Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.23.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 7—Goodwill and Intangible Assets
Goodwill
The Company had goodwill related to the acquisition of HelioHeat GmbH, a private limited liability company in Germany engaged in the development, planning and construction of renewable energy systems and components, including a novel solar receiver.
During the first quarter of 2023, the Company performed a goodwill impairment assessment driven by the sustained decline in the Company’s market capitalization below the Company’s carrying value. Management concluded that it is more likely than not that the fair value of our reporting unit was less than its carrying amount as of March 31, 2023. As a result of the impairment test performed, the Company fully impaired goodwill and recognized a $1.0 million charge during the three months ended March 31, 2023. There were no impairments of goodwill recognized in prior periods.
The changes in the carrying amount of goodwill are as follows:
$ in thousands
Balance as of December 31, 2022
 $ 1,004 
Currency translation adjustments 4 
Impairment (1,008)
Balance as of March 31, 2023
 $ — 
Intangible Assets
Intangible assets consisted of the following:
March 31, 2023 December 31, 2022
$ in thousands Useful Life in Years Gross Carrying Amounts Accumulated Amortization Intangible Assets, Net Gross Carrying Amounts Accumulated Amortization and Impairment Intangible Assets, Net
Acquired developed technology rights (1)
5
 $ —  $ —  $ —  $ 3,799  $ (3,799) $ — 
Software licenses
3
 259  (124) 135  259  (103) 156 
Total $ 259  $ (124) $ 135  $ 4,058  $ (3,902) $ 156 
________________
(1)Gross carrying amount for December 31, 2022 reflects currency translation adjustments of $0.4 million.
Amortization expense related to intangible assets was $21 thousand and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.