Innventure (INV) Q2 2026 Earnings Report

The call conveyed important technical and strategic progress — notably an independent third-party validation showing meaningful thermal and efficiency advantages, growing AeroFlexx pipeline, and focused commercial milestones — but these positives were offset by material near-term financial and market-adoption challenges: revenue lumpiness, widening losses, a notable canceled site for a key order (DarkNX), suspension of revenue guidance and removal of the 2028 consolidated positive cash flow target. Management is shifting to milestone-based reporting, tightening capital discipline, and pursuing large-customer engagement (hyperscalers, chip makers, OEMs) as the path to scaled adoption. Overall, the call balanced demonstrable long-term opportunity against significant short-term execution and timing risks.

The company suspended forward revenue targets for Accelsius (previously expecting to exit the year near cash‑flow breakeven at an annualized revenue run rate of ~ $100M) and will instead report progress against four leading milestones — chip‑maker reference designs, server OEM/ODM co‑development, an executed hyperscaler statement of work, and continued third‑party thermal benchmarks — after de‑booking the DarkNX order from the 2026 forecast; Innventure no longer expects consolidated positive cash flow in 2028 and says Accelsius’ breakeven timing now extends beyond this year. Q2 FY2026 consolidated revenue was $1.0M (Accelsius $0.9M, ~96% of total), down from $1.4M in Q1 and up from $0.5M a year ago; net loss was $34.9M (adjusted EBITDA loss $22.6M versus $18.4M in Q1), G&A was $14.5M (down 22% YoY), cash and restricted cash totaled $46.5M (vs. $60.4M at Q1 end, which included $5M restricted), year‑to‑date cash used in operations was $59.5M and financing generated $41.6M, and the company raised ~ $13M via SEP draws at an average price of $6.21 while repaying convertible debentures. Management reiterated conviction in the two‑phase opportunity (liquid‑cooling market > $30B by 2030, two‑phase ~$9B), highlighted a third‑party benchmark showing GPUs 9–14°C cooler using ~1/3 the coolant flow (9°C headroom vs. an 84°C throttle on an eight‑way B200 at 50°C facility water) that can enable ~5% more GPUs per Jacobs reference design, and said capital will be raised opportunistically with AeroFlexx and Refinity funded increasingly at the operating‑company level to limit parent dilution.