Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax [Abstract]

Schedule of Income Tax Expense (Benefit) Computed using the Federal Statutory Income Tax Rate to the Company’s Effective Income Tax Rate

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the year ended December 31, 2024 was as follows:

	Year Ended December 31, 2024
U.S. federal statutory rate		21.0	%
Increase (decrease) due to:
State income taxes, net of federal income tax benefit		5.6	%
Change in fair value of Earnout, True-up and Subject Vesting liabilities		(2.2	)%
Costs related to Business Combination		3.7	%
Other permanent adjustments		(0.7	)%
Effective tax rate		27.4	%

A reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the year ended December 31, 2024:

	Year Ended December 31, 2024
Income tax expense computed at federal statutory tax rate	$	62,359,838
Increase (decrease) due to:
State income taxes, net of federal income tax benefit		16,454,870
Change in fair value of Earnout, True-up and Subject Vesting liabilities		(6,622,560	)
Costs related to Business Combination		11,021,988
Other permanent adjustments		(1,958,089	)
Total income tax expense	$	81,256,047

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows:

	Year Ended December 31, 2024
Federal
Current tax expense	$	—
Deferred tax expense		60,427,097
Total federal		60,427,097
State and local
Current tax expense		—
Deferred tax expense		20,828,950
Total state and local		20,828,950
Total income tax expense	$	81,256,047

Schedule of Rise to Deferred Tax Assets and Liabilities

The temporary differences that give rise to deferred tax assets and liabilities are as follows:

	Year Ended December 31, 2024
Deferred tax assets
Net operating losses	$	2,894,110
Share-based compensation and other accrued expenses		621,958
Start-up costs		778,644
Capitalized R&D expense		1,287,402
Lease liabilities		40,611
Total deferred tax asset		5,622,725
Deferred tax liabilities
Outside basis in joint venture		86,839,767
Right-of-use asset		38,709
Other		296
Total deferred tax liability		86,878,772
Net deferred tax liabilities	$	81,256,047