Innventure : First Quarter 2026 Earnings Press Release

Published: 2026-05-14 16:42:01 ET INV

Published on 05/14/2026 at 04:42 pm EDT

Strong start to 2026 driven by commercial momentum across Innventure's three operating companies

General and administrative expenses declined 35% year over year, demonstrating continued progress on cost discipline Execution and financial progress in the quarter reinforce confidence that 2026 represents an inflection year

ORLANDO, Fla. (May 14, 2026) - Innventure, Inc. (NASDAQ: INV) ("Innventure"), an industrial growth conglomerate, today announced financial results for the quarter ended March 31, 2026.

"We entered 2026 with strong momentum, and the first quarter reflects a company that is executing across multiple fronts," said Bill Haskell, Chief Executive Officer. "Across our operating companies, we are seeing tangible commercial progress, improving financial discipline, and growing validation of our model. This is the result of years of focused work turning innovative technologies into scalable businesses, and we believe we are off to a strong start in 2026 as we continue building long-term value for shareholders.

A conference call to discuss these results has been scheduled for 5:00 pm ET today, May 14, 2026.

The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via this link.

Innventure has posted a slide presentation to accompany the prepared remarks to its investor relations website https:// ir.innventure.com/.

In response to recent investor feedback, Innventure has also posted a comprehensive question and answer document to the presentations page of its investor relations website https://ir.innventure.com/news-events/presentations.

Innventure, Inc. (NASDAQ: INV), an industrial growth conglomerate, focuses on building companies with billion-dollar valuations by commercializing breakthrough technology solutions. By systematically creating and operating industrial enterprises from the ground up, Innventure participates in early-stage economics and provides industrial operating expertise designed for global scale. Innventure's approach seeks to uniquely bridge the "Valley of Death" between corporate innovation and commercialization through its distinctive combination of value-driven multinational partnerships, operational experience, and scaling expertise.

We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.

Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.

There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.

Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.

In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.

Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by future or conditional words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "will," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but are not limited to, those factors described in Innventure's public filings with the

U.S. Securities and Exchange Commission, including but not limited to the following: Innventure's and its subsidiaries' ability to execute on their strategies, book sales and achieve future financial performance; developments and projections relating to Innventure's and its subsidiaries' competitors and industry; the implementation, adoption, market acceptance and success of Innventure's and its subsidiaries' products, business models and growth strategies; Innventure's and its subsidiaries' ability to generate sufficient revenue and operating cash flow; the timing and magnitude of expected cash expenditures; the availability, timing and terms of additional financing, including debt or equity financing; market conditions affecting access to capital; potential dilution resulting from future financings; Innventure's ability to successfully implement cost reduction initiatives; changes in economic conditions; competitive pressures; regulatory developments; Innventure's ability to maintain control over its subsidiaries.

Forward-looking statements speak only as of the date of this release, and Innventure undertakes no obligation to update them except as required by law.

Consolidated Balance Sheets

‌(in thousands, except share amounts)

March 31, 2026

December 31,

2025

Assets

Cash and cash equivalents ........................................................................................................................................................................................

$ 55,367

$ 60,449

Restricted cash..........................................................................................................................................................................................................

5,000

Accounts receivable ..................................................................................................................................................................................................

840

1,094

Due from related parties...........................................................................................................................................................................................

14,917

11,840

Inventories ................................................................................................................................................................................................................

1,562

1,604

Prepaid expenses and other current assets..............................................................................................................................................................

4,138

3,167

Total Current Assets ........................................................................................................................................................................................................

81,824

83,154

Investments...............................................................................................................................................................................................................

27,474

28,741

Property, plant and equipment, net .........................................................................................................................................................................

2,298

1,941

Intangible assets, net ................................................................................................................................................................................................

155,133

160,537

Goodwill ....................................................................................................................................................................................................................

323,463

Other assets ..............................................................................................................................................................................................................

1,291

1,351

Total Assets .....................................................................................................................................................................................................................

$ 591,483

$ 599,187

Liabilities and Stockholders' Equity

Accounts payable ......................................................................................................................................................................................................

$ 3,001

$ 2,551

Accrued employee benefits ......................................................................................................................................................................................

4,480

11,343

Accrued expenses .....................................................................................................................................................................................................

2,929

7,386

Contract liabilities .....................................................................................................................................................................................................

275

947

Notes payable - current ............................................................................................................................................................................................

7,440

12,846

Term convertible note, current.................................................................................................................................................................................

7,956

7,890

Convertible promissory note, current ......................................................................................................................................................................

4,369

4,331

Patent installment payable - current........................................................................................................................................................................

825

700

Obligation to issue equity .........................................................................................................................................................................................

119

Warrant liability ........................................................................................................................................................................................................

27,815

27,458

Income taxes payable ...............................................................................................................................................................................................

Other current liabilities.............................................................................................................................................................................................

667

682

Total Current Liabilities ....................................................................................................................................................................................................

59,847

76,276

Notes payable, net of current portion .........................................................................................................................................................................

6,940

8,327

Earnout liability.............................................................................................................................................................................................................

3,470

3,890

Stock-based compensation liability..............................................................................................................................................................................

242

239

Patent installment payable, net of current..................................................................................................................................................................

11,550

12,375

Deferred income taxes .................................................................................................................................................................................................

10,782

13,848

Other liabilities .............................................................................................................................................................................................................

503

556

Total Liabilities .................................................................................................................................................................................................................

93,334

115,511

Commitments and Contingencies (Note 16)

Stockholders' Equity

Preferred stock, $0.0001 par value, 25,000,000 shares authorized; ...........................................................................................................................

Series B Preferred Stock, $0.0001 par value, 3,000,000 shares designated, 35,792 and 33,144 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively..............................................................................................................................................................

Series C Preferred Stock, $0.0001 par value, 5,000,000 shares designated, 159,270 shares issued and outstanding as of March 31, 2026 and 150,000 shares issued and outstanding as of December 31, 2025. .........................................................................................................................

Common Stock, $0.0001 par value, 250,000,000 shares authorized, 80,094,894 and 67,743,847 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.................................................................................................................................................................

Additional paid-in capital..............................................................................................................................................................................................

617,017

577,070

Accumulated other comprehensive gain (loss)............................................................................................................................................................

(1,172)

(1,260)

Accumulated deficit......................................................................................................................................................................................................

(392,408)

(371,603)

Total Innventure, Inc., Stockholders' Equity....................................................................................................................................................................

223,445

204,214

Non-controlling interest ...............................................................................................................................................................................................

274,704

279,462

Total Stockholders' Equity................................................................................................................................................................................................

498,149

483,676

Total Liabilities and Stockholder's Equity .......................................................................................................................................................................

$ 591,483

$ 599,187

‌Three Months Ended

Three Months Ended

March 31, 2026

March 31, 2025

Revenue

$ 1,443

$ 224

Operating Expenses

Cost of sales .....................................................................................................................................................................................

5,253

184

General and administrative .............................................................................................................................................................

12,750

19,676

Sales and marketing.........................................................................................................................................................................

2,897

2,096

Research and development.............................................................................................................................................................

7,840

6,253

Goodwill impairment.......................................................................................................................................................................

233,213

Total Operating Expenses .....................................................................................................................................................................

28,740

261,422

Loss from Operations ............................................................................................................................................................................

(27,297)

(261,198)

Non-operating (Expense) and Income

Interest expense, net....................................................................................................................................................................

(989)

(1,538)

Net gain (loss) from investments..................................................................................................................................................

Change in fair value of financial liabilities ....................................................................................................................................

16,429

Equity method investment (loss) income.....................................................................................................................................

(1,516)

(6,756)

Realized gain on conversion of available for sale investment......................................................................................................

1,507

Loss on extinguishment of debt ...................................................................................................................................................

(977)

Loss on extinguishment of related party debt .............................................................................................................................

(3,538)

Miscellaneous other expense.......................................................................................................................................................

(175)

Total Non-operating Income (Expense)................................................................................................................................................

(3,525)

6,125

Loss before Income Taxes......................................................................................................................................................................

(30,822)

(255,073)

Income tax expense (benefit).......................................................................................................................................................

(3,039)

(1,399)

Net Loss ................................................................................................................................................................................................

(27,783)

(253,674)

Less: net loss attributable to...........................................................................................................................................................

Non-redeemable non-controlling interest...................................................................................................................................

(6,978)

(110,677)

Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders .....................................................................

(20,805)

(142,997)

Basic and diluted loss per share ...................................................................................................................................................

$ (0.27)

$ (3.10)

Basic and diluted weighted average common shares..................................................................................................................

77,829,187

46,252,922

Cash Flows Used in Operating Activities

Net loss ..................................................................................................................................................... $ (27,783) $ (253,674)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation.......................................................................................................................

4,832

5,841

Interest income on debt securities - related party...................................................................................

(91)

Change in fair value of financial liabilities ................................................................................................

(63)

(16,429)

Non-cash interest expense on notes payable ..........................................................................................

706

510

Net gain on investments...........................................................................................................................

(69)

Accrued unpaid interest on note payable ................................................................................................

130

Equity method investment loss (income).................................................................................................

1,516

6,756

Realized gain on conversion of available for sale investments................................................................

(1,507)

Loss on extinguishment of debt ...............................................................................................................

977

Deferred income taxes .............................................................................................................................

(3,067)

(1,899)

Loss on Disposal of PPE.............................................................................................................................

223

Depreciation and amortization.................................................................................................................

5,671

5,548

Goodwill impairment................................................................................................................................

233,213

Other costs, net ........................................................................................................................................

130

Changes in operating assets and liabilities:

Accounts receivable..................................................................................................................................

254

Prepaid expenses and other current assets .............................................................................................

(4,046)

(122)

Inventory...................................................................................................................................................

(42)

Accounts payable......................................................................................................................................

451

1,587

Accrued employee benefits......................................................................................................................

(6,863)

1,943

Accrued expenses.....................................................................................................................................

(5,503)

565

Stock-based compensation liability..........................................................................................................

(442)

Income taxes payable ...............................................................................................................................

500

Other current liabilities.............................................................................................................................

(138)

(73)

Contract liabilities.....................................................................................................................................

(672)

Patent installment payable.......................................................................................................................

(700)

(525)

Net Cash Used in Operating Activities ..........................................................................................................

(34,031)

(14,696)

Cash Flows (Used in) Provided by Investing Activities

Investment in available-for-sale debt securities - equity method investee.............................................

(2,337)

Acquisition of property, plant and equipment.........................................................................................

(846)

(917)

Net Cash (Used in) Provided by Investing Activities .....................................................................................

(846)

(3,254)

Cash Flows Provided by Financing Activities

Proceeds from issuance of equity, net of issuance costs..........................................................................

37,207

3,675

Proceeds from the issuance of equity to non-controlling interest, net of issuance costs........................

4,907

Payment of debts ......................................................................................................................................

(7,412)

(300)

Repurchase of preferred stock.....................................................................................................................................

(50)

Distributions to Stockholders....................................................................................................................

(26)

Cash Flows Provided by Financing Activities ................................................................................................

29,795

8,206

Net Decrease in Cash, Cash Equivalents and Restricted Cash.........................................................................

(5,082)

(9,744)

Cash, Cash Equivalents and Restricted Cash Beginning of period ...............................................................

65,449

11,119

Cash, Cash Equivalents and Restricted Cash End of period .........................................................................

$ 60,367

$ 1,375

Supplemental Cash Flow Information

Cash paid for interest.............................................................................................................. $ 699 $ 1,127

Supplemental Disclosure of Noncash Financing Information

Conversion of working capital loans to equity method investee into investments in debt securities - related party ................................................................................................

4,375

Unrealized gain on investments in debt Securities - related party through OCI........................

909

Extinguishment of debt with Series C Preferred Stock..............................................................

14,000

Contribution of Series C Preferred Stock to equity method investee ........................................

5,783

Conversion of AFX available-for-sale term loan into equity method investments ...................

8,757

Issuance of common stock as repayment of convertible debt .........................................

1,090

Issuance of vested RSUs.......................................................................................................

1,032

Issuance of stock in exchange for services.........................................................................

4,002

Equity reallocation between non-controlling interest and additional paid-in capital......

26,304

‌Three Months Ended

Three Months Ended

March 31, 2026

March 31, 2025

Net loss

$ (27,783)

(253,674)

Interest expense, net(1)

989

1,538

Depreciation and amortization expense

5,671

5,548

Income tax expense (benefit)

(3,039)

(1,399)

EBITDA

(24,162)

(247,987)

Transaction and other related costs(2)

Change in fair value of financial liabilities(3)

(63)

(16,429)

Stock-based compensation(4)

4,832

5,841

Goodwill impairment(5)

233,213

Loss on extinguishment of debt(6)

977

Loss on extinguishment of related party debt(7)

3,538

Loss on conversion of promissory notes

Adjusted EBITDA

(18,416)

(21,824)

Interest Expense, net, includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs.

Change in fair value of financial liabilities - For the three months ended March 31, 2026 and 2025, the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability, the earnout liability and the embedded derivatives in various instruments.

Stock based compensation - For the three months ended March 31, 2026 and 2025, stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share-based payment employee incentive plans in existence at subsidiaries.

Goodwill impairment - For the three months ended March 31, 2025. the Company recognized goodwill impairment due to sustained decreases in the Company's publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market from late February 2025.

Loss on extinguishment of debt - For the three months ended March 31, 2026 the Company repaid the Convertible Debentures resulted in an aggregate of $1.0 million loss on extinguishment of debt. There was no loss on extinguishment of debt for three months ended March 31, 2025. (6) Loss on extinguishment of related party debt - For the three months ended March 31, 2025, the Company extinguished certain related party debts by issuing Series C Preferred Stock. There was no loss on extinguishment of related party debt for the three months ended March 31, 2026.

Disclaimer

Innventure Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:40 UTC.