Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
8. Goodwill and Intangible Assets
Goodwill
The Company performed an annual qualitative goodwill assessment of the goodwill held related to the BlackSky reporting unit as of October 1, 2023. The Company determined that no triggering events occurred that would require the Company to quantitatively test goodwill for impairment during the year ended December 31, 2023. As of December 31, 2023, the Company believes that the estimated fair value of the BlackSky reporting unit is still in excess of its respective carrying value and therefore is not at-risk of being impaired. To the extent this reporting unit realizes actual operating results in the future below forecasted results, or realizes decreases in forecasted results as compared to previous forecasts or, in the event the estimated fair value of the reporting unit decreases (as a result, among other things, of changes in market capitalization, including further declines in the stock price), the Company may incur goodwill impairment charges in the future. Goodwill was as follows:
December 31, 2023 December 31, 2022
(in thousands)
Gross carrying amount $ 9,393  $ 9,393 
Accumulated impairment losses —  — 
Net carrying value of goodwill $ 9,393  $ 9,393 
Intangible Assets - net
Intangible assets - net was as follows:
December 31, 2023 December 31, 2022
(in thousands)
Gross carrying amount $ 6,530  $ 6,530 
Accumulated amortization (5,173) (4,612)
Net carrying amount (1)
$ 1,357  $ 1,918 
(1) For the years ended December 31, 2023 and 2022, the net carrying amount of intangible assets was made up entirely of customer relationships.

For the years ended December 31, 2023 and 2022, amortization expense related to intangible assets was $0.6 million. This amount is included in depreciation and amortization expense in the consolidated statements of operations and comprehensive loss. The Company estimates that it will have the following amortization expense for the future periods indicated below:
For the years ending December 31: (in thousands)
2024 $ 561 
2025 561 
2026 235 
Total $ 1,357