Innventure (INV) investor relations material

Executive summary

• Revenue for Q2 2025 was $476,000–$500,000, up over 100% year-over-year, with growth driven by Accelsius/Excelsius and product sales in the Technology segment.

• Net loss attributable to stockholders widened to $84.2M for Q2 and $227.2M for the first half of 2025, primarily due to goodwill impairment.

• Adjusted EBITDA loss for Q2 2025 was $(16.2)M, compared to $(8.1)M in Q2 2024.

• Accelsius/Excelsius expanded deployments at major data center clients, AeroFlexx posted its fourth consecutive quarter of revenue, and Refinity secured an EPC partner for its first plant.

• Management anticipates the second half of 2025 as an inflection point for revenue growth, with bookings and pipeline momentum strong.

Financial highlights

• Revenue for Q2 2025 was $476,000–$500,000, up from $223,000–$220,000 in Q2 2024.

• Adjusted EBITDA loss for Q2 2025 was $(16.2)M, with net loss for Q2 at $84.2M and for the first half at $227.2M, mainly due to goodwill impairment.

• Cash and cash equivalents at June 30, 2025, were $6.97M–$12M, down from $11.1M at year-end 2024.

• Operating expenses surged to $404.5M for the first half of 2025, largely due to goodwill impairment.

• Gross margin was negative due to cost of sales exceeding revenue.

Outlook and guidance

• Management expects significant revenue growth in the second half of 2025, with most sales orders and bookings weighted to that period.

• At least $50M in additional funding is required over the next 12 months to meet liquidity needs, with $25M more needed for growth.

• Confident in access to capital and ability to meet liquidity needs for future growth, relying on SEPA and other financing.