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Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Intangible Assets, Net [Abstract]  
Intangible Assets, Net

Note 8 — Intangible Assets, Net

 

Intangible assets, net at September 30, 2025 and December 31, 2024 are summarized as follows:

 

   September 30, 2025
   Estimated  Gross       Accumulated   Net 
   Useful Life  Carrying   Accumulated   Impairment   Carrying 
   in Years  Amount   Amortization   Amount   Amount 
Tradenames  2 - 7  $60,900   $(2,254)  $
—
   $58,646 
Customer relationships  7 - 10   3,075    (224)   
—
    2,851 
      $63,975   $(2,478)  $
—
   $61,497 

 

   December 31, 2024
   Estimated  Gross       Accumulated   Net 
   Useful Life  Carrying   Accumulated   Impairment   Carrying 
   in Years  Amount   Amortization   Amount   Amount 
Tradenames  7   6,100    
—
    
—
    6,100 
Customer relationships  10   2,800    
—
    
—
    2,800 
      $8,900   $
—
   $
—
   $8,900 

 

The Company recorded amortization expense of $1.8 million and $0, respectively, in general and administrative expense in the condensed consolidated statements of operations for the three months ended September 30, 2025 and 2024, respectively.

 

The Company recorded amortization expense of $2.5 million and $0, respectively, in general and administrative expense in the condensed consolidated statements of operations for the nine months ended September 30, 2025 and 2024, respectively.

 

Future amortization expense of the Company’s intangible assets is as follows:

 

Remainder of 2025  $3,835 
2026   15,214 
2027   15,214 
2028   13,600 
2029   10,035 
Thereafter   3,599 
   $61,497