Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.26.1
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying value of goodwill are as follows:

Goodwill balance, December 31, 2025 $ 88,210 
Additions (1) 18,208 
Adjustment (2) 528 
Goodwill balance, June 30, 2026 $ 106,946 
(1) Additions represent goodwill associated with the 2026 Acquisitions during the period ended June 30, 2026. See Note 3 for additional information.
(2) Represents measurement period adjustments made during the six months ended June 30, 2026, reflecting adjustments to the acquired net assets of Keystone. For additional information, see Note 4 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The goodwill balance presented above relates to continuing operations and arise from the acquisitions of Trinity, CJK, Keystone, OVPA, LPS, and HLT-NRP.
Intangible Assets
The following table presents information about the Company’s intangible assets as of:

June 30, 2026 December 31, 2025
Estimated Useful Life
Gross
Carrying
Amount
Accumulated
Amortization

 
Net
Gross
Carrying
Amount

Accumulated
Amortization

Net
Customer list (1)
3-10 years
 $ 62,480  $ (7,636) $ 54,844  $ 42,500  $ (5,382) $ 37,118 
Trademarks (1)
6-10 years
 9,800  (6,433) 3,367  9,800  (938) 8,862 
Developed technology (1)
3 years
 2,806  (1,009) 1,797  2,167  (645) 1,522 
Total $ 75,086  $ (15,078) $ 60,008  $ 54,467  $ (6,965) $ 47,502 
(1) Includes intangible assets recognized in connection with the Keystone, Trinity, and 2026 Acquisitions. Developed technology also includes capitalized internal-use software development costs.

For the three months ended June 30, 2026 and 2025, amortization of finite-lived intangible assets was $6,627 and $356, respectively. For the six months ended June 30, 2026 and 2025, amortization of finite-lived intangible assets was $8,113 and $764, respectively. $5.0 million of the increase in amortization for the three and six months ended June 30, 2026 is attributable to accelerated amortization of Keystone and Trinity trade name intangibles, to be fully amortized by September 2026 as we rebrand to a unified Strata brand across the consolidated business. The remainder of the increase in amortization is largely attributable to intangibles generated from the acquisition of Keystone in mid-September 2025.
As of June 30, 2026, 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,
Remainder of 2026 $ 7,337 
2027 7,868 
2028 7,624 
2029 7,151 
2030 7,091 
Thereafter 22,937 
Total $ 60,008