Revenue remains at a nascent stage, peaking at only $1.4M in 2026Q1, while structural margin instability is highlighted by gross margins that swung from 100% in early 2024 to -145.1% by 2024Q3.
| Sales/Revenue | 3.27M | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -20.62M | -39.28M | -3.31M | 1.12M | 942K | 1.85M |
| Gross Margin % | -629.74% | -1910.51% | -271.23% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -1087.07% | -396.24% | 18.58% | -49.16% | - |
| Operating Expenses | 210.17M | 78.86M | 73.77M | 24.8M | 25.61M | 5.01M |
| OpEx % of Revenue | - | 3835.7% | 6046.31% | 2219.79% | 2718.79% | 270.16% |
| Selling, General & Admin | 70.22M | 76.34M | 62.45M | 20.79M | 10.17M | 5.01M |
| SG&A % of Revenue | - | 3713.18% | 5118.61% | 1861.59% | 1079.41% | 270.16% |
| Research & Development | 0 | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - |
| Operating Income | -230.8M | -118.14M | -77.07M | -23.68M | -24.67M | -3.15M |
| Operating Margin % | -7047.27% | -5746.21% | -6317.54% | -2119.79% | -2618.79% | -170.16% |
| Operating Income Growth % | - | -53.28% | -225.51% | 4.02% | -682.4% | - |
| EBITDA | -213.84M | -95.64M | -71.47M | -23.67M | -31.89M | 8.03M |
| EBITDA Margin % | -6529.47% | -4651.56% | -5858.44% | -2119.07% | -3385.88% | 433.08% |
| EBITDA Growth % | 32.19% | -33.81% | -201.96% | 25.79% | -497.45% | - |
| D&A (Non-Cash Add-back) | 16.96M | 22.51M | 5.6M | 8K | 0 | 0 |
| EBIT | -252.92M | -479.15M | -98.71M | -29.76M | -31.89M | 8.03M |
| Net Interest Income | -7.15M | -9.68M | -2.43M | -1.22M | -890K | -1.37M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.15M | 9.68M | 2.43M | 1.22M | 890K | 1.37M |
| Other Income/Expense | 0 | - | - | - | - | - |
| Pretax Income | -264.58M | -488.83M | -101.14M | -30.98M | -32.78M | 6.66M |
| Pretax Margin % | -8078.84% | -23775.92% | -8290.25% | -2773.86% | -3480.36% | 359.36% |
| Income Tax | -22.19M | -13.48M | -2.85M | 0 | 0 | 0 |
| Effective Tax Rate % | 8.39% | 2.76% | 2.82% | 0% | 0% | 0% |
| Net Income | -171.03M | -293.32M | -78.19M | -30.84M | -32.76M | 6.66M |
| Net Margin % | -5222.41% | -14266.39% | -6409.02% | -2761.41% | -3477.39% | 359.36% |
| Net Income Growth % | 20.17% | -275.13% | -153.49% | 5.84% | -591.92% | - |
| Net Income (Continuing) | -242.39M | -475.35M | -98.29M | -30.98M | -32.78M | 6.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 274.7M | 279.46M | 340.78M | 1.56M | 656K | 0 |
| EPS (Diluted) | -3.14 | -5.39 | -1.75 | -0.72 | -0.77 | 0.16 |
| EPS Growth % | 32.76% | -208% | -143.06% | 6.49% | -581.25% | - |
| EPS (Basic) | - | -5.39 | -1.75 | -0.72 | -0.77 | 0.16 |
| Diluted Shares Outstanding | 54.42M | 54.42M | 44.6M | 42.7M | 42.7M | 42.7M |
| Basic Shares Outstanding | 54.42M | 54.42M | 44.6M | 42.7M | 42.7M | 42.7M |
| Dividend Payout Ratio | - | - | - | - | - | 18.07% |
Commercialization and scaling failure
As reported in recent financial filings, Innventure's quarterly revenue has fluctuated between $224K and $1.4M, indicating a pre-commercial business model that remains highly dependent on sporadic service fees rather than consistent, scalable product sales across its portfolio of industrial technology ventures.
The revenue trajectory appears erratic, reflecting the transactional nature of a venture-building model rather than a predictable recurring revenue stream. Investors should monitor whether the recent uptick to $1.4M represents a sustainable shift in commercial traction or merely a temporary recognition of pilot project milestones.
Based on the company's historical income statements, gross margins have swung from a peak of 100% in early 2024 to a deeply negative -145.1% by 2024Q3, highlighting the inherent instability of a firm currently absorbing the heavy setup costs of its underlying industrial subsidiaries.
The extreme margin contraction suggests that the company is currently prioritizing the build-out of physical pilot plants and technical infrastructure over immediate profitability. This volatility is likely to persist until individual portfolio companies reach a stage of commercial maturity where they can offset the parent's consolidated operating expenses.
According to the provided quarterly data, SG&A expenses have remained elevated, peaking at $31.7M in 2024Q4, which significantly outpaces the company's minimal revenue generation and suggests that operating leverage is currently non-existent as the firm scales its specialized human capital and technical oversight functions.
The lack of operating leverage is a direct consequence of the firm's venture-studio structure, where fixed costs for technical staff and management are incurred well in advance of any potential liquidity events. Analysts should scrutinize whether these high overheads are yielding tangible progress in the de-risking of licensed intellectual property.
Financial statements reveal that the company is burning through significant capital to support its subsidiaries, with net losses reaching as high as $143M in 2025Q1, raising concerns about the sustainability of the current cash runway without further dilutive equity financing or successful asset exits.
Short-sellers would likely focus on the widening gap between the company's $60.4M cash position and its persistent, high-magnitude operating losses. The reliance on external capital to fund the development of capital-intensive industrial technologies creates a binary risk profile where any delay in commercialization could necessitate emergency funding at unfavorable terms.
Quick answers to the most common questions about buying INV stock.
Innventure, Inc. (INV) reported a net loss of $293.3M for the fiscal year ending 2025.
Innventure, Inc. (INV) reported an operating income of $-118.1M, resulting in an operating profit margin of -5746.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Innventure, Inc. (INV) generated $-39.3M in gross profit for the year, representing a gross profit margin of -1910.5%. This demonstrates the company's core pricing power and production efficiency.