Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill

As of March 31, 2026, the aggregate carrying value of goodwill was $135.2 million, all attributable to the Array Legacy Operations segment, net of cumulative impairments of $51.9 million. There were no changes in the carrying amount of goodwill by segment during three months ended March 31, 2026.

The Company tests goodwill for impairment annually or more frequently if facts or circumstances indicate that it is more likely than not that the fair value of its reporting units is less than its carrying value, which would require the Company to perform an interim goodwill impairment test. The Company did not identify any indicators of impairment as of March 31, 2026.

Long Lived Assets

The Company assesses long-lived assets classified as “held and used,” including property, plant and equipment, lease assets and intangible assets for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable.

As of March 31, 2026, no events or circumstances were noted that would indicate the carrying amount of any of Array Legacy’s Operations or STI Operations assets may not be recoverable.

Other Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):


	Estimated Useful Lives (Years)	March 31, 2026		December 31, 2025
Amortizable:
Developed technology	5-14	$	225,800	$	225,800
Computer software and other	3-5	29,817		29,285
Customer relationships	5-10	228,980		230,660
Backlog	1	22,318		22,635
Trade name	10-20	26,856		27,139
Total amortizable intangibles		533,771		535,519
Accumulated amortization:
Developed technology		144,409		139,669
Computer software and other		16,796		16,046
Customer relationships		132,758		127,301
Backlog		21,006		20,447
Trade name		4,181		3,777
Total accumulated amortization		319,150		307,240
Total amortizable intangibles, net		214,621		228,279

Non-amortizable:
Trade name		10,300		10,300

Total other intangible assets, net		$	224,921	$	238,579

Amortization expense related to intangible assets was $13.0 million and $8.5 million for the three months ended March 31, 2026 and 2025, respectively, of which $5.6 million and $3.6 million, respectively, was included in Amortization of developed technology and backlog, a component of cost of revenue, and $7.4 million and $4.9 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Estimated future amortization expense of intangible assets as of March 31, 2026, is as follows (in thousands):


	Amount
Remainder of 2026	$	33,976
2027	39,545
2028	38,947
2029	38,947
2030	28,379
Thereafter	34,827
	$	214,621

Array Technologies, Inc. 10-Q