Innventure NASDAQ: INV reported second-quarter revenue of $1 million, up from $500,000 a year earlier but down from $1.4 million in the first quarter, as its Accelsius cooling technology business accounted for 96% of consolidated revenue.
The company reported a net loss of $34.9 million for the quarter, compared with a $27.8 million loss in the first quarter. Adjusted EBITDA loss was $22.6 million, versus $18.4 million in the prior quarter. Innventure ended June with $46.5 million in cash and restricted cash, down from $60.4 million at the end of the first quarter.
Chief Financial Officer Dave Yablunosky said Innventure raised about $13 million during the quarter through draws on its standby equity purchase agreement at an average price of $6.21. The company also continued reducing debt, including the full repayment of its convertible debentures earlier this year.
Accelsius Outlook Revised as Early Adopters Face Constraints
Innventure withdrew prior expectations that Accelsius would exit 2026 near cash-flow breakeven at an annualized revenue run rate of about $100 million. Yablunosky said the company now expects Accelsius to reach breakeven later than previously anticipated, citing power availability, GPU access and site allocation constraints affecting smaller potential customers.
“The primary driver for the change is market dynamics, not a change in our conviction around the technology or the market opportunity,” Yablunosky said.
Accelsius has also removed a DarkNX project from its 2026 forecast after DarkNX informed the company that a previously identified development site was no longer available. Accelsius CEO John Hewitt said the company expects the order to transfer to an alternative site, but timing remains uncertain because DarkNX needs to identify a new location and secure necessary allocations. Hewitt said the original site issue was related to the available power envelope.
Innventure is suspending its revenue targets until constraints ease or Accelsius reaches what management considers foundational adoption milestones. The company also said it is no longer targeting consolidated positive cash flow in 2028 and will reassess that timeline when it has more visibility into Accelsius adoption and revenue generation.
Management said it expects to seek additional capital at Innventure due to the extended timeline to positive cash flow. Its stated strategy is to increasingly finance AeroFlexx and Refinity at the operating-company level, with the aim of reducing parent-level capital needs and limiting shareholder dilution.
Accelsius Focuses on Hyperscalers and Industry Ecosystem
Hewitt, who became Accelsius CEO in July, said the company has revised its commercialization strategy to concentrate on chip manufacturers, server original equipment manufacturers, server original design manufacturers and hyperscalers.
According to Hewitt, smaller early adopters often lack the GPU allocations, power access and scale needed to deploy advanced cooling technology. The company is therefore shifting its focus toward larger technology companies that can influence server designs and data-center infrastructure planning.
Accelsius said it has active proof-of-concept engagements with several hyperscalers, though Hewitt did not identify the companies. He described an adoption process that can include component-level testing, proof-of-concept deployments, operating-impact analysis, dedicated data-center hall deployments, and eventual inclusion in a customer’s procurement and data-center roadmaps.
Hewitt said that process can take two to three years, depending on the hyperscaler. He said Accelsius is at various stages of engagement with multiple customers and that it does not yet have sufficient visibility to provide specific revenue or bookings guidance for 2027.
The company plans to report progress against four milestones rather than revenue targets:
- Engagement with chipmakers that could lead to reference designs or inclusion in a silicon vendor partner ecosystem.
- Expansion of server OEM and ODM relationships into co-development programs.
- Moving from proof-of-concept work to an executed statement of work with a major hyperscaler.
- Additional benchmark testing and deployments with thermal laboratories.
Hewitt said server OEMs and ODMs may accelerate their work when there is a clear demand signal from a hyperscaler or neocloud customer, but Accelsius is pursuing both customer and equipment-maker relationships in parallel.
Third-Party Testing Cited as Technical Validation
Accelsius highlighted a third-party test published in July involving a commercially available Dell PowerEdge XE9680L server with eight NVIDIA B200 GPUs. The company said an independent systems integrator compared the server’s factory-installed single-phase cooling system with Accelsius’ NeuCool cold plates across roughly 40,000 operating points.
According to Hewitt, the NeuCool-equipped system operated GPUs 9 degrees to 14 degrees Celsius cooler at the system level while using about one-third of the coolant flow at the chip. At 50 degrees Celsius facility water, he said the single-phase system pushed the B200 GPUs beyond their 84-degree-Celsius throttle point, while the Accelsius system maintained 9 degrees Celsius of headroom below that threshold.
Hewitt said the results support Accelsius’ position that two-phase direct-to-chip cooling can enable warmer facility-water operation and reduce cooling energy use. He also cited a Jacobs reference design that management said indicated two-phase cooling could enable an average of 5% more GPUs within the same power envelope.
Management said the liquid-cooling market is forecast to exceed $30 billion by 2030, including an expected $9 billion two-phase segment. Hewitt said Accelsius believes growing chip power levels and higher rack densities will increase the need for two-phase cooling over time.
Leadership Transition and Other Operating Companies
Chief Executive Officer Bill Haskell said he will retire from the role on Oct. 1, following a planned succession announced June 30. Bill Grieco, Innventure’s former chief technology officer and the founding CEO of Refinity, will succeed Haskell.
Grieco said the company will place greater emphasis on operational milestones rather than quarterly revenue targets for its developing businesses. He said Refinity remains on track to complete engineering design for its 10-kiloton commercial demonstration plant by year-end.
Haskell also said AeroFlexx’s commercial pipeline reached nearly $35 million, up 9% from the prior quarter. AeroFlexx has added partnerships in Latin America and Europe, while equipment installed at Packaging Imolese’s Italian facility is operational and undergoing product qualification.
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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