Innventure, Inc.

What they do

Innventure founds, funds and operates companies built around transformative technologies licensed or acquired from technology innovators, typically multinational corporations. Its operating companies currently consist of AeroFlexx, Accelsius and Refinity. Innventure reports one reportable segment, Technology, with remaining operations classified as Other. It describes itself as bridging the gap between corporate innovation and commercialization.

Revenue drivers

• Technology segment — The sole reportable segment, covering the operating companies such as AeroFlexx, Accelsius and Refinity; Q2 2026 revenue of $1.0 million was up 100.2% year over year, driven by higher product sales and service revenue in this segment.
• Other / platform operations — Includes Innventure's original platform business, service activities, Refinity and equity method investment activities; not a reportable segment and not broken out by revenue in the excerpts.
• Accelsius (two-phase liquid cooling) — Management states Accelsius is focused on foundational milestones for scaled adoption, and suspended previously communicated 2026 Accelsius revenue and cash flow targets, indicating near-term revenue is not a reliable measure of progress.

Recent performance

Second quarter 2026 revenue was $1.0 million versus $0.5 million a year earlier, a 100.2% increase attributed to product sales and service revenue in the Technology segment. Total operating expenses fell to $32.4 million from $143.1 million, largely because the prior-year quarter included a $113.3 million goodwill impairment. Cost of sales rose to $5.1 million from $2.9 million, research and development rose to $9.8 million from $6.1 million, and sales and marketing rose to $3.1 million from $2.2 million. Net loss was $35.3 million versus $141.3 million, and net loss attributable to Innventure stockholders was $26.5 million versus $84.2 million. Full-year 2025 net loss was $293.3 million on $2.1 million of revenue, with operating cash flow of negative $80.7 million.

Strategy

Management says Accelsius is prioritizing foundational milestones expected to govern scaled adoption of two-phase liquid cooling, including chip-maker relationships and reference designs, OEM and ODM co-development, hyperscaler relationships and additional thermal benchmark data. The company suspended its prior 2026 Accelsius revenue and cash flow targets and is shifting focus to those adoption milestones. It cites momentum at AeroFlexx and Refinity alongside Accelsius as the basis for its long-term shareholder value view. Innventure's business model is to found, fund and operate technology companies and participate in early-stage economics.

Risks

• Going concern — The 10-K risk factors state there is substantial doubt about Innventure's ability to continue as a going concern absent additional financing or sufficient liquidity.
• Dependence on subsidiaries — Innventure depends on the Innventure Companies for revenue and cash, and the 10-K risk factors state those companies are not guaranteed to succeed.
• Financing constraints — The WTI Facility may impair Innventure's and the Innventure Companies' financial and operating flexibility, and access to funds under the Yorkville SEPA is subject to conditions, restrictions and limitations.
• Impaired growth outlook for Accelsius — Management suspended previously communicated 2026 Accelsius revenue and cash flow targets, citing AI infrastructure constraints at smaller early adopters around power availability, GPU access and deployment timing.

Outlook

Management says it continues to anticipate significant long-term demand for two-phase liquid cooling as AI infrastructure requirements accelerate but expects 2026 revenue generation to be an imprecise reflection of Accelsius' progress. The company withdrew its previously communicated Accelsius 2026 revenue and cash flow targets and will focus on adoption milestones including industry relationships, reference designs and benchmark data. It also points to momentum at AeroFlexx and Refinity. No new numeric financial guidance is provided in the excerpts.