v3.25.3
Consolidated Statements of Changes in Stockholders' Equity (FY) - USD ($)
$ in Thousands
Total
Previously Reported
Class B Preferred
Preferred Units
Preferred Units
Class B Preferred
Preferred Units
Class B Preferred
Previously Reported
Preferred Units
Class B-1 Preferred
Preferred Units
Class B-1 Preferred
Previously Reported
Common Units
Common Units
Class A
Common Units
Class A
Previously Reported
Common Units
Class C
Common Units
Class C
Previously Reported
Accumulated Deficit
Accumulated Deficit
Previously Reported
Accumulated OCI
Accumulated OCI
Previously Reported
Non-Controlling Interest
Non-Controlling Interest
Previously Reported
Beginning balance at Dec. 31, 2022 $ (11,193)       $ 20,803   $ 3,323     $ 1,950   $ 639   $ (38,564)   $ 0   $ 656  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (30,984)                         (30,845)       (139)  
Other comprehensive loss, net of taxes 0                                    
Non-controlling interest acquired 337                                 337  
Issuance of shares, net of issuance costs     $ 17,319   17,319                            
Unit-based compensation 910                     205           705  
Distributions to unitholders (241)                         (241)          
Accretion of redeemable units to redemption value 5,366                         5,366          
Ending balance at Dec. 31, 2023 (18,486)       38,122   3,323     1,950   844   (64,284)   0   1,559  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (7,526)                         (5,219)       (2,307)  
Non-controlling interest acquired 3,503                                 3,503  
Issuance of shares, net of issuance costs 7,566       7,566                            
Unit-based compensation 396                     51           345  
Issuance of units to non-controlling interest in exchange of convertible promissory notes 8,443                                 8,443  
Accretion of redeemable units to redemption value (4,415)                         (4,415)          
Ending balance at Mar. 31, 2024 (10,519)       45,688   3,323     1,950   895   (73,918)       11,543  
Beginning balance at Dec. 31, 2023 (18,486)       38,122   3,323     1,950   844   (64,284)   0   1,559  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (18,840)                                    
Other comprehensive loss, net of taxes 0                                    
Ending balance at Jun. 30, 2024 (11,702)       48,540   3,323     1,950   940   (81,568)       15,113  
Beginning balance at Dec. 31, 2023 (18,486)       38,122   3,323     1,950   844   (64,284)   0   1,559  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (28,198)                         (16,436)       (11,762)  
Other comprehensive loss, net of taxes 62                             62      
Non-controlling interest acquired 13,921                                 13,921  
Issuance of shares, net of issuance costs         13,561                            
Unit-based compensation 1,056                     137           919  
Issuance of units to non-controlling interest in exchange of convertible promissory notes 8,443                                 8,443  
Accretion of redeemable units to redemption value (11,950)                         (11,950)          
Ending balance at Oct. 01, 2024 (4,503) $ (21,591)   $ 0   $ 51,683   $ 3,323 $ 0   $ 1,950   $ 981 (15,845) $ (92,670) 0 $ 62 0 $ 13,080
Beginning balance at Dec. 31, 2023 (18,486)       38,122   3,323     1,950   844   (64,284)   0   1,559  
Ending balance at Dec. 31, 2024 766,293     0         4         (78,262)   909   340,777  
Beginning balance at Mar. 31, 2024 (10,519)       45,688   3,323     1,950   895   (73,918)       11,543  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (11,314)                         (7,288)       (4,026)  
Other comprehensive loss, net of taxes 0                                    
Non-controlling interest acquired 7,348                                 7,348  
Issuance of shares, net of issuance costs 2,852       2,852                            
Unit-based compensation 293                     45           248  
Accretion of redeemable units to redemption value (362)                         (362)          
Ending balance at Jun. 30, 2024 (11,702)       $ 48,540   $ 3,323     $ 1,950   $ 940   (81,568)       15,113  
Beginning balance at Oct. 01, 2024 (4,503) $ (21,591)   0   $ 51,683   $ 3,323 0   $ 1,950   $ 981 (15,845) $ (92,670) 0 $ 62 0 $ 13,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (70,093)                         (61,754)       (8,339)  
Other comprehensive loss, net of taxes 909                             909      
Non-controlling interest acquired 4,129                                 4,129  
Distributions to unitholders (663)                         (663)          
Ending balance at Dec. 31, 2024 766,293     0         4         (78,262)   909   340,777  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (253,674)                         (142,997)       (110,677)  
Other comprehensive loss, net of taxes (2,387)                             (2,387)      
Issuance of shares, net of issuance costs 1,927                                    
Distributions to unitholders (26)                         (26)          
Ending balance at Mar. 31, 2025 525,745               5         (221,285)   (1,478)   264,247  
Beginning balance at Dec. 31, 2024 766,293     $ 0         4         (78,262)   909   340,777  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (394,949)                                    
Other comprehensive loss, net of taxes (2,198)                                    
Ending balance at Jun. 30, 2025 426,060               6         (305,512)   (1,289)   207,509  
Beginning balance at Mar. 31, 2025 525,745               5         (221,285)   (1,478)   264,247  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net loss (141,275)                         (84,227)       (57,048)  
Other comprehensive loss, net of taxes 189                             189      
Issuance of shares, net of issuance costs 2,625                                    
Ending balance at Jun. 30, 2025 $ 426,060               $ 6         $ (305,512)   $ (1,289)   $ 207,509