v3.25.3
Income Taxes - Deferred Tax Assets and Liabilities (FY) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets:    
Deferred lease liabilities $ 138 $ 189
Capitalized R&D expense 2,562 766
Fixed assets and intangibles 3,113 3,614
Reserves and other accruals 4,873 178
Loss carry-forwards and other tax attributes 15,682 1,663
Total Deferred Tax Assets 26,368 6,410
Less: Valuation allowance (11,664) (5,910)
Net Deferred Tax Assets 14,704 500
Deferred Tax Liabilities:    
Amortization (38,443) (323)
Investment in Partnerships (3,505) 0
Right of use assets (109) (177)
Total Deferred Tax Liabilities (42,057) (500)
Net Deferred Tax Liabilities $ (27,353) $ 0