v3.25.3
Fair Value - Significant Unobservable Inputs Utilized to Estimate Fair Value (FY) (Details)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Oct. 22, 2024
Oct. 01, 2024
Mar. 31, 2024
USD ($)
Dec. 31, 2023
Volatility            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Investment in debt securities - AFS, measurement input   1.20   1.20    
Earnout shares, measurement input 0.56 0.56   0.56    
Volatility | WTI warrants            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Warrants, measurement input   0.56 0.56      
Term            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Investment in debt securities - AFS, measurement input   2   2    
Earnout shares, measurement input 6.3 6.8   7    
Discount for lack of marketability            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Investment in debt securities - AFS, measurement input   0.31   0.18    
Weighted average cost of capital            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Investment in debt securities - AFS, measurement input   0.45   0.45    
Risk-free rate            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Investment in debt securities - AFS, measurement input   0.0423   0.0351    
Earnout shares, measurement input 0.0387 0.0442   0.0362    
Stock price            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input 4.8 13.85   10.87    
Stock price | WTI warrants            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Warrants, measurement input   13.85 11.5      
Dividend Yield            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input   0   0    
Revenue risk premium            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input 0.282 0.361        
Revenue risk premium | Milestone One            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input       0.061    
Revenue risk premium | Milestone Three            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input   0.361   0.306    
Revenue volatility            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input 1.52 1.76        
Revenue volatility | Milestone One            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input       0.44    
Revenue volatility | Milestone Three            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Earnout shares, measurement input   1.76   1.65    
Credit Spread | WTI warrants            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Warrants, measurement input   0.188 0.186      
Convertible debt | Notes issued August 2022 due 2025            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Notes principal         $ 4,000  
Convertible debt | Notes issued August 2022 due 2025 | Discount rate            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         0.35  
Convertible debt | Notes issued August 2022 due 2025 | Discount rate | Minimum            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input           0.35
Convertible debt | Notes issued August 2022 due 2025 | Discount rate | Maximum            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input           0.36
Convertible debt | Notes issued August 2022 due 2025 | Probability of expected outcomes: Financing            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         1 0.95
Convertible debt | Notes issued August 2022 due 2025 | Probability of expected outcomes: Change in control            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         0 0.03
Convertible debt | Notes issued August 2022 due 2025 | Probability of expected outcomes: Other            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         0 0.02
Convertible debt | Notes issued June and July 2023 due 2025            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Notes principal         $ 2,000  
Convertible debt | Notes issued June and July 2023 due 2025 | Discount rate | Minimum            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         0.71 0.71
Convertible debt | Notes issued June and July 2023 due 2025 | Discount rate | Maximum            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         0.87 0.88
Convertible debt | Notes issued June and July 2023 due 2025 | Probability of expected outcomes: Financing            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         1 0.95
Convertible debt | Notes issued June and July 2023 due 2025 | Probability of expected outcomes: Change in control            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         0 0.03
Convertible debt | Notes issued June and July 2023 due 2025 | Probability of expected outcomes: Other            
Fair Value Measurement Inputs and Valuation Techniques [Line Items]            
Embedded derivative, measurement input         0 0.02