Innventure Third-Quarter Net Loss Widens to $333.8 Million

The Tip Desk · November 13, 2026 · 3 min read

Innventure reported third-quarter 2026 revenue of $1.481 million and a $333.8 million net loss; its results table included a $323.5 million goodwill impairment, but a note said there was none for the quarter. The company cut parent headcount to 15 and moved AeroFlexx and Refinity toward standalone funding.

Innventure, Inc. (INV), an industrial growth conglomerate, reported third-quarter 2026 revenue of $1.481 million and a net loss of $333.8 million, or $2.39 a share, versus a $34.7 million loss, or $0.51 a share, a year earlier. Its operations table included a $323.5 million goodwill impairment for the quarter, but a note in the same release said there was no goodwill impairment for the three months ended September 30, 2026.

The company ended the quarter with goodwill at zero, down from $323.5 million at year-end 2025.

Chief Executive Officer Bill Grieco said management and the board had taken steps to transform Innventure into a leaner organization, concentrating resources on opportunities they believe offer the clearest path to shareholder value. The company said it reduced parent-level headcount from 40 to 15 since the end of the first quarter and is transitioning AeroFlexx and Refinity away from reliance on Innventure capital while evaluating strategic alternatives for both businesses.

Grieco said a Strategic Review Committee, together with financial advisors, is evaluating capital strategies to strengthen the financial position and address near-term liquidity needs. Those actions, he said, share the objective of preserving and maximizing the value of Innventure’s interest in Accelsius.

General and administrative expense was $12.844 million, down from $16.927 million a year earlier. Research and development expense was $9.502 million. Cost of sales was $5.175 million. Sales and marketing expense was $1.875 million. Adjusted EBITDA was a loss of $18.828 million.

Cash and cash equivalents were $21.952 million at September 30, 2026, down from $60.449 million at December 31, 2025. Restricted cash was $5.00 million. Total assets were $230.7 million. Current liabilities included $7.969 million of notes payable, $8.102 million of a term convertible note, $4.449 million of a convertible promissory note and $12.149 million of warrant liability.

Equity-method investment loss was $1.489 million in the quarter. Interest expense, net, was $934 thousand. A $20.834 million gain from the change in fair value of financial liabilities offset part of the operating loss. Net loss attributable to Innventure stockholders and Innventure LLC unitholders was $202.4 million.

In the second quarter, Innventure suspended previously communicated Accelsius 2026 revenue and cash-flow targets and said it was shifting focus to execution against milestones governing scaled two-phase liquid-cooling adoption, including chip-maker relationships, reference designs, OEM and ODM co-development, hyperscaler relationships and additional thermal benchmark data. The company said it continues to anticipate significant long-term demand for two-phase liquid cooling as AI infrastructure requirements accelerate.

Grieco said Innventure remains confident in the underlying opportunity at Accelsius and that the transformation is an important step toward translating that opportunity into value for shareholders. The company said it builds and scales the companies it has founded as they commercialize new technologies, and that it is focused on preserving and maximizing the value of its operating-company interests through disciplined capital allocation.

If additional funding is unavailable, the company said AeroFlexx or Refinity may be required to wind up or cease operations, with associated impairment, write-off and going-concern risks.