v3.25.3
Income Taxes (FY) (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The provision for income taxes was as follows:

 
Successor
Predecessor
 
October 2, 2024
through
December 31, 2024
January 1, 2024
through
October 1, 2024
Year ended
December 31, 2023
Current Expense:
 
 
 
Federal
State
18
Foreign
Total Current Expense
18
 
 
 
 
Deferred Expense:
 
 
 
Federal
(3,301)
432
State
Foreign
Total Deferred Expense
(3,301)
432
Total Expense:
$(3,282)
$432
$—
Schedule of Reconciliation of the Income Tax Provision
A reconciliation of the expected statutory federal tax and the total income tax expense (benefit) was as follows:

 
Successor
Predecessor
 
October 2, 2024
through
December 31, 2024
January 1, 2024
through
October 1, 2024
Year ended
December 31, 2023
Pre-tax book loss
$(73,375)
$(27,766)
$(30,984)
Income taxes at federal statutory rate
(15,405)
State taxes, net of federal benefit
(1,801)
Tax on pre-tax earnings of corporate subsidiaries
(3,022)
(2,229)
Warrant liability
3,685
Non-deductible expenses
6
6
631
Change in earnout fair value
(714)
Other permanent differences
(423)
(4)
Change in valuation allowance
11,664
3,448
1,602
R&D credit
(294)
Total provision (benefit) for income taxes
$(3,282)
$432
$
Schedule of Deferred Tax Assets and Liabilities Significant components of deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows:

 
December 31,
2024
December 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)
Right of use assets
(109)
(177)
Total Deferred Tax Liabilities
(42,057)
(500)
Net Deferred Tax Liabilities
$(27,353)
$