We evaluate our indefinite-lived intangible assets, which includes our trade names, for impairment on an annual basis or whenever events or changes occur that would more-likely-than not reduce the fair value below the carrying value of the indefinite-lived intangible assets between annual impairment assessments. As we have only one reporting unit, any impairment assessment on indefinite-lived intangible assets is performed at the consolidated level.

As a result of recent divestitures and planned divestitures, revenue projections during the three and nine months ended September 30, 2025 were significantly lowered. This, along with a significant decline in the market price of our common stock, resulted in us determining that impairment triggering events occurred on indefinite-lived intangible assets at March 31, 2025, June 30, 2025, and September 30, 2025, and quantitative impairment assessments were performed. The fair value of indefinite-lived intangible assets was estimated using the relief from royalty method, which is based on management's estimates of projected revenues and terminal growth rates, taking into consideration market and industry conditions. The discount rate used was based on the weighted-average cost of capital adjusted for the risk, size premium and business-specific characteristics related to projected revenues. The approach used by management to measure the fair value of indefinite-lived intangible assets for impairment evaluation is considered a Level 3 fair value measurement.

Based on the quantitative impairment assessments performed, we determined that the estimated fair value of our indefinite-lived intangible assets was lower than its carrying value primarily as the result of lower revenue projections and a decrease in the Company’s stock price. Consequently, we recorded a non-cash impairment charge of $22.9 million during the three months ended September 30, 2025 and $30.1 million during the nine months ended September 30, 2025, which are included in impairment charges in our statements of operations and comprehensive loss.


	September 30, 2025						December 31, 2024
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Asset Value		Gross Carrying Amount		Accumulated Amortization		Net Asset Value
Amortizable intangible assets:
Manufacturer relationships	$	—	$	—	$	—	$	45,649	$	25,204	$	20,445
Customer relationships	—		—		—		10,050		5,655		4,395
Non-compete agreements	—		—		—		230		213		17
	—		—		—		55,929		31,072		24,857
Non-amortizable intangible assets:
Trade names and trademarks	—		—		—		30,100		—		30,100
Total(1)	$	—	$	—	$	—	$	86,029	$	31,072	$	54,957