Inve US ▾
ININV

Innventure (INV) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Financials· Aug 13, 2026

Source: earnings call transcript

Executive summary

Innventure Q2 FY26 — Accelsius Strategic Shift and Milestone Focus

Innventure reported mixed Q2 FY26 results, with consolidated revenue of $1 million and an increased net loss of $34.9 million. The company announced a strategic shift for its key venture, Accelsius, suspending near-term revenue targets due to market constraints impacting early adopters. Instead, Accelsius will focus on achieving critical milestones with hyperscalers and chip manufacturers, validated by recent third-party testing showing significant cooling performance improvements. Innventure also announced a CEO transition, with Bill Grieco taking over from Bill Haskell, emphasizing a milestone-driven, disciplined approach to company building and capital allocation.

Highlights

5

  • AeroFlexx commercial pipeline grew to $35 million, up 9% since last quarter.

  • Accelsius' new cool cold plates ran GPUs 9 to 14 degrees Celsius cooler using 1/3 less coolant flow in independent third-party testing.

  • Accelsius' technology enables 5% more revenue-generating compute inside the same power envelope at gigawatt scale.

  • Refinity's 10-kiloton demonstration plant engineering design is on track for delivery by year-end.

  • Innventure strengthened its balance sheet by raising $13 million through equity purchase agreement and reducing debt.

Concerns

7

  • Consolidated revenue for Q2 FY26 was $1 million, down from $1.4 million in Q1 FY26.

  • Net loss for Q2 FY26 was $34.9 million, compared to $27.8 million in Q1 FY26.

  • Adjusted EBITDA was a loss of $22.6 million, compared to $18.4 million in Q1 FY26.

  • Accelsius' previous expectation to exit FY26 near cash flow breakeven at $100 million annualized revenue run rate is now extended beyond this year.

  • Accelsius suspended revenue targets due to structural constraints (GPU access, power availability, site allocations) limiting early adopter deployments.

  • DarkNX purchase order removed from 2026 forecast due to site unavailability and uncertain timing for alternate deployment.

  • Innventure is no longer targeting consolidated positive cash flow for 2028 due to revised Accelsius timeline.

Guidance & targets

CategoryTargetConfidence
Accelsius cash flow breakeven
extend beyond this year
high materiality
High
Accelsius revenue targets
suspended
high materiality
High
Innventure consolidated positive cash flow
no longer targeting
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Consolidated
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.
$1 million———
Accelsius
Accelsius contributed $0.9 million or 96% of the total consolidated revenue.
Contribution to total revenue: 96%
$0.9 million———
AeroFlexx
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.
Commercial pipeline: $35 millionCommercial pipeline growth: 9% since last quarter
————

Product announcements

ProductTypeDetails
AeroFlexx filling equipmentexpansion
Refinity 10-kiloton demonstration plantmilestone
Accelsius new cool cold platesupdate

Deals & partnerships

Packaging Himalayas Co-manufacturing partnership for AeroFlexx filling equipment.

Co-manufacturing partnership for AeroFlexx filling equipment, with installation and product qualification underway at the Italian facility.

Johnson Controls Led Accelsius' $65 million Series B funding round. $65 million

Led Accelsius' $65 million Series B round.

Legrand Participated in Accelsius' $65 million Series B funding round. $65 million

Participated in Accelsius' $65 million Series B round.

DarkNX Purchase order for Accelsius products.

Purchase order removed from 2026 forecast due to DarkNX's identified development site no longer being available, primarily due to power envelope issues. DarkNX is working towards alternate sites, and Accelsius expects the order to transfer, but timing is uncertain.

Risks & headwinds

Market dynamics and structural constraints for early adopters of two-phase cooling near-term

Smaller early adopters are facing constraints around power availability, GPU access and site allocations.

Mitigation:Accelsius is shifting focus to major hyperscalers, chip manufacturers, and server OEMs/ODMs who have the scale and resources to adopt the technology.

DarkNX purchase order setback 2026

Purchase order removed from Accelsius' 2026 forecast.

Mitigation:Accelsius expects the order to transfer to a new site once identified, but timing is uncertain. The company acknowledges that order bookings and revenues will be lumpy until broad adoption is established.

Extended timeline for Accelsius to achieve positive cash flow Beyond FY26

Breakeven timing 'extend beyond this year' (previously 'exit this year near cash flow breakeven').

Mitigation:Innventure will revisit the expected timing for consolidated positive cash flow (previously 2028) and will be disciplined and opportunistic in raising capital, aiming to fund operating companies at their level to minimize dilution.

Need for additional capital at Innventure second half of the year

Revenue delays naturally precipitate a need for capital.

Mitigation:Intent to finance AeroFlexx and Refinity increasingly at the operating company level; raise capital thoughtfully, opportunistically, and with a goal of preserving Innventure's pro rata exposure to Accelsius.

What to watch in Q3 FY26

Accelsius chip maker engagement (reference designs)

Next year is critical
Current Active discussions underway
Target Inclusion in a silicon vendor's partner ecosystem

Why it matters

Strongest validation, puts Accelsius in front of every customer designing around that silicon.

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.

Find out whether INV delivers this. Inve re-checks your case every morning.

Q&A highlights

How much of the $50M Accelsius bookings was DarkNX, and is the order still intact after the original site was lost? What caused the original site issue?

Accelsius doesn't disclose specific customer dollar amounts but expects the DarkNX order to transfer to a new site. The order was debooked due to uncertain timing for finding a new site and getting allocations. The original site was lost due to power envelope issues.

“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.”

asked by Aashi Shah · answered by John Hewitt

2 min read 5 chapters

Detailed narrative

Accelsius Strategic Re-focus

Accelsius is shifting its commercialization strategy from smaller early adopters to major hyperscalers, chip manufacturers, and server OEMs/ODMs. This change is driven by market dynamics where GPU allocation, power access, and server design influence are concentrated among the largest players, making them the primary drivers of two-phase cooling adoption. The company believes this focus, while delaying near-term revenue, positions them for a more significant market share in the long term.

Accelsius Technology Validation

Accelsius achieved a major technical validation with an independent third-party study demonstrating its new cool cold plates ran NVIDIA B200 GPUs 9 to 14 degrees Celsius cooler than single-phase cooling, using one-third less coolant flow. This performance allows for operation at warmer facility water temperatures (up to 54°C and beyond), reducing the need for chillers and enabling significant energy savings, which is critical for data center expansion amid power usage concerns.

Innventure Leadership Transition

Bill Haskell will retire as CEO on October 1, 2026, and will be succeeded by Dr. Bill Grieco, the former CTO and founding CEO of Refinity. Grieco, with a background in chemical engineering and innovation leadership, emphasizes a milestone-driven, disciplined approach to company building, focusing on achieving objectives on time and on budget, similar to how Refinity has been run.

Capital Allocation Strategy

Innventure's capital allocation framework remains unchanged, with capital above a parent reserve intended for distribution to shareholders. However, due to the extended timeline for Accelsius to reach positive cash flow, Innventure anticipates a need for additional capital. The strategy involves funding AeroFlexx and Refinity increasingly at the operating company level to minimize dilution for Innventure shareholders, while opportunistically raising capital at the parent level to preserve pro rata exposure to Accelsius.

Refinity and AeroFlexx Updates

Refinity's engineering design for its 10-kiloton demonstration plant is on track for delivery by the end of 2026. AeroFlexx continues to build its commercial pipeline, which is now close to $35 million, a 9% increase from last quarter, and is expanding its global reach with new partnerships in Latin America and Europe, with filling equipment now operational at a new Italian facility.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.