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Intangible Assets, net
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net

5. Intangible Assets, net

 

Intangible assets consist of the following as of September 30, 2025:

 

Schedule of Intangiable Assets 

(Dollars in thousands)  Intangible Assets  

Accumulated

Amortization

   Total 
             
Strategic pipeline contract  $46,885   $36,727   $10,158 
Assembled workforce   500    392    108 
Patents   359    32    327 
Total  $47,744   $37,151   $10,593 

 

Intangible assets consist of the following as of December 31, 2024:

 

(Dollars in thousands)  Intangible Assets  

Accumulated

Amortization

   Total 
             
Strategic pipeline contract  $46,885   $29,694   $17,191 
Assembled workforce   500    317    183 
Patents   266    20    246 
Total  $47,651   $30,031   $17,620 

 

Amortization expense for each of the three and nine months ended September 30, 2025 and 2024 was approximately $2.4 million and $7.1 million, respectively.

 

The strategic pipeline contract relates to supply of a critical input to our digital mining and hosting business. The Company has analyzed this strategic pipeline contract similar to a permit for future benefit. The strategic pipeline contract relates to potential renewable energy datacenters that fit in the alignment of the Company structure to expand operations of the Company’s new focus in their business.

 

The Company expects to record amortization expense of intangible assets over the next five years and thereafter as follows:

 

Schedule of Amortization of Intangiable Assets 

(Dollars in thousands)    
Year  2025 
2025 (remainder of the year)  $2,375 
2026   7,914 
2027   17 
2028   17 
2029   17 
Thereafter   253 
Total  $10,593