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 ExpensesTotal 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 LossThe 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 EBITDAEBITDA 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 ActivitiesNet 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 ActivitiesNet 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 ActivitiesNet 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 ResourcesCash 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 .