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INTANGIBLE ASSETS, NET | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS, NET | # NOTE 6 – INTANGIBLE ASSETS, NET The following table shows the components of intangible assets, net (in thousands):
|  | June 30, 2025 |  |  | December 31, 2024 |
Trade name |  | $ | 4,048 |  |  | $ | 3,184 |
Developed technology |  |  | 16,100 |  |  |  | 15,438 |
Customer relationships |  |  | 24,313 |  |  |  | 21,081 |
Patents |  |  | 13 |  |  |  | 11 |
Total intangible assets |  |  | 44,474 |  |  |  | 39,714 |
Less: accumulated amortization |  |  | (3,808 | ) |  |  | (2,482 | )
Intangible assets, net |  | $ | 40,666 |  |  | $ | 37,232 |
The weighted-average remaining amortization period for trade names as of June 30, 2025 was 12.2 years. The weighted-average remaining amortization period for developed technology as of June 30, 2025 was 15.1 years. The weighted-average remaining amortization period for customer relationships as of June 30, 2025 was 19.9 years.The weighted-average remaining amortization period for patents as of June 30, 2025 was 12.9 years. Total amortization expense for the three months ended June 30, 2025 and 2024 was approximately $0.6 million and $0.1 million, respectively. Total amortization expense for the six months ended June 30, 2025 and 2024 was approximately $1.3 million and $0.1 million, respectively. Estimated future amortization expense for the next five years is as follows:
2026 |  | $ | 2,531 |
2027 |  | $ | 2,531 |
2028 |  | $ | 2,531 |
2029 |  | $ | 2,531 |
2030 |  | $ | 2,531 |
Thereafter |  | $ | 28,011 |
Total |  | $ | 40,666 |

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