Innventure (INV) Q2 2026 earnings summary

Executive summary

• Leadership transition announced: Bill Haskell retiring as CEO, succeeded by Bill Grieco, with a focus on continuity and operational discipline.

• Transitioned to milestone-based reporting, moving away from revenue and cash flow positivity targets to better reflect progress in emerging markets.

• Focus on commercializing transformative, sustainable technology solutions through subsidiaries AeroFlexx, Accelsius, and Refinity, with a single reportable segment: Technology.

• Emphasized long-term shareholder value creation, citing momentum at AeroFlexx and Refinity.

• Significant decrease in net loss year-over-year, with no goodwill impairment in 2026 compared to large charges in 2025.

Financial highlights

• Q2 2026 revenue was $1.0 million, up from $0.5 million in Q2 2025, with six-month revenue at $2.4 million.

• Accelsius contributed $0.9 million (96%) of total revenue.

• Net loss for Q2 2026 was $26.5 million, a significant improvement from $84.2 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $(22.6) million.

• General and administrative expenses fell 22% year-over-year to $14.5 million.

• Cash and cash equivalents at June 30, 2026, were $41.5 million, with $5.0 million restricted cash.

Outlook and guidance

• Accelsius no longer expected to reach cash flow breakeven in 2026; timeline extended due to market constraints.

• Revenue targets suspended due to unpredictability in early adopter deployments and structural market constraints.

• Will report progress against defined milestones tied to market adoption, suspending traditional financial targets for businesses in formative markets.

• Management expects to require at least $50 million over the next 12 months for operations and up to $25 million for subsidiary support.

• Focus shifted to execution of strategic milestones and industry partnerships.