Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) in 2024 and 2023 consisted of the following:

	Year Ended December 31,
	2024		2023
Current
Federal	$	(294)	$	—
State	58		—
	(236)		—
Deferred
Federal	1,868		400
State	866		(16)
	2,734		384
Total income tax expense (benefit)	$	2,498	$	384

Schedule of Effective Income Tax Rate Reconciliation

The differences between the federal tax rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023 are as follows:

	Year Ended December 31,
	2024		2023
Federal statutory income tax rate	21.00	%	21.00	%
State taxes, net of federal benefit	3.18		1.01
State rate change	-1.61		-0.05
Revisions to prior years' estimates	2.54		-0.38
Nontaxable passthrough LLC income	-9.94		-10.41
Change in valuation allowance	-25.67		-6.93
Other	0.30		0.00
Transaction related expenses	0.30		-4.57
Revaluation of warrants	-0.25		-0.29
Effective tax rate	(10.15)	%	(0.62)	%

Schedule of Deferred Tax Assets and Liabilities

Components of the net deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:

	As of December 31
	2024		2023
Deferred tax assets
Investment in partnership	$	16,026	$	9,337
Net operating loss carryforwards	13,680		10,092
Accrued expenses	224		160
Start-up costs	1,242		748
Interest expense limitation carryforward	341		—
Stock compensation	1,098		—
Gross deferred tax assets	32,611		20,337
Valuation allowance	(32,611)		(17,443)
Net deferred tax assets (after valuation allowance)	—		2,894