INNIO (INIO) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 equipment order intake of $2.3 billion, up 316% year-over-year, with total revenue rising 42% to $938 million and adjusted EBITDA up 20% to $172 million, driven by strong demand in AI, data centers, and power solutions.

• Equipment order backlog reached $6.6 billion, up 279% year-over-year, providing multi-year revenue visibility and supporting long-term growth.

• Secured a landmark 1.1 GW order for a mega-scale data center, one of the largest in company history, with phased, multi-year delivery.

• Net loss of $16.9 million in Q2 2026, primarily due to $81.2 million in IPO and public market readiness costs; adjusted EBITDA rose 20% to $172.3 million.

• Capacity expansion is on track, aiming to triple production to 10 GW per year by 2030, funded by operating cash flows.

Financial highlights

• Q2 2026 total revenue: $938 million (+42% YoY); equipment revenue: $569 million (+61% YoY); services revenue: $368 million (+21% YoY).

• Adjusted EBITDA: $172 million in Q2 2026 (+20% YoY); adjusted EBITDA margin: 18–19%.

• Free cash flow: $205 million, up 352% year-over-year; cash and cash equivalents increased to $1,039.9 million as of June 30, 2026.

• Equipment book-to-bill ratio at 4.4 for the first six months of 2026.

• Net leverage ratio improved to 2.7x in Q2 2026 from 3.6x at year-end 2025.

Outlook and guidance

• Full-year 2026 guidance: revenue of $3.8–$3.9 billion (up ~46% vs. 2025), adjusted EBITDA of $720–$740 million (up ~33%).

• Equipment expected to comprise ~65% of 2026 revenue, with margin improvement in H2 as capacity ramps.

• Backlog and slot reservations exceed 15 GW, with 2027 sold out and reservations extending to 2030–2031.