--- title: "INNVENTURE INC C/WTS 02/10/2029 (TO PUR COM) | 10-K: FY2025 Revenue: USD 2.056 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/281080895.md" datetime: "2026-03-30T21:50:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281080895.md) - [en](https://longbridge.com/en/news/281080895.md) - [zh-HK](https://longbridge.com/zh-HK/news/281080895.md) --- # INNVENTURE INC C/WTS 02/10/2029 (TO PUR COM) | 10-K: FY2025 Revenue: USD 2.056 M Revenue: As of FY2025, the actual value is USD 2.056 M. EPS: As of FY2025, the actual value is USD -5.39. EBIT: As of FY2025, the actual value is USD -455.02 M. #### Segment Revenue Total revenue for the year ended December 31, 2025, was $2,056 thousand, an increase of $836 thousand or 68.5% compared to $1,220 thousand for the combined year ended December 31, 2024 . This increase was primarily driven by product sales in the Technology segment, partially offset by a decrease in management fee income . #### Operational Metrics **Total Operating Expenses**Total operating expenses significantly increased by $388,461 thousand (496.2%) to $466,755 thousand in 2025, from $78,294 thousand in 2024 . **Operating Expense Categories (YoY Comparison)** **Cost of Sales:** Increased by $14,301 thousand to $18,830 thousand in 2025 from $4,529 thousand in 2024, due to increased product sales in the Technology segment, amortization of intangible assets, and employee costs . **General and Administrative:** Rose by $10,450 thousand (18.6%) to $66,710 thousand in 2025 from $56,260 thousand in 2024, attributed to higher stock-based compensation, intangible asset amortization, and professional and legal fees . **Sales and Marketing:** Increased by $3,446 thousand (55.7%) to $9,633 thousand in 2025 from $6,187 thousand in 2024, due to increased employee costs and marketing-related events for the Technology segment’s commercialization . **Research and Development:** Increased by $13,707 thousand (121.1%) to $25,025 thousand in 2025 from $11,318 thousand in 2024, primarily due to increased amortization of intangible assets, employee costs, and development fees at Refinity . **Goodwill Impairment:** A goodwill impairment charge of $346,557 thousand was recognized in 2025, due to sustained decreases in the Company’s publicly quoted share price and market capitalization . **Net Loss**The Company reported a net loss of - $475,350 thousand in 2025, compared to - $98,291 thousand in 2024 . Net loss attributable to Innventure, Inc. Stockholders was - $293,317 thousand in 2025, an increase from - $78,190 thousand in 2024 . **EBITDA and Adjusted EBITDA**EBITDA was - $456,649 thousand in 2025, compared to - $83,067 thousand in 2024 . Adjusted EBITDA was - $78,764 thousand in 2025, compared to - $31,407 thousand in 2024 . #### Cash Flow **Operating Activities**Net cash used in operating activities increased to - $80,683 thousand in 2025 from - $48,062 thousand in 2024, primarily due to working capital impacts and increased operating losses . **Investing Activities**Net cash used in investing activities was - $4,125 thousand in 2025, a change from $865 thousand provided by investing activities in 2024, mainly due to lower investments in debt securities and advances to related parties, partially offset by reduced proceeds from sales of investments . **Financing Activities**Net cash provided by financing activities increased to $139,138 thousand in 2025 from $71,907 thousand in 2024, primarily from proceeds from equity and debt financings . Cash inflows from equity and net debt raises amounted to approximately $139.3 million in 2025, while net cash outflows from operating and investing activities were $84.8 million for the same period . #### Unique Metrics **Liquidity and Capital Resources**Cash and cash equivalents were $60,449 thousand as of December 31, 2025, up from $11,119 thousand as of December 31, 2024 . Restricted cash was $5,000 thousand as of December 31, 2025, compared to $0 thousand as of December 31, 2024 . Working capital improved to $6,878 thousand as of December 31, 2025, from a deficit of - $45,061 thousand as of December 31, 2024 . Total current liabilities were $76,276 thousand as of December 31, 2025, compared to $69,347 thousand as of December 31, 2024 . **Other Key Financials** **Interest Expense, Net:** Increased by $7,300 thousand to - $9,678 thousand in 2025 from - $2,432 thousand in 2024 . **Net Gain (Loss) from Investments:** Decreased by - $11,416 thousand (-98.9%) to $131 thousand in 2025 from $11,547 thousand in 2024 . **Change in Fair Value of Financial Liabilities:** Increased by $37,570 thousand (175.4%) to $16,146 thousand in 2025 from - $21,424 thousand in 2024 . **Equity Method Investment (Loss) Income:** A loss of - $12,592 thousand was recorded in 2025, compared to an immaterial amount in 2024 . **Realized Gain on Conversion of Available-for-Sale Investment:** $1,507 thousand was recorded in 2025 . **Loss on Extinguishment of Debt:** - $16,064 thousand was recorded in 2025 . **Loss on Extinguishment of Related Party Debt:** - $3,538 thousand was recorded in 2025 . **Goodwill:** Decreased to $323,463 thousand as of December 31, 2025, from $667,936 thousand as of December 31, 2024 . **Operational Metrics by Segment (Technology Segment)** The Technology segment (Accelsius, AeroFlexx, Refinity) began generating revenue related to its cooling systems for data centers in 2025 . **Accelsius:** Began revenue-generating operations and initial product shipments in 2024, with current manufacturing assets projected to meet demand through 2026 . **AeroFlexx:** Is in the early stages of operations, ramping up commercial production capabilities with a nameplate design capacity of over 100 million units per year, and has achieved six consecutive quarters of revenue generation . **Refinity:** Began operations in 2025, focusing on commercializing fluidized bed technology for advanced recycling of mixed plastic waste . #### Outlook / Guidance Innventure, Inc. anticipates needing at least $50.0 million for operating and strategic needs over the next 12 months, plus an additional $25.0 million for Innventure Companies’ growth, as of December 31, 2025 . The company expects to meet these needs through existing cash, operating cash flows, strategic investments, and available funding from the SEPA with Yorkville . The independent registered public accounting firm has expressed substantial doubt about the Company’s ability to continue as a going concern due to recurring losses and negative operating cash flows . ### Related Stocks - [INVLW.US](https://longbridge.com/en/quote/INVLW.US.md) ## Related News & Research - [Short Interest in Mfs Muni Inc Tr (NYSE:MFM) Declines By 42.7%](https://longbridge.com/en/news/296123614.md) - [Ecovyst Inc Earnings Call Signals Confident Growth](https://longbridge.com/en/news/296010350.md) - [Calix, Inc $CALX Shares Sold by Assenagon Asset Management S.A.](https://longbridge.com/en/news/296015511.md) - [Meeder Asset Management Inc. Takes Position in Consolidated Edison Inc $ED](https://longbridge.com/en/news/296215533.md) - [Ladenburg Thalmann & Co. 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