Innventure — Second Quarter 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended June 30, 2026, was $953,000, compared to $476,000 in the same period of 2025.
• Revenue for the six months ended June 30, 2026, was $2,396,000, compared to $700,000 in the same period of 2025.
• Net loss for the three months ended June 30, 2026, was $34,914,000, compared to $141,275,000 in the prior year period.
• Net loss for the six months ended June 30, 2026, was $62,697,000, compared to $394,949,000 in the prior year period.
• Loss per share (basic and diluted) was $(0.32) for the three months ended June 30, 2026, compared to $(1.60) in the prior year; for the six months ended June 30, 2026, it was $(0.59) compared to $(4.60) in the prior year.
• EBITDA for the three months ended June 30, 2026, was $(30,241,000), compared to $(135,214,000) in the prior year; for the six months ended June 30, 2026, it was $(54,403,000), compared to $(383,201,000) in the prior year.
• Adjusted EBITDA for the three months ended June 30, 2026, was $(22,576,000), compared to $(16,178,000) in the prior year; for the six months ended June 30, 2026, it was $(40,992,000), compared to $(38,002,000) in the prior year.
• Cash and cash equivalents were $41,543,000 as of June 30, 2026, down from $60,449,000 as of December 31, 2025.
• Total assets were $574,697,000 as of June 30, 2026, down from $599,187,000 as of December 31, 2025.
• Total liabilities were $91,882,000 as of June 30, 2026, down from $115,511,000 as of December 31, 2025.
• Stockholders' equity was $212,690,000 as of June 30, 2026, up from $204,214,000 as of December 31, 2025.
• Net cash used in operating activities for the three months ended June 30, 2026, was $59,466,000, compared to $36,754,000 in the prior year.
• Net cash provided by financing activities for the three months ended June 30, 2026, was $41,634,000, compared to $41,240,000 in the prior year.
• Proceeds from issuance of equity, net of issuance costs, were $50,229,000 for the three months ended June 30, 2026.
• Stock-based compensation expense was $5,477,000 for the three months ended June 30, 2026, and $10,309,000 for the six months ended June 30, 2026.
• No goodwill impairment was recorded for the three or six months ended June 30, 2026, compared to $113,344,000 and $346,557,000 respectively in the prior year periods.

Guidance and Future Outlook

• Innventure has suspended its previously communicated expectations regarding Accelsius' 2026 revenue and cash flow targets.
• The company is shifting focus to execution against foundational milestones expected to govern scaled market adoption of two-phase liquid cooling technology.
• Key milestones include forging relationships with chip-makers, establishing reference designs, initiating OEM and ODM co-development, building relationships with hyperscalers, and delivering additional thermal benchmark data.
• Management anticipates significant long-term demand for two-phase liquid cooling as AI infrastructure requirements accelerate.
• The company believes it is well-positioned to create shareholder value over the long term based on progress against milestones and momentum at AeroFlexx and Refinity.

Business Segments and Product Lines

• The company focuses on Accelsius, AeroFlexx, and Refinity as key business units.
• Accelsius is the primary focus for two-phase liquid cooling technology development and scaled market adoption.
• Momentum is noted at AeroFlexx and Refinity.
• The company is executing on foundational milestones including chip-maker relationships, reference designs, and OEM/ODM co-development initiatives.

Market and Competitive Landscape

• The industry is moving toward a future where two-phase liquid cooling becomes an essential part of AI infrastructure.
• Evolving dynamics in the AI infrastructure market include constraints facing smaller early adopters regarding power availability, GPU access, and deployment timing.
• These market constraints have impacted near-term revenue expectations despite meaningful progress in technology development.

Risks and Challenges

• Constraints facing smaller early adopters around power availability, GPU access, and deployment timing are impacting near-term revenue generation.
• 2026 revenue generation is described as an imprecise reflection of the progress Accelsius is making.
• Forward-looking statements involve risks including the ability to execute strategies, book sales, achieve future financial performance, and generate sufficient revenue and operating cash flow.
• Risks include the availability, timing, and terms of additional financing, market conditions affecting access to capital, and potential dilution from future financings.
• Risks also include competitive pressures, regulatory developments, and the ability to maintain control over subsidiaries.

Management Commentary and Tone

• Bill Haskell, Chief Executive Officer, stated the company firmly believes the industry is moving toward two-phase liquid cooling as an essential part of AI infrastructure.
• Management expressed strengthened conviction in Accelsius' long-term opportunity.
• Management acknowledged that evolving market dynamics have rendered 2026 revenue generation an imprecise reflection of progress, leading to the suspension of prior revenue and cash flow targets.
• The tone indicates a strategic pivot from short-term revenue targets to long-term milestone execution and scaled market adoption.

Other Key Points

• A conference call to discuss results was scheduled for 5:00 pm ET on August 13, 2026.
• A slide presentation accompanies the press release and is available on the investor relations website.
• The company is an industrial growth conglomerate focused on building companies with billion-dollar valuations by commercializing breakthrough technology solutions.
• The company's approach seeks to bridge the "Valley of Death" between corporate innovation and commercialization.
• Non-GAAP financial measures used include EBITDA and Adjusted EBITDA, which exclude items such as stock-based compensation, acquisition costs, and non-recurring expenses.
• Total non-controlling interest was $270,125,000 as of June 30, 2026.
• The company issued Series C Preferred Stock with 159,270 shares outstanding as of June 30, 2026.
• Common stock outstanding was 84,612,657 shares as of June 30, 2026.