INV

This article first appeared on GuruFocus. Consolidated Revenue: $1 million in Q2 2026, compared to $0.5 million in Q2 2025 and $1.4 million in Q1 2026. Accelsius Revenue: Contributed $0.9 million, or 96% of total consolidated revenue. Net Loss: $34.9 million for the quarter, compared to $27.8 million in Q1. Adjusted EBITDA: Loss of $22.6 million, versus an $18.4 million loss in Q1. General and Administrative Expenses: $14.5 million, down 22% compared to Q2 2025. Cash and Restricted Cash: $46.5 million at quarter end, compared to $60.4 million at the end of Q1 (which included $5 million of restricted cash). Cash Flow: Year-to-date, used $59.5 million in operating activities and generated $41.6 million from financing activities. Capital Raised: Approximately $13 million through draws on standby equity purchase agreement at an average price of $6.21 per share. Warning! GuruFocus has detected 8 Warning Signs with INV. Is INV fairly valued? Test your thesis with our free DCF calculator. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Innventure Inc (NASDAQ:INV) reported a 100% year-over-year increase in consolidated revenue for Q2 2026, reaching $1 million. AeroFlexx's commercial pipeline grew 9% quarter-over-quarter to nearly $35 million, with new partnerships in Latin America and Europe. Accelsius published a major third-party validation showing its NeuCool system runs GPUs 9-14C cooler than single-phase, using a third of the coolant flow. Accelsius is now focusing on hyperscalers, chip makers, and server OEMs, with active proof-of-concepts and deep evaluation cycles with several key industry leaders. The company raised approximately $13 million through its standby equity purchase agreement at an average price of $6.21, strengthening its balance sheet. Innventure Inc (NASDAQ:INV) reduced general and administrative expenses by 22% year-over-year in Q2 2026. The company is pursuing a strategy to finance AeroFlexx and Refinity at the operating company level, minimizing dilution for Innventure shareholders. Innventure Inc (NASDAQ:INV) suspended its revenue targets for Accelsius due to market constraints, including power availability, GPU access, and site allocations for smaller early adopters. The DarkNX purchase order was removed from the 2026 forecast after the development site became unavailable, impacting near-term revenue expectations. Accelsius is no longer expected to reach cash flow breakeven this year, and Innventure Inc (NASDAQ:INV) has withdrawn its 2028 consolidated positive cash flow target. The company's net loss widened to $34.9 million in Q2 2026, up from $27.8 million in Q1, with adjusted EBITDA loss increasing to $22.6 million. Cash and restricted cash decreased to $46.5 million at the end of Q2, down from $60.4 million at the end of Q1, reflecting significant operating cash use. Innventure Inc (NASDAQ:INV) anticipates a need for additional capital at the parent level due to the extended timeline for Accelsius to achieve positive cash flow. The company acknowledged that bookings and revenues will remain lumpy and hard to predict until two-phase adoption is established, with no material updates expected every quarter. Q: Can you provide more context on the DarkNX purchase order setback? Was it related to power availability, financing, GPU availability, or something else?A: John Hewitt, CEO of Accelsius, explained that DarkNX lost the original development site due to issues with the power envelope. He confirmed that the order is expected to transfer to a new site, but it has been removed from the 2026 forecast because finding an alternate location and securing allocations will take time, making the timing uncertain. Q: How advanced are the discussions with hyperscalers regarding an executed statement of work (SoW), and what does the timeline look like from securing one to commercial deployment and revenue?A: John Hewitt stated that there are multiple hyperscale conversations in various stages, with very active discussions happening. He outlined that the typical cycle from an early SoW to volume deployment runs between two and three years, involving technology validation, proof-of-concept deployments (sometimes as large as a row in an existing data center), and then integration into the data center reference design. Q: Given the revised outlook, is it too early for any visibility into 2027 as a meaningful commercialization year for Accelsius?A: John Hewitt confirmed that it is too soon for specific revenue and bookings visibility into 2027. He emphasized that the company is heavily focused on achieving the four key milestones outlined in the call: chip maker engagement, server OEM/ODM co-development, moving beyond proof-of-concept with a hyperscaler, and delivering benchmark data with leading thermal labs. Q: Can you expand on the milestones for getting integrated with a server OEM? Can a hyperscaler make that happen faster, and are they the real pivot point?A: John Hewitt explained that Accelsius is working with server OEMs and ODMs in parallel. While these partners may do engineering work in advance, they move much quicker when there is a demand signal from a hyperscaler or Neocloud. He confirmed that end-customer demand will significantly motivate OEMs and ODMs, so the switch could flip faster, but the timing remains uncertain. Q: Can you talk about the potential to raise capital at the company level and the puts and takes regarding cash runway and burn?A: CFO Dave Yablunosky stated that the company has $41.5 million in cash on the balance sheet and access to multiple avenues to raise cash, including the standby equity purchase agreement. He acknowledged that with the revised timeline for Accelsius, there could be a need for additional cash raises in the second half of the year, but emphasized the company will be opportunistic to minimize dilution and preserve shareholder exposure to Accelsius. Q: Are there any updates on the ability for AeroFlexx and Refinity to do something strategic or become self-funding?A: CEO Bill Haskell noted that both Refinity and AeroFlexx have initiatives underway to raise their own capital and become self-funding, which minimizes the need for parent-level cash. He added that AeroFlexx is "turning the corner" with a growing pipeline and larger CPG partners, though these companies move slowly. He suggested there are various avenues available for AeroFlexx depending on how the rest of the year goes. Q: When do you expect the NVIDIA Rubin (Fenman) architecture and its cooling architecture to be announced?A: John Hewitt admitted he does not know the exact timing of the announcement, but noted the company is monitoring it very carefully. He acknowledged that the design gets locked down well ahead of the announcement, but could not provide more specific details. Q: When did you guys go from "if" to "when" regarding two-phase adoption, and what was the catalyst?A: John Hewitt explained that internally, the conviction that it's "when, not if" came relatively early when the company proved the technology worked and got strong proof points on performance versus single-phase and air cooling. The shift to broader market conviction is driven by the rest of the ecosystem recognizing the same. Bill Haskell added that industry projections for the two-phase market in 2030 have grown to $9 billion, materially higher than a year ago, and that larger players are moving in sooner, bringing the inflection point closer. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Thursday, Aug. 13, 2026 at 5:00 p.m. ET Investor Relations - Kyle Nagarkar Chief Executive Officer - Bill Haskell Chief Financial Officer - Dave Yablunosky Incoming Chief Executive Officer - Bill Grieco Chief Executive Officer of Accelsius - John Hewitt Operator: Good afternoon, and welcome to Innventure's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to Kyle Nagarkar, Investor Relations. Please go ahead. Kyle Nagarkar: Thank you, Mariana, and good afternoon, everyone. Welcome to Innventure's Second Quarter 2026 Earnings Call. With me today are Bill Haskelll, Chief Executive Officer; Dave Yablunosky, Chief Financial Officer; Dr. Bill Grieco, our incoming Chief Executive Officer; and John Hewitt, Chief Executive Officer of Accelsius. Earlier today, we issued a press release announcing our financial results, which is available on our Investor Relations website, along with the supplemental slide presentation. As referenced on Slide 6, we will be discussing non-GAAP financial measures during this call. The most directly comparable GAAP financial measures and a reconciliation of the differences between the GAAP and non-GAAP financial measures are available on our earnings release and supplemental slide presentation on our website. In addition, certain statements being made today are forward-looking statements that are based on management's current assumptions, beliefs and expectations concerning future events impacting the company. These forward-looking statements involve a number of uncertainties and risks, including, but not limited to, those described in our earnings release Form 10-Q for the period ended June 30, 2026, and other filings with the SEC. The actual results of operations and financial condition of the company could differ materially from those expressed or implied in our forward-looking statements. With that, I'll turn the call over to Bill Haskell. Gregory Haskell: Thank you, Kyle. Good afternoon, everyone, and thanks for joining us. We're going to run today's call a little differently by focusing the majority of our time on Accelsius. You'll hear from four executives today. Dave will take you through the financials, then I'll say a brief word about the leadership transition we announced in June, followed by Bill Grieco to share what to expect under his new leadership. And finally, John Hewitt, who took over as CEO of Accelsius in July, will walk you through where the business is headed and where the industry is headed with it. Let me give you the headline for Accelsius before we get into it. First, we believe the market is now debating when two-phase will be adopted, not if. Second, allocation of GPUs and memory, difficulties accessing power and two-phase enabled servers are impacting smaller early adopters. That has consequences for near-term revenue expectations, which Dave will address directly in his remarks. But here's the more important point. We believe those same forces have made the long-term picture for two-phase cooling better, not worse. John will walk you through exactly what changed and why. Before Dave addresses the numbers, let me give a quick update on AeroFlexx and Refinity. At AeroFlexx, the commercial pipeline continues to build and is now close to $35 million, up 9% since last quarter. The company's global reach continues to expand with new partnerships in Latin America and Europe. In addition, following the May 11 announcement of the co-manufacturing partnership with Packaging Himalayas, AeroFlexx filling equipment has been installed and is operational at the Italian facility with product qualification underway. At Refinity, engineering design on the 10-kiloton demonstration plant is on track for delivery of a plan by the end of this year. You'll hear Bill Grieco come back to that in a few minutes. Now let me pass it to Dave to take us through the financials. David Yablunosky: Thanks, Bill. Good afternoon, everyone. Consolidated revenue for the second quarter was $1 million. That compares to $0.5 million in the second quarter of last year and $1.4 million in the first quarter of this year. Of the $1 million, Accelsius contributed $0.9 million or 96% of the total. Net loss for the quarter was $34.9 million compared to $27.8 million in the first quarter. Adjusted EBITDA was a loss of $22.6 million versus $18.4 million in Q1. General and administrative expenses were $14.5 million, down 22% compared to the second quarter of 2025. We ended the quarter with $46.5 million of cash and restricted cash. That compares to $60.4 million at the end of Q1, which also includes $5 million of restricted cash. Year-to-date, we used $59.5 million of cash in operating activities and generated $41.6 million from financing activities. During the quarter, we took several steps to strengthen our balance sheet and manage our capital efficiently. We raised approximately $13 million through draws on our standby equity purchase agreement at an average price of $6.21. We also continue to reduce debt, including the full repayment of our convertible debentures earlier this year. Shifting now to our outlook. We previously expected Accelsius to exit this year near cash flow breakeven at an annualized revenue run rate of roughly $100 million. We now expect the timing for Accelsius to breakeven to extend beyond this year. The primary driver for the change is market dynamics, not a change in our conviction around the technology or the market opportunity. Smaller early adopters are facing constraints around power availability, GPU access and site allocations. Those resources continue to be concentrated among the largest hyperscalers. I'd like to now directly address our DarkNX purchase order, given they too are not immune to these dynamics. The purchase order referenced a development site that DarkNX had previously identified. DarkNX recently informed Accelsius that this site is no longer available and that it's working towards developing alternate sites. Accelsius has removed the DarkNX project from its 2026 forecast, pending identification of an alternate deployment location in satisfaction of other conditions. This single customer setback does not change the fact that the Accelsius remains at the front edge of market adoption. But until that adoption is established, order bookings and revenues are going to be lumpy and hard to predict. Due to these structural constraints, which limit early adopter deployments, we are suspending our revenue targets. We intend to reinstate forward-looking targets once those constraints ease or we achieve the foundational KPIs that drive broad industry adoption. Here's what we are committing to instead. We will report on the key milestones best representative of our progress towards market adoption, which John will detail in his section. At the parent level, due to the revised timeline for Accelsius to achieve positive cash flow, we are no longer targeting consolidated positive cash flow for Innventure in 2028. We will revisit that expected timing when we have greater visibility into the pace of Accelsius adoption and revenue generation. Taking a step back, let me revisit our capital strategy in the context of this revised outlook. First, it reinforces the need to be disciplined about where capital is raised and how we protect shareholder ownership. Second, we expect to be opportunistic in how we fund the business from here as revenue delays naturally precipitate a need for capital. Our intent is to finance AeroFlexx and Refinity increasingly at the operating company level, which limits the amount of capital we need to raise at Innventure and helps minimize dilution for Innventure shareholders. At the same time, given the extended timeline for Accelsius to reach positive cash flow, we recognize there will be a need for additional capital at Innventure. When we raise capital, we intend to do it thoughtfully, opportunistically and with a goal of preserving Innventure's pro rata exposure to a Accelsius. With that, I'll pass it back to Bill Haskell. Gregory Haskell: Thanks, Dave. Before I introduce our next two speakers, a brief personal note. As we announced on June 30, I'll retire as CEO of Innventure on October 1 after almost six years leading the company and more than four decades in the industry. This was a planned succession, and I'll be working closely with Bill Grieco through the transition. I'm confident in the handoff because Bill is not an outside hire learning about the company. He helped build it and had previously served as Innventure's Chief Technology Officer. For the past one and half years, he has been the founding CEO of Refinity, and he took that business from a blank sheet of paper to the doorstep of commercial demonstration. Before Innventure, he built and led innovation and new business creation at various large organizations and held a PhD in chemical engineering from MIT. Finally, he has served on the Boards of both Refinity and Accelsius. So he knows every one of our businesses from the inside and is the right leader for Innventure's next phase. Bill, over to you. William Grieco: Thank you, Bill, for the introduction and for your six years of leadership that got Innventure to this point. I'm honored and I'm excited to take the baton. Let me start with what will not change. Innventure's company building philosophy is the same under me as it was under Bill. We build operating companies around breakthrough technologies in partnership with multinational corporations, and we run those companies to win in their respective markets. We provide the initial funding and ongoing back-office support to allow the operating companies to focus on efficient operations and to meet their commercialization objectives. That's our value proposition, and it's why many of you have invested in us. In the past, we tried to communicate in a way that's more typical of established public companies, especially in regard to providing revenue targets. For businesses like ours, innovative technology businesses addressing markets that are still forming, predicting revenue quarter-by-quarter is difficult, if not impossible. As a result, revenue targets are not the most useful yardstick at this stage. Revenue guidance will become more appropriate in the future as these companies mature. But in the growth phase, the better measure of progress is whether we're setting the right milestones, whether we're achieving them and whether we're building towards the inflection points that can create significant long-term value. This framework speaks to how we will evolve our operating discipline. I'm an engineer by training and an operator by career. I believe management teams earn credibility one milestone at a time. We set a milestone, we meet it or exceed it, then we do it again. That's how we've run Refinity. We operate with a lean organization focused on achieving our objectives on time and on budget. For example, we shared that we would be scaling up our process for extended duration runs by summer of this year, and our team is doing that now. We told you that the engineering design for our 10-kiloton commercial demonstration plant would be complete in the fall, and it's on track for delivery by the end of the year. I expect Innventure and its operating companies to be run the same way. Now let me speak to our capital allocation policy, which remains unchanged. The capital allocation framework we announced in April still stands. Capital above a parent reserve is intended to be distributed to shareholders. Innventure will remain committed to maximizing shareholder value. We do that through smart deployment of capital with every dollar aimed where it serves our shareholders best. One more thing about how I intend to communicate with the market. I believe in showing results, not promising them. And I believe we owe the market clarity about what we're seeing. That's what today's call is, giving you a better look into what our companies, particularly Accelsius are seeing and telling you what we're doing about it. Now let me tell you why I'm so enthusiastic about Accelsius. I sit on its Board, and I've been involved since we started the company, and I've never been more excited about this opportunity. It's rare in a career to watch a technology this differentiated, meet a market this large at the moment the market needs it. Accelsius' $65 million Series B round led by Johnson Controls with Legrand participating tells you what sophisticated industrial players think of the technology. Like me, John Hewitt has been involved with Accelsius from the beginning as a founding Board member. So he stepped into the CEO role with a deep understanding of the company, the technology and the market opportunity. Since taking over early last month, he's worked with the Accelsius team to review and refine the commercialization strategy, which he recently reviewed with the Board. That is exactly the kind of work he's well suited to lead. John previously ran the Americas for Vertiv, a multibillion-dollar business at the center of the AI data center build-out. He was most recently CEO of Robertshaw, a global design, engineering and manufacturing company with more than 6,000 employees. And earlier in his career, he held senior roles at TE Connectivity, Motorola and Baker Hughes. Josh Claman built Accelsius into what it is today, and he remains fully engaged as Executive Chairman. John has joined him to help scale it. I'm more bullish than ever on Accelsius and on two-phase direct-to-chip cooling. And John will now walk you through the business, the strategy and the magnitude of the opportunity ahead. John, welcome. The floor is yours. John Hewitt: Thanks, Bill. Good afternoon, everyone. Bill just gave you my resume, so I won't read it back to you. Let me tell you why I took this job, and then I'll spend my time where it belongs on the business and the industry. At Vertiv, I had about the best vantage point in the industry to watch what AI compute is doing to the thermal limits of the data center. I saw every cooling technology in the market, what worked, what scaled and what hit walls. I joined the Accelsius Board four years ago because I concluded that two-phase direct-to-chip cooling would ultimately be the answer for the most demanding AI and high-performance workloads. I took this job because I believe that ultimately is arriving faster than most people expected. You maybe get one or two opportunities like this in a career, and I am excited to be here. One more thing before I move on. As Executive Chairman, Josh Claman remains actively engaged in this company. We have been great partners for the last four years, and I am excited to continue working with him in a different capacity. Four years ago, Accelsius was founded on a conviction that physics would drive the industry to liquid cooling and that two-phase would earn a two-phase portion of that market. At that time, we didn't think it would become so widely understood that two-phase will be required. The market didn't just make room for us. It's coming toward us, and that's made us aim higher. We are no longer planning like a scrappy start-up buying for single-digit market share over the next 10 years. We believe we can hold a much more significant share, and this calls about how we plan to do that by building our product thoughtfully alongside key ecosystem players, holding the attention of the companies that define the AI sector and focusing where the expected return is greatest. So what instills that conviction in us? We believe important things outside our control are breaking our way. Physics favors too phase. Every AI generation runs hotter, and the industry has discovered what servicing single phase actually costs. There's another force accelerating all this. Data center developments are experiencing significant pushback from communities being asked to host these facilities over water and power usage concerns. Two-phase changes the energy profile of a data center. In greenfield designs, it can lower cooling-driven energy use by 1/3. At a moment when $700 billion in planned 2026 data center CapEx is colliding with $130 billion in blocked and delayed projects, and New York has just enacted the first statewide moratorium. That isn't a nice to have. It's how the industry earns the right to keep building. We believe the question is no longer if, only when. We can't control when, but we do control how we execute and where we focus. Over the last few years, we've been pursuing two goals simultaneously. The first was building the foundation for a great company, one that could gain a meaningful share of the liquid cooling spend and one that can deliver a highly differentiated product reliably and at scale. The liquid cooling market is forecasted to exceed $30 billion in 2030, of which $9 billion is expected to be two-phase. For context, today, there are no mass scale two-phase direct-to-chip deployments in the United States. I'm proud of the work the team has done to lay the foundation, but the next year is critical, and we'll talk about that. The second was delivering at-scale revenue from a hard tech company inside of five years and not just any hard tech. This is an advanced technology one few companies have ever solved designed to protect GPUs, the asset whose demand far exceeds supply and easily among the most valuable line items on any AI company's balance sheet. For context, one B300 GPU runs over $50,000 and eight-way server built on them runs $400,000 to $500,000 and a loaded rack of those servers can run between $3.5 million and $4.5 million. When we benchmarked ourselves against successful hard tech companies in the cooling space, very few had any commercial revenue in year four. Against the relevant comparisons, we're tracking ahead of the pace. The problem was never the pace. It was the yardstick we measured against. We expected Accelsius to travel the normal tech adoption curve with smaller early adopter companies as our main revenue source for a few years. Then we learned something about the AI market. Adopting this technology requires GPU allocations, access to power and the scale to influence server designs, and those are precisely the things smaller companies can't get. This is exactly what we saw happen with the DarkNX deal Dave spoke about earlier. Our analysis and the feedback we are receiving indicates that the market structure is sidelining many of the customers who would normally take the first risk. As a result, in this market, there are very few early adopters. Here's why that's good news. The relationships we are now focusing on are the companies that dominate this market, companies worth hundreds of billions. And they haven't just noticed us. They're showing deep and promising interest, active proof of concepts with several key hyperscalers and impressing results that are driving next steps. And make note of this because I'll come back to it. For these companies, benchmarked data-backed proof of superior performance is what drives adoption. We just delivered a major proof point. Now these companies move slower than early adopters would have, but I want to be clear about why. We believe it's a product of how a good business makes major decisions. They have shareholders, countless customers and established procurement and build cycles. They evaluate in a mature way, deliberate studies between engineering teams, starting with single-loop cold plate level tests, then proof of concepts, then operating impact analysis and then a dedicated haul deployment. Ultimately, they're built into their IT procurement plan and into their data center road map. Some iterations run over multiple quarters, and we are in various stages of progress with many of them. So the trade we ended up with is this. Instead of seeking quick revenue from small companies that aren't likely to scale, we're focusing instead on the technology leaders, and we are deep in the evaluation cycles with some of the largest companies in this industry. Our earliest customers are also our largest possible customers. We believe that this isn't a phase, but the GPU allocation and power scarcity, among other factors, define AI infrastructure, and they aren't easing. When I stepped into this role last month, we did a detailed review of the Accelsius commercialization strategy and made major updates. Substantially all of our partnership and market adoption work now focuses on four customer segments: chip manufacturers, server OEMs, server ODMs and hyperscalers. Our goal is to have chip manufacturers reference our solution, OEMs and ODMs design for it and end customers incorporate those requirements into their IT and infrastructure designs. And when those players move, the market moves. Remember, almost all the data center footprint deployed or in process today uses either air or single-phase liquid cooling. Until two-phase adoption crosses the line, bookings and revenue are going to be lumpy and hard to predict. So as Dave said, we will not guide until we see that adoption. We believe bookings and revenue are lagging indicators in this market. The milestones we will report are the ones we view as the leading indicators. As I mentioned earlier, the next year is critical. We are actively engaged in advancing progress around major milestones and the four we are focused on now are as follows: one, chip maker engagement leading to reference designs. Inclusion in a silicon vendor's partner ecosystem would be the strongest validation this market offers. It would put us in front of every customer designing around that silicon. Two, server OEM and ODM relationships expanding into co-development initiatives. This would be the first step toward factory integration and server warranty coverage, key enablers to market adoption. Number three, moving beyond proof of concept to an executed statement of work with a leading hyperscaler, one that scopes the power usage effectiveness and operational impacts of two-phase in their data centers. That's the difference between being evaluated and being planned for. And four, continuing to deliver benchmark data and deployment with leading thermal labs, giving the industry's strongest thermal minds the proof needed to adopt. Hitting these four milestones is how we'll measure progress and how you'll know we're creating meaningful company value. Given the decision-making timeline within large organizations that I spoke about earlier, we don't anticipate having material updates every quarter. That said, each one of these milestones already has its own work stream underway, most with significant progress, and we look forward to updating you on further progress when warranted. And to that end, let me update you on one huge milestone just achieved. As I said earlier, for mature customers, data backed proof is everything, and we just completed a major study. In July, we published the most important technical validation in the company's history, and I want to walk you through it because the numbers deserve more than a headline. An independent third-party systems integrator took a commercially available Dell PowerEdge XE9680L and eight-way NVIDIA B200 server drawing roughly 10 kilowatts and benchmarked it with its factory-installed single-phase cooling. Then they retrofitted the same server with our new cool cold plates and ran it again. Same server, same GPUs, same simulated workloads, roughly 40,000 operating points. The only thing that changed was the cooling. The results, new cool ran the GPUs 9 to 14 degrees centigrade cooler at the system level, using roughly 1/3 of the coolant flow at the chip. At 50 degrees C facility water, the single-phase system pushed the B200 past its 84 degrees C throttle point, the temperature where the GPU slows itself down to survive. Ours held 9 degrees C of headroom below it, same server, same chips, different outcome. Now here's what we believe those degrees are worth. NVIDIA has pointed the entire industry toward warmer facility water as a key lever for AI factory efficiency and their current single-phase designs top out around 45 degrees C. Our headroom means the performance single phase delivers at 45C, we deliver it up to 54 degrees C and beyond. At those temperatures, chillers convert from a necessity into a contingency in most of the world for most of the year. That's the energy story that I opened with. This is how the industry earns the right to keep building. But for an operator, the energy savings isn't really about the utility bill. Every data center lives inside a fixed power envelope. Whatever the grid gives you, that's your budget, and every watt spent on cooling is a watt not spent on compute. Cut the cooling load and two things happen. You make the most of the power you were allocated and you redirect those savings into the only thing that generates revenue, which is more GPUs doing more work. Based on the Jacobs reference design, two-phase enables on average, 5% more GPUs inside the same power envelope. At the scale of a gigawatt campus, 5% more revenue-generating compute from the same grid connection is an enormous number. This is why I say the benchmark validates the strategy, not just the product. Remember what I told you to hold on to, the behemoths are evaluating us and the evaluations are going well. This test is what going well looks like. The companies that can adopt this technology have gigawatts to consider and PhD teams who will take a claim like ours apart line by line. This test was built for that audience, widely available hardware run by a third party at the warm water conditions their own road wraps require. We didn't hand them a marketing claim. We handed them a data set. The full white paper, warm water ready is on our site, and I'd encourage you to read it the way our customers are reading it. So back to that question of when. We can't answer it definitively, but I can give you two data points. First, the chips. IDTechEx after interviewing chip makers, cold plate suppliers and integrators across the value chain identified 1,500 to 2,000 watts per package as the point where single phase begins to struggle. The B300 shipping today is already at 1,400. Every generation on NVIDIA's public road map goes higher. Second, the racks. Beyond heat removal at the chip, single phase stays competitive only by pushing more and more water. As industry analysts have pointed out at extreme rack densities, the pipe sizing and physical volume required becomes constraints of their own. So whether the limit arrives through the chip's heat or the racks density, the limits exist and every generation moves us closer to them. That's the moment we're preparing for, and the four milestones I laid out are how we will measure progress. Accelsius is positioned to scale when that time comes, and our deployments to date tell the story of an evolving company. Our earliest shipments were demo systems, an in-rack CDU with a load sled or two, built to show nucleation, the boiling physics at the heart of two-phase and to build awareness. Then we matured to shipping thermal simulation racks, pack with load sleds that simulate real AI workloads, letting users test our cooling and prove the physics for themselves. Today's deployments are different. They're built around specific servers, specific chips, specific hyperscale computing solutions. Our customers are no longer testing whether two-phase works. They're testing how well it works with their equipment. I'm proud to be leading Accelsius through this moment. We believe that we have proven the technology. Now it is time for us to prove our reliability, then to scale it with maturity and commercial discipline. That's exactly what we're doing. I'm glad to be here, and I look forward to your questions. Bill, back to you. Gregory Haskell: Thank you, John. Let me sum up briefly. We were candid with you today about what we're learning about Accelsius, and we told you exactly how we report progress from here. The leadership of this company at Innventure and at Accelsius is stronger than it has ever been. We are more bullish on the Accelsius opportunity than we have ever been. Operator, let's open the line for questions. Operator: [Operator Instructions] Our first question comes from Aashi Shah with Sidoti & Co. Aashi Shah: And previously, you've mentioned about $50 million of Accelsius bookings. How much of that is associated with DarkNX? And with the original DarkNX site no longer moving forward, are those bookings still intact, or do they automatically transfer to the new site, or would you need a new agreement? Gregory Haskell: John, do you want to field that question for us? John Hewitt: Sure. Thank you, Bill. We don't normally disclose specific dollar amounts with respect to individual customers. But what I can tell you -- and thank you for the question, by the way. What I can tell you is we expect that order to transfer to a new site. The reason that we debooked the order, as Dave mentioned earlier, is it's going to take them time to find a new site to get the appropriate allocations, et cetera. And because of that, timing is uncertain. Aashi Shah: Right. But if you can just give us a little more context on what happened with the original site. Was it related to power availability, financing, GPU availability, or was it something else? John Hewitt: They lost the site and our understanding of it had to do with the power envelope. Aashi Shah: Okay. And you've identified an executed hyperscaler SoW as a key milestone. How advanced are those discussions today? And once you secure one, what does the timeline typically look like from there to commercial -- deployment and revenue? John Hewitt: It's a great question. So we have a number of hyperscale conversations that are in various stages. And I hope to be able to report to you soon that we've crossed that particular milestone. But I'll leave it this way. There are very active conversations happening even as we speak. With respect to the timeline, each one of the hyperscalers has their own timeline But in general, they will go from early statement of work where the technology is validated. They will then do a proof-of-concept deployment, sometimes as big as a row in an existing data center. And then from there, you're designed into the data center reference design. They're effectively their blueprint and then volume production volume deployment happens. That cycle, depending on hyperscaler can run between two and three years, and we are in various stages with many of them as we work down that path. Aashi Shah: Right. And so -- again, we've been looking at 2027 as the meaningful commercialization year for Accelsius, but now it's too soon for that, and too early for any visibility into 2027. Is that right? John Hewitt: I think it is too soon for visibility into 2027 from a specific revenue and bookings perspective. The -- what we are heavily focused on now is the -- those four milestones that we walked through just a few minutes ago. Operator: Our next question comes from Nehal Chokshi with Northland. Nehal Chokshi: Okay. So Slide 13 has the status of the third-party validation. When did this third-party system integrator start to work on this testing? Gregory Haskell: Is this -- which chart is 13? I don't have it in front of me, Nihal. Nehal Chokshi: It's the one that, it's the one that talks about the third-party integrator validation results of NeuCool being able to operate the system, 14 degrees lower. Gregory Haskell: And so the question is... Nehal Chokshi: When did this third-party integrator start the work to do this validation? Gregory Haskell: John, do you want to field that? John Hewitt: Yes. I don't know the specific date, but I think it was about 60 days or so ago. They completed it at the end of July, and we announced it right after that. Nehal Chokshi: Okay. And -- in this slide, you referenced a Jacobs reference design. What is that? And is it fair to assume that Jacobs is actually the third-party integrator? John Hewitt: No, Jacobs is a -- and there's some information on our website with respect to that. But about a year or a year and a half ago if memory serves, we did some work with them evaluating the benefits at the overall data center level, thinking about what happens to the cooling infrastructure, what happens to the broader building power envelope and then how could that get deployed. That's the Jacobs engineering study that we're referring to. That was a -- that's completely a different proof point. Nehal Chokshi: Okay. Can you give us a sense as to who are the type of customers that this third-party integrator has? John Hewitt: This is -- I want to be careful about the word integrator, but the -- this particular third party would serve many of the Neocloud and enterprise customers. Nehal Chokshi: Great. Okay. Hyperscaler statement of work and chip maker engagement as key milestones. Arguably, to a certain extent, both of these are the same because hyperscalers are becoming chip makers as well. Is that not true? John Hewitt: It's a great question. As we look at and we analyze the market, each hyperscaler has their own strategy. And depending upon which one we're talking about, some of them have used up to our estimates, 50% or so custom chips and the other half is a mix of off-the-shelf chips from one of the major suppliers. There are other hyperscalers that the mix is much, much lower than that. So I think there are probably, I'd say, three to four major chip makers that we have to engage with. And each one of those engagements lead you to a little bit different part of the market. And then each hyperscaler has their own chip strategy, as you pointed out just a second ago. They also have their own server ODM or OEM strategy. So we've got to knit together, and that's why these milestones are so critical, particularly in the chip maker engagement, the server ODM and OEM relationships and the hyperscaler because all three of those pieces have to almost work in concert together. Nehal Chokshi: Got it. All right. My last question is that at least from my perspective, I would say for at least a year, I have been more in the camp of when, not if. And so I'm curious from your perspective, when did you guys go from if to when, and what was the catalyst? John Hewitt: That's a really great question. I think we've been pretty convicted internally that it's not if, but it's when. And I think for us, that moment was relatively early on when in the first couple of years of operation when we proved that the technology worked, and we started getting really good proof points around the performance relative to single-phase cooling and air cooling. Then for us, then, the reason that we talk about now the conviction of if versus when is it's not just us that's convicted, it's the rest of the market that is in the rest of the ecosystem. Nehal Chokshi: And so what do you think of the rest of. Gregory Haskell: If I can. Nehal Chokshi: Yes, please Bill. Gregory Haskell: I was just going to say, if you kind -- if you look at the industry information out there, there's a lot of conviction now that virtually all of the major players are migrating or believe they'll have to migrate to two-phase at some point. But the other big indicator, too, is if you look at the projection for the size of the two-phase market in 2030 of $9 billion, that's materially higher than it was even a year ago. And so one of the key messages here is that while it's true that some of the smaller players that would typically be early adopters can't access the market for various reasons, the bigger players that we're engaged with are moving in sooner. And so the inflection point of value, we think actually is coming at us more readily than we had initially anticipated. Operator: Our next question comes from Chip Moore with ROTH Capital Partners. Alfred Moore: I want to follow up there, I guess, on cracking a hyperscaler. It sounds like you've got discussions that have been ongoing for a while, with more than one, certainly. Can you just expand on maybe those milestones, getting integrated with a server OEM? Is this something that's running concurrently? Can the hyperscaler, as the need arises, make that happen faster? Are they the real pivot point? I think in the past, we've talked about potential for orders in, what, the seven to nine figure range. So I assume that's some of these type of entities. Just any more color. Thanks. Gregory Haskell: Sure. John Hewitt: It's a great question. Sorry, thank you, Bill. I assume you were going to throw that one to me, apologies. Thank you for the question. The -- there are server OEMs and server ODMs. And depending upon whether you're a Neocloud or you're a hyperscaler or your strategy is, you're going to deploy one of those two solutions. But you put your finger on the pulse a second ago that the hyperscalers or a Neocloud and end customer demand will motivate a OEM or ODM very significantly. So we're doing two things. We are working with the server OEM and ODM for building relationships with them. We're deep in all of those conversations. And they, depending upon their own internal strategy, will either test and do some deployment and some engineering work in advance of a hyperscaler, to your example, asking for support, but they move much, much quicker when there's a demand signal as well. Alfred Moore: Right. Okay. That switch could flip faster, but it's uncertain. John Hewitt: 100%. So I have to -- sorry for stepping in front of you, but I have -- so I have to work both of those in parallel for exactly that reason. Alfred Moore: Yes. Great. And then maybe just my follow-up more so around cash runway, cash burn, right? It sounds like clearly, there'll be a need at some point for capital, but talk about potential to raise money at the company level and puts and takes. Gregory Haskell: Dave, do you want to handle that? All right. David Yablunosky: Sure. Chip, thanks for the question. In our consolidated statements there, we have $41.5 million of cash. So we have cash on the balance sheet. It's really not an issue. And we have access to multiple different avenues to raise cash. We want to do it opportunistically. I did say in my remarks that with the announcements today, there could be a need for cash to do additional cash raises in the second half of the year. I don't want to really get into any details what those might look like. But just we have cash on the balance sheet. We have access to the standby equity purchase agreement. We're good on -- we'll be fine on cash. Gregory Haskell: And the goal really, obviously, is to minimize any dilution we have and exposure in particular to Accelsius for our shareholders, which I know are eager to participate in that. Alfred Moore: And AeroFlexx and Refinity, any -- probably more so AeroFlexx with some of the commercial momentum, but any update on ability there maybe to do something strategic or otherwise? David Yablunosky: Well, we did say at the operating. Go ahead, Bill. No, go ahead. Gregory Haskell: I was just going to say there -- first of all, both Refinity and AeroFlexx have initiatives underway where they're raising their own capital to be self-funding. So the amount of cash that we need to participate in both of those is very, very, very small for the rest of the year, and they should be self-funding thereafter. So that's good news. I think with respect to AeroFlexx, they are turning the corner. There's a growing pipeline and the players that they're dealing with are getting bigger. It's these CPG companies, as we all know, move very, very slowly, and it's very difficult to move them at a pace that we like. Nevertheless, they have turned the corner or are turning the corner, and we have had quite a few announcements out in the marketplace. So I think -- we'll see how the rest of this calendar year goes and kind of where they end the year. But I think there are any number of avenues we can take with respect to AeroFlexx. Operator: Our next question comes from Nehal Chokshi with Northland. Nehal Chokshi: A follow-up question from me, and really John, for John, actually. When do you expect the Fenman architecture, the cooling architecture, to be announced? John Hewitt: That's a really good question. And the direct answer is I don't know. There have been some -- yes, I don't know. We're monitoring that one very, very carefully. Nehal Chokshi: Okay. And what's your understanding? And when does the design get locked down? Because I think the design gets locked down well ahead of the announcement times. John Hewitt: Correct. I think that's true. Sorry I could not be more helpful on that one. If you find out, let me know, would you? Operator: This concludes today's call. You may now disconnect. Before you buy stock in Innventure, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Innventure wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $432,621!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,314!* That performance is why people listen. 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Innventure (INV) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Innventure, Inc. (NASDAQ:INV) has outlined a series of cost reductions, financing initiatives and portfolio changes following its second-quarter 2026 results as management seeks to preserve capital and strengthen the company’s financial position. In a letter to shareholders, Innventure said it plans to reduce quarterly parent-level cash expenses, excluding debt service, to $4.5 million from $7.5 million. The savings will include ending expenditure on initiatives to create new companies and eliminating research and development spending at the parent-company level. A key part of the restructuring involves AeroFlexx, with Innventure now pursuing strategic monetisation alternatives for the subsidiary. The company has appointed financial advisers to assist with the process and is seeking external capital to finance AeroFlexx while potential strategic options are evaluated. The move is intended to reduce the financial demands placed on Innventure’s parent balance sheet while potentially unlocking value from the business. Innventure is also changing how it finances Refinity. The subsidiary will no longer receive funding from the company’s balance sheet after the end of the third quarter of 2026 and will instead transition towards independent financing. At the parent-company level, the board is examining several ways to raise additional capital. Potential options include debt financing, equity offerings and the monetisation of assets. Management said its objective is to secure the necessary funding while limiting dilution for existing shareholders wherever possible. The board has also instructed senior executives and directors to surrender earnout shares previously issued in connection with an Accelsius purchase order from DarkNX. Innventure said the shares had been issued in accordance with contractual obligations established in 2023 after the DarkNX order satisfied the relevant milestone. However, following the subsequent removal of that booking, the board determined that forfeiting the shares was appropriate. The individuals affected by the decision have agreed to return the shares. Despite the wider restructuring measures, Innventure remains positive about the prospects for Accelsius. The board believes the subsidiary is positioned to participate in the two-phase direct-to-chip liquid cooling market, which, based on cited market estimates, could expand from approximately $500 million in 2027 to around $3.8 billion by 2029. That growth opportunity could become increasingly important as demand for advanced cooling technologies rises alongside the expansion of high-performance computing and data centre infrastructure. Overall, Innventure’s latest measures signal a stronger focus on reducing parent-level spending, securing independent financing for portfolio companies and exploring asset monetisation as it seeks to improve its financial flexibility following the second quarter. Innventure stock price

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is shifting Accelsius's focus from smaller early adopters to industry behemoths, citing that GPU allocations and power scarcity are sidelining smaller players. The DarkNX purchase order was removed from the 2026 forecast after the customer lost its development site due to power envelope constraints. AeroFlexx's commercial pipeline grew 9% to $35 million, supported by new international partnerships and operational filling equipment in Italy. Refinity remains on track to deliver the engineering design for its 10-kiloton demonstration plant by the end of 2026. The company is transitioning leadership to Dr. Bill Grieco, emphasizing a shift toward milestone-based credibility over quarterly revenue guidance for early-stage technologies. Management maintains that the long-term outlook for two-phase cooling has improved as physics and energy limits force the industry toward liquid cooling solutions. Innventure has suspended revenue targets for Accelsius, citing the 'lumpy' nature of adoption among large-scale customers with long procurement cycles. The company retracted its 2028 consolidated positive cash flow target, pending better visibility into the pace of Accelsius's market penetration. Future progress will be measured by four leading indicators: chip maker reference designs, OEM/ODM co-development, hyperscaler statements of work, and third-party technical validations. Capital strategy involves increasingly funding AeroFlexx and Refinity at the operating company level to minimize dilution at the Innventure parent level. Management anticipates a need for additional capital at the parent level in the second half of 2026 to support the extended timeline for Accelsius's breakeven. The concentration of GPUs and power among the largest hyperscalers is creating a structural barrier for smaller companies that were expected to drive near-term revenue. Data center development faces increasing regulatory and community pushback regarding water and power usage, which management views as a catalyst for two-phase cooling adoption. The transition from air or single-phase cooling to two-phase involves complex ecosystem alignment between chip makers, server manufacturers, and end-users. A planned CEO succession will occur on October 1, 2026, with Bill Haskell retiring and Dr. Bill Grieco assuming the role. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects the DarkNX order to transfer to a new site once the customer secures appropriate power allocations, though timing remains uncertain. The order was removed from the 2026 forecast because the original site is no longer available and the timing for the customer to secure an alternate location is currently uncertain. Active conversations are underway with multiple hyperscalers, but the cycle from validation to volume deployment typically spans two to three years. Management noted that while these large entities move slower, they represent the 'behemoths' that define the market's ultimate scale. A third-party test of an NVIDIA B200 server showed NeuCool ran 9 to 14 degrees Celsius cooler than factory single-phase cooling. This thermal headroom allows data centers to use warmer facility water, potentially eliminating the need for chillers and allowing 5% more GPUs within the same power envelope. Innventure ended the quarter with $46.5 million in cash and has access to a standby equity purchase agreement for opportunistic funding. The primary goal is to preserve the parent company's pro-rata exposure to Accelsius while seeking self-funding for other subsidiaries.

Interested in Innventure, Inc.? Here are five stocks we like better. Accelsius’ outlook was materially reduced: Innventure withdrew its prior forecast for near-breakeven cash flow and suspended revenue targets due to customer constraints involving power availability, GPU access and site allocation. The company also abandoned its 2028 target for consolidated positive cash flow and expects to seek additional capital. Accelsius is shifting toward larger customers: The cooling business is focusing on chipmakers, server manufacturers and hyperscalers, where adoption may take two to three years. Management cited active hyperscaler proof-of-concept engagements but said it cannot yet provide 2027 revenue or bookings guidance. Financial losses widened while AeroFlexx showed progress: Innventure reported a $34.9 million net loss, $22.6 million adjusted EBITDA loss and $46.5 million in cash and restricted cash at quarter-end. Separately, AeroFlexx’s commercial pipeline grew to nearly $35 million, while Refinity remains on track to complete engineering design for its demonstration plant by year-end. 3 Bargain-Cheap Small Caps Worth a Second Look Innventure (NASDAQ:INV) reported second-quarter revenue of $1 million, up from $500,000 a year earlier but down from $1.4 million in the first quarter, as its Accelsius cooling technology business accounted for 96% of consolidated revenue. The company reported a net loss of $34.9 million for the quarter, compared with a $27.8 million loss in the first quarter. Adjusted EBITDA loss was $22.6 million, versus $18.4 million in the prior quarter. Innventure ended June with $46.5 million in cash and restricted cash, down from $60.4 million at the end of the first quarter. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be The 3 Penny Stocks You Swore You’d Never Buy (But You’ll Check Anyway) Chief Financial Officer Dave Yablunosky said Innventure raised about $13 million during the quarter through draws on its standby equity purchase agreement at an average price of $6.21. The company also continued reducing debt, including the full repayment of its convertible debentures earlier this year. Innventure withdrew prior expectations that Accelsius would exit 2026 near cash-flow breakeven at an annualized revenue run rate of about $100 million. Yablunosky said the company now expects Accelsius to reach breakeven later than previously anticipated, citing power availability, GPU access and site allocation constraints affecting smaller potential customers. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Biotech Is Heating Up—These 2 Red-Hot Stocks Stand Out “The primary driver for the change is market dynamics, not a change in our conviction around the technology or the market opportunity,” Yablunosky said. Accelsius has also removed a DarkNX project from its 2026 forecast after DarkNX informed the company that a previously identified development site was no longer available. Accelsius CEO John Hewitt said the company expects the order to transfer to an alternative site, but timing remains uncertain because DarkNX needs to identify a new location and secure necessary allocations. Hewitt said the original site issue was related to the available power envelope. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Innventure is suspending its revenue targets until constraints ease or Accelsius reaches what management considers foundational adoption milestones. The company also said it is no longer targeting consolidated positive cash flow in 2028 and will reassess that timeline when it has more visibility into Accelsius adoption and revenue generation. Management said it expects to seek additional capital at Innventure due to the extended timeline to positive cash flow. Its stated strategy is to increasingly finance AeroFlexx and Refinity at the operating-company level, with the aim of reducing parent-level capital needs and limiting shareholder dilution. Hewitt, who became Accelsius CEO in July, said the company has revised its commercialization strategy to concentrate on chip manufacturers, server original equipment manufacturers, server original design manufacturers and hyperscalers. According to Hewitt, smaller early adopters often lack the GPU allocations, power access and scale needed to deploy advanced cooling technology. The company is therefore shifting its focus toward larger technology companies that can influence server designs and data-center infrastructure planning. Accelsius said it has active proof-of-concept engagements with several hyperscalers, though Hewitt did not identify the companies. He described an adoption process that can include component-level testing, proof-of-concept deployments, operating-impact analysis, dedicated data-center hall deployments, and eventual inclusion in a customer’s procurement and data-center roadmaps. Hewitt said that process can take two to three years, depending on the hyperscaler. He said Accelsius is at various stages of engagement with multiple customers and that it does not yet have sufficient visibility to provide specific revenue or bookings guidance for 2027. The company plans to report progress against four milestones rather than revenue targets: Engagement with chipmakers that could lead to reference designs or inclusion in a silicon vendor partner ecosystem. Expansion of server OEM and ODM relationships into co-development programs. Moving from proof-of-concept work to an executed statement of work with a major hyperscaler. Additional benchmark testing and deployments with thermal laboratories. Hewitt said server OEMs and ODMs may accelerate their work when there is a clear demand signal from a hyperscaler or neocloud customer, but Accelsius is pursuing both customer and equipment-maker relationships in parallel. Accelsius highlighted a third-party test published in July involving a commercially available Dell PowerEdge XE9680L server with eight NVIDIA B200 GPUs. The company said an independent systems integrator compared the server’s factory-installed single-phase cooling system with Accelsius’ NeuCool cold plates across roughly 40,000 operating points. According to Hewitt, the NeuCool-equipped system operated GPUs 9 degrees to 14 degrees Celsius cooler at the system level while using about one-third of the coolant flow at the chip. At 50 degrees Celsius facility water, he said the single-phase system pushed the B200 GPUs beyond their 84-degree-Celsius throttle point, while the Accelsius system maintained 9 degrees Celsius of headroom below that threshold. Hewitt said the results support Accelsius’ position that two-phase direct-to-chip cooling can enable warmer facility-water operation and reduce cooling energy use. He also cited a Jacobs reference design that management said indicated two-phase cooling could enable an average of 5% more GPUs within the same power envelope. Management said the liquid-cooling market is forecast to exceed $30 billion by 2030, including an expected $9 billion two-phase segment. Hewitt said Accelsius believes growing chip power levels and higher rack densities will increase the need for two-phase cooling over time. Chief Executive Officer Bill Haskell said he will retire from the role on Oct. 1, following a planned succession announced June 30. Bill Grieco, Innventure’s former chief technology officer and the founding CEO of Refinity, will succeed Haskell. Grieco said the company will place greater emphasis on operational milestones rather than quarterly revenue targets for its developing businesses. He said Refinity remains on track to complete engineering design for its 10-kiloton commercial demonstration plant by year-end. Haskell also said AeroFlexx’s commercial pipeline reached nearly $35 million, up 9% from the prior quarter. AeroFlexx has added partnerships in Latin America and Europe, while equipment installed at Packaging Imolese’s Italian facility is operational and undergoing product qualification. Innventure Inc founds, funds and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. Innventure Inc, formerly known as Learn CW Investment Corporation, is based in ORLANDO, Fla. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Innventure Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Accelsius focused on execution against foundational milestones to strengthen path to scaled two-phase adoption ORLANDO, Fla., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Innventure, Inc. (NASDAQ: INV) (“Innventure”), an industrial growth conglomerate, today announced financial results for the quarter ended June 30, 2026. The company continues to anticipate significant long‑term demand for two‑phase liquid cooling as AI infrastructure requirements accelerate and is focused on executing against the foundational milestones expected to govern scaled market adoption of this technology. These milestones include chip-maker relationships and reference designs, OEM and ODM co-development initiatives, relationships with hyperscalers and the delivery of additional thermal benchmark data. “We firmly believe the industry is moving toward a future where two-phase liquid cooling becomes an essential part of AI infrastructure,” said Bill Haskell, Chief Executive Officer. “While our conviction in Accelsius’ long‑term opportunity has only strengthened, evolving dynamics in the AI infrastructure market, including constraints facing smaller early adopters around power availability, GPU access, and deployment timing, have impacted our near-term expectations and render 2026 revenue generation an imprecise reflection of the meaningful progress Accelsius is making. As a result, we are suspending our previously communicated expectations regarding Accelsius’ 2026 revenue and cash flow targets and shifting our focus to execution against important milestones that govern scaled market adoption, which include forging strong relationships with industry leaders. In light of our expectations regarding Accelsius’ ability to make progress against these milestones and the momentum we are seeing at AeroFlexx and Refinity, we believe Innventure is well positioned to create shareholder value over the long term." Conference Call and Webcast A conference call to discuss these results has been scheduled for 5:00 pm ET today, August 13, 2026. The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via https://innventure-2q26-earnings.open-exchange.net/. Innventure has posted a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/. 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 [email protected] Media Contact: Stephanie Knight, Solebury Strategic Communications [email protected]

Cerebras Systems CBRS is scheduled to report first-quarter 2026 results on June 23.The Zacks Consensus Estimate for first-quarter 2026 earnings is pegged at a loss of 14 cents per share.The Zacks Consensus Estimate for revenues is pegged at $56.65 million.Cerebras Systems develops ultra-fast AI computing hardware and cloud services that help train and run large artificial intelligence models more efficiently than traditional systems. The company reported revenues of $510 million in 2025. CBRS started trading on May 14, 2026. Cerebras Systems Inc. price-eps-surprise | Cerebras Systems Inc. Quote Let’s see how things have shaped up prior to CBRS’s first-ever earnings announcement. Cerebras Systems’ first-quarter performance is expected to have benefited from the growing demand for AI Infrastructure. The accelerating demand for fast AI inference and the unique performance advantages of its wafer-scale technology have been a key catalyst.The company’s expansion of its cloud and services business, particularly through new and deepening relationships with hyperscalers, is expected to have benefited the company’s topline in the to-be-reported quarter. The company’s collaboration with Amazon’s AMZN cloud computing platform, Amazon Web Services (AWS), remains noteworthy.In March 2026, CBRS collaborated with AWS to deliver ultra-fast AI inference solutions for generative AI and large language model workloads. The offering combines AWS Trainium-powered servers, Cerebras CS-3 systems and Elastic Fabric Adapter networking using an inference disaggregation approach. Trainium handles prompt processing (prefill), while CS-3 accelerates output generation (decode), optimizing performance for each stage. Built on the AWS Nitro System, the solution aims to provide secure, high-performance AI infrastructure. AWS also plans to offer leading open-source LLMs and Amazon Nova models on Cerebras hardware later in 2026.However, intense competition in the AI computing market, challenging macroeconomic uncertainties and geopolitical risks are expected to have affected the company’s performance. Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.Cerebras Systems has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:DAVE DAVE has an Earnings ESP of +0.55% and presently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for DAVE’s second-quarter 2026 earnings has increased 4.32% to $3.62 per share over the past 30 days. The consensus estimate for DAVE’s EPS for the second quarter implies a year-over-year increase of 15.29%.Innventure INV has an Earnings ESP of +1.96% and presently carries a Zacks Rank #2.The Zacks Consensus Estimate for Innventure’s second-quarter 2026 earnings is pegged at a loss of 26 cents per share, which has been unchanged over the past 30 days. The consensus estimate for Innventure’s EPS for the second quarter implies a year-over-year increase of 83.75%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN) : Free Stock Analysis Report Dave Inc. (DAVE) : Free Stock Analysis Report Innventure, Inc. (INV) : Free Stock Analysis Report Cerebras Systems Inc. (CBRS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Innventure Inc (NASDAQ:INV) reported a significant increase in revenue, growing from $0.2 million last year to $1.4 million this quarter. The company secured more than $50 million in Q1 bookings, indicating strong customer interest and future revenue potential. Excelsius is positioned at a pre-inflection phase with validated technology and a large pipeline, suggesting potential for exponential adoption. AeroFlex has expanded its commercial pipeline to $32 million, with significant progress in late-stage negotiations. Refinity is advancing towards commercial scale with ongoing technical validation and integration work, positioning it for future growth. Innventure Inc (NASDAQ:INV) reported a net loss of $20.8 million for the quarter, highlighting ongoing financial challenges. The company's adjusted EBITDA for the quarter was a loss of $18.4 million, indicating operational inefficiencies. There are supply chain challenges and environmental protests affecting data center deployments, which could impact Excelsius's growth. The cash conversion cycle remains uncertain, with variability in customer payment terms and inventory financing needs. The early-stage nature of the business makes predictability challenging, with potential for lumpy bookings and revenue patterns. Warning! GuruFocus has detected 9 Warning Signs with INV. Is INV fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on Excelsius's $100 million run rate target by year-end and any potential risks? A: Bill Haskell, CEO: We are optimistic about hitting the $100 million run rate by year-end. While there are external factors like supply chain challenges, Excelsius's technology, which uses less power and can operate without water, positions us well to overcome these hurdles. We have a strong book of business and are confident in our ability to execute. Q: Should we expect regular updates on bookings, and will they be more lumpy until adoption scales? A: Bill Haskell, CEO: We anticipate more bookings and will provide updates if there are material changes. Early-stage businesses like ours can experience lumpy bookings, but we expect significant growth as we reach an inflection point. Q: What is the role of channel partners and strategic integrators in scaling deployments? A: Bill Haskell, CEO: Channel partners like Johnson Controls and Legrand play a crucial role in scaling deployments. They have a multiplier effect, potentially leading to thousands of racks being deployed. These partners drive demand through their sales and marketing efforts. Q: Is there potential for recurring revenue from software monitoring or system optimization in Excelsius deployments? A: Bill Haskell, CEO: Yes, there is a recurring revenue component in our offerings. While it is a smaller fraction of the orders, it provides ongoing revenue for each deployment. Q: How does the company plan to manage its capital structure to support growth while minimizing shareholder dilution? A: Dave Jablonowski, CFO: We carefully manage our capital structure to support growth and maintain liquidity. We aim to minimize future dilution by using strategic capital raises and exploring traditional lending options to finance inventory growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes current performance to a 'pre-inflection' phase where customers are validating and integrating technologies into operational workflows before scaling. Accelsius is benefiting from a step change in rack-level power density, as next-generation AI accelerators like NVIDIA's Blackwell exceed the physical limits of traditional air cooling. AeroFlexx is seeing format adoption take hold, evidenced by a 21% expansion in the commercial pipeline to $32 million and a 40% increase in late-stage negotiations. The Aveda global launch serves as a critical brand catalyst, providing credibility in the demanding prestige beauty category and reactivating $3.6 million in new opportunities. Refinity is transitioning from proving chemistry to commercial scale, with engineering design for a 10-kiloton demonstration plant expected to conclude by the end of Q3 2026. Strategic partnerships, such as the Legrand collaboration for Accelsius and the Packaging Imolese agreement for AeroFlexx, are being utilized to provide regional manufacturing and integrated infrastructure solutions. Management maintains its target for Accelsius to exit December 2026 with positive operating cash flow, implying an annualized revenue run rate of approximately $100 million. Refinity expects to accelerate validation by running its process on a U.S. partner's existing fluidized bed assets using mixed plastic waste feedstocks by midyear. The company anticipates that long-term offtake agreements and nondilutive government funding will allow Refinity to project finance a substantial portion of its first commercial plant. Future capital strategy focuses on utilizing conventional S-3 eligible tools and top-tier bank syndicates to reduce dilution compared to recent opportunistic raises. Management expects to announce at least one new operating company 'go' decision in 2026, pending the completion of their uncompromising internal selection process. Professional service fees decreased by 51% year-over-year as the company successfully transitioned outsourced functions to lower-cost in-house personnel. The company strengthened its governance structure through the appointment of John Hewitt and the nomination of Catriona Fallon to the Board of Directors. Innventure raised $11.9 million through its standby equity facility (SEPA) at prices above $6 per share to extend runway and avoid seasonal trading softness. Environmental regulations and regional protests over water/power usage are cited as a tailwind for Accelsius, as its water-free, low-power solution can unlock suspended data center projects. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed they have the internal capacity to produce the volume required for this run rate with 'a lot of cushion.' The target implies reaching a monthly revenue level of $8 million to $9 million by year-end, rather than $100 million in total 2026 revenue. Management noted that while $50 million in bookings were recorded in Q1, adoption in these sectors typically moves in 'step functions' rather than linear growth. Specific booking targets were not provided due to early-stage volatility, but a 'significant backlog' is expected heading into 2027. Management stated it is too early to project specific DSO or inventory metrics, as terms vary significantly by customer size. They intend to use traditional debt/lending to finance inventory growth for large deliveries rather than relying on equity markets. Management confirmed that Accelsius deployments include a recurring revenue component for software monitoring and system optimization. While currently a smaller fraction of total order value, this provides a long-term tailwind following initial hardware installation.