Innventure, Inc. reported full-year 2025 results showing very early-stage revenue but heavy losses. Revenue for the year was $2.1 million, while net loss reached $475.4 million, driven largely by a non‑cash goodwill impairment of $346.6 million.
Adjusted EBITDA was a loss of $78.8 million, reflecting ongoing operating and growth investments. Cash, cash equivalents and restricted cash increased to $65.4 million at December 31, 2025, up from $11.1 million a year earlier, helped by $139.1 million of net cash provided by financing activities.
Management highlighted a commercial inflection in early 2026 with over $50 million in bookings, operating companies raising capital independently, and a 61% decline in consolidated G&A in 4Q25 versus 4Q24, indicating significant cost discipline alongside efforts to move the platform toward self‑funding growth.
Innventure, Inc. received Amendment No. 5 to a Schedule 13D from major holder WE-INN LLC, updating its ownership and recent trading activity in the company’s common stock.
The reporting persons now beneficially own 4,682,970 shares of common stock, representing 7.50% of the outstanding shares, based on 62,471,971 shares outstanding as of November 12, 2025. During March 5–11, 2026, they sold an aggregate 1,000,000 shares in open-market transactions at volume-weighted average prices between $3.04 and $3.21 per share. They state these dispositions are primarily to diversify their investment portfolio and provide liquidity to holders of interests in WE-INN LLC, and reaffirm that they continue to view Innventure as an attractive investment based on its business prospects and strategy.
Innventure, Inc. is highlighting major operating and financial milestones that it believes show accelerating momentum across its portfolio companies and a stronger capital outlook. The business reports more than $50 million in Q1 2026 bookings from its operating companies, which it presents as a commercial inflection point.
Accelsius is projected to become cash flow positive by year-end 2026, supported by a sales pipeline exceeding $1 billion and planned deployments of its NeuCool® MR250 system, including a large AI data center project in Canada. AeroFlexx and Refinity are launching their own capital raises as they reach commercial and technical milestones, which, together with falling general and administrative expenses and a prior $40 million registered direct offering in January 2026, are expected to materially reduce corporate capital needs and put Innventure on a path to consolidated cash flow positivity in 2028.
The company also plans governance enhancements, with its Board adding two new independent directors and reducing management directors over time, aiming to strengthen independent oversight and align more closely with public-company governance standards.
Innventure, Inc. reported that executive officers Michael Otworth and John Scott had shares of common stock withheld to cover tax obligations from vested restricted stock units settled on February 26, 2026. The number of shares withheld was based on the closing price of the stock on the settlement date and did not involve any open market sales by the executives.
The withholding was non-discretionary, approved under Rule 16b-3, and carried out according to the RSU award agreements, making it exempt from Section 16(b). After these transactions, Mr. Otworth beneficially owns 3,274,030 shares and Dr. Scott beneficially owns 1,814,998 shares, indicating continued significant ownership in the company.
Innventure, Inc. Chief Strategy Officer Scott John Stewart reported a tax-withholding disposition of 150,053 shares of common stock at $2.80 per share. The shares were withheld to cover tax obligations related to vesting restricted stock units, and he held 1,814,998 shares directly after the transaction.
Innventure, Inc. Executive Chairman Michael Otworth reported a tax-related share disposition. On the vesting of restricted stock units, 218,577 shares of common stock were withheld at a price of $2.80 per share to satisfy tax withholding obligations. After this transaction, he directly owned 3,274,030 shares of Innventure common stock.
Innventure, Inc., through its subsidiary AeroFlexx, announced that Aveda will become the first prestige beauty brand to globally adopt AeroFlexx’s innovative refill packaging. The arrangement is described as a partnership focused on more sustainable, consumer-friendly packaging.
The AeroFlexx refill format is curbside recyclable where HDPE plastic bottles are accepted and uses up to 70% less plastic than two 250ml Aveda bottles. It features a lightweight, integrated airframe structure that supports resealable, controlled refilling while aligning with Aveda’s design-for-recyclability principles.
The new AeroFlexx refill packaging is planned to debut with select best-selling Aveda products beginning early next year. The partnership highlights Aveda’s ongoing focus on responsible, circular packaging and positions AeroFlexx’s technology within a global, prestige beauty portfolio.
Innventure, Inc. director Bruce Brown reported acquiring 8,202 shares of common stock on February 20, 2026. These fully vested shares, valued at $3.83 per share, were granted under the company’s Non-Management Director Compensation Plan in lieu of cash retainers for the fourth quarter of 2025. Following this award, Brown directly holds 42,634 shares of Innventure common stock.
Donnally James O reported acquisition or exercise transactions in this Form 4 filing.
Innventure, Inc. director James O. Donnally received a grant of 7,180 fully vested shares of common stock at $3.83 per share under the company’s Non-Management Director Compensation Plan, in lieu of cash retainers for the fourth quarter of 2025, bringing his direct holdings to 22,305 shares. He also reports indirect interests through the James O. Donnally Revocable Trust and Our-No Family Holdings LP, where he has voting and investment power, and through the Glockner Family Venture Fund, where he has no decision-making authority and disclaims beneficial ownership beyond any pecuniary interest.
Innventure, Inc. updated its leadership arrangements by entering into new employment letter agreements with Executive Chairman Michael Otworth and Chief Strategy Officer John Scott on February 16, 2026 through its subsidiary Innventure LLC.
Their prior consulting agreements with Sugar Grove Ventures, LLC and Corporate Development Group LLC were terminated the same day, and both executives will continue in their current roles as at-will employees. Base salary, target annual bonus, and long-term equity incentives are described as remaining materially consistent with their prior consulting compensation, and they are now eligible to participate in Innventure LLC’s employee benefit plans, subject to plan terms.