Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Intangible Assets

v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying value of goodwill are as follows:

Goodwill balance, January 1, 2024 $ 13,328 
Additions (1) 2,212 
Goodwill balance, December 31, 2024 $ 15,540 
Additions (1) 72,670 
Goodwill balance, December 31, 2025 $ 88,210 
(1) Additions represent goodwill associated with the acquisition of CJK and Keystone during 2024 and 2025, respectively. See Note 4 for additional information.

The goodwill balance presented above relates to continuing operations and arise from the Trinity Acquisition, the CJK Acquisition and the Keystone Acquisition on September 16, 2025.
Intangible Assets
The following table presents information about the Company’s intangible assets as of:

December 31, 2025 December 31, 2024
Estimated Useful Life
Gross
Carrying
Amount
Accumulated
Amortization

 
Net
Gross
Carrying
Amount

Accumulated
Amortization

Net
Customer list (1)
3-10 years
 $ 42,500  $ (5,382) $ 37,118  $ 10,600  $ (3,533) $ 7,067 
Trademarks (1)
6-10 years
 9,800  (938) 8,862  1,000  (556) 444 
Developed technology (1)
3 years
 2,167  (645) 1,522  726  (273) 453 
Total $ 54,467  $ (6,965) $ 47,502  $ 12,326  $ (4,362) $ 7,964 
(1) Includes intangible assets recognized in connection with the Keystone and Trinity acquisitions. Developed technology also includes capitalized internal-use software development costs.

For the years ended December 31, 2025 and 2024, amortization of finite-lived intangible assets was $2,604 and $1,258, respectively.
As of December 31, 2025, the estimated amortization expense of finite-lived intangible assets for each of the next five years are as follows:
For the Year Ended December 31,
2026 $ 5,914 
2027 5,801 
2028 5,437 
2029 5,116 
2030 5,116 
Thereafter 20,118 
Total $ 47,502