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    INV
    Earnings call· Jun 2026(Q2 FY26)

    Innventure Q2 FY26 earnings call INV

    Aug 13, 2026 Source

    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

    3
    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

    3
    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
    		————

    Operational metrics

    21
    Consolidated revenue
    $1 milliondown from $1.4 million in Q1 FY26; up from $0.5 million in Q2 FY25
    Q2 FY26

    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.

    Net loss
    $34.9 millionvs $27.8 million in Q1 FY26
    Q2 FY26

    Net loss for the quarter was $34.9 million compared to $27.8 million in the first quarter.

    Adjusted EBITDA
    -$22.6 millionvs -$18.4 million in Q1 FY26
    Q2 FY26

    Adjusted EBITDA was a loss of $22.6 million versus $18.4 million in Q1.

    General and administrative expenses
    $14.5 milliondown 22% compared to Q2 FY25
    Q2 FY26

    General and administrative expenses were $14.5 million, down 22% compared to the second quarter of 2025.

    Cash and restricted cash
    $46.5 milliondown from $60.4 million in Q1 FY26
    Q2 FY26

    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.

    Cash used in operating activities
    $59.5 million
    YTD FY26

    Year-to-date, we used $59.5 million of cash in operating activities.

    Cash generated from financing activities
    $41.6 million
    YTD FY26

    Generated $41.6 million from financing activities.

    Capital raised (standby equity purchase agreement)
    $13 million
    Q2 FY26

    Raised approximately $13 million through draws on our standby equity purchase agreement at an average price of $6.21.

    GPU value (B300)
    $50,000+
    Current

    One B300 GPU runs over $50,000.

    Server value (eight-way B300)
    $400,000-$500,000
    Current

    Eight-way server built on them runs $400,000 to $500,000.

    Rack value (loaded with servers)
    $3.5 million-$4.5 million
    Current

    A loaded rack of those servers can run between $3.5 million and $4.5 million.

    Accelsius cooling performance (GPU temperature reduction)
    9 to 14 degrees Cvs. single-phase cooling
    Q2 FY26

    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.

    Accelsius cooling performance (warm water operation)
    up to 54 degrees C and beyondvs. single-phase 45 degrees C
    Current

    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.

    Accelsius power envelope efficiency
    5%
    Current

    Based on the Jacobs reference design, two-phase enables on average, 5% more GPUs inside the same power envelope.

    Liquid cooling market size
    $30 billion
    2030

    The liquid cooling market is forecasted to exceed $30 billion in 2030.

    Two-phase liquid cooling market share
    $9 billion
    2030

    Of which $9 billion is expected to be two-phase.

    Data center CapEx (planned 2026)
    $700 billion
    2026

    When $700 billion in planned 2026 data center CapEx is colliding with $130 billion in blocked and delayed projects.

    Data center projects (blocked/delayed)
    $130 billion
    Current

    When $700 billion in planned 2026 data center CapEx is colliding with $130 billion in blocked and delayed projects.

    GPU power per package threshold for single-phase struggle
    1,500 to 2,000 watts
    Current

    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.

    NVIDIA B300 power per package
    1,400 watts
    Current

    The B300 shipping today is already at 1,400.

    Accelsius milestones
    —
    Next year

    We will report on the key milestones best representative of our progress towards market adoption, which John will detail in his section. 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; two, server OEM and ODM relationships expanding into co-development initiatives; three, moving beyond proof of concept to an executed statement of work with a leading hyperscaler; and four, continuing to deliver benchmark data and deployment with leading thermal labs.

    Product announcements

    3
    ProductTypeDetails
    AeroFlexx filling equipmentexpansion
    Refinity 10-kiloton demonstration plantmilestone
    Accelsius new cool cold platesupdate

    Deals & partnerships

    4
    Packaging HimalayasCo-manufacturing partnership for AeroFlexx filling equipment.

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

    Johnson ControlsLed Accelsius' $65 million Series B funding round.$65 million

    Led Accelsius' $65 million Series B round.

    LegrandParticipated in Accelsius' $65 million Series B funding round.$65 million

    Participated in Accelsius' $65 million Series B round.

    DarkNXPurchase 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

    4
    Market dynamics and structural constraints for early adopters of two-phase coolingnear-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 setback2026

    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 flowBeyond 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 Innventuresecond 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

    5

    Accelsius chip maker engagement (reference designs)

    Next year is critical
    CurrentActive discussions underway
    TargetInclusion 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.

    Q&A highlights

    8

    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 read5 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.