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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, the components of income (loss) before income tax benefit were as follows:

						For the Year Ended
(Dollars in Thousands)						December 31, 2024						December 31, 2023						December 31, 2022 (Predecessor)
U.S. Domestic						$	(75,928)					$	(7,708)					$	1,082
Foreign						(119,510)						(308,629)						(6,553)
Income (loss) before income tax benefit						$	(195,438)					$	(316,337)					$	(5,471)

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of the Company’s income tax expense (benefit):

						For the Year Ended
(Dollars in Thousands)						December 31, 2024						December 31, 2023						December 31, 2022 (Predecessor)
Current income tax expense (benefit)
U.S. federal						$	613					$	803					$	320
State and local						1,230						170						224
Foreign						1,079						880						84
						$	2,922					$	1,853					$	628
Deferred income tax expense (benefit)
U.S. federal						$	(10,178)					$	(173)					$	(64)
State and local						(10,111)						(863)						(31)
Foreign						(3,766)						(11,351)						(6)
						$	(24,055)					$	(12,387)					$	(101)
Total income tax expense (benefit)
U.S. federal						$	(9,565)					$	630					$	256
State and local						(8,881)						(693)						193
Foreign						(2,687)						(10,471)						78
Total income tax expense (benefit)						$	(21,133)					$	(10,534)					$	527

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate:

						For the Year Ended
(Dollars in Thousands)						December 31, 2024									December 31, 2023									December 31, 2022 (Predecessor)
U.S. federal tax expense (benefit) at statutory rate						$	(41,042)		21.0		%				$	(66,416)		21.0		%				$	(1,149)		21.0		%
State tax, net of federal benefit						(9,065)			4.7		%				(1,119)			0.4		%				38			(0.7)		%
Goodwill Impairment						14,640			(7.6)		%				32,254			(10.2)		%				—			—		%
Exempt income						—			—		%				(6,524)			2.1		%				127			(2.3)		%
Non-deductible Professional Fees						653			(0.3)		%				3,616			(1.1)		%				—			—		%
Change in fair value of warrant liability						—			—		%				2,702			(0.9)		%				—			—		%
Change in fair value of contingent consideration						(6,129)			3.2		%				(5,500)			1.7		%				—			—		%
Other Permanent differences						1,631			(0.8)		%				8			—		%				3			(0.1)		%
Prior period adjustments						49			—		%				(246)			0.1		%				(2)			—		%
Change in Valuation Allowance						10,074			(5.2)		%				28,700			(9.1)		%				1,393			(25.5)		%
Foreign rate differential						(647)			0.3		%				236			(0.1)		%				116			(2.1)		%
Stock based compensation						806			(0.4)		%				145			—		%				—			—		%
Capital payments						1,465			(0.8)		%				—			—		%				—			—		%
Rate Change						(931)			0.5		%				247			(0.1)		%				—			—		%
Net impact of non-controlling interest						7,363			(3.8)		%				1,363			(0.4)		%				—			—		%
Total Effective Rate						$	(21,133)		10.8		%				$	(10,534)		3.3		%				$	527		(9.6)		%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2024 and 2023 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:

(Dollars in Thousands)						December 31, 2024						December 31, 2023
Deferred tax assets
Net operating losses						$	46,769					$	23,273
Investment in partnership						15,321						7,158
Goodwill						1,503						201
Disallowed interest carryforward						8,337						4,376
Accruals and reserves						6,592						11,191
Operating Lease Liability						5,068						5,274
Other deferred tax asset						4,428						—
Total deferred tax assets						88,018						51,473
Deferred tax liabilities
Intangibles						$	17,353					$	17,649
Operating Lease - Right Of Use						5,047						5,299
Investment in partnership						—						—
Other deferred tax liability						1,436						627
Total deferred tax liabilities						23,836						23,575
Valuation allowance						(53,654)						(42,007)
Net deferred tax asset (liabilities)						$	10,528					$	(14,109)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the Company’s total gross unrecognized tax benefits for the year ended December 31, 2024 and 2023:

(Dollars in Thousands)						December 31, 2024						December 31, 2023
Balance at January 1,						$	—					$	—
Additions, based on tax positions related to current year						—						—
Additions for tax positions of prior years						240						—
Reduction for tax positions of prior years						—						—
Settlements						—						—
Lapses in statues of limitations						—						—
Balance at December 31						$	240					$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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