Redwire Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Intangible Assets, net

Intangible Assets, net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Note H – Intangible Assets, net

The intangible asset gross carrying amount and accumulated amortization were as follows:



	December 31, 2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Weighted average useful life in years
Finite-lived intangible assets:
Customer relationships	$	39,593	$	(4,037)	$	35,556	21
Technology	30,954		(5,012)		25,942		13
Trademarks	3,172		(1,278)		1,894		7

Internal-use software licenses	2,387		(920)		1,467		3
Indefinite-lived intangible assets:
Cosmos Tradename	300		—		300
IPR&D	1,712		—		1,712
Total intangible assets	$	78,118	$	(11,247)	$	66,871



	December 31, 2021
	Gross carrying amount		Accumulated amortization		Net carrying amount		Weighted average useful life in years
Finite-lived intangible assets:
Customer relationships	$	48,612	$	(3,592)	$	45,020	19
Technology	43,339		(5,894)		37,445		14
Trademarks	6,807		(1,572)		5,235		7
Internal-use software licenses	2,292		(385)		1,907		3
Indefinite-lived intangible assets:
Cosmos Tradename	300		—		300
IPR&D	935		—		935
Total intangible assets	$	102,285	$	(11,443)	$	90,842

During the year ended December 31, 2022, the Company recognized impairment expense of $96.6 million, of which $30.9 million related to intangible assets on certain asset groups within the Mission Solutions reporting unit. Please refer to Note T for additional information related to this impairment.

The table below presents the amortization expense related to intangible assets for the following periods:



	Year Ended
	December 31, 2022		December 31, 2021
Amortization expense	$	7,963	$	8,640

The table below presents the future amortization expense on intangible assets as of December 31, 2022:


Year	Total
2023	$	7,003
2024	6,327
2025	5,552
2026	5,057
2027	4,576
Thereafter	36,344
Total future amortization expense on intangible assets	$	64,859