Intangible Assets, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Gross carrying value
Brand	$	205,614	$	205,614
Trademark	26,773		26,714
Customer relationships	31,128		31,128

Patents	15,170		14,211
Intangible assets, gross	278,685		277,667

Accumulated amortization and impairments(1)
Brand	(69,439)		(62,783)
Trademarks	(6,849)		(5,956)
Customer relationships	(11,216)		(9,839)

Patents	(9,796)		(9,388)
Accumulated amortization and impairments(1)	(97,300)		(87,966)
Intangible assets, net	$	181,385	$	189,701

(1) Includes aggregate impairments for brand of $6.5 million, trademarks of $5.4 million, customer relationships of $0.5 million and patents of $6.8 million as of June 30, 2025 and December 31, 2024.

Second Quarter 2025

In the second quarter of 2025, the Company did not identify any triggering events that would indicate the potential for impairment of its held and used long-lived asset groups.

First Quarter 2025

In the first quarter of 2025, the Company observed the following triggering events for the Company’s held and used long-lived asset groups:

•A sustained decline in the share price of the Company’s Class A common stock as of March 31, 2025; and

•the potential impact of tariff increases.

Long-lived asset groups are determined by the lowest level of independent, identifiable cash flows, for which the Company has determined are its brands and in the case of Chubbies, the owned retail store level. As a result of the identified triggering events, the Company performed a

recoverability test for the identified long-lived asset groups. The results of the test indicated that the carrying amounts for the long-lived asset groups were expected to be recoverable.