INTERNALLY-DEVELOPED SOFTWARE, NET

6 Months Ended

Jun. 30, 2025

Internally-developed software, net consisted of the following:


	June 30, 2025		December 31, 2024
Internally-developed software	$	25,937	$	23,188
Software-in-development	3,856		5,507
Less: accumulated amortization	(20,496)		(17,947)
Total internally-developed software, net	$	9,297	$	10,748

During the three and six months ended June 30, 2025, the Company capitalized $0.9 million and $1.1 million, respectively, in internally-developed software. During the three and six months ended June 30, 2024, the Company capitalized $1.8 million and $2.7 million, respectively, in internally-developed software. Capitalized costs associated with software-in-development are not amortized until the related assets are put into service, and capitalized amounts are presented net of costs related to discontinued projects.

Total amortization expense related to internally-developed software for the three and six months ended June 30, 2025 was $1.2 million and $2.5 million, respectively, and $1.3 million and $2.7 million for the three and six months ended June 30, 2024, respectively.

Latch, Inc. 10-Q