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Goodwill and Intangible Assets
 6 Months Ended
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 thousands20252024
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,
20252024
$ in thousandsGross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet 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, the 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 that the asset group may be impaired as of June 30, 2025.
The following table presents the Company’s amortization expense for the following periods:
Three Months Ended June 30,Six Months Ended June 30,
$ in thousands2025202420252024
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 
202667,715 
202767,715 
202867,715 
202967,542 
2030 and thereafter903,751 
Total$1,208,295