Innventure, Inc. Financials
This page shows Innventure, Inc. (INVLW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing, not customer revenue, is carrying a development-stage cost structure while the balance sheet swells through goodwill-heavy expansion.
Across the two reported years, operating cash burn deepened from-$19.5M to-$80.7M . Yet short-term liquidity improved to 1.1x because financing inflows reached$139.1M , which means the stronger current position was financed externally rather than earned through operations.
R&D spending of
Total assets reached
Financial Health Signals
We are recalculating Innventure, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Innventure, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Innventure, Inc. generates $0.28 in operating cash flow (-$80.7M OCF vs -$293.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Innventure, Inc. earns $-45.4 in operating income for every $1 of interest expense (-$464.7M vs $10.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Innventure, Inc. generated $2.1M in revenue in fiscal year 2025. This represents an increase of 84.1% from the prior year.
Innventure, Inc.'s EBITDA was -$442.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1768.2% from the prior year.
Innventure, Inc. reported -$293.3M in net income in fiscal year 2025. This represents a decrease of 850.9% from the prior year.
Cash & Balance Sheet
Innventure, Inc. generated -$82.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 308.0% from the prior year.
Innventure, Inc. held $60.4M in cash against $8.3M in long-term debt as of fiscal year 2025.
Innventure, Inc. had 68M shares outstanding in fiscal year 2025.
Margins & Returns
Innventure, Inc.'s gross margin was -815.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 915.9 percentage points from the prior year.
Innventure, Inc.'s operating margin was -22602.1% in fiscal year 2025, reflecting core business profitability. This is down 20482.3 percentage points from the prior year.
Innventure, Inc.'s net profit margin was -14266.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11505.0 percentage points from the prior year.
Innventure, Inc.'s ROE was -143.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Innventure, Inc. invested $25.0M in research and development in fiscal year 2025. This represents an increase of 525.5% from the prior year.
Innventure, Inc. invested $1.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 119.7% from the prior year.
INVLW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M+75.5% | $822K+53.9% | $534K+12.2% | $476K+112.5% | $224K-50.9% | $456K+43.8% | $317K+42.2% | $223K |
| Cost of Revenue | $5.3M-54.9% | $11.6M+180.6% | $4.1M+44.9% | $2.9M+1454.9% | $184K-95.1% | $3.8M+382.9% | $777K | $0 |
| Gross Profit | -$3.8M+64.8% | -$10.8M-199.4% | -$3.6M-51.5% | -$2.4M-6062.5% | $40K+101.2% | -$3.3M-616.5% | -$460K-306.3% | $223K |
| R&D Expenses | $7.8M+19.6% | $6.6M+6.5% | $6.2M+1.4% | $6.1M-3.0% | $6.3M+17.1% | $5.3M+110.8% | $2.5M+43.6% | $1.8M |
| SG&A Expenses | $12.8M+10.5% | $11.5M-31.8% | $16.9M-8.8% | $18.6M-5.6% | $19.7M-33.6% | $29.7M+227.6% | $9.1M+8.0% | $8.4M |
| Operating Income | -$27.3M+13.9% | -$31.7M-8.6% | -$29.2M+79.5% | -$142.6M+45.4% | -$261.2M-548.2% | -$40.3M-194.7% | -$13.7M-21.2% | -$11.3M |
| Interest Expense | $1.5M-27.4% | $2.0M-42.1% | $3.5M+19.4% | $2.9M+66.7% | $1.8M+32.5% | $1.3M+37.0% | $971K+880.8% | $99K |
| Income Tax | -$3.0M+51.5% | -$6.3M-73.8% | -$3.6M-62.3% | -$2.2M-58.7% | -$1.4M+57.4% | -$3.3M | $0 | $0 |
| Net Income | -$20.8M+44.9% | -$37.8M-33.3% | -$28.3M+66.4% | -$84.2M+41.1% | -$143.0M-131.6% | -$61.8M-2693.0% | -$2.2M+69.7% | -$7.3M |
| EPS (Diluted) | $-0.27 | N/A | $-0.51+68.1% | $-1.60+48.4% | $-3.10-119.9% | $-1.41-50.0% | $-0.94 | N/A |
INVLW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $591.5M-1.3% | $599.2M+7.7% | $556.5M+0.1% | $556.0M-15.8% | $660.4M-27.0% | $905.3M+1524.4% | $55.7M | N/A |
| Current Assets | $81.8M-1.6% | $83.2M+157.8% | $32.3M+52.6% | $21.1M+105.4% | $10.3M-57.7% | $24.3M+14.5% | $21.2M | N/A |
| Cash & Equivalents | $55.4M-8.4% | $60.4M+567.1% | $9.1M+30.1% | $7.0M+406.5% | $1.4M-87.6% | $11.1M-31.8% | $16.3M+683.1% | $2.1M |
| Inventory | $1.6M-2.6% | $1.6M-75.0% | $6.4M-3.3% | $6.6M+26.8% | $5.2M+0.8% | $5.2M+83.4% | $2.8M | N/A |
| Accounts Receivable | $840K-23.2% | $1.1M-30.3% | $1.6M+74.1% | $901K+280.2% | $237K-16.3% | $283K | N/A | N/A |
| Goodwill | $323.5M0.0% | $323.5M0.0% | $323.5M0.0% | $323.5M-25.9% | $436.8M-34.6% | $667.9M | N/A | N/A |
| Total Liabilities | $368.0M-6.8% | $395.0M+8.0% | $365.7M+8.4% | $337.4M-15.4% | $398.9M-16.9% | $479.8M+514.8% | $78.0M | N/A |
| Current Liabilities | $59.8M-21.5% | $76.3M-7.5% | $82.5M+14.0% | $72.3M+52.8% | $47.3M-31.8% | $69.3M+66.7% | $41.6M | N/A |
| Long-Term Debt | $6.9M-16.7% | $8.3M-71.8% | $29.5M+76.2% | $16.8M+35.7% | $12.3M-9.6% | $13.7M+4741.8% | $282K | N/A |
| Total Equity | $223.4M+9.4% | $204.2M+7.0% | $190.8M-12.7% | $218.6M-16.4% | $261.5M-38.5% | $425.5M+2007.5% | -$22.3M-90.6% | -$11.7M |
| Retained Earnings | -$392.4M-5.6% | -$371.6M-11.3% | -$333.8M-9.3% | -$305.5M-38.1% | -$221.3M-182.7% | -$78.3M+14.0% | -$91.0M | N/A |
INVLW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$34.0M-39.7% | -$24.4M-24.4% | -$19.6M+11.3% | -$22.1M-50.1% | -$14.7M+49.7% | -$29.2M-1089.0% | -$2.5M+72.7% | -$9.0M |
| Capital Expenditures | $846K+1739.1% | $46K-89.5% | $439K+2826.7% | $15K-98.4% | $917K+244.7% | $266K+786.7% | $30K-54.5% | $66K |
| Free Cash Flow | -$34.9M-42.9% | -$24.4M-21.9% | -$20.0M+9.3% | -$22.1M-41.4% | -$15.6M+47.0% | -$29.5M-1085.4% | -$2.5M+72.5% | -$9.1M |
| Investing Cash Flow | -$846K-1739.1% | -$46K+89.5% | -$439K-13.7% | -$386K+88.1% | -$3.3M-147.7% | $6.8M+531.8% | -$1.6M-32.0% | -$1.2M |
| Financing Cash Flow | $29.8M-60.7% | $75.8M+242.8% | $22.1M-33.1% | $33.0M+302.6% | $8.2M-75.5% | $33.5M+84.2% | $18.2M+79.6% | $10.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | $26K-96.1% | $663K | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
INVLW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -264.0%+1051.8pp | -1315.8%-639.2pp | -676.6%-175.5pp | -501.1%-518.9pp | 17.9%+740.7pp | -722.8%-577.7pp | -145.1%-245.1pp | 100.0% |
| Operating Margin | -1891.7%+1967.4pp | -3859.1%+1610.0pp | -5469.1%+24483.4pp | -29952.5%+86653.7pp | -116606.3%-107769.2pp | -8837.1%-4523.5pp | -4313.6%+747.4pp | -5061.0% |
| Net Margin | -1441.8%+3152.0pp | -4593.8%+711.8pp | -5305.6%+12389.1pp | -17694.8%+46143.2pp | -63837.9%-50295.4pp | -13542.5%-12845.1pp | -697.5%+2570.7pp | -3268.2% |
| Return on Equity | -9.3%+9.2pp | -18.5%-3.6pp | -14.8%+23.7pp | -38.5%+16.1pp | -54.7%-40.2pp | -14.5% | N/A | N/A |
| Return on Assets | -3.5%+2.8pp | -6.3%-1.2pp | -5.1%+10.1pp | -15.2%+6.5pp | -21.6%-14.8pp | -6.8%-2.8pp | -4.0% | N/A |
| Current Ratio | 1.37+0.3 | 1.09+0.7 | 0.39+0.1 | 0.29+0.1 | 0.22-0.1 | 0.35-0.2 | 0.51 | N/A |
| Debt-to-Equity | 0.030.0 | 0.04-0.1 | 0.15+0.1 | 0.08+0.0 | 0.05+0.0 | 0.03+0.0 | -0.01 | N/A |
| FCF Margin | -2417.0%+551.5pp | -2968.5%+779.3pp | -3747.8%+889.4pp | -4637.2%+2332.9pp | -6970.1%-505.2pp | -6464.9%-5680.4pp | -784.5%+3278.2pp | -4062.8% |
Frequently Asked Questions
What is Innventure, Inc.'s annual revenue?
Innventure, Inc. (INVLW) reported $2.1M in total revenue for fiscal year 2025. This represents a 84.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Innventure, Inc.'s revenue growing?
Innventure, Inc. (INVLW) revenue grew by 84.1% year-over-year, from $1.1M to $2.1M in fiscal year 2025.
Is Innventure, Inc. profitable?
No, Innventure, Inc. (INVLW) reported a net income of -$293.3M in fiscal year 2025, with a net profit margin of -14266.4%.
What is Innventure, Inc.'s EBITDA?
Innventure, Inc. (INVLW) had EBITDA of -$442.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Innventure, Inc. have?
As of fiscal year 2025, Innventure, Inc. (INVLW) had $60.4M in cash and equivalents against $8.3M in long-term debt.
What is Innventure, Inc.'s gross margin?
Innventure, Inc. (INVLW) had a gross margin of -815.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Innventure, Inc.'s operating margin?
Innventure, Inc. (INVLW) had an operating margin of -22602.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Innventure, Inc.'s net profit margin?
Innventure, Inc. (INVLW) had a net profit margin of -14266.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Innventure, Inc.'s return on equity (ROE)?
Innventure, Inc. (INVLW) has a return on equity of -143.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Innventure, Inc.'s free cash flow?
Innventure, Inc. (INVLW) generated -$82.1M in free cash flow during fiscal year 2025. This represents a -308.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Innventure, Inc.'s operating cash flow?
Innventure, Inc. (INVLW) generated -$80.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Innventure, Inc.'s total assets?
Innventure, Inc. (INVLW) had $599.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Innventure, Inc.'s capital expenditures?
Innventure, Inc. (INVLW) invested $1.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Innventure, Inc. spend on research and development?
Innventure, Inc. (INVLW) invested $25.0M in research and development during fiscal year 2025.
What is Innventure, Inc.'s current ratio?
Innventure, Inc. (INVLW) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.
What is Innventure, Inc.'s debt-to-equity ratio?
Innventure, Inc. (INVLW) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Innventure, Inc.'s return on assets (ROA)?
Innventure, Inc. (INVLW) had a return on assets of -48.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Innventure, Inc.'s cash runway?
Based on fiscal year 2025 data, Innventure, Inc. (INVLW) had $60.4M in cash against an annual operating cash burn of $80.7M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Innventure, Inc.'s Piotroski F-Score?
Innventure, Inc. (INVLW) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Innventure, Inc.'s earnings high quality?
Innventure, Inc. (INVLW) has an earnings quality ratio of 0.28x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Innventure, Inc. cover its interest payments?
Innventure, Inc. (INVLW) has an interest coverage ratio of -45.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.