ORLANDO, Fla., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Innventure, Inc. $(INV)$ ("Innventure"), an industrial growth conglomerate, today announced financial results for the quarter ended June 30, 2026.
The company continues to anticipate significant long--term demand for two--phase liquid cooling as AI infrastructure requirements accelerate and is focused on executing against the foundational milestones expected to govern scaled market adoption of this technology. These milestones include chip-maker relationships and reference designs, OEM and ODM co-development initiatives, relationships with hyperscalers and the delivery of additional thermal benchmark data.
"We firmly believe the industry is moving toward a future where two-phase liquid cooling becomes an essential part of AI infrastructure, " said Bill Haskell, Chief Executive Officer. "While our conviction in Accelsius' long--term opportunity has only strengthened, evolving dynamics in the AI infrastructure market, including constraints facing smaller early adopters around power availability, GPU access, and deployment timing, have impacted our near-term expectations and render 2026 revenue generation an imprecise reflection of the meaningful progress Accelsius is making. As a result, we are suspending our previously communicated expectations regarding Accelsius' 2026 revenue and cash flow targets and shifting our focus to execution against important milestones that govern scaled market adoption, which include forging strong relationships with industry leaders. In light of our expectations regarding Accelsius' ability to make progress against these milestones and the momentum we are seeing at AeroFlexx and Refinity, we believe Innventure is well positioned to create shareholder value over the long term."
Conference Call and Webcast
A conference call to discuss these results has been scheduled for 5:00 pm ET today, August 13, 2026.
The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via https://innventure-2q26-earnings.open-exchange.net/.
Innventure has posted a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/.
About Innventure
Innventure, Inc. (NASDAQ: INV), an industrial growth conglomerate, focuses on building companies with billion-dollar valuations by commercializing breakthrough technology solutions. By systematically creating and operating industrial enterprises from the ground up, Innventure participates in early-stage economics and provides industrial operating expertise designed for global scale. Innventure's approach seeks to uniquely bridge the "Valley of Death" between corporate innovation and commercialization through its distinctive combination of value-driven multinational partnerships, operational experience, and scaling expertise.
Non-GAAP Financial Measures
We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.
Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.
There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.
Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.
In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by future or conditional words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "will," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors described in Innventure's public filings with the U.S. Securities and Exchange Commission, including but not limited to the following: Innventure's and its subsidiaries' ability to execute on their strategies, book sales and achieve future financial performance; developments and projections relating to Innventure's and its subsidiaries' competitors and industry; the implementation, adoption, market acceptance and success of Innventure's and its subsidiaries' products, business models and growth strategies; Innventure's and its subsidiaries' ability to generate sufficient revenue and operating cash flow; the timing and magnitude of expected cash expenditures; the availability, timing and terms of additional financing, including debt or equity financing; market conditions affecting access to capital; potential dilution resulting from future financings; Innventure's ability to successfully implement cost reduction initiatives; changes in economic conditions; competitive pressures; regulatory developments; Innventure's ability to maintain control over its subsidiaries.
Forward--looking statements speak only as of the date of this release, and Innventure undertakes no obligation to update them except as required by law.
Investor Relations Contact: Kyle Nagarkar, Solebury Strategic Communications
investorrelations@innventure.com
Media Contact: Stephanie Knight, Solebury Strategic Communications
press@innventure.com
Innventure, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share amounts)
June 30, 2026 December 31, 2025
--------------- ---------------------
Assets
Cash and cash equivalents $ 41,543 $ 60,449
Restricted cash 5,000 5,000
Accounts receivable 2,119 1,094
Due from related parties 16,351 11,840
Inventories 2,989 1,604
Prepaid expenses and other
current assets 3,437 3,167
---------- --------------
Total Current Assets 71,439 83,154
Investments 26,644 28,741
Property, plant and
equipment, net 2,269 1,941
Intangible assets, net 149,729 160,537
Goodwill 323,463 323,463
Other assets 1,153 1,351
---------- --------------
Total Assets $ 574,697 $ 599,187
Liabilities and Stockholders'
Equity
Accounts payable $ 1,932 $ 2,551
Accrued employee benefits 4,977 11,343
Accrued expenses 1,959 7,386
Contract liabilities 534 947
Notes payable - current 7,700 12,846
Term convertible note,
current 8,026 7,890
Convertible promissory note,
current 4,407 4,331
Patent installment payable -
current 825 700
Obligation to issue equity 73 119
Warrant liability 28,683 27,458
Income taxes payable 18 23
Other current liabilities 633 682
---------- --------------
Total Current Liabilities 59,767 76,276
Notes payable, net of current
portion 5,909 8,327
Earnout liability 4,790 3,890
Stock-based compensation
liability 213 239
Patent installment payable, net
of current 11,550 12,375
Deferred income taxes 9,264 13,848
Other liabilities 389 556
---------- --------------
Total Liabilities 91,882 115,511
Commitments and Contingencies
(Note 16)
Stockholders' Equity
Preferred stock, $0.0001 par
value, 25,000,000 shares
authorized;
Series B Preferred Stock,
$0.0001 par value, 3,000,000
shares designated, 24,779 and
33,144 shares issued and
outstanding as of June 30,
2026 and December 31, 2025,
respectively. -- --
Series C Preferred Stock,
$0.0001 par value, 5,000,000
shares designated, 159,270
shares issued and outstanding
as of June 30, 2026 and
150,000 shares issued and
outstanding as of December
31, 2025. -- --
Common Stock, $0.0001 par
value, 250,000,000 shares
authorized, 84,612,657 and
67,743,847 shares issued and
outstanding as of June 30,
2026 and December 31, 2025,
respectively. 8 7
Additional paid-in capital 632,237 577,070
Accumulated other comprehensive
gain (loss) (644) (1,260)
Accumulated deficit (418,911) (371,603)
---------- --------------
Total Innventure, Inc.,
Stockholders' Equity 212,690 204,214
Non-controlling interest 270,125 279,462
---------- --------------
Total Stockholders' Equity 482,815 483,676
---------- --------------
Total Liabilities and
Stockholder's Equity $ 574,697 $ 599,187
---------- --------------
Innventure, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive
Income (Loss)
(in thousands, except share and per share amounts)
Three Months Three Months Six Months Six Months
Ended June Ended June Ended June Ended June 30,
30, 2026 30, 2025 30, 2026 2025
------------ ------------ ------------ --------------
Revenue $ 953 $ 476 $ 2,396 $ 700
Operating Expenses
Cost of sales 5,073 2,861 10,326 3,045
General and
administrative 14,499 18,569 27,249 38,245
Sales and
marketing 3,089 2,208 5,986 4,304
Research and
development 9,780 6,068 17,620 12,321
Goodwill
impairment -- 113,344 -- 346,557
---------- ---------- ---------- ----------
Total Operating
Expenses 32,441 143,050 61,181 404,472
Loss from Operations (31,488) (142,574) (58,785) (403,772)
Non-operating
(Expense) and Income
Interest
expense, net (531) (2,647) (1,520) (4,185)
Net gain (loss)
from
investments 39 -- 108 --
Change in fair
value of
financial
liabilities (2,188) 7,176 (2,125) 23,605
Equity method
investment
(loss) income (1,491) (1,924) (3,007) (8,680)
Realized gain on
conversion of
available for
sale
investment -- -- -- 1,507
Loss on
extinguishment
of debt -- (3,462) (977) (3,462)
Loss on
extinguishment
of related
party debt -- -- -- (3,538)
Miscellaneous
other expense (773) (64) (948) (43)
---------- ---------- ---------- ----------
Total Non-operating
Income (Expense) (4,944) (921) (8,469) 5,204
---------- ---------- ---------- ----------
Loss before Income
Taxes (36,432) (143,495) (67,254) (398,568)
Income tax
benefit (1,518) (2,220) (4,557) (3,619)
---------- ---------- ---------- ----------
Net Loss (34,914) (141,275) (62,697) (394,949)
Less: net loss
attributable to
Non-redeemable
non-controlling
interest (8,411) (57,048) (15,389) (167,725)
---------- ---------- ---------- ----------
Net Loss Attributable
to Innventure, Inc.
Stockholders /
Innventure LLC
Unitholders (26,503) (84,227) (47,308) (227,224)
---------- ---------- ---------- ----------
Basic and
diluted loss
per share $ (0.32) $ (1.60) $ (0.59) $ (4.60)
Basic and
diluted
weighted
average common
shares 83,117,031 52,546,491 83,117,031 49,417,092
Innventure, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended Three Months Ended
June 30, 2026 June 30, 2025
---------------------- ----------------------
Cash Flows Used in Operating
Activities
Net loss $ (62,697) $ (394,949)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Stock-based compensation 10,309 15,247
Interest income on debt
securities - related
party (180) (195)
Change in fair value of
financial liabilities 2,125 (23,605)
Non-cash interest
expense on notes
payable 1,119 2,560
Net gain on investments (107) --
Accrued unpaid interest
on note payable 238 --
Equity method investment
loss (income) 3,006 8,680
Realized gain on
conversion of available
for sale investments -- (1,507)
Loss on extinguishment
of debt 977 3,462
Loss on extinguishment
of related party debt -- 3,538
Deferred income taxes (4,585) (3,897)
Loss on Disposal of PPE 223 --
Depreciation and
amortization 11,331 11,182
Goodwill impairment -- 346,557
Other costs, net 1,100 165
Changes in operating
assets and liabilities:
Accounts receivable (1,025) (618)
Prepaid expenses and
other current assets (4,779) (3,312)
Inventory (1,385) (1,442)
Accounts payable (619) 315
Accrued employee
benefits (6,365) 1,330
Accrued expenses (6,722) 42
Stock-based compensation
liability (26) (686)
Income taxes payable (5) 292
Other current
liabilities (286) (78)
Contract liabilities (413) 690
Patent installment
payable (700) (525)
Net Cash Used in Operating
Activities (59,466) (36,754)
-------------- ---------------
Cash Flows (Used in)
Provided by Investing
Activities
Investment in
available-for-sale debt
securities - equity
method investee -- (2,708)
Acquisition of property,
plant and equipment (1,074) (932)
Net Cash (Used in) Provided
by Investing Activities (1,074) (3,640)
-------------- ---------------
Cash Flows Provided by
Financing Activities
Proceeds from issuance
of equity, net of
issuance costs 50,229 3,675
Proceeds from the
issuance of equity to
non-controlling
interest, net of
issuance costs -- 5,367
Proceeds from the
issuance of convertible
promissory note -- 3,999
Proceeds from the
issuance of term
convertible notes -- 2,451
Proceeds from issuance
of debt securities, net
of issuance costs -- 27,000
Payment of debts (8,595) (1,176)
Distributions to
Stockholders -- (76)
Cash Flows Provided by
Financing Activities 41,634 41,240
-------------- ---------------
Net Decrease in Cash, Cash
Equivalents and Restricted
Cash (18,906) 846
-------------- ---------------
Cash, Cash Equivalents and
Restricted Cash Beginning
of period 65,449 11,119
-------------- ---------------
Cash, Cash Equivalents and
Restricted Cash End of
period $ 46,543 $ 11,965
-------------- ===============
Supplemental Cash Flow Information
Cash paid for interest $1,097 $ 1,825
Supplemental Disclosure of Noncash Financing
Information
Conversion of working capital loans to equity
method investee into investments in debt
securities - related party -- 4,375
Unrealized gain on investments in debt
Securities - related party through OCI 623 --
Extinguishment of debt with Series C Preferred
Stock -- 14,000
Contribution of Series C Preferred Stock to
equity method investee -- 5,783
Conversion of AFX available-for-sale term loan
into equity method investments -- 8,757
Issuance of common stock as repayment of
convertible debt 1,090 2,533
Issuance of vested RSUs 1,276 --
Issuance of stock in exchange for services 11 4,095
Equity reallocation between non-controlling
interest and additional paid-in capital -- 25,268
Innventure, Inc. and Subsidiaries
Non-GAAP Financial Measures
(in thousands)
Three Six
Months Three Months
Ended Months Ended Six Months
June 30, Ended June June 30, Ended June
2026 30, 2025 2026 30, 2025
--------- ---------- --------- -----------
Net loss $(34,914) $(141,275) $(62,697) (394,949)
Interest expense,
net(1) 531 2,647 1,520 4,185
Depreciation and
amortization
expense 5,660 5,634 11,331 11,182
Income tax
expense
(benefit) (1,518) (2,220) (4,557) (3,619)
EBITDA (30,241) (135,214) (54,403) (383,201)
------- -------- ------- --------
Change in fair
value of
financial
liabilities((2)
() 2,188 (7,176) 2,125 (23,605)
Stock-based
compensation((3)
() 5,477 9,406 10,309 15,247
Goodwill
impairment((4)
() -- 113,344 -- 346,557
Loss on
extinguishment
of debt((5) () -- 3,462 977 3,462
Loss on
extinguishment
of related party
debt(6) -- -- -- 3,538
Adjusted EBITDA (22,576) (16,178) (40,992) (38,002)
======= ======== ======= ========
(1) Interest Expense, net, includes interest incurred
on our various borrowing facilities and the amortization
of debt issuance costs.
(2) Change in fair value of financial liabilities -- For
the three and six months ended June 30, 2026, and
2025, the change in fair value of financial liabilities
primarily consists of the change in fair value of
the warrant liability, the earnout liability and the
embedded derivatives in various instruments.
(3) Stock based compensation -- For the three and six
months ended June 30, 2026, and 2025, stock based
compensation primarily consisted of awards in the
2024 Equity and Incentive Plan. These awards consisted
of Stock Options, Restricted Stock Units, and Stock
Appreciation Rights. Further, a portion of this expense
was related to share-based payment employee incentive
plans in existence at subsidiaries.
(4) Goodwill impairment - For the three and six months
ended June 30, 2025, the Company recognized goodwill
impairment due to sustained decreases in the Company's
publicly quoted share price and market capitalization,
which were, at least in part, sensitive to the general
downward volatility experienced in the stock market
in the comparable period in the prior year. There
was no goodwill impairment for the three and six months
ended June 30, 2026.
(5) Loss on extinguishment of debt - For the six months
ended June 30, 2026, the Company repaid the Convertible
Debentures, which resulted in an aggregate of $1.0
million loss on extinguishment of debt. There was
no loss on extinguishment of debt for the three months
ended June 30, 2026. For the three and six months
ended June 30, 2025, the Company recognized a loss
on extinguishment of debt of $3.5 million in connection
with the modification of the WTI Facility.
(6) Loss on extinguishment of related party debt - For
the six months ended June 30, 2025, the Company extinguished
certain related party debts by issuing Series C Preferred
Stock. There was no loss on extinguishment of related
party debt for the three months ended June 30, 2026.