Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:


			September 30, 2024
(in thousands)	Fair Value at Acquisition		Accumulated Amortization			Net Carrying Value		Weighted Average Amortization Period
Customer relationships	$	2,110	$	(163	)	$	1,947	8.5 years
Developed technology		4,006		(601	)		3,405	5 years
Non-compete agreement		220		(37	)		183	3 years
Trade names		165		(34	)		131	3 years
Total intangible assets	$	6,501	$	(835	)	$	5,666	6 years

As of December 31, 2023, the Company did not have any intangible assets.

Definite Lived Intangible Asset Amortization

The Company recognized $0.3 million and $0.8 million of amortization expense, related to the acquired definite lived intangible assets during the three and nine months ended September 30, 2024, respectively. The estimated amortization expense for each of the next five years is as follows:


As of September 30,	(in thousands)
2024 (remaining three months)	$	302
2025		1,206
2026		1,206
2027		1,102
2028		1,077
Thereafter		773
Total	$	5,666