The company exhibits a persistent cash burn profile, with free cash flow margins reaching -69.7% in 2025Q1 and operating cash flow consistently trailing net income, as evidenced by an OCF/NI ratio of 0.10 in the same period.
| Cash from Operations | -100.02M | -80.68M | -48.06M | -19.48M | -9.95M | -3.9M |
| Operating CF Margin % | - | -3924.27% | -3939.51% | -1743.6% | -1056.26% | -210.63% |
| Operating CF Growth % | -956.85% | -67.87% | -146.78% | -95.74% | -154.93% | - |
| Net Income | -171.03M | -295.49M | -78.19M | -30.98M | -32.78M | 6.66M |
| Depreciation & Amortization | 22.63M | 22.51M | 5.6M | 8K | 0 | 0 |
| Stock-Based Compensation | 4.9M | 27.87M | 17.39M | 910K | 815K | 195K |
| Deferred Taxes | -14.62M | -13.45M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 97.2M | 187.83M | -5.27M | 6.76M | 21.34M | -10.05M |
| Working Capital Changes | -31.06M | -9.95M | 12.41M | 3.83M | 675K | -711K |
| Change in Receivables | -603K | -811K | -283K | 0 | 218K | 1K |
| Change in Inventory | 3.66M | 3.57M | -5.18M | 0 | 0 | 0 |
| Change in Payables | -2.53M | -1.39M | 0 | 9K | -143K | -483K |
| Cash from Investing | -1.72M | -4.13M | 865K | -4.67M | 1.48M | 564K |
| Capital Expenditures | -1.35M | -1.42M | -1M | -645K | 0 | 0 |
| CapEx % of Revenue | 41.1% | 68.92% | 82.13% | 57.74% | - | - |
| Acquisitions | 0 | - | - | - | - | - |
| Investments | 27.47M | 28.74M | 28.73M | 14.17M | 19.82M | 232.3M |
| Other Investing | 0 | 1.51M | 1.85M | 0 | 1.89M | 639K |
| Cash from Financing | 160.73M | 139.14M | 71.91M | 19.17M | 11.67M | 6.08M |
| Debt Issued (Net) | 0 | - | - | - | - | - |
| Equity Issued (Net) | 98.61M | 12.65M | 0 | 16.14M | 13.1M | 6.86M |
| Dividends Paid | -50K | -76K | -663K | -241K | -1.69M | -1.2M |
| Share Repurchases | 50K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 65.05M | 71.38M | 46.53M | 337K | 313K | -446K |
| Net Change in Cash | 58.99M | 54.33M | 24.75M | -4.97M | 3.21M | 2.74M |
| Free Cash Flow | -101.36M | -82.1M | -49.06M | -20.12M | -9.95M | -3.9M |
| FCF Margin % | -3095.08% | -3993.19% | -4021.64% | -1801.34% | -1056.26% | -210.63% |
| FCF Growth % | -78.87% | -67.33% | -143.84% | -102.22% | -154.93% | - |
| FCF per Share | -1.86 | -1.51 | -1.10 | -0.47 | -0.23 | -0.09 |
| FCF Conversion (FCF/Net Income) | 0.59x | 0.28x | 0.61x | 0.63x | 0.30x | -0.59x |
| Interest Paid | 0 | 0 | 2.06M | 297K | 547K | 973K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Commercialization and scaling failure
As reported in quarterly financial statements, Innventure's operating cash flow consistently trails net income, with OCF/NI ratios fluctuating wildly between 0.10 and 1.64, suggesting that the company's reported earnings are heavily influenced by non-cash accounting adjustments rather than actual cash generation from its industrial technology portfolio.
The extreme volatility in the OCF/NI ratio indicates that the company's cash flow quality is currently poor, as the firm struggles to convert its venture-building activities into tangible liquidity. Investors should monitor this divergence, as it implies that the underlying subsidiaries are consuming cash at a rate that the parent company's current fee-based revenue model cannot support.
Based on the provided quarterly data, Innventure has maintained a consistently negative free cash flow trajectory, with FCF margins reaching as low as -69.7% in 2025Q1, reflecting the heavy capital requirements of scaling industrial technologies before they reach a self-sustaining commercial stage or successful exit.
The persistent FCF deficit highlights the structural challenge of the venture-studio model, where the firm must fund the operational burn of its subsidiaries. This trajectory suggests that the company remains in a high-risk phase where cash preservation is secondary to the immediate need for technical de-risking of its portfolio assets.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $12.3M inflow in 2024Q3 to a $17.1M outflow in 2026Q1, which indicates significant instability in the timing of collections and the management of payables across the company's various industrial startup ventures.
Such erratic swings in working capital suggest that the company lacks a predictable cash conversion cycle, likely due to the lumpy nature of pilot project milestones and subsidiary funding requirements. This volatility warrants further investigation into whether these fluctuations are driven by operational inefficiencies or the inherent unpredictability of early-stage industrial technology development.
As indicated by the financial statements, the cash flow statement obscures the true economic burden of the company's subsidiaries, as significant non-cash items and consolidation adjustments mask the actual cash burn required to maintain the firm's specialized industrial engineering and technical oversight functions.
The reliance on consolidated reporting likely hides the specific cash requirements of individual 'Innvents,' making it difficult to assess which subsidiaries are nearing commercial viability and which are merely draining the parent's liquidity. Analysts should be cautious, as the reported cash flow figures may not fully capture the potential for future capital calls from these capital-intensive ventures.
Quick answers to the most common questions about buying INV stock.
Innventure, Inc. (INV) generated $-80.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Innventure, Inc. (INV) reported negative free cash flow of $82.1M in 2025, indicating capital requirements exceeded cash from operations.
Innventure, Inc. (INV) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Innventure, Inc. (INV) returned $0.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.