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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The following table summarizes changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 (in thousands):
Balance as of January 1, 2022$— 
Measurement period adjustments1,234 
Impairment (a)(22,662)
Acquisitions60,395 
Effect of change in foreign currency exchange rates(1,192)
Balance as of January 1, 202337,775 
Measurement period adjustments(2,307)
Impairment (b)(13,712)
Acquisitions13,020 
Effect of change in foreign currency exchange rates1,118 
Balance as of December 31, 2023$35,894 

(a) While Energica significantly expanded the global dealer network and introduced product into the US market, the business did not meet its performance targets in 2022 and is expected to continue to miss business development targets in 2023. Consequently, updated projections reflecting the longer time period required for market development and sales expansion reflect a related decrease in the enterprise value.

Based on the results of the annual quantitative impairment test, the fair value of the Energica reporting unit was below the carrying value of its net assets. The fair value of the Energica reporting unit was based on the income approach. Under the income approach, the Company estimated the fair value of the reporting unit based on the present value of estimated future cash flows which are Level 3 unobservable inputs in the fair value hierarchy. The Company prepared cash flow projections based on management's estimates of revenue growth rates and operating margins, taking into consideration the historical performance and the current macroeconomic industry and market conditions. The Company based the discount rate on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the Energica’s ability to execute on the projected cash flows. The fair value of Energica’s reporting unit is based on management’s
best estimates, and should actual results differ from those estimates, future impairment charges may be required in future periods.

The quantitative analysis indicated that the carrying amount of the Energica reporting unit exceeded its fair value. As a result, the Company recorded a goodwill impairment charge of €21.1 million ($22.7 million) in the years ended December 31, 2022.

(b) The goodwill from the VIA acquisition represents future economic benefits that we expect to achieve as a result of the VIA acquisition. Goodwill is calculated as the excess of the consideration transferred over the net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill is not expected to be deductible for tax purposes. Goodwill will not be amortized but instead will be tested for impairment at least annually and more frequently if certain indicators of impairment are present. Management has concluded that VIA will not achieve its previous production and sales goals as the business's engineering and operations functions have been temporarily paused due to a lack of capital to investment in the next phases of development and manufacturing. As a result, the Company fully impaired the goodwill to zero in the year ended December 31, 2023.

The quantitative analysis indicated that the carrying amount of the Energica reporting unit exceeded its fair value. As a result, the Company recorded a goodwill impairment charge of €2.7 million ($3.0 million) in the years ended December 31, 2023.
Schedule of Amortizing and Indefinite Lived Intangible Assets
The following table summarizes information regarding amortizing and indefinite lived intangible assets (in thousands):
December 31, 2023December 31, 2022
Weighted
Average
Remaining
Useful Life
(in years)		Gross
Carrying
Amount		Accumulated
Amortization		Impairment LossNet
Balance		Gross
Carrying
Amount		Accumulated
Amortization		Impairment LossNet 
Balance
Amortizing Intangible Assets
Patents, trademarks and brands 20.9$26,621 $(1,870)$(19,530)$5,221 $14,734 $(660)$— $14,074 
Customer relationships12.714,349 (2,024)(8,501)3,824 13,937 (824)— 13,113 
Licenses 3.4105 (33)— 72 141 (16)— 125 
Software 2.3132 (76)— 56 2,981 (667)(2,300)14 
Technology 6.2122,969 (15,144)(93,356)14,469 18,225 (1,954)— 16,271 
164,176 (19,147)(121,387)23,642 50,018 (4,121)(2,300)43,597 
Indefinite lived intangible assets
Website name25 — — 25 25 — — 25 
Total$164,201 $(19,147)$(121,387)$23,667 $50,043 $(4,121)$(2,300)$43,622 

*excludes intangible assets fully amortized or written off in prior period
Schedule of Amortization Expense
The estimated amortization expense related to these intangible assets for each of the years subsequent to December 31, 2023, is as follows (amounts in thousands):

20244,180 
20254,180 
20264,050 
20274,034 
2028 and beyond24,066 
Total40,510 
The following table summarizes future expected amortization expense (in thousands):
Years ending December 31,Amortization to be
recognized
2024$3,059 
20253,050 
20262,908 
20272,876 
20282,864 
2029 and thereafter8,885 
Total$23,642