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

Goodwill and Intangible Assets

v3.25.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
5.
Goodwill and Intangible Assets

The following table summarizes changes in goodwill balance:

Balance at December 31, 2023

 

$

51,155

 

Impact of foreign currency translation

 

 

(4,008

)

Assets classified as held for sale

 

 

(32,412

)

Balance at December 31, 2024

 

$

14,735

 

Intangible assets consisted of the following:

 

 

December 31, 2024

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

Developed technology

 

$

12,270

 

 

$

(3,153

)

Trade names

 

 

2,080

 

 

 

(1,282

)

Patents

 

 

393

 

 

 

(345

)

FCC licenses

 

 

480

 

 

 

(282

)

 

$

15,223

 

 

$

(5,062

)

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

Customer relationships

 

$

23,427

 

 

$

(4,064

)

Developed technology

 

 

13,313

 

 

 

(2,312

)

Trade names

 

 

2,257

 

 

 

(940

)

Backlog

 

 

3,117

 

 

 

(3,117

)

Patents

 

 

419

 

 

 

(308

)

FCC licenses

 

 

480

 

 

 

(249

)

 

$

43,013

 

 

$

(10,990

)

As of December 31, 2024, the weighted-average amortization period for developed technology was 8.9 years, trade names was 1.9 years, and patents and FCC licenses was 5.6 years. Amortization expense related to intangible assets was $3,228 and $3,518 for the years ended December 31, 2024 and 2023, respectively.

The Company did not recognize any impairment charges during the years ended December 31, 2024 and 2023. The patents asset balance included $0 and $57 of capitalized patent costs as of December 31, 2024 and 2023, respectively, that began amortization upon the issuance of an official patent right to the Company.

As of December 31, 2024, the expected future amortization expense of intangible assets is as follows:

Fiscal year ending December 31,

 

Future Amortization Expense

 

2025

 

$

1,493

 

2026

 

 

1,451

 

2027

 

 

1,062

 

2028

 

 

1,058

 

2029

 

 

1,056

 

Thereafter

 

 

4,041

 

 

$

10,161