Goodwill and Intangible Assets (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill

The following table summarizes the changes to goodwill (in thousands):


			Amount
Balance at January 1, 2025			$19,544
Addition			793,426
Balance at June 30, 2025			$812,970

There were no impairment charges recorded to goodwill for any of the periods presented.

Intangible Assets, Net

Intangible assets, net consisted of the following (dollars in thousands):


	June 30, 2025				December 31, 2024
	Weighted- Average Remaining Useful Lives (in years)	Acquired Intangibles, Gross	Accumulated Amortization	Acquired Intangibles, Net	Acquired Intangibles, Gross	Accumulated Amortization	Acquired Intangibles, Net
Acquired technologies	5	$167,253	$(9,271)	$157,982	$5,453	$(3,611)	$1,842
Other⁽¹⁾	10	49,697	(1,784)	47,913	3,897	(830)	3,067
Total		$216,950	$(11,055)	$205,895	$9,350	$(4,441)	$4,909

(1)	Included in Other are customer relationships and trade names.

Amortization expenses for intangible assets were $6 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, and $7 million and $1 million for the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, the expected future amortization expense related to intangible assets was as follows (in thousands):


Years Ending December 31,			Amount
Remaining portion of 2025			$18,940
2026			36,264
2027			36,250
2028			36,082
2029			36,069
Thereafter			42,290
Total expected future amortization expense			$205,895

6. Goodwill and Intangible Assets

Goodwill

The following table summarizes the changes to goodwill (in thousands):


			Amount
Balance at January 1, 2023			$97
Addition from the acquisition of Conductor			19,447
Balance at December 31, 2023 and 2024			$19,544

There were no impairment charges recorded to goodwill for any of the periods presented.

Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):


	December 31, 2023			December 31, 2024
	Acquired Intangibles, Gross	Accumulated Amortization	Acquired Intangibles, Net	Acquired Intangibles, Gross	Accumulated Amortization	Acquired Intangibles, Net
Acquired technologies	$5,453	$(1,600)	$3,853	$5,453	$(3,611)	$1,842
Other⁽¹⁾	3,897	(747)	3,150	3,897	(830)	3,067
Total	$9,350	$(2,347)	$7,003	$9,350	$(4,441)	$4,909

(1)	Included in Other are customer relationships and trade names.

Amortization expenses for intangible assets were $0 million, $2 million, and $2 million for the years ended December 31, 2022, 2023, and 2024, respectively.

As of December 31, 2024, the expected future amortization expense related to intangible assets was as follows (in thousands):


Years Ending December 31,			Amount
2025			$2,058
2026			441
2027			427
2028			261
2029			246
Thereafter			1,476
Total expected future amortization expense			$4,909