Commercial inflection with >$50 million in bookings in early 2026
Operating companies advancing independent capital formation, materially reducing reliance on Innventure’s balance sheet
Consolidated G&A declined 61% in 4Q25 compared to 4Q24, reflecting sustained cost discipline since the public listing
ORLANDO, Fla., March 30, 2026 (GLOBE NEWSWIRE) -- Innventure, Inc. (NASDAQ: INV) (“Innventure”), an industrial growth conglomerate, today announced financial results for the quarter and year ended December 31, 2025.
“The fourth quarter capped a successful 2025 for Innventure. More importantly, the early months of 2026 demonstrate Innventure is at a true commercial inflection point. Our operating companies are executing simultaneously, converting demand into bookings, raising capital independently, and materially reducing the capital intensity of the platform,” said Bill Haskell, Chief Executive Officer. “With Accelsius scaling toward cash‑flow positivity this year, AeroFlexx entering anchor‑customer adoption, and Refinity validating its technology at unprecedented speed, we are building a structurally self‑funding growth company with an increasingly clear path to long‑term value creation.”
Conference Call and Webcast
A conference call to discuss these results has been scheduled for 5:00 pm ET today, March 30, 2026.
The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via this link.
Parties interested in joining via teleconference can register using this link https://register-conf.media-server.com/register/BIf0dd0a6c5eea4021a47778bef8f88c5c
After registering, you will be provided with dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.
Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.
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: Laurie Steinberg, Solebury Strategic Communications
press@innventure.com
Consolidated Balance Sheets
(in thousands, except share amounts) December 31, 2025 December 31, 2024Assets Cash, cash equivalents and restricted cash$60,449 $11,119 Restricted cash 5,000 — Accounts receivable 1,094 283 Due from related parties 11,840 4,536 Inventories 1,604 5,178 Prepaid expenses and other current assets 3,167 3,170 Total Current Assets 83,154 24,286 Investments 28,741 28,734 Property, plant and equipment, net 1,941 1,414 Intangible assets, net 160,537 182,153 Goodwill 323,463 667,936 Other assets 1,351 766 Total Assets$599,187 $905,289 Liabilities and Stockholders' Equity Accounts payable$2,551 $3,248 Accrued employee benefits 11,343 9,273 Accrued expenses 7,386 2,478 Contract liabilities 947 — Related party notes payable - current — 14,000 Notes payable - current 12,846 625 Term convertible note, current 7,890 — Convertible note - related party, current 4,331 — Patent installment payable - current 700 1,225 Obligation to issue equity 119 4,158 Warrant liability 27,458 34,023 Income taxes payable 23 — Other current liabilities 682 317 Total Current Liabilities 76,276 69,347 Notes payable, net of current portion 8,327 13,654 Earnout liability 3,890 14,752 Stock-based compensation liability 239 1,160 Patent installment payable, net of current 12,375 12,375 Deferred income taxes 13,848 27,353 Other liabilities 556 355 Total Liabilities 115,511 138,996 Commitments and Contingencies (Note 19) 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, 33,144 and 1,102,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. — — Series C Preferred Stock, $0.0001 par value, 5,000,000 shares designated, 150,000 shares issued and outstanding as of December 31, 2025 and no shares issued and outstanding as of December 31, 2024. — — Common Stock, $0.0001 par value, 250,000,000 shares authorized, 67,743,847 and 44,597,154 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. 7 4 Additional paid-in capital 577,070 502,865 Accumulated other comprehensive gain (loss) (1,260) 909 Accumulated deficit (371,603) (78,262)Total Innventure, Inc., Stockholders’ Equity 204,214 425,516 Non-controlling interest 279,462 340,777 Total Stockholders' Equity 483,676 766,293 Total Liabilities and Stockholder’s Equity$599,187 $905,289
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share amounts) Successor Successor Predecessor Year Ended
December 31,
2025 October 2, 2024
through
December 31,
2024 January 1, 2024
through October
1, 2024Revenue$2,056 $456 $764 Operating Expenses Cost of sales 18,830 3,752 777 General and administrative 66,710 29,652 26,608 Sales and marketing 9,633 2,009 4,178 Research and development 25,025 5,340 5,978 Goodwill impairment 346,557 — — Total Operating Expenses 466,755 40,753 37,541 Loss from Operations (464,699) (40,297) (36,777) Non-operating (Expense) and Income Interest expense, net (9,678) (1,132) (1,300)Net gain (loss) from investments 131 — 11,547 Net (loss) gain on investments - due to related parties — — (468)Change in fair value of financial liabilities 16,146 (20,946) (478)Equity method investment (loss) income (12,592) (902) 893 Realized gain on conversion of available for sale investment 1,507 — — Loss on extinguishment of debt (16,064) — — Loss on extinguishment of related party debt (3,538) — — Loss on conversion of promissory notes — — (1,119)Write-off of loan commitment fee asset — (10,041) — Miscellaneous other expense (46) (57) (64)Total Non-operating (Expense) Income (24,134) (33,078) 9,011 Loss before Income Taxes (488,833) (73,375) (27,766)Income tax expense (benefit) (13,483) (3,282) 432 Net Loss (475,350) (70,093) (28,198)Less: net loss attributable to Non-redeemable non-controlling interest (182,033) (8,339) (11,762)Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders (293,317) (61,754) (16,436) Basic and diluted loss per share$(5.39) $(1.41) $— Basic and diluted weighted average common shares 54,420,978 43,951,279 —
Consolidated Statements of Cash Flows
(in thousands) Successor Successor Predecessor Year Ended
December 31,
2025 October 2, 2024
through December
31, 2024 January 1, 2024
through October 1,
2024Cash Flows Used in Operating Activities Net loss$(475,350) $(70,093) $(28,198)Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 27,872 16,338 1,056 Interest income on debt securities - related party (394) (106) (110)Change in fair value of financial liabilities (16,146) 20,946 478 Net loss on investments - due to related parties — — 468 Write-off of loan commitment fee asset — 10,041 — Non-cash interest expense on notes payable 6,588 248 351 Net gain on investments (131) — (11,547)Accrued unpaid interest on note payable 336 69 930 Equity method investment loss (income) 12,592 902 (893)Realized gain on conversion of available for sale investments (1,507) — — Loss on extinguishment of debt 16,064 — — Loss on extinguishment of related party debt 3,538 — — Loss on conversion of promissory notes — — 1,119 Deferred income taxes (13,450) (3,301) 432 Depreciation and amortization 22,506 5,455 146 Goodwill impairment 346,557 — — Other costs, net 195 64 185 Changes in operating assets and liabilities: Accounts receivable (811) (166) (117)Prepaid expenses and other current assets (11,676) (1,301) (1,353)Inventory 3,574 (2,354) (2,824)Accounts payable (1,392) (11,211) 6,013 Accrued employee benefits 1,727 1,656 3,838 Accrued expenses (480) (484) 674 Stock-based compensation liability (921) 1,160 — Income taxes payable 23 — — Other current liabilities (358) (77) (146)Contract liabilities 947 — — Obligation to issue equity — 3,000 10,920 Other assets (61) — (20)Patent installment payable (525) — (250)Net Cash Used in Operating Activities (80,683) (29,214) (18,848) Cash Flows (Used in) Provided by Investing Activities Investment in available-for-sale debt securities - equity method investee (2,708) — — Investment in debt securities - equity method investee — — (7,400)Advances to equity method investee — (4,240) (135)Acquisition of property, plant and equipment (1,417) (266) (736)Acquisition of intangible assets — (30) — Acquisition of net assets, net of cash acquired, through business combination — 16 — Proceeds from sale of investments — — 2,314 Cash withdrawn from trust as a result of business combination — 11,342 — Net Cash (Used in) Provided by Investing Activities (4,125) 6,822 (5,957) Cash Flows Provided by Financing Activities Proceeds from issuance of equity, net of issuance costs 12,654 15,383 13,122 Proceeds from the issuance of equity to non-controlling interest, net of issuance costs 71,377 4,169 13,859 Proceeds from the issuance of convertible promissory note 4,350 — — Proceeds from the issuance of term convertible notes 14,950 — — Proceeds from issuance of debt securities, net of issuance costs 40,500 19,455 — Payment of debts (4,617) (250) (540)Distributions to Stockholders (76) (663) — Proceeds from the issuance of promissory notes to related parties — — 12,000 Repayment of promissory note — (4,628) — Cash Flows Provided by Financing Activities 139,138 33,466 38,441 — — Net Increase in Cash, Cash Equivalents and Restricted Cash 54,330 11,074 13,636 Cash, Cash Equivalents and Restricted Cash Beginning of period 11,119 45 2,575 Cash, Cash Equivalents and Restricted Cash End of period$65,449 $11,119 $16,211
December 31, 2025 October 2, 2024
through
December 31,
2024 January 1, 2024
through October
1, 2024Supplemental Cash Flow Information Cash paid for interest$— $991 $1,070Supplemental Disclosure of Noncash Financing Information Accretion of redeemable units to redemption value — — 11,950Issuance of units to non-controlling interest in exchange of convertible promissory notes — — 7,324Conversion of working capital loans to equity method investees into investments in debt securities - related party 4,375 — 2,600Transfer of liability warrants to equity warrants in the Business Combination — 1,265 —Initial recognition of loan commitment fee — 16,190 Transfer of loan commitment fee asset — 6,694 —
Non-GAAP Financial Measures
(in thousands) Successor Predecessor S/P Combined
(Non-GAAP) Year Ended
December 31,
2025 Period from
October 2, 2024
through
December 31,
2024 Period from
January 1, 2024
through October
1, 2024 Year ended
December 31,
2024 (in thousands)Net loss$(475,350) (70,093) (28,198) (98,291)Interest expense, net(1) 9,678 11,173 1,300 12,473 Depreciation and amortization expense 22,506 5,455 146 5,601 Income tax expense (benefit) (13,483) (3,282) 432 (2,850)EBITDA (456,649) (56,747) (26,320) (83,067)Transaction and other related costs(2) — 2,309 9,414 11,723 Change in fair value of financial liabilities(3) (16,146) 20,946 478 21,424 Stock-based compensation(4) 27,872 16,338 1,056 17,394 Goodwill impairment(5) 346,557 — — — Loss on extinguishment of debt(6) 16,064 — — — Loss on extinguishment of related party debt(7) 3,538,000 — — — Loss on conversion of promissory notes — — 1,119 1,119 Adjusted EBITDA (78,764) (17,154) (14,253) (31,407)
(1) Interest expense, net – For the year ended December 31, 2025 and for the combined twelve months ended December 31, 2024, interest expense, net includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs. Additional debt issuance cost associated with a loan commitment fee asset in the amount of $10,041 was written off in combined twelve months ended December 31, 2024 and has also been included in this adjustment. This amount is representative of the asset associated with the additional funds under the second and third tranches of the WTI Facility. When it became known that we would not be able to draw on these subsequent tranches based on certain metrics contained within the WTI Facility, we immediately wrote this asset off.
(2) Transaction and other related costs – For the combined twelve months ended December 31, 2024 this is comprised entirely of consulting, legal, and other professional fees related to the Business Combination.
(3) Change in fair value of financial liabilities – For the December 31, 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. For the year ended December 31, 2024, this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.
(4) Stock based compensation – For the December 31, 2025, stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. 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. Additional Stock Options were granted in February 2025 and additional Restricted Stock Units were granted in June 2025 and August 2025 which are included in the stock-based compensation caption for their respective periods. For the year ended December 31 2024, stock-based compensation was comprised wholly of share-based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.
(5) Goodwill impairment - For the year ended December 31, 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 from late February 2025 through April 2025. The publicly quoted share price stabilized some in May 2025 and June 2025.
(6) Loss on extinguishment of debt - For the December 31, 2025, the Company modified the WTI Facility, and such modification was accounted for as a debt extinguishment while no debt was repaid.
(7) Loss on extinguishment of related party debt - For the December 31, 2025, the Company extinguished certain related party debts by issuing Series C Preferred Stock.