Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8—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, the Company fully impaired goodwill and recognized a $1.0 million charge during the three months ended March 31, 2023. The Company had no impairments of goodwill recognized during the six months ended June 30, 2022.

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 June 30, 2023	$	—

Intangible Assets

Intangible assets consisted of the following:

		June 30, 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		(146)		113		259		(103)		156
Total		$	259	$	(146)	$	113	$	4,058	$	(3,902)	$	156

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(1)Gross carrying amount for December 31, 2022 reflects currency translation adjustments of $0.4 million.

Amortization expense related to intangible assets was $43 thousand and $0.4 million for the six months ended June 30, 2023 and 2022, respectively.