11. INTANGIBLE ASSETS, NET

At December 31, 2025 and 2024, intangible assets consisted of:

During the year ended December 31, 2025, the Company recognized approximately $11.9 million of identifiable intangible assets in connection with the reconsolidation of Gresham (see Note 4), primarily consisting of customer relationships, developed technology, and trade names.

All of the Company’s intangible assets are considered to have finite useful lives and are amortized on a straight-line basis over their estimated useful lives, which range from 5 to 15 years.

Summary of amortization expense:

As of December 31, 2025, intangible assets subject to amortization had an average remaining useful life of 11 years. The following table presents estimated amortization expense for each of the succeeding five calendar years and thereafter.

Impairment of Intangible Assets

During the year ended December 31, 2024, the Company recognized an impairment charge of approximately $1.5 million related to intangible assets associated with Eco Pack Technologies Limited. Based on internally developed forecasts of undiscounted expected future cash flows, the Company determined that the carrying value of these assets was not recoverable.

Valuation of Intangible Assets

Intangible assets acquired in business combinations, including those recognized in connection with the reconsolidation of Gresham, are recorded at fair value at the acquisition date. The Company primarily uses income-based valuation approaches to estimate fair value, including the multi-period excess earnings method and the relief-from-royalty method.

These valuation techniques require significant estimates and assumptions, including projected revenues, customer attrition rates, royalty rates, operating margins, contributory asset charges, and discount rates. Such measurements are classified as Level 3 fair value measurements within the fair value hierarchy.