Innventure (INV) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked strong commercial momentum and execution across Accelsius, AeroFlexx, and Refinity, with accelerating adoption and validation of the business model.

• Corporate governance was strengthened through new board appointments, increased shareholder engagement, and public support from major shareholders.

• Balance sheet flexibility improved via capital structure simplification, shelf eligibility, and significant capital raises.

• Focus remains on commercializing transformative, sustainable technology solutions through subsidiaries.

Financial highlights

• Q1 2026 revenue reached $1.4 million, up from $0.2 million year-over-year, with every quarter showing sequential growth since early 2025.

• Accelsius contributed $1.3 million in Q1 revenue, the highest since reporting began in 2024.

• Q1 bookings exceeded $50 million, with AeroFlexx's commercial pipeline expanding to $32 million, up 21% since January.

• Net loss attributable to stockholders was $20.8 million, a significant improvement from $143.0 million in Q1 2025.

• G&A expenses were $7.8 million, down 35% year-over-year; professional service fees dropped 51% to $3 million.

• Cash and cash equivalents at quarter-end were $55.4 million, down from $60.4 million at year-end.

Outlook and guidance

• Management expects to exit December 2026 with Accelsius at a $100 million annualized revenue run rate and positive operating cash flow.

• Strong revenue and adjusted EBITDA growth anticipated in the second half of 2026 and into 2027.

• Additional bookings and commercial launches expected in coming quarters for Accelsius and AeroFlexx.

• Management expects at least $50 million in capital needs over the next 12 months, with up to $25 million more if subsidiaries do not raise capital independently.