v3.25.3
Consolidated Statements of Cash Flows (FY) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2024
Oct. 01, 2024
Dec. 31, 2023
Cash Flows Used in Operating Activities      
Net loss $ (70,093) $ (28,198) $ (30,984)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:      
Stock-based compensation 16,338 1,056 910
Interest income on debt securities - related party (106) (110) 0
Change in fair value of financial liabilities 20,946 478 (766)
Write-off of loan commitment fee asset 10,041 0 0
Non-cash interest expense on notes payable 248 351 487
Equity method investment gain (loss) 902 (893) 632
Loss on conversion of promissory notes 0 1,119 0
Deferred income taxes (3,301) 432 0
Depreciation and amortization 5,455 146 8
Payment of patent installment 0 (250) 0
Non-cash rent costs 64 185 192
Accrued unpaid interest on note payable 69 930 0
Goodwill impairment 0 0  
Changes in operating assets and liabilities:      
Accounts receivable (166) (117) 0
Prepaid expenses and other current assets (1,301) (1,353) (218)
Inventory (2,354) (2,824) 0
Accounts payable (11,211) 6,013 9
Accrued employee benefits 1,656 3,838 3,181
Accrued expenses (484) 674 1,230
Stock-based compensation liability 1,160 0 0
Other current liabilities (77) (146) (155)
Obligation to issue equity 3,000 10,920 0
Other assets 0 (20) (218)
Net Cash Used in Operating Activities (29,214) (18,848) (19,476)
Cash Flows Provided by (Used in) Investing Activities      
Purchase of shares in equity method investee 0 0 (2,000)
Contributions to equity method investee 0 0 (130)
Investment in debt securities - equity method investee 0 (7,400) (2,600)
Advances to equity method investee (4,240) (135) 0
Acquisition of property, plant and equipment (266) (736) (645)
Acquisition of intangible assets (30) 0 0
Acquisition of net assets, net of cash acquired, through business combination 16 0 0
Proceeds from sale of investments 0 2,314 708
Cash withdrawn from trust as a result of business combination 11,342 0 0
Net Cash Provided by (Used in) Investing Activities 6,822 (5,957) (4,667)
Cash Flows Provided by Financing Activities      
Proceeds from issuance of equity, net of issuance costs 15,383 13,122 16,009
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs 4,169 13,859 337
Proceeds from the issuance of convertible promissory note 0 0 2,000
Receipt of Capital from Class I Unitholder 0 0 130
Distributions to Stockholders (663) 0 (241)
Net Cash Flows Provided by Financing Activities 33,466 38,441 19,174
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 11,074 13,636 (4,969)
Cash, Cash Equivalents and Restricted Cash Beginning of period 45 2,575 7,544
Cash, Cash Equivalents and Restricted Cash End of period 11,119 45 2,575
Supplemental Cash Flow Information      
Cash paid for interest 991 1,070 297
Supplemental Disclosure of Noncash Financing Information      
Accretion of redeemable units to redemption value 0 11,950 5,366
Debt discount and embedded derivative upon issuance 0 0 1,119
Issuance of units to non-controlling interest in exchange of convertible promissory notes 0 7,324 0
Conversion of working capital loans to equity method investees into investments in debt securities - related party 0 2,600 0
Transfer of liability warrants to equity warrants in the Business Combination 1,265 0 0
Initial recognition of loan commitment fee 16,190 0 0
Transfer of loan commitment fee asset 6,694 0 0
Previously Reported      
Cash Flows Provided by Financing Activities      
Cash, Cash Equivalents and Restricted Cash Beginning of period 16,211    
Cash, Cash Equivalents and Restricted Cash End of period   16,211  
Related party      
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:      
Net (gain) loss on investments 0 468 (232)
Cash Flows Provided by Financing Activities      
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) loss on investments 0 (11,547) 6,448
Cash Flows Provided by Financing Activities      
Proceeds from issuance of debt securities, net of issuance costs 19,455 0 0
Payment of debts $ (250) $ (540) $ (65)