The following is a summary of the Company’s acquired intangible assets (dollars in thousands):


	December 31, 2024
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Market related intangibles	5	$	1,820	$	1,475	$	345
Customer relationships	7		13,780		11,266		2,514
Developed technologies	11		4,380		1,973		2,407
Covenants to non-compete	2		115		115		—
Licensed technology	3		581		48		533
Total intangible assets, net		$	20,676	$	14,877	$	5,799


	December 31, 2023
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Market related intangibles	5	$	1,820	$	1,135	$	685
Customer relationships	7		13,780		8,993		4,787
Developed technologies	11		4,380		1,618		2,762
Covenants to non-compete	2		115		115		—
Total intangible assets, net		$	20,095	$	11,861	$	8,234

Amortization expense was $3.0 million for the each of the years ended December 31, 2024 and 2023, respectively.

Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands):


	Estimated future amortization
2025	$	3,152
2026		751
2027		501
2028		275
2029		275
Thereafter		845
Total	$	5,799

Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors.

No impairment losses were recorded against the other intangibles for the years ended December 31, 2024 and 2023, respectively.

For the annual finite-lived intangible assets impairment assessment as of December 31, 2024, the Company evaluated the impairment considerations. As a first step, we consider factors, which may include the following, but are not limited to: (1) significant underperformance relative to historical or projected future operating results; (2) significant negative industry or economic trends; or (3) a significant decline in our stock price for a sustained period. If this assessment indicates that the carrying value of the assets may not be recoverable, the Company would be required to perform the second step to test the asset group for recoverability. This recoverability test compares the future undiscounted cash flows expected from the use of the asset group to its carrying value.

The Company determined that there were no triggering events or circumstances to indicate that the carrying value of the finite-lived asset group may not be recoverable. Therefore, the Company did not perform the test to evaluate

the asset group for recoverability. Based on the assessment performed, we concluded that an impairment charge to finite-lived intangible assets was not required as of December 31, 2024 and the useful lives remain appropriate.

For each of the years ended December 31, 2024 and 2023, the Company's goodwill assets totaled $10.8 million. No impairment losses were recorded against the goodwill during the for the years ended December 31, 2024 and 2023, respectively.

For the annual goodwill impairment assessment, as of December 31, 2024, the Company evaluated the impairment considerations. As a first step, we consider events or changes in circumstances that indicate that our goodwill might be impaired. Such circumstances may include, but not limited to (1) a decline in macro-economic conditions, (2) a significant decline in our financial performance or (3) a significant decline in the price of our common stock for a sustained period of time. We consider the aggregation of the relevant qualitative factors, and conclude whether it is more likely than not that the fair value of our reporting unit is less than the carrying value. If we conclude that it is more likely than not that the fair value of our reporting unit is less than the carrying value, we perform a quantitative impairment test. The quantitative impairment test compares the fair value of the reporting unit to its carrying amount, including goodwill.

The Company determined that there were no events or circumstances as of December 31, 2024 that indicated that it is more likely than not that the fair value of a reporting unit may be less than its carrying amount. Since there was no indication that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company determined that a quantitative goodwill impairment test was not necessary. Based on the assessment performed, we concluded that an impairment charge to goodwill was not required as of December 31, 2024.

Certain future events and circumstances could result in changes to our assumptions and judgments used in the impairment tests. A downward revision of these assumptions could cause the total fair value of our goodwill and intangible assets to fall below carrying values and a non-cash impairment charge would be required. Such a charge may have a material effect on the consolidated financial statements.