Innventure Q1 Earnings Call Highlights

Key Points

• Revenue and loss trends improved in Q1 2026, with consolidated revenue rising to $1.4 million from $0.2 million a year ago and the net loss narrowing to $20.8 million, the lowest since Innventure went public. Adjusted EBITDA was still a loss of $18.4 million.
• Accelsius remains the main growth driver, generating $1.3 million in quarterly revenue and more than $50 million in bookings as demand for AI and high-performance computing cooling solutions builds. Management said it believes the business can reach a roughly $100 million annualized revenue run rate by year-end 2026 and potentially move toward positive operating cash flow.
• The other operating businesses are also advancing: AeroFlexx expanded its pipeline to $32 million, helped by Aveda and a new manufacturing partnership in Italy, while Refinity is progressing toward a 10-kiloton demonstration plant with pilot results meeting or exceeding targets. Innventure also ended the quarter with $60.4 million in cash and said it does not expect to need significant additional capital soon.

Innventure NASDAQ: INV reported higher first-quarter 2026 revenue and said it continues to see commercial momentum across its operating companies, particularly Accelsius, its two-phase liquid cooling business serving AI and high-performance computing data centers.

Chief Financial Officer Dave Yablunosky said consolidated revenue rose to $1.4 million in the quarter, up from $0.2 million in the first quarter of 2025 and $0.8 million in the fourth quarter of 2025. He said revenue has grown sequentially every quarter since the beginning of 2025.

Accelsius accounted for $1.3 million of first-quarter revenue, which Yablunosky described as the highest quarterly revenue for the business since Innventure began reporting in 2024. The company reported a net loss attributable to Innventure stockholders of $20.8 million, which Yablunosky said was the lowest since the company became public. Adjusted EBITDA was a loss of $18.4 million.

Accelsius Remains Central to Growth Outlook

Chief Growth Officer Roland Austrup said Innventure is focused less on early revenue levels and more on what it views as signals of customer validation, including testing, integration and procurement alignment. He said revenue increased from $0.2 million a year earlier to $1.4 million in the quarter, while the company recorded more than $50 million in first-quarter bookings.

Austrup said Accelsius is in a “pre-inflection phase,” supported by a large pipeline, customer protocol updates and market pressure from rising rack-level power and thermal density. He pointed to AI and high-performance computing workloads, including NVIDIA’s Blackwell generation accelerators, as pushing data center operators toward liquid and two-phase cooling systems.

During the quarter, Legrand announced a strategic partnership with Accelsius following its participation in Accelsius’ Series B funding round. Austrup said the companies plan to collaborate on development initiatives, including integration of two-phase direct-to-chip cooling into rack infrastructure.

Accelsius also debuted its NeuCool IR150 at NVIDIA GTC in March. Austrup said the product combines a two-phase cooling distribution unit, 42U of IT rack space and built-in liquid and vapor manifolds in a single 800mm enclosure, with up to 150kW of cooling capacity.

In response to a question from Roth Capital Partners analyst Chip Moore, Chief Executive Officer Bill Haskell said Innventure remains optimistic that Accelsius can exit December 2026 with positive operating cash flow, implying an annualized revenue run rate of about $100 million. Haskell clarified in a later response that this would mean monthly revenue of roughly $8 million to $9 million by year-end, not $100 million of revenue for the full year.

Haskell said the company has the internal ability to produce enough volume to support that run rate, though he acknowledged that some factors, such as supply chain challenges affecting customers, are outside Innventure’s control. He also said Accelsius could benefit from environmental and infrastructure concerns affecting data center projects because its solution uses materially less power than alternatives and can operate without water in racks.

AeroFlexx Pipeline Expands

Austrup said AeroFlexx, Innventure’s flexible packaging business, is seeing progress across categories including prestige beauty, household, personal care, industrial and food and beverage. He said the commercial pipeline has grown to $32 million, up 21% since January, with $13.2 million in final negotiation, up 40%.

Austrup highlighted Aveda as a market catalyst for AeroFlexx. Since the announcement of a global commercial launch, he said AeroFlexx has seen approximately $3.6 million of new and reactivated opportunities. Aveda is expected to start with refill packaging for select best-selling products debuting in 2027, and Austrup said initial purchase orders are already in place to build inventory for launch.

Innventure also expanded AeroFlexx’s manufacturing footprint through a partnership with Packaging Imolese in Italy. Austrup said an AeroFlexx filling machine is installed at the facility, which adds regional manufacturing, formulation and commercialization capabilities for household and personal care markets.

Refinity Advances Toward Demonstration Plant

Austrup said Refinity, Innventure’s advanced materials and circular feedstocks business, is moving from chemistry validation toward commercial scale. Detailed design work on a 10-kiloton commercial demonstration plant is underway, and the company expects engineering design to wrap up by the end of the third quarter.

He said Refinity is working with a U.S. partner that has existing fluidized bed assets for additional testing. By mid-year, the company expects to run its process on those assets using the same mixed plastic waste feedstocks planned for the 10-kiloton plant.

Austrup also said recent multi-day pilot trials at VTT using market-sourced plastic waste produced light olefins, including ethylene and propylene, at yields meeting or exceeding targets. Work with Dow continues on gas purity and integration with existing steam cracker infrastructure.

Refinity is in active discussions with customers on offtake agreements for the planned demonstration plant and is working with government agencies on non-dilutive funding to support capital expenditures, Austrup said.

Expenses, Cash and Capital Strategy

Yablunosky said total general and administrative expenses were $12.7 million in the quarter, down $7 million from the first quarter of 2025. Professional services fees declined 51% to $3 million from $6.1 million a year earlier, as the company shifted from outsourced services to in-house personnel.

Innventure ended the quarter with $60.4 million of cash and restricted cash, down $5.1 million from the end of 2025. During the quarter, the company received $37.2 million in net proceeds from a registered direct offering, paid down $7.4 million of debt, invested $0.8 million in property, plant and equipment at Accelsius, and recorded $16.4 million of working capital cash use.

Austrup said that after quarter-end, Innventure raised approximately $11.9 million through its standby equity facility during a period of share price strength. He said the company executed above $6 per share, limiting dilution to roughly 2%, and does not anticipate needing to raise significant capital for the foreseeable future.

Yablunosky said Innventure is focused on supporting growth at its operating companies while maintaining liquidity and minimizing future dilution to shareholders.

Governance and Shareholder Engagement

Haskell opened the call by discussing corporate governance, citing the appointment of John Hewitt and the nomination of Catriona Fallon as part of a board refresh. He described both as seasoned operators capable of contributing to Innventure’s multi-entity operating model.

Haskell also said Innventure has had extended dialogue with shareholders, including Ascend Capital Partners, which he described as one of the company’s largest and most engaged shareholders. He said Ascend recently expressed public support for Innventure’s leadership and direction in an SEC filing.

During the question-and-answer session, Haskell said the company has potential new business opportunities in its pipeline but will not announce a new company formation until it has decided to move forward. He also said channel partners, including previously announced relationships with Johnson Controls, Legrand and Vertiv, could help Accelsius reach broader demand through their sales and market presence.

About Innventure NASDAQ: INV

Innventure Inc founds, funds and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. Innventure Inc, formerly known as Learn CW Investment Corporation, is based in ORLANDO, Fla.

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