| INTANGIBLE ASSETS |
NOTE 7 – INTANGIBLE ASSETS
The components of intangible
assets, all of which are finite-lived, were as follows:
| |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
|
| (dollars in thousands) |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Useful
Life (years)
|
|
| Trademarks |
|
$ |
6,930 |
|
|
$ |
(1,488 |
) |
|
$ |
5,442 |
|
|
$ |
3,230 |
|
|
$ |
(1,099 |
) |
|
$ |
2,131 |
|
|
|
7 - 10 |
|
| FAA waiver |
|
|
5,930 |
|
|
|
(2,611 |
) |
|
|
3,319 |
|
|
|
5,930 |
|
|
|
(2,018 |
) |
|
|
3,912 |
|
|
|
10 |
|
| Developed technology |
|
|
113,604 |
|
|
|
(12,276 |
) |
|
|
101,328 |
|
|
|
27,977 |
|
|
|
(8,564 |
) |
|
|
19,413 |
|
|
|
3 - 10 |
|
| Non-compete agreements |
|
|
3,521 |
|
|
|
(37 |
) |
|
|
3,484 |
|
|
|
840 |
|
|
|
(840 |
) |
|
|
- |
|
|
|
1 - 4 |
|
| Other intangible assets |
|
|
2,040 |
|
|
|
(749 |
) |
|
|
1,291 |
|
|
|
1,673 |
|
|
|
(554 |
) |
|
|
1,119 |
|
|
|
3 - 10 |
|
| Customer relationships |
|
|
23,008 |
|
|
|
(982 |
) |
|
|
22,026 |
|
|
|
1,010 |
|
|
|
(407 |
) |
|
|
603 |
|
|
|
5 |
|
| |
|
$ |
155,033 |
|
|
$ |
(18,143 |
) |
|
$ |
136,890 |
|
|
$ |
40,660 |
|
|
$ |
(13,482 |
) |
|
$ |
27,178 |
|
|
|
|
|
Amortization expense
for the year ended December 31, 2025 and 2024 was $5.8 million and $4.2 million, respectively. Other intangible assets represent patents,
licenses, software, backlog and other marketing-related assets. During the year ended December 31, 2025, the carrying value and accumulated
amortization of fully amortized intangibles were derecognized and totaled $1.2 million. Expected amortization expense for intangible assets
subject to amortization as of December 31, 2025 is as follows:
|
(dollars in thousands) Year ending December 31,
|
|
Expected
Amortization |
|
| 2026 |
|
$ |
18,700 |
|
| 2027 |
|
|
18,681 |
|
| 2028 |
|
|
18,383 |
|
| 2029 |
|
|
18,223 |
|
| 2030 |
|
|
16,971 |
|
| Thereafter |
|
|
45,932 |
|
| Total |
|
$ |
136,890 |
|
|