v3.25.3
Consolidated Statements of Changes in Stockholders' Deficit (Q2) - USD ($)
$ in Thousands
Total
Conversion to Common Stock
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity
Series B Preferred Stock
Series C Preferred Stock
Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series B Preferred Stock
Conversion to Common Stock
Preferred Stock
Series C Preferred Stock
Preferred Stock
Series C Preferred Stock
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity
Common Stock
Common Stock
Conversion to Common Stock
Common Stock
Series B Preferred Stock
Common Stock
Series C Preferred Stock
Additional Paid-In Capital
Additional Paid-In Capital
Conversion to Common Stock
Additional Paid-In Capital
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity
Accumulated Deficit
Accumulated OCI
Non-Controlling Interest
Beginning balance at Dec. 31, 2022 $ (11,193)                                 $ (38,564) $ 0 $ 656
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss (30,984)                                 (30,845)   (139)
Other comprehensive gain, net of taxes 0                                      
Distributions to Stockholders (241)                                 (241)    
Ending balance at Dec. 31, 2023 (18,486)                                 (64,284) 0 1,559
Increase (Decrease) in Temporary Equity [Roll Forward]                                        
Issuance of Series C Preferred Stock, net 130                                      
Net loss (7,526)                                 (5,219)   (2,307)
Issuance of common shares, net of issuance costs 7,566                                      
Ending balance at Mar. 31, 2024 (10,519)                                 (73,918)   11,543
Beginning balance at Dec. 31, 2023 (18,486)                                 (64,284) 0 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss (18,840)                                      
Other comprehensive gain, net of taxes 0                                      
Ending balance at Jun. 30, 2024 (11,702)                                 (81,568)   15,113
Beginning balance at Dec. 31, 2023 (18,486)                                 (64,284) 0 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss (28,198)                                 (16,436)   (11,762)
Other comprehensive gain, net of taxes 62                                   62  
Preferred Stock, ending balance (in shares) at Oct. 01, 2024           0                            
Ending balance at Oct. 01, 2024 $ (4,503)         $ 0         $ 0       $ 11,342     (15,845) 0 0
Common Stock, ending balance (in shares) at Oct. 01, 2024 43,589,850                   0                  
Beginning balance at Dec. 31, 2023 $ (18,486)                                 (64,284) 0 1,559
Preferred Stock, ending balance (in shares) at Dec. 31, 2024 1,102,000     1,102,000 0 1,102,000 1,102,000   0                      
Ending balance at Dec. 31, 2024 $ 766,293         $ 0 $ 0   $ 0   $ 4       502,865     (78,262) 909 340,777
Common Stock, ending balance (in shares) at Dec. 31, 2024 44,597,154                   44,597,154                  
Preferred Stock, ending balance (in shares) at Dec. 31, 2024 0                                      
Preferred Stock, ending balance at Dec. 31, 2024 $ 0                                      
Beginning balance at Mar. 31, 2024 (10,519)                                 (73,918)   11,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss (11,314)                                 (7,288)   (4,026)
Issuance of common shares, net of issuance costs 2,852                                      
Other comprehensive gain, net of taxes 0                                      
Ending balance at Jun. 30, 2024 (11,702)                                 (81,568)   15,113
Preferred Stock, beginning balance (in shares) at Oct. 01, 2024           0                            
Beginning balance at Oct. 01, 2024 $ (4,503)         $ 0         $ 0       11,342     (15,845) 0 0
Common Stock, beginning balance (in shares) at Oct. 01, 2024 43,589,850                   0                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss $ (70,093)                                 (61,754)   (8,339)
Other comprehensive gain, net of taxes 909                                   909  
Distributions to Stockholders (663)                                 (663)    
Stock-based compensation 16,338                           14,381         1,957
Accrued preferred dividends (217)                           (217)          
Conversion to Common Stock (in shares)                     259,309                  
Conversion to Common Stock $ 2,982                           2,982          
Preferred Stock, ending balance (in shares) at Dec. 31, 2024 1,102,000     1,102,000 0 1,102,000 1,102,000   0                      
Ending balance at Dec. 31, 2024 $ 766,293         $ 0 $ 0   $ 0   $ 4       502,865     (78,262) 909 340,777
Common Stock, ending balance (in shares) at Dec. 31, 2024 44,597,154                   44,597,154                  
Preferred Stock, ending balance (in shares) at Dec. 31, 2024 0                                      
Preferred Stock, ending balance at Dec. 31, 2024 $ 0                                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss (253,674)                                 (142,997)   (110,677)
Series B Preferred Stock buyback (in shares)             (5,000)                          
Series B Preferred Stock buyback (50)                           (50)          
Series B Preferred Stock issued for paid-in-kind dividends (in shares)             21,808                          
Series B Preferred Stock issued for paid-in-kind dividends 218                           218          
Issuance of common shares, net of issuance costs (in shares)                     161,964                  
Issuance of common shares, net of issuance costs 1,927                           1,927          
Vesting of earnout shares (in shares)                     2,344,682                  
Vesting of earnout shares 874                   $ 1       873          
Other comprehensive gain, net of taxes (2,387)                                   (2,387)  
Non-controlling interest issued and related transfers 6,946                           (26,303)         33,249
Distributions to Stockholders (26)                                 (26)    
Stock-based compensation 5,841                           4,943         898
Accrued preferred dividends (217)                           (217)          
Preferred Stock, ending balance (in shares) at Mar. 31, 2025             1,118,808   0                      
Ending balance at Mar. 31, 2025 $ 525,745           $ 0   $ 0   $ 5       484,256     (221,285) (1,478) 264,247
Common Stock, ending balance (in shares) at Mar. 31, 2025                     47,103,800                  
Increase (Decrease) in Temporary Equity [Roll Forward]                                        
Conversion of related party notes (in shares) 2,310,848                                      
Conversion of related party notes $ 23,109                                      
Issuance of Series C Preferred Stock (in shares) 575,000                                      
Issuance of Series C Preferred Stock, net $ 5,663                                      
Accrued preferred dividends $ (44)                                      
Preferred Stock, ending balance (in shares) at Mar. 31, 2025 2,885,848                                      
Preferred Stock, ending balance at Mar. 31, 2025 $ 28,728                                      
Preferred Stock, beginning balance (in shares) at Dec. 31, 2024 1,102,000     1,102,000 0 1,102,000 1,102,000   0                      
Beginning balance at Dec. 31, 2024 $ 766,293         $ 0 $ 0   $ 0   $ 4       502,865     (78,262) 909 340,777
Common Stock, beginning balance (in shares) at Dec. 31, 2024 44,597,154                   44,597,154                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss $ (394,949)                                      
Other comprehensive gain, net of taxes (2,198)                                      
Conversion to Common Stock (in shares)                         2,164,673 5,471,696            
Preferred Stock, ending balance (in shares) at Jun. 30, 2025       33,144 150,000   33,144   150,000                      
Ending balance at Jun. 30, 2025 $ 426,060           $ 0   $ 0   $ 6       525,346     (305,512) (1,289) 207,509
Common Stock, ending balance (in shares) at Jun. 30, 2025 55,221,494                   55,221,494                  
Preferred Stock, beginning balance (in shares) at Dec. 31, 2024 0                                      
Preferred Stock, beginning balance at Dec. 31, 2024 $ 0                                      
Increase (Decrease) in Temporary Equity [Roll Forward]                                        
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)       1,085,664 2,735,848                              
Preferred Stock, ending balance (in shares) at Jun. 30, 2025 0                                      
Preferred Stock, ending balance at Jun. 30, 2025 $ 0                                      
Preferred Stock, beginning balance (in shares) at Mar. 31, 2025             1,118,808   0                      
Beginning balance at Mar. 31, 2025 525,745           $ 0   $ 0   $ 5       484,256     (221,285) (1,478) 264,247
Common Stock, beginning balance (in shares) at Mar. 31, 2025                     47,103,800                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net loss (141,275)                                 (84,227)   (57,048)
Issuance of common shares, net of issuance costs (in shares)                     481,325                  
Issuance of common shares, net of issuance costs 2,625                           2,625          
Other comprehensive gain, net of taxes 189                                   189  
Non-controlling interest issued and related transfers 434                           1,036         (602)
Stock-based compensation 9,406                           8,494         912
Accrued preferred dividends 198                           198          
Conversion to Common Stock (in shares)               (1,085,664)   150,000   7,636,369 2,164,673 5,471,696            
Conversion to Common Stock   $ 27,270 $ 1,468                 $ 1       $ 27,269 $ 1,468      
Preferred Stock, ending balance (in shares) at Jun. 30, 2025       33,144 150,000   33,144   150,000                      
Ending balance at Jun. 30, 2025 $ 426,060           $ 0   $ 0   $ 6       $ 525,346     $ (305,512) $ (1,289) $ 207,509
Common Stock, ending balance (in shares) at Jun. 30, 2025 55,221,494                   55,221,494                  
Preferred Stock, beginning balance (in shares) at Mar. 31, 2025 2,885,848                                      
Preferred Stock, beginning balance at Mar. 31, 2025 $ 28,728                                      
Increase (Decrease) in Temporary Equity [Roll Forward]                                        
Accrued preferred dividends $ 12                                      
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)   (2,735,848) (150,000) 1,085,664 2,735,848                              
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity   $ (27,272) $ (1,468)                                  
Preferred Stock, ending balance (in shares) at Jun. 30, 2025 0                                      
Preferred Stock, ending balance at Jun. 30, 2025 $ 0