Second Quarter 2026
Filed Aug 13, 2026Innventure Reports Second Quarter 2026 Results; suspends previously communicated Accelsius 2026 revenue and cash flow expectations to focus on milestones for scaled two-phase adoption.
Quarterly revenue increased to $ 953 from $ 476 and the quarterly net loss narrowed to $ (34,914) from $ (141,275), with no goodwill impairment in 2026. However, revenue remained below cost of sales, Adjusted EBITDA was negative, operating cash use was $ (59,466), and management suspended its previously communicated Accelsius 2026 revenue and cash flow expectations.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $ 953 | – | – |
| Cost of salesGAAP | 5,073 | – | – |
| General and administrative expenseGAAP | 14,499 | – | – |
| Sales and marketing expenseGAAP | 3,089 | – | – |
| Research and development expenseGAAP | 9,780 | – | – |
| Goodwill impairmentGAAP | — | – | – |
| Total Operating ExpensesGAAP | 32,441 | – | – |
| Loss from OperationsGAAP | (31,488) | – | – |
| Interest expense, netGAAP | (531) | – | – |
| Net gain (loss) from investmentsGAAP | 39 | – | – |
| Change in fair value of financial liabilitiesGAAP | (2,188) | – | – |
| Equity method investment (loss) incomeGAAP | (1,491) | – | – |
| Loss on extinguishment of debtGAAP | — | – | – |
| Miscellaneous other expenseGAAP | (773) | – | – |
| Loss before Income TaxesGAAP | (36,432) | – | – |
| Income tax benefitGAAP | (1,518) | – | – |
| Net LossGAAP | (34,914) | – | – |
| Net loss attributable to Non-redeemable non-controlling interestGAAP | (8,411) | – | – |
| Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC UnitholdersGAAP | (26,503) | – | – |
| Basic and diluted loss per shareGAAP | $ (0.32) | – | – |
| Basic and diluted weighted average common sharesGAAP | 83,117,031 | – | – |
| EBITDAnon-GAAP | (30,241) | – | – |
| Adjusted EBITDAnon-GAAP | (22,576) | – | – |
| Six Months Ended June 30, 2026 RevenueGAAP | $ 2,396 | – | – |
| Six Months Ended June 30, 2026 Loss from OperationsGAAP | (58,785) | – | – |
| Six Months Ended June 30, 2026 Net LossGAAP | (62,697) | – | – |
| Six Months Ended June 30, 2026 Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC UnitholdersGAAP | (47,308) | – | – |
| Six Months Ended June 30, 2026 Basic and diluted loss per shareGAAP | $ (0.59) | – | – |
| Six Months Ended June 30, 2026 Adjusted EBITDAnon-GAAP | (40,992) | – | – |
Capital returns
- Distributions to Stockholders: — for the Three Months Ended June 30, 2026; (76) for the Three Months Ended June 30, 2025.
- Proceeds from issuance of equity, net of issuance costs: 50,229 for the Three Months Ended June 30, 2026; 3,675 for the Three Months Ended June 30, 2025.
What drove it
- Management cited anticipated significant long-term demand for two-phase liquid cooling as AI infrastructure requirements accelerate.
- Accelsius is focused on chip-maker relationships and reference designs, OEM and ODM co-development initiatives, hyperscaler relationships, and delivery of additional thermal benchmark data.
- Management cited momentum at AeroFlexx and Refinity.
- The quarterly reduction in GAAP losses versus the prior-year period reflected, in part, the absence of goodwill impairment in the 2026 period.
Concerns
- Innventure suspended its previously communicated expectations regarding Accelsius' 2026 revenue and cash flow targets.
- Management said constraints facing smaller early adopters around power availability, GPU access, and deployment timing have affected near-term expectations.
- Quarterly revenue of $ 953 was below cost of sales of 5,073.
- Adjusted EBITDA was (22,576), compared with (16,178) in the prior-year quarter.
- Net Cash Used in Operating Activities was (59,466) for the Three Months Ended June 30, 2026, while Cash Flows Provided by Financing Activities were 41,634.
What to watch
- Progress in chip-maker relationships, reference designs, OEM and ODM co-development initiatives, hyperscaler relationships, and additional thermal benchmark data.
- Whether Accelsius advances the foundational milestones management identified as necessary for scaled market adoption of two-phase liquid cooling.
- Revenue generation and operating cash flow following the suspension of Accelsius' previously communicated 2026 targets.
- Cash and financing activity following cash and cash equivalents of $ 41,543 as of June 30, 2026 and proceeds from issuance of equity, net of issuance costs, of 50,229 for the Three Months Ended June 30, 2026.
Balance sheet and cash flow
- Cash and cash equivalents: $ 41,543 as of June 30, 2026; $ 60,449 as of December 31, 2025.
- Restricted cash: 5,000 as of June 30, 2026; 5,000 as of December 31, 2025.
- Total Current Assets: 71,439 as of June 30, 2026; 83,154 as of December 31, 2025.
- Total Assets: $ 574,697 as of June 30, 2026; $ 599,187 as of December 31, 2025.
- Total Current Liabilities: 59,767 as of June 30, 2026; 76,276 as of December 31, 2025.
- Notes payable - current: 7,700 as of June 30, 2026; 12,846 as of December 31, 2025.
- Term convertible note, current: 8,026 as of June 30, 2026; 7,890 as of December 31, 2025.
- Convertible promissory note, current: 4,407 as of June 30, 2026; 4,331 as of December 31, 2025.
- Notes payable, net of current portion: 5,909 as of June 30, 2026; 8,327 as of December 31, 2025.
- Total Liabilities: 91,882 as of June 30, 2026; 115,511 as of December 31, 2025.
- Total Stockholders' Equity: 482,815 as of June 30, 2026; 483,676 as of December 31, 2025.
- Net Cash Used in Operating Activities: (59,466) for the Three Months Ended June 30, 2026; (36,754) for the Three Months Ended June 30, 2025.
- Acquisition of property, plant and equipment: (1,074) for the Three Months Ended June 30, 2026; (932) for the Three Months Ended June 30, 2025.
- Net Cash (Used in) Provided by Investing Activities: (1,074) for the Three Months Ended June 30, 2026; (3,640) for the Three Months Ended June 30, 2025.
- Cash Flows Provided by Financing Activities: 41,634 for the Three Months Ended June 30, 2026; 41,240 for the Three Months Ended June 30, 2025.
- Net Decrease in Cash, Cash Equivalents and Restricted Cash: (18,906) for the Three Months Ended June 30, 2026; 846 for the Three Months Ended June 30, 2025.
- Cash, Cash Equivalents and Restricted Cash End of period: $ 46,543 for the Three Months Ended June 30, 2026; $ 11,965 for the Three Months Ended June 30, 2025.
Analysis
Innventure reported quarterly revenue of $ 953, versus $ 476 in the prior-year quarter. Cost of sales was 5,073, while research and development expense was 9,780 and sales and marketing expense was 3,089. The release frames the operating focus around Accelsius and foundational adoption milestones for two-phase liquid cooling rather than near-term revenue generation.
The GAAP net loss narrowed to (34,914) from (141,275), and loss from operations narrowed to (31,488) from (142,574). The prior-year quarter included 113,344 of goodwill impairment, while the 2026 quarter reported no goodwill impairment. Excluding the identified non-GAAP adjustments, Adjusted EBITDA was (22,576), compared with (16,178), so the adjusted operating loss was larger than in the prior-year quarter despite the improvement in the GAAP loss.
Innventure reported $ 41,543 of cash and cash equivalents as of June 30, 2026, down from $ 60,449 at December 31, 2025. The cash flow statement reports Net Cash Used in Operating Activities of (59,466) for the Three Months Ended June 30, 2026, acquisition of property, plant and equipment of (1,074), and Cash Flows Provided by Financing Activities of 41,634. Proceeds from issuance of equity, net of issuance costs, were 50,229 in the stated period.
The release does not provide numerical forward guidance. Instead, management suspended its previously communicated Accelsius 2026 revenue and cash flow targets, citing power availability, GPU access, and deployment-timing constraints affecting smaller early adopters. The central operating question is execution on chip-maker, OEM, ODM, hyperscaler, and thermal-benchmark milestones that management says govern scaled adoption.
For the six months ended June 30, 2026, revenue was $ 2,396 versus $ 700, net loss was (62,697) versus (394,949), and Adjusted EBITDA was (40,992) versus (38,002). The period shows increased reported revenue and a sharply reduced GAAP loss after the prior-year goodwill impairment, but continuing negative adjusted profitability, operating cash use, and the removal of numerical Accelsius targets place emphasis on commercial and adoption milestones.
Management, verbatim
We firmly believe the industry is moving toward a future where two-phase liquid cooling becomes an essential part of AI infrastructure.
Bill Haskell, Chief Executive Officer
While our conviction in Accelsius’ long-term opportunity has only strengthened, evolving dynamics in the AI infrastructure market, including constraints facing smaller early adopters around power availability, GPU access, and deployment timing, have impacted our near-term expectations and render 2026 revenue generation an imprecise reflection of the meaningful progress Accelsius is making.
Bill Haskell, Chief Executive Officer
As a result, we are suspending our previously communicated expectations regarding Accelsius’ 2026 revenue and cash flow targets and shifting our focus to execution against important milestones that govern scaled market adoption, which include forging strong relationships with industry leaders.
Bill Haskell, Chief Executive Officer
Not in the filing
stated, not guessed- Segment revenue, segment year-over-year changes, segment quarter-over-quarter changes, and segment profitability were not reported.
- Gross profit and gross margin were not reported.
- Prior-quarter comparisons for quarterly operating metrics were not reported.
- Non-GAAP EPS was not reported.
- Free cash flow was not reported.
- A numerical 2026 or other forward revenue, gross margin, operating expense, tax-rate, or cash-flow outlook was not reported.
- Prior outlook was not provided, so a comparison of reported results with prior guidance cannot be made.
- The filing does not provide a specific driver for each expense-line change or for the reported revenue change.
- The cash flow statement labels its columns as Three Months Ended June 30, 2026 and Three Months Ended June 30, 2025, while its Net loss line reports $ (62,697) and $ (394,949), respectively; no alternative period label is supplied for those cash-flow figures.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.