Innventure (INV) Q4 2025 earnings summary

Executive summary

• Achieved a commercial inflection point with over $50 million in bookings in early 2026, as all operating companies delivered execution milestones and began raising capital independently, reducing reliance on parent-level funding.

• Platform is shifting from capital-funded to commercially self-funding, with confidence in consolidated cash flow positivity in 2028, underpinned by Accelsius's expected cash flow positivity in 2026.

• AeroFlexx and Refinity are launching direct capital raises as they reach commercial and technical milestones.

• Board governance improvements underway, targeting a higher percentage of independent directors.

Financial highlights

• 2025 consolidated revenue rose to $2.1 million from $456,000 in 2024; Accelsius revenue increased to $1.6 million from $0.3 million year-over-year.

• G&A expenses declined 61% year-over-year in Q4 2025, with parent company cash G&A down ~56%.

• Net loss for 2025 was $475.4 million, driven by a $346.6 million goodwill impairment; adjusted EBITDA loss was $78.8 million.

• Ended 2025 with $65.4 million in cash and equivalents, up from $11.1 million in 2024; completed a $40 million direct offering in January 2026.

• Accelsius secured over $50 million in contracted backlog in Q1 2026, providing strong visibility into revenue scaling.

Outlook and guidance

• Accelsius expected to reach cash flow breakeven by December 2026, with an annual revenue run rate of ~$100 million; company-wide cash flow positivity targeted for 2028.

• AeroFlexx commercial pipeline is just under $30 million, with one third under final negotiation.

• Refinity targets startup of a 10kt/year demonstration plant in 2028 and a full-scale 150kt/year plant by 2030+.

• Revenue recognition for Accelsius will be heavily back-end weighted in 2026 due to supply chain constraints.

• Parent-level capital needs projected to decline materially in 2026 as operating companies become self-funded.