Innventure Inc (NASDAQ: INV) is a technology commercialization company that licenses or acquires intellectual property from multinational corporations (MNCs) and other technology innovators, then builds independent operating companies around that IP. Revenue comes from the commercial operations of its subsidiary companies rather than from licensing fees or fund management. Innventure went public on October 2, 2024, through a business combination with SPAC Learn CW Investment Corporation, with headquarters in Austin, TX. As of the 10-K filed March 30, 2026, Innventure operates three portfolio companies: Accelsius, which makes two-phase direct-to-chip liquid cooling systems for data centers; AeroFlexx, which operates a manufacturing facility in West Chester, OH; and Refinity. Total revenue was $2.056 million for FY2025, up 68.5% from $1.220 million on a combined non-GAAP basis for FY2024. The company reported a loss from operations of $464.7 million in FY2025, including a $346.6 million goodwill impairment charge, and carried a going concern qualification as of the FY2024 audit. As of March 20, 2026, total headcount across all entities was 169.

Revenue model

Product and service revenue generated by subsidiary operating companies (Accelsius, AeroFlexx, Refinity). Revenue was $2.056 million for FY2025 against cost of sales of $18.830 million, indicating pre-commercial or early-commercial stage operations. Cash inflows from equity and net debt raises were approximately $139.3 million for FY2025.

Products and services

Accelsius: NeuCool, a two-phase direct-to-chip liquid cooling solution for data center servers and edge computing devices. AeroFlexx: flexible packaging products manufactured in West Chester, OH. Refinity: mentioned as a portfolio company; specific products not detailed in the filing excerpts.

Customers and end markets

Data center operators and edge computing customers (Accelsius). Packaging customers (AeroFlexx). End markets include high-performance computing, GPU server infrastructure, and consumer or industrial packaging. Specific customer names and concentration data are not disclosed in the filing excerpts.

Value-chain role

Innventure sits between MNC R&D departments and commercial markets. It acquires or licenses IP from MNCs and other technology innovators, provides business creation and operations management, and builds standalone companies around the licensed technology. The company seeks exclusive or broad commercial rights across applications, industries, and geographies for each portfolio company.

Geographic exposure

Primary operations in the United States. Austin, TX (multiple Accelsius facilities) and West Chester, OH (AeroFlexx manufacturing). Specific international revenue or operations are not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-30

Industry: Blank Checks