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Goodwill and Intangible Assets
 12 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

9. GOODWILL AND INTANGIBLE ASSETS

Goodwill is attributable to the acquisitions of Genasys Spain, Zonehaven, the Amika Mobile asset purchase, and Evertel, and is due to combining the integrated emergency critical communications, mass messaging solutions and software development capabilities with existing hardware products for enhanced offerings and the skill level of the acquired workforces. The Company periodically reviews goodwill for impairment in accordance with relevant accounting standards. As of September 30, 2024 and September 30, 2023, goodwill was $13,329 and $10,282, respectively. There were no impairments to goodwill during the years ended September 30, 2024 and September 30, 2023.

The changes in the carrying amount of goodwill by segment for the year ended September 30, 2024, were as follows:

 

 

Hardware

 

 

Software

 

 

Total

 

Balance as of September 30, 2023

 

$

—

 

 

$

10,282

 

 

$

10,282

 

Acquisition

 

 

—

 

 

 

2,923

 

 

 

2,923

 

Currency translation

 

 

—

 

 

 

124

 

 

 

124

 

Balance as of September 30, 2024

 

$

—

 

 

$

13,329

 

 

$

13,329

 

 

The changes in the carrying amount of intangible assets by segment for the year ended September 30, 2024, were as follows:

 

 

Hardware

 

 

Software

 

 

Total

 

Balance as of September 30, 2023

 

$

17

 

 

$

8,410

 

 

$

8,427

 

Acquisitions

 

 

—

 

 

 

2,550

 

 

 

2,550

 

Amortization

 

 

(3

)

 

 

(2,475

)

 

 

(2,478

)

Currency translation

 

 

—

 

 

 

7

 

 

 

7

 

Balance as of September 30, 2024

 

$

14

 

 

$

8,492

 

 

$

8,506

 

 

 

Intangible assets and goodwill related to Genasys Spain are translated from Euro to U.S. dollars at the balance sheet date. The net impact of foreign currency exchange differences arising during the period related to goodwill and intangible assets was an increase of $131.

 

The Company’s intangible assets consisted of the following:

 

 

September 30,

 

 

2024

 

 

2023

 

Technology

 

$

14,252

 

 

$

11,930

 

Customer relationships

 

 

2,081

 

 

 

1,790

 

Trade name portfolio

 

 

617

 

 

 

605

 

Patents

 

 

72

 

 

 

72

 

 

 

17,022

 

 

 

14,397

 

Accumulated amortization

 

 

(8,516

)

 

 

(5,970

)

 

$

8,506

 

 

$

8,427

 

 

 

Years ended

 

 

September 30,

 

 

2024

 

 

2023

 

Amortization expense

 

$

2,478

 

 

$

2,108

 

 

Estimated amortization expense for the fiscal year ending September 30 was as the follows:

 

Fiscal year ending September 30,

 

 

 

2025

 

$

2,358

 

2026

 

 

2,222

 

2027

 

 

2,048

 

2028

 

 

1,220

 

2029

 

 

329

 

Thereafter

 

 

329

 

Total estimated amortization expense

 

$

8,506