Innventure Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Innventure (NASDAQ: INV) reported fourth-quarter and full-year 2025 results and highlighted a commercial inflection in early 2026. Key points include >$50 million in bookings in early 2026, operating companies raising independent capital, and Consolidated G&A down 61% in 4Q25 vs 4Q24.
The company scheduled a conference call and webcast for 5:00 pm ET on March 30, 2026, with slides posted on its investor relations website.
Positive
- >$50M in bookings in early 2026
- Consolidated G&A down 61% in 4Q25 vs 4Q24
- Operating companies advancing independent capital formation
- Accelsius scaling toward cash‑flow positivity in 2026
- AeroFlexx achieving anchor‑customer adoption
Negative
- None.
News Market Reaction – INV
On the day this news was published, INV gained 8.31%, reflecting a notable positive market reaction. Argus tracked a peak move of +3.0% during that session. Argus tracked a trough of -3.8% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $25M to the company's valuation, bringing the market cap to $325.88M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Pre-news, INV was down 5.24% while listed peers showed mixed, mostly modest moves (gains and losses under 2%), suggesting the setup was more stock-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -12.2% | Operational progress and >$1B Accelsius pipeline but shares fell post-report. |
| Aug 14 | Q2 2025 earnings | Positive | -6.6% | Operating companies advanced and guidance confidence yet stock declined. |
| May 15 | Q1 2025 earnings | Positive | +16.0% | Strong confidence in H2 2025 revenue inflection and Accelsius focus. |
| Apr 11 | FY 2024 results | Neutral | +0.0% | First full-year as platform, with Accelsius, AeroFlexx, Refinity milestones. |
| Nov 14 | Q3 2024 earnings | Positive | +3.5% | First revenue at Accelsius and growing commercial deliveries across units. |
Earnings updates have often produced volatile and sometimes contrarian moves, with several positive-sounding reports followed by negative price reactions.
Over the past five earnings reports from Nov 2024 through Nov 2025, Innventure highlighted steady operational progress at Accelsius, AeroFlexx, and Refinity, including initial revenues, expanding pipelines and a sales pipeline exceeding $1 billion. Despite generally positive narratives, market reactions were mixed, with sharp declines after the Aug and Nov 2025 results and strong gains after Q1 2025. Today’s Q4 and full-year 2025 report continues that cadence of emphasizing commercialization and growth milestones.
Historical Comparison
In the last five earnings reports, average 1-day move was 0.13%, masking big swings both up and down as investors digested commercialization updates.
Earnings reports have tracked Innventure’s evolution from first revenues in 2024 to multi-quarter revenue at AeroFlexx, a >$1 billion Accelsius pipeline, and growing emphasis on commercialization and self-funding growth.
Regulatory & Risk Context
An active Form S-3 shelf dated 2026-03-18 registers 59,678,407 shares of common stock for resale and issuance, including 18,386,688 warrant shares with potential cash proceeds of $214.4 million if exercised, and up to 41,291,719 shares for resale by securityholders.
Market Pulse Summary
The stock moved +8.3% in the session following this news. A strong positive reaction aligns with management’s description of a commercial inflection, including >$50 million in early 2026 bookings and a 61% G&A reduction in 4Q25 vs 4Q24. Historically, earnings have produced mixed moves, so any outsized gain would sit against past volatility. Investors have also faced ongoing registration activity, including a recent S-3 covering 59,678,407 shares for resale and warrant exercises.
Key Terms
g&a financial
AI-generated analysis. Not financial advice.
Commercial inflection with >
Operating companies advancing independent capital formation, materially reducing reliance on Innventure’s balance sheet
Consolidated G&A declined
ORLANDO, Fla., March 30, 2026 (GLOBE NEWSWIRE) -- Innventure, Inc. (NASDAQ: INV) (“Innventure”), an industrial growth conglomerate, today announced financial results for the quarter and year ended December 31, 2025.
“The fourth quarter capped a successful 2025 for Innventure. More importantly, the early months of 2026 demonstrate Innventure is at a true commercial inflection point. Our operating companies are executing simultaneously, converting demand into bookings, raising capital independently, and materially reducing the capital intensity of the platform,” said Bill Haskell, Chief Executive Officer. “With Accelsius scaling toward cash‑flow positivity this year, AeroFlexx entering anchor‑customer adoption, and Refinity validating its technology at unprecedented speed, we are building a structurally self‑funding growth company with an increasingly clear path to long‑term value creation.”
Conference Call and Webcast
A conference call to discuss these results has been scheduled for 5:00 pm ET today, March 30, 2026.
The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via this link.
Parties interested in joining via teleconference can register using this link https://register-conf.media-server.com/register/BIf0dd0a6c5eea4021a47778bef8f88c5c
After registering, you will be provided with dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.
Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.
About Innventure
Innventure, Inc. (NASDAQ: INV), an industrial growth conglomerate, focuses on building companies with billion-dollar valuations by commercializing breakthrough technology solutions. By systematically creating and operating industrial enterprises from the ground up, Innventure participates in early-stage economics and provides industrial operating expertise designed for global scale. Innventure’s approach seeks to uniquely bridge the ”Valley of Death" between corporate innovation and commercialization through its distinctive combination of value-driven multinational partnerships, operational experience, and scaling expertise.
Non-GAAP Financial Measures
We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.
Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.
There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.
Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.
In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors described in Innventure’s public filings with the U.S. Securities and Exchange Commission, including but not limited to the following: Innventure’s and its subsidiaries’ ability to execute on their strategies, book sales and achieve future financial performance; developments and projections relating to Innventure’s and its subsidiaries’ competitors and industry; the implementation, adoption, market acceptance and success of Innventure’s and its subsidiaries’ products, business models and growth strategies; Innventure’s and its subsidiaries’ ability to generate sufficient revenue and operating cash flow; the timing and magnitude of expected cash expenditures; the availability, timing and terms of additional financing, including debt or equity financing; market conditions affecting access to capital; potential dilution resulting from future financings; Innventure’s ability to successfully implement cost reduction initiatives; changes in economic conditions; competitive pressures; regulatory developments; Innventure’s ability to maintain control over its subsidiaries.
Forward‑looking statements speak only as of the date of this release, and Innventure undertakes no obligation to update them except as required by law.
Investor Relations Contact: Kyle Nagarkar, Solebury Strategic Communications
investorrelations@innventure.com
Media Contact: Laurie Steinberg, Solebury Strategic Communications
press@innventure.com
| Innventure, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share amounts) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Cash, cash equivalents and restricted cash | $ | 60,449 | $ | 11,119 | |||
| Restricted cash | 5,000 | — | |||||
| Accounts receivable | 1,094 | 283 | |||||
| Due from related parties | 11,840 | 4,536 | |||||
| Inventories | 1,604 | 5,178 | |||||
| Prepaid expenses and other current assets | 3,167 | 3,170 | |||||
| Total Current Assets | 83,154 | 24,286 | |||||
| Investments | 28,741 | 28,734 | |||||
| Property, plant and equipment, net | 1,941 | 1,414 | |||||
| Intangible assets, net | 160,537 | 182,153 | |||||
| Goodwill | 323,463 | 667,936 | |||||
| Other assets | 1,351 | 766 | |||||
| Total Assets | $ | 599,187 | $ | 905,289 | |||
| Liabilities and Stockholders' Equity | |||||||
| Accounts payable | $ | 2,551 | $ | 3,248 | |||
| Accrued employee benefits | 11,343 | 9,273 | |||||
| Accrued expenses | 7,386 | 2,478 | |||||
| Contract liabilities | 947 | — | |||||
| Related party notes payable - current | — | 14,000 | |||||
| Notes payable - current | 12,846 | 625 | |||||
| Term convertible note, current | 7,890 | — | |||||
| Convertible note - related party, current | 4,331 | — | |||||
| Patent installment payable - current | 700 | 1,225 | |||||
| Obligation to issue equity | 119 | 4,158 | |||||
| Warrant liability | 27,458 | 34,023 | |||||
| Income taxes payable | 23 | — | |||||
| Other current liabilities | 682 | 317 | |||||
| Total Current Liabilities | 76,276 | 69,347 | |||||
| Notes payable, net of current portion | 8,327 | 13,654 | |||||
| Earnout liability | 3,890 | 14,752 | |||||
| Stock-based compensation liability | 239 | 1,160 | |||||
| Patent installment payable, net of current | 12,375 | 12,375 | |||||
| Deferred income taxes | 13,848 | 27,353 | |||||
| Other liabilities | 556 | 355 | |||||
| Total Liabilities | 115,511 | 138,996 | |||||
| Commitments and Contingencies (Note 19) | |||||||
| Stockholders' Equity | |||||||
| Preferred stock, | |||||||
| Series B Preferred Stock, | — | — | |||||
| Series C Preferred Stock, | — | — | |||||
| Common Stock, | 7 | 4 | |||||
| Additional paid-in capital | 577,070 | 502,865 | |||||
| Accumulated other comprehensive gain (loss) | (1,260 | ) | 909 | ||||
| Accumulated deficit | (371,603 | ) | (78,262 | ) | |||
| Total Innventure, Inc., Stockholders’ Equity | 204,214 | 425,516 | |||||
| Non-controlling interest | 279,462 | 340,777 | |||||
| Total Stockholders' Equity | 483,676 | 766,293 | |||||
| Total Liabilities and Stockholder’s Equity | $ | 599,187 | $ | 905,289 | |||
| Innventure, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except share and per share amounts) | |||||||||||
| Successor | Successor | Predecessor | |||||||||
| Year Ended December 31, 2025 | October 2, 2024 through December 31, 2024 | January 1, 2024 through October 1, 2024 | |||||||||
| Revenue | $ | 2,056 | $ | 456 | $ | 764 | |||||
| Operating Expenses | |||||||||||
| Cost of sales | 18,830 | 3,752 | 777 | ||||||||
| General and administrative | 66,710 | 29,652 | 26,608 | ||||||||
| Sales and marketing | 9,633 | 2,009 | 4,178 | ||||||||
| Research and development | 25,025 | 5,340 | 5,978 | ||||||||
| Goodwill impairment | 346,557 | — | — | ||||||||
| Total Operating Expenses | 466,755 | 40,753 | 37,541 | ||||||||
| Loss from Operations | (464,699 | ) | (40,297 | ) | (36,777 | ) | |||||
| Non-operating (Expense) and Income | |||||||||||
| Interest expense, net | (9,678 | ) | (1,132 | ) | (1,300 | ) | |||||
| Net gain (loss) from investments | 131 | — | 11,547 | ||||||||
| Net (loss) gain on investments - due to related parties | — | — | (468 | ) | |||||||
| Change in fair value of financial liabilities | 16,146 | (20,946 | ) | (478 | ) | ||||||
| Equity method investment (loss) income | (12,592 | ) | (902 | ) | 893 | ||||||
| Realized gain on conversion of available for sale investment | 1,507 | — | — | ||||||||
| Loss on extinguishment of debt | (16,064 | ) | — | — | |||||||
| Loss on extinguishment of related party debt | (3,538 | ) | — | — | |||||||
| Loss on conversion of promissory notes | — | — | (1,119 | ) | |||||||
| Write-off of loan commitment fee asset | — | (10,041 | ) | — | |||||||
| Miscellaneous other expense | (46 | ) | (57 | ) | (64 | ) | |||||
| Total Non-operating (Expense) Income | (24,134 | ) | (33,078 | ) | 9,011 | ||||||
| Loss before Income Taxes | (488,833 | ) | (73,375 | ) | (27,766 | ) | |||||
| Income tax expense (benefit) | (13,483 | ) | (3,282 | ) | 432 | ||||||
| Net Loss | (475,350 | ) | (70,093 | ) | (28,198 | ) | |||||
| Less: net loss attributable to | |||||||||||
| Non-redeemable non-controlling interest | (182,033 | ) | (8,339 | ) | (11,762 | ) | |||||
| Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders | (293,317 | ) | (61,754 | ) | (16,436 | ) | |||||
| Basic and diluted loss per share | $ | (5.39 | ) | $ | (1.41 | ) | $ | — | |||
| Basic and diluted weighted average common shares | 54,420,978 | 43,951,279 | — | ||||||||
| Innventure, Inc. and Subsidiaries Consolidated Statements of Cash Flows (in thousands) | |||||||||||
| Successor | Successor | Predecessor | |||||||||
| Year Ended December 31, 2025 | October 2, 2024 through December 31, 2024 | January 1, 2024 through October 1, 2024 | |||||||||
| Cash Flows Used in Operating Activities | |||||||||||
| Net loss | $ | (475,350 | ) | $ | (70,093 | ) | $ | (28,198 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Stock-based compensation | 27,872 | 16,338 | 1,056 | ||||||||
| Interest income on debt securities - related party | (394 | ) | (106 | ) | (110 | ) | |||||
| Change in fair value of financial liabilities | (16,146 | ) | 20,946 | 478 | |||||||
| Net loss on investments - due to related parties | — | — | 468 | ||||||||
| Write-off of loan commitment fee asset | — | 10,041 | — | ||||||||
| Non-cash interest expense on notes payable | 6,588 | 248 | 351 | ||||||||
| Net gain on investments | (131 | ) | — | (11,547 | ) | ||||||
| Accrued unpaid interest on note payable | 336 | 69 | 930 | ||||||||
| Equity method investment loss (income) | 12,592 | 902 | (893 | ) | |||||||
| Realized gain on conversion of available for sale investments | (1,507 | ) | — | — | |||||||
| Loss on extinguishment of debt | 16,064 | — | — | ||||||||
| Loss on extinguishment of related party debt | 3,538 | — | — | ||||||||
| Loss on conversion of promissory notes | — | — | 1,119 | ||||||||
| Deferred income taxes | (13,450 | ) | (3,301 | ) | 432 | ||||||
| Depreciation and amortization | 22,506 | 5,455 | 146 | ||||||||
| Goodwill impairment | 346,557 | — | — | ||||||||
| Other costs, net | 195 | 64 | 185 | ||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (811 | ) | (166 | ) | (117 | ) | |||||
| Prepaid expenses and other current assets | (11,676 | ) | (1,301 | ) | (1,353 | ) | |||||
| Inventory | 3,574 | (2,354 | ) | (2,824 | ) | ||||||
| Accounts payable | (1,392 | ) | (11,211 | ) | 6,013 | ||||||
| Accrued employee benefits | 1,727 | 1,656 | 3,838 | ||||||||
| Accrued expenses | (480 | ) | (484 | ) | 674 | ||||||
| Stock-based compensation liability | (921 | ) | 1,160 | — | |||||||
| Income taxes payable | 23 | — | — | ||||||||
| Other current liabilities | (358 | ) | (77 | ) | (146 | ) | |||||
| Contract liabilities | 947 | — | — | ||||||||
| Obligation to issue equity | — | 3,000 | 10,920 | ||||||||
| Other assets | (61 | ) | — | (20 | ) | ||||||
| Patent installment payable | (525 | ) | — | (250 | ) | ||||||
| Net Cash Used in Operating Activities | (80,683 | ) | (29,214 | ) | (18,848 | ) | |||||
| Cash Flows (Used in) Provided by Investing Activities | |||||||||||
| Investment in available-for-sale debt securities - equity method investee | (2,708 | ) | — | — | |||||||
| Investment in debt securities - equity method investee | — | — | (7,400 | ) | |||||||
| Advances to equity method investee | — | (4,240 | ) | (135 | ) | ||||||
| Acquisition of property, plant and equipment | (1,417 | ) | (266 | ) | (736 | ) | |||||
| Acquisition of intangible assets | — | (30 | ) | — | |||||||
| Acquisition of net assets, net of cash acquired, through business combination | — | 16 | — | ||||||||
| Proceeds from sale of investments | — | — | 2,314 | ||||||||
| Cash withdrawn from trust as a result of business combination | — | 11,342 | — | ||||||||
| Net Cash (Used in) Provided by Investing Activities | (4,125 | ) | 6,822 | (5,957 | ) | ||||||
| Cash Flows Provided by Financing Activities | |||||||||||
| Proceeds from issuance of equity, net of issuance costs | 12,654 | 15,383 | 13,122 | ||||||||
| Proceeds from the issuance of equity to non-controlling interest, net of issuance costs | 71,377 | 4,169 | 13,859 | ||||||||
| Proceeds from the issuance of convertible promissory note | 4,350 | — | — | ||||||||
| Proceeds from the issuance of term convertible notes | 14,950 | — | — | ||||||||
| Proceeds from issuance of debt securities, net of issuance costs | 40,500 | 19,455 | — | ||||||||
| Payment of debts | (4,617 | ) | (250 | ) | (540 | ) | |||||
| Distributions to Stockholders | (76 | ) | (663 | ) | — | ||||||
| Proceeds from the issuance of promissory notes to related parties | — | — | 12,000 | ||||||||
| Repayment of promissory note | — | (4,628 | ) | — | |||||||
| Cash Flows Provided by Financing Activities | 139,138 | 33,466 | 38,441 | ||||||||
| — | — | ||||||||||
| Net Increase in Cash, Cash Equivalents and Restricted Cash | 54,330 | 11,074 | 13,636 | ||||||||
| Cash, Cash Equivalents and Restricted Cash Beginning of period | 11,119 | 45 | 2,575 | ||||||||
| Cash, Cash Equivalents and Restricted Cash End of period | $ | 65,449 | $ | 11,119 | $ | 16,211 | |||||
| Successor | Predecessor | |||||||
| Year Ended December 31, 2025 | October 2, 2024 through December 31, 2024 | January 1, 2024 through October 1, 2024 | ||||||
| Supplemental Cash Flow Information | ||||||||
| Cash paid for interest | $ | — | $ | 991 | $ | 1,070 | ||
| Supplemental Disclosure of Noncash Financing Information | ||||||||
| Accretion of redeemable units to redemption value | — | — | 11,950 | |||||
| Issuance of units to non-controlling interest in exchange of convertible promissory notes | — | — | 7,324 | |||||
| Conversion of working capital loans to equity method investees into investments in debt securities - related party | 4,375 | — | 2,600 | |||||
| Transfer of liability warrants to equity warrants in the Business Combination | — | 1,265 | — | |||||
| Initial recognition of loan commitment fee | — | 16,190 | ||||||
| Transfer of loan commitment fee asset | — | 6,694 | — | |||||
| Innventure, Inc. and Subsidiaries Non-GAAP Financial Measures (in thousands) | ||||||||||||
| Successor | Predecessor | S/P Combined (Non-GAAP) | ||||||||||
| Year Ended December 31, 2025 | Period from October 2, 2024 through December 31, 2024 | Period from January 1, 2024 through October 1, 2024 | Year ended December 31, 2024 | |||||||||
| (in thousands) | ||||||||||||
| Net loss | $ | (475,350 | ) | (70,093 | ) | (28,198 | ) | (98,291 | ) | |||
| Interest expense, net(1) | 9,678 | 11,173 | 1,300 | 12,473 | ||||||||
| Depreciation and amortization expense | 22,506 | 5,455 | 146 | 5,601 | ||||||||
| Income tax expense (benefit) | (13,483 | ) | (3,282 | ) | 432 | (2,850 | ) | |||||
| EBITDA | (456,649 | ) | (56,747 | ) | (26,320 | ) | (83,067 | ) | ||||
| Transaction and other related costs(2) | — | 2,309 | 9,414 | 11,723 | ||||||||
| Change in fair value of financial liabilities(3) | (16,146 | ) | 20,946 | 478 | 21,424 | |||||||
| Stock-based compensation(4) | 27,872 | 16,338 | 1,056 | 17,394 | ||||||||
| Goodwill impairment(5) | 346,557 | — | — | — | ||||||||
| Loss on extinguishment of debt(6) | 16,064 | — | — | — | ||||||||
| Loss on extinguishment of related party debt(7) | 3,538,000 | — | — | — | ||||||||
| Loss on conversion of promissory notes | — | — | 1,119 | 1,119 | ||||||||
| Adjusted EBITDA | (78,764 | ) | (17,154 | ) | (14,253 | ) | (31,407 | ) | ||||
(1) Interest expense, net – For the year ended December 31, 2025 and for the combined twelve months ended December 31, 2024, interest expense, net includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs. Additional debt issuance cost associated with a loan commitment fee asset in the amount of
(2) Transaction and other related costs – For the combined twelve months ended December 31, 2024 this is comprised entirely of consulting, legal, and other professional fees related to the Business Combination.
(3) Change in fair value of financial liabilities – For the December 31, 2025, the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability, the earnout liability and the embedded derivatives in various instruments. For the year ended December 31, 2024, this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.
(4) Stock based compensation – For the December 31, 2025, stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share-based payment employee incentive plans in existence at subsidiaries. Additional Stock Options were granted in February 2025 and additional Restricted Stock Units were granted in June 2025 and August 2025 which are included in the stock-based compensation caption for their respective periods. For the year ended December 31 2024, stock-based compensation was comprised wholly of share-based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.
(5) Goodwill impairment - For the year ended December 31, 2025, the Company recognized goodwill impairment due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market from late February 2025 through April 2025. The publicly quoted share price stabilized some in May 2025 and June 2025.
(6) Loss on extinguishment of debt - For the December 31, 2025, the Company modified the WTI Facility, and such modification was accounted for as a debt extinguishment while no debt was repaid.
(7) Loss on extinguishment of related party debt - For the December 31, 2025, the Company extinguished certain related party debts by issuing Series C Preferred Stock.
FAQ
What bookings did Innventure (INV) report for early 2026?
How much did Innventure's consolidated G&A change in 4Q25 versus 4Q24?
What progress did Innventure say its operating companies made in 2026?
What did Innventure (INV) say about Accelsius, AeroFlexx, and Refinity?
When and how can investors access Innventure's March 30, 2026 earnings call?
