INVLW Innventure, Inc.
Price Chart
Executive Summary
Innventure reported Q1 2026 revenue of $1.4M, slightly below the $1.6M consensus, but the headline loss narrowed dramatically to $27.8M from $253.7M a year ago, driven by the absence of a $233.2M goodwill impairment that hit Q1 2025. Adjusted EBITDA improved to -$18.4M from -$21.8M, and G&A expenses fell 35% YoY to $12.8M. The company highlighted commercial momentum with $50M in bookings early 2026 and reduced reliance on its balance sheet as operating companies pursue independent capital formation.
Key Financial Metrics
Actionable Insight
The revenue miss vs consensus and accelerating cash burn (-$34M operating cash flow vs -$14.7M a year ago) are concerning, but the absence of goodwill impairment and improving adjusted EBITDA provide a cleaner picture of underlying operations. Monitor the pace of independent capital raises at operating companies (Accelsius, AeroFlexx, Refinity) as a key catalyst for reducing balance sheet strain. The $50M bookings figure is unverified and forward-looking — wait for hard revenue conversion in subsequent quarters.
Key Facts
- Q1 2026 revenue $1.44M vs $224K in Q1 2025 (up 544% YoY), but below $1.6M consensus
- Net loss attributable to Innventure narrowed to $20.8M from $143.0M in Q1 2025
- No goodwill impairment in Q1 2026 vs $233.2M in Q1 2025
- Adjusted EBITDA improved to -$18.4M from -$21.8M in Q1 2025
- G&A expenses declined 35% YoY to $12.8M from $19.7M
- Cash and cash equivalents $55.4M at March 31, 2026, down from $60.4M at year-end 2025
- Operating cash flow used -$34.0M vs -$14.7M in Q1 2025
- Common shares outstanding increased to 80.1M from 67.7M at year-end 2025, reflecting $37.2M in equity issuance proceeds
- Management cited $50M in bookings in early 2026 and commercial inflection across operating companies
Financial Impact
Revenue miss of ~10% vs consensus ($1.44M actual vs $1.6M estimate), but operating loss improved significantly on an adjusted basis
Risk Factors
- Revenue of $1.44M remains negligible relative to operating expenses of $28.7M, indicating the company is still pre-scale
- Cash burn accelerated to $34M in operating cash flow in Q1 2026 vs $14.7M in Q1 2025, despite cost-cutting rhetoric
- Dilution continues: shares outstanding rose 18% from year-end 2025 to 80.1M, with $37.2M in equity issuance proceeds
- No formal guidance provided — management commentary is qualitative and forward-looking, not hard numbers
- Goodwill of $323M remains on the balance sheet, at risk of future impairment if stock price declines persist
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002001557-26-000113 |
| Document: innv-20260514.htm | 0002001557-26-000113 |
| Document: 0002001557-26-000113-index-headers.html | 0002001557-26-000113 |
| Document: 0002001557-26-000113-index.html | 0002001557-26-000113 |
| Document: 0002001557-26-000113.txt | 0002001557-26-000113 |
| 8-K Data (Synthetic) | 0002001557-26-000113 |
Filters
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May 14, 2026
29d ago
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8-K
| — | awaiting T+20 | — | — |
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May 8, 2026
5w ago
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3
| — | awaiting T+20 | — | — |
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Apr 30, 2026
6w ago
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DEFA14A
| — | awaiting T+20 | — | — |
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Apr 21, 2026
7w ago
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8-K
| — | awaiting T+20 | — | — |
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Apr 15, 2026
8w ago
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8-K
| — | awaiting T+20 | — | — |
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Apr 9, 2026
9w ago
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EFFECT
| — | awaiting T+20 | — | — |
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Apr 1, 2026
10w ago
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S-3/A
| — | awaiting T+20 | — | — |
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Mar 30, 2026
10w ago
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8-K
| — | awaiting T+20 | — | — |
US Market Status
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