |  | — |
Measurement adjustments |  | — |  |  | (64,073) |
Balance at the end of the period |  | $ | — |  |  | $ | 359,847 |
In March 2025, the Company assessed its goodwill for impairment. Due to a change in the Company’s business plan, as discussed below, and related sustained decrease in the Company’s market capitalization, the Company concluded that it was more likely than not that the fair value of its goodwill was less than its carrying amount as of March 31, 2025. As a result, the Company fully impaired its goodwill and recognized an impairment of $359.8 million during the six months ended June 30, 2025, which is included in Goodwill impairment and other charges on the condensed consolidated statements of operations and comprehensive loss. During the second quarter of 2024, the Company completed its estimate of deferred taxes as of the Closing Date and finalized its purchase price allocation, which resulted in a measurement adjustment that reduced goodwill by $64.1 million. Definite-Lived Intangible Assets The following tables summarize the Company’s definite-lived intangible assets included in the condensed consolidated balance sheets:
|  | June 30, |  | December 31,
|  | 2025 |  | 2024
$ in thousands |  | Gross Amount |  | Accumulated Amortization |  | Net Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
Developed technology |  | $ | 1,345,000 |  |  | $ | (138,610) |  |  | $ | 1,206,390 |  |  | $ | 1,345,000 |  |  | $ | (104,985) |  |  | $ | 1,240,015 |
Software(1) |  | 2,179 |  |  | (274) |  |  | 1,905 |  |  | 1,407 |  |  | (79) |  |  | 1,328 |
Total definite-lived intangible assets |  | $ | 1,347,179 |  |  | $ | (138,884) |  |  | $ | 1,208,295 |  |  | $ | 1,346,407 |  |  | $ | (105,064) |  |  | $ | 1,241,343 |
___________ (1) Software includes $0.3 million and $0.6 million related to software work-in-progress as of June 30, 2025 and December 31, 2024. In March 2025, due to higher-than expected indicative cost estimates for its first utility-scale project, the Company identified a triggering event for evaluation of impairment of its long-term assets. As the Company is in the development stage, focusing on developing and commercializing its technology, it assessed its definite-lived intangible assets, t he Demonstration Plant, and other corporate assets for impairment as an asset group. The results of the recoverability test performed in March 2025 indicated that no impairment was required, and the Company did not identify any indicators th at the asset group may be impaired as of June 30, 2025. The following table presents the Company’s a mortization expense for the following periods:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
$ in thousands |  | 2025 |  | 2024 |  | 2025 |  | 2024
Amortization expense |  | $ | 16,974 |  |  | $ | 16,828 |  |  | $ | 33,847 |  |  | $ | 33,640 |
The Company does not own or control any intangible assets with indefinite useful lives. The following table presents estimated amortization expense for the next five years and thereafter (in thousands):
Remaining 2025 |  | $ | 33,857 |
2026 |  | 67,715 |
2027 |  | 67,715 |
2028 |  | 67,715 |
2029 |  | 67,542 |
2030 and thereafter |  | 903,751 |
Total |  | $ | 1,208,295 |

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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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