Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6 – Goodwill and Intangible Assets

The following table summarizes the activity in goodwill balance for periods presented below (in thousands):


	Natural Gas Technologies						Production Solutions							Total
	Goodwill		Accumulated Impairment Losses		Goodwill, net of Accumulated Impairment		Goodwill		Accumulated Impairment Losses			Goodwill, net of Accumulated Impairment		Goodwill, net of Accumulated Impairment
Balance as of December 31, 2023	$	—	$	—	$	—	$	7,596	$	(5,372	)	$	2,224	$	2,224
Additions to goodwill		66,325		—		66,325		181,143		—			181,143		247,468
Goodwill impairment		—		—		—		—		—			—		—
Balance as of December 31, 2024	$	66,325	$	—	$	66,325	$	188,739	$	(5,372	)	$	183,367	$	249,692

Balance as of December 31, 2024	$	66,325	$	—	$	66,325	$	188,739	$	(5,372	)	$	183,367	$	249,692
Additions to goodwill		—		—		—		—		—			—		—
Goodwill impairment		—		—		—		—		—			—		—
Balance as of December 31, 2025	$	66,325	$	—	$	66,325	$	188,739	$	(5,372	)	$	183,367	$	249,692

Intangible assets, net, consist of the following as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025							December 31, 2024
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Developed technology	$	97,354		(16,584	)	$	80,770	$	97,350	$	(9,221	)	$	88,129
Trade name		61,010		(11,946	)		49,064		61,010		(5,845	)		55,165
Customer relationships		170,264		(28,659	)		141,605		168,340		(11,350	)		156,990
Non-compete agreement		2,048		(796	)		1,252		2,048		—			2,048
Patent		764		(18	)		746		193		(3	)		190
Total	$	331,440	$	(58,003	)	$	273,437	$	328,941	$	(26,419	)	$	302,522

Amortization expense totaled $31.7 million, $17.2 million and $2.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the weighted average remaining useful lives for the Company's intangible assets are as follows:


Developed technology		12.8 Years
Trade name		8.1 Years
Customer relationships		8.5 Years
Non-compete agreement		1.9 Years
Patent		18.5 Years

Amortization expense is classified in operating expenses on the accompanying consolidated statements of operations. Estimated future amortization expense as of December 31, 2025 for each of the next five years and thereafter is as follows (in thousands):


2026	$	32,036
2027		31,922
2028		30,450
2029		29,432
2030		28,431
Thereafter		121,166
	$	273,437

Flowco Holdings Inc. 10-K