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Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 4 – Intangible Assets

 

Intangible assets and their estimated useful lives as of March 31, 2025 are as follows (dollars in thousands):

 

 

 

Useful Life

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

Customer relationships

 

8 and 10 years

 

$

2,680

 

 

$

(1,078

)

 

$

1,602

 

Developed technology

 

5 and 7 years

 

 

710

 

 

 

(443

)

 

 

267

 

Trade name / trademarks

 

3 and 7 years

 

 

30

 

 

 

(26

)

 

 

4

 

 

 

 

 

$

3,420

 

 

$

(1,547

)

 

$

1,873

 

 

During each of the three months ended March 31, 2025 and 2024, we recorded $0.1 million of intangible assets amortization expense. We expect to record amortization expense for the remainder of 2025 and each subsequent year and thereafter as follows (in thousands):

 

2025

 

$

301

 

2026

 

 

356

 

2027

 

 

355

 

2028

 

 

338

 

2029

 

 

174

 

Thereafter

 

 

349

 

 

 

$

1,873