Goodwill represented the future economic benefits derived from the Company’s unique market position, the growth attributable to the Net Power Cycle and the Company’s assembled workforce, none of which are individually and separately recognized as intangible assets. Goodwill was allocated to the Company’s sole reportable segment and reporting unit.

The following table presents the changes to goodwill included in the condensed consolidated balance sheets:


	September 30,		December 31,
$ in thousands	2025		2024
Balance at the beginning of the period	$	359,847	$	423,920
Impairment	(359,847)		—
Measurement adjustments	—		(64,073)
Balance at the end of the period	$	—	$	359,847

During the second quarter of 2024, the Company completed its estimate of deferred taxes as of the Closing Date and finalized its purchase price allocation, which resulted in a measurement adjustment that reduced goodwill by $64.1 million.

Refer to Note 3 — Impairment and other charges for discussion of impairment.

The following tables summarize the Company’s definite-lived intangible assets included in the condensed consolidated balance sheets:


	September 30,				December 31,
	2025				2024
$ in thousands	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Developed technology	$	184,465	$	(854)	$	183,611	$	1,345,000	$	(104,985)	$	1,240,015
Software(1)	448		(8)		440		1,407		(79)		1,328
Total definite-lived intangible assets	$	184,913	$	(862)	$	184,051	$	1,346,407	$	(105,064)	$	1,241,343

(1) Software includes $0.1 million and $0.6 million related to software work-in-progress as of September 30, 2025 and December 31, 2024.

Refer to Note 3 — Impairment and other charges for discussion of impairments.

The following table presents the Company’s amortization expense for the following periods:


	Three Months Ended September 30,				Nine Months Ended September 30,
$ in thousands	2025		2024		2025		2024
Amortization expense	$	12,122	$	16,837	$	45,943	$	50,477

The Company does not own or control any intangible assets with indefinite useful lives. The following table presents estimated amortization expense for the next five years and thereafter (in thousands):


Remaining 2025	$	2,644
2026	10,489
2027	10,489
2028	10,518
2029	10,447
2030 and thereafter	139,464
Total	$	184,051

The Company regularly evaluates whether events or changes in circumstances warrant a revision to the remaining estimated useful lives of its long-lived assets.