v3.25.3
Condensed Consolidated Statements of Cash Flows (Q2) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Oct. 01, 2024
Dec. 31, 2023
Cash Flows Used in Operating Activities              
Net loss $ (141,275) $ (70,093) $ (11,314) $ (394,949) $ (18,840) $ (28,198) $ (30,984)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:              
Stock-based compensation   16,338   15,247 689 1,056 910
Interest income on debt securities - related party   (106)   (195) 0 (110) 0
Change in fair value of financial liabilities (7,176) 20,946 0 (23,605) 478 478 (766)
Non-cash interest expense on notes payable   248   2,560 352 351 487
Equity method investment gain (loss) 1,924 902 (779) 8,680 (784) (893) 632
Realized gain on conversion of available for sale investments 0   0 (1,507) 0    
Loss on conversion of promissory notes 0   0 0 1,119    
Loss on conversion of promissory notes   0       1,119 0
Deferred income taxes   (3,301)   (3,897) 0 432 0
Depreciation and amortization   5,455   11,182 69 146 8
Goodwill impairment 113,344 0 0 346,557 0 0  
Payment of patent installment   0   (525) 0 (250) 0
Other costs       165 123    
Changes in operating assets and liabilities:              
Accounts receivable   (166)   (618) 0 (117) 0
Prepaid expenses and other current assets   (1,301)   (3,312) (965) (1,353) (218)
Inventory   (2,354)   (1,442) (662) (2,824) 0
Accounts payable   (11,211)   315 3,181 6,013 9
Accrued employee benefits   1,656   1,330 2,803 3,838 3,181
Accrued expenses   (484)   42 357 674 1,230
Stock-based compensation liability   1,160   (686) 0 0 0
Income taxes payable       292 0    
Other current liabilities   (77)   (78) (72) (146) (155)
Contract liabilities       690 0    
Net Cash Used in Operating Activities   (29,214)   (36,754) (16,391) (18,848) (19,476)
Cash Flows Used in Investing Activities              
Investment in available-for-sale debt securities - equity method investee   0   (2,708) 0 (7,400) (2,600)
Loans to equity method investee   (4,240)   0 (5,035) (135) 0
Acquisition of property, plant and equipment   (266)   (932) (706) (736) (645)
Proceeds from sale of investments   0   0 1,364 2,314 708
Net Cash Provided by (Used in) Investing Activities   6,822   (3,640) (4,377) (5,957) (4,667)
Cash Flows Provided by Financing Activities              
Proceeds from issuance of equity, net of issuance costs   15,383   3,675 10,037 13,122 16,009
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs   4,169   5,367 10,827 13,859 337
Proceeds from the issuance of related party convertible promissory notes and term convertible notes   0       0 2,000
Proceeds from issuance of debt securities, net of issuance costs       27,000 0    
Payment of debts       (1,176) (590)    
Receipt of Capital from Class I Unitholder   0       0 130
Distributions to Stockholders   (663)       0 (241)
Distributions to stockholders and other       (76) 0    
Net Cash Flows Provided by Financing Activities   33,466   41,240 20,274 38,441 19,174
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash   11,074   846 (494) 13,636 (4,969)
Cash, Cash Equivalents and Restricted Cash Beginning of period   45   11,119 2,575 2,575 7,544
Cash, Cash Equivalents and Restricted Cash End of period 11,965 11,119 2,081 11,965 2,081 45 2,575
Supplemental Cash Flow Information              
Cash paid for interest   991   1,825 99 1,070 297
Supplemental Disclosure of Noncash Financing Information              
Accretion of redeemable units to redemption value   0   0 4,777 11,950 5,366
Issuance of units to non-controlling interest in exchange of convertible promissory notes   0   0 7,324 7,324 0
Conversion of working capital loans to equity method investees into investments in debt securities - related party   0   4,375 0 2,600 0
Extinguishment of debt with Series C Preferred Stock       14,000 0    
Contribution of Series C Preferred Stock to equity method investee       5,783 0    
Conversion of AFX available-for-sale term loan into equity method investments       8,757 0    
Issuance of common stock as repayment of convertible debt       2,533 0    
Issuance of stock in exchange for services       4,095 0    
Conversion of preferred stock into common stock       36,910 0    
Transfer of Series C Preferred Stock from Mezzanine to Stockholders' equity       1,468 0    
Embedded derivative in association with Convertible Debentures       1,774 0    
Equity reallocation between non-controlling interest and additional paid-in capital       25,268 0    
Related party              
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:              
Net gain on investments 0 0 (26) 0 160 468 (232)
Loss on extinguishment of debt 0   0 3,538 0    
Cash Flows Provided by Financing Activities              
Proceeds from the issuance of related party convertible promissory notes and term convertible notes       3,999 0    
Proceeds from issuance of debt securities, net of issuance costs   0       12,000 1,004
Payment of debts   (4,628)       0 0
Nonrelated party              
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:              
Net gain on investments 0 0 790 0 (4,399) (11,547) 6,448
Loss on extinguishment of debt $ 3,462   $ 0 3,462 0    
Cash Flows Provided by Financing Activities              
Proceeds from the issuance of related party convertible promissory notes and term convertible notes       $ 2,451 $ 0    
Proceeds from issuance of debt securities, net of issuance costs   19,455       0 0
Payment of debts   $ (250)       $ (540) $ (65)