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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
NOTE 6 — 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:
September 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 
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.
Refer to Note 3 — Impairment and other charges for discussion of impairment.
Definite-Lived Intangible Assets
The following tables summarize the Company’s definite-lived intangible assets included in the condensed consolidated balance sheets:
September 30,December 31,
20252024
$ in thousandsGross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
Developed technology$184,465 $(854)$183,611 $1,345,000 $(104,985)$1,240,015 
Software(1)
448 (8)440 1,407 (79)1,328 
Total definite-lived intangible assets$184,913 $(862)$184,051 $1,346,407 $(105,064)$1,241,343 
___________
(1) Software includes $0.1 million and $0.6 million related to software work-in-progress as of September 30, 2025 and December 31, 2024.
Refer to Note 3 — Impairment and other charges for discussion of impairments.
The following table presents the Company’s amortization expense for the following periods:
Three Months Ended September 30,Nine Months Ended September 30,
$ in thousands2025202420252024
Amortization expense
$12,122 $16,837 $45,943 $50,477 
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$2,644 
202610,489 
202710,489 
202810,518 
202910,447 
2030 and thereafter139,464 
Total$184,051 
The Company regularly evaluates whether events or changes in circumstances warrant a revision to the remaining estimated useful lives of its long-lived assets.