0001140361-25-039085 | S-1 | XBRL Viewer

June 30, 2025

December 31, 2024

Equity-method investments

Investment in debt securities - AFS

Total Investments

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Stock-based Compensation - Narrative (FY) (Details) $ / shares in Units, $ in Thousands							1 Months Ended	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 25, 2025 USD ($) shares	Feb. 26, 2025 $ / shares shares	Dec. 31, 2024 USD ($) extension_option $ / shares shares	Dec. 09, 2024 USD ($) $ / shares shares	Oct. 18, 2024 USD ($) shares	Oct. 02, 2024 USD ($) shares	Mar. 31, 2023 shares	Jun. 30, 2025 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2024 USD ($) shares	Oct. 01, 2024 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accelerated vesting (in shares) \| shares						203,651
Accelerated vesting expense						$ 223
Stock options granted (in shares) \| shares		140,000		975,409
Stock options granted, exercise price (in usd per share) \| $ / shares		$ 8.84		$ 12.2
Compensation expense remaining to be recognized, stock options			$ 6,063					$ 4,217	$ 6,063		$ 4,217			$ 6,063
Discount percent for lack of marketability														20.00%
Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					$ 616
Discount percent for lack of marketability					20.00%
Shares issued for stock based payment (in shares) \| shares					16,427
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares	111,525
Compensation expense								6,979	1,604		10,895
Compensation expense remaining to be recognized, awards excluding stock options			$ 23,241					12,946	$ 23,241		$ 12,946			$ 23,241
Compensation expense remaining to be recognized, period									1 year 7 months 24 days		1 year 4 months 24 days
Grant date fair value	$ 600
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense								1,515	$ 405		$ 2,541
Compensation expense remaining to be recognized, period									1 year 8 months 4 days		1 year 7 months 6 days
Grant date fair value				$ 6,468
Expected volatility rate		56.00%		56.00%
Expected term		5 years 10 months 24 days
Risk-free rate of return, minimum				4.00%
Risk-free rate of return, maximum				4.10%
Expiration period (in years)				10 years							10 years
Risk-free rate of return		4.06%
Stock options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term				5 years 3 months 10 days
Stock options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term				5 years 7 months 13 days
SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares														30,000
Compensation expense								$ (244)			$ (693)
Expected volatility rate											80.00%
Expected term											1 year 6 months
Base price for awards (in usd per share) \| $ / shares			$ 12.175						$ 12.175					$ 12.175
Risk-free rate of return											4.00%
SARs \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares			350,000
Compensation expense									$ 13,531
Expected volatility rate			70.00%
Expected term			2 years
Base price for awards (in usd per share) \| $ / shares			$ 12.175						$ 12.175					$ 12.175
Award vesting period			2 years
Risk-free rate of return			4.00%
Cash-settled SARs \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value			$ 1,160
Number of participants receiving grants (in shares) \| extension_option			2
Stock-settled SARs \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value			$ 12,371
Number of participants receiving grants (in shares) \| extension_option			3
Capital Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares													1,585,125
Compensation expense									$ 0				$ 137		$ 205
2024 Equity and Incentive Compensation Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares													11,022,894
Share limit increase percentage						3.00%
Stock options granted (in shares) \| shares				975,409
2024 Equity and Incentive Compensation Plan \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares				2,036,476
Accelcius Subsidiary Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares							3,300,000	133,000		0	133,000	110,000
Shares issued in period (in shares) \| shares									168,500				110,000		365,500
Compensation expense								$ 912	$ 1,341	$ 248	$ 1,810	$ 593	$ 918		$ 705
Compensation expense remaining to be recognized, awards excluding stock options			$ 8,103					$ 8,457	$ 8,103		$ 8,457			$ 8,103
Compensation expense remaining to be recognized, period									2 years 5 months 1 day		2 years 2 months 15 days

Investments - Schedule of Investments (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Equity-method investments	$ 23,407	$ 17,547	$ 4,482
Exchange-traded investments at fair value		0	9,685
Investment in debt securities - AFS	9,017	11,187	0
Total Investments	$ 32,424	$ 28,734	$ 14,167

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Borrowings (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings


	Maturities	June 30, 2025	Interest Rates	December 31, 2024	Interest Rates
Series 1 promissory notes	2025 - 2026	$425	15%	$725	12% - 15%
Related party notes	—	—	—	14,000	8% - 15.99%
Convertible debentures	2026	28,172	—%	—
Term convertible notes	2026	2,451	3.94%	—
Related party convertible notes	2025 - 2026	4,002	3.94% - 15%	—
WTI Facility	2028	20,000	13.50%	20,000	13.50%
Total Notes Payable		55,050		34,725
Less: unamortized debt discount		(9,791)		(6,446)
Less: current portion of related party notes payable		—		(14,000)
Less: current portion of related party convertible notes		(1,002)		—
Less: current portion of notes payable		(27,502)		(625)
Total Long-term Notes		$16,755		$13,654


		Successor		Predecessor
	Maturities	December 31, 2024	Interest Rates	December 31, 2023	Interest Rates
Series 1 promissory notes	2025 - 2026	$725	12% - 15%	$1,911	9% - 15%
Related party notes	2024 - 2025	14,000	8% - 15.99%	1,000	—%
Convertible promissory notes		—		6,634	8%
WTI Facility	2028	20,000	13.50%	—
Total Notes Payable		34,725		9,545
Less: unamortized debt discount		(6,446)		(2,133)
Less: current portion of related party notes payable		(14,000)		(1,000)
Less: current portion of notes payable		(625)		(912)
Total Long-term Notes		$13,654		$5,500

Maturity of Borrowings

The Company’s notes payable, excluding debt issuance costs, mature as follows:


Year Ending December 31,			Amount
2025 (remaining 6 months)			$13,011
2026			29,234
2027			8,244
2028			4,561
Total Debt			$55,050

The Company’s notes payable, excluding debt issuance costs, and notes payable to related parties mature as follows:


Year Ending December 31,			Amount
2025			$14,625
2026			7,295
2027			8,244
2028			4,561
Total Debt			$34,725

Debt Conversion

Noteholders converted their Series 1 promissory notes into Class B Preferred Units as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Principal amount	$—	$396	$1,310
Number of shares	—	40,829	135,133

Extensions of Promissory Notes

Extensions on Series 1 promissory notes were as follows:


		Three months ended		Six months ended
	Interest Rate	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Principal amount of 1st extension promissory notes	12%	$—	$—	$—	$122
Principal amount of 2nd extension promissory notes	15%	$—	$—	$122	$300

Extensions on Series 1 promissory notes were as follow:


		Successor	Predecessor
	Interest Rate	December 31, 2024	December 31, 2023
Principal amount of 1st extension promissory notes	12%	$122	$829
Principal amount of 2nd extension promissory notes	15%	$603	$890

Interest Expense

Interest expense on Series 1 promissory notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Interest attributable to contractual interest

$16

$44

$48

$99

Interest expense on the related party notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Total interest expense

$—

$419

$—

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to contractual interest	$683	$—	$1,358	$—
Interest attributable to amortization of issuance costs and discounts	348	—	856	—
Total interest expense	$1,031	$—	$2,214	$—

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to amortization of issuance costs	1,701	—	1,701	—
Total interest expense	$1,701	$—	$1,701	$—

Interest expense on Series 1 promissory notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$29	$138	$297
Interest attributable to amortization of issuance costs	—	—	32
Total interest expense	$29	$138	$329

Interest expense on the related party notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Total interest expense	$611	$932	$—

Interest expense on the 2025 Notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$—	$120	$583


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to amortization of implied discounts	—	231	456
Total interest expense	$—	$351	$1,039

Interest expense on this facility was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$352	$—	$—
Interest attributable to amortization of issuance costs	248	—	—
Total interest expense	$600	$—	$—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Goodwill and Intangible Assets - Estimated Future Amortization Expense (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 21,616	$ 21,616
2026	21,234	21,616
2027	20,073	21,234
2028	18,853	20,073
2029		18,853
Thereafter		78,761
Net Carrying Amount	$ 171,345	$ 182,153

Property, Plant and Equipment (FY) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023	Jun. 30, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,492		$ 645	$ 2,425
Less: Accumulated depreciation	(78)		(8)	(453)
Property, plant and equipment, net	1,414		637	1,972
Depreciation Expense	78	$ 148	8
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	548		38	887
Machinery & equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	664		86	1,524
Computers & office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14		19	14
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 266		$ 502	$ 0

Goodwill and Intangible Assets (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets

The following table summarizes intangible assets, net:


		December 31, 2024 (Successor)
Intangible Asset	Weighted-Average Amortization Period (years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	16.0	17,800	(277)	17,523
Customer relationships	3.0	4,600	(382)	4,218
Developed technology	9.1	165,100	(4,718)	160,382
Other finite-lived intangible assets	3.0	30	—	30
Total intangible assets		$187,530	$(5,377)	$182,153

Schedule of Definite-Lived Intangible Assets

Other intangible assets, net


	June 30, 2025				December 31, 2024
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	15.3	17,800	(833)	16,967	17,800	$(277)	$17,523
Customer relationships	2.3	4,600	(1,149)	3,451	4,600	$(382)	$4,218
Developed technology	8.5	165,100	(14,198)	150,902	165,100	$(4,718)	$160,382
Other finite-lived intangible assets	2.4	30	(5)	25	30	—	$30
Total intangible assets		$187,530	$(16,185)	$171,345	$187,530	$(5,377)	$182,153

The following table summarizes intangible assets, net:


		December 31, 2024 (Successor)
Intangible Asset	Weighted-Average Amortization Period (years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	16.0	17,800	(277)	17,523
Customer relationships	3.0	4,600	(382)	4,218
Developed technology	9.1	165,100	(4,718)	160,382
Other finite-lived intangible assets	3.0	30	—	30
Total intangible assets		$187,530	$(5,377)	$182,153

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows:


			Amortization Expense
2025 (excluding the first six months of fiscal year 2025)			$10,808
2026			21,616
2027			21,234
2028			20,073
2029			18,853
2030 and thereafter			78,761
Total			$171,345

Estimated future amortization expense is as follows:


			Amortization Expense
2025			$21,616
2026			21,616
2027			21,234
2028			20,073
2029			18,853
Thereafter			78,761
Total			$182,153

Warrants - Narrative (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended		6 Months Ended
	Oct. 22, 2024	Dec. 31, 2024	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Oct. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants (in shares)						18,645,997	0
Warrant liability		$ 34,023	$ 22,996	$ 34,023	$ 22,996			$ 0
Public and private placement warrants
Class of Warrant or Right [Line Items]
Exercise price of warrant (in usd per share)						$ 11.5
Public warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)		11,240,688	11,240,688	11,240,688	11,240,688	11,499,997
Exercise price of warrant (in usd per share)		$ 11.5	$ 11.5	$ 11.5	$ 11.5
Warrant liability						$ 1,265
Exercised (in shares)				259,309	0
Proceeds from warrant exercises				$ 2,982
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)		7,146,000	7,146,000	7,146,000	7,146,000	7,146,000
Exercise price of warrant (in usd per share)		$ 11.5	$ 11.5	$ 11.5	$ 11.5
Warrant liability		$ 16,793	$ 7,146	$ 16,793	$ 7,146	$ 786
Exercised (in shares)				0	0
Loss on change in fair value of warrants			$ (3,507)	$ 16,007	$ (9,647)
WTI Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)		2		2		0
Exercise price of warrant (in usd per share)	$ 10
Warrant liability	$ 15,690	$ 17,230		$ 17,230
Exercised (in shares)				0
Loss on change in fair value of warrants		$ 1,540
Purchase price (in usd per share)	$ 0.01
Number of shares acquirable, numerator for calculation	$ 10,000
Threshold price of common stock (in usd per share)	$ 10
Threshold price of common stock, period	18 months
Cash amount warrants may be exchanged for	$ 15,000
Right to participate in debt offering, maximum amount	$ 5,000

Net Loss Per Share - Reconciliation for EPS Calculations (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Numerator:
Net loss attributable to Innventure, Inc. shareholders	$ (84,227)	$ (61,754)	$ (7,288)	$ (227,224)	$ (12,507)	$ (16,436)	$ (30,845)
Undistributed loss for participating securities	37	217		42
Undistributed loss for participating securities	(84,264)	(61,971)		(227,266)
Less: Undistributed loss attributable to participating securities	0	0		0
Net Loss attributable to common shareholders, basic	(84,264)	(61,971)		(227,266)
Net Loss attributable to common shareholders, diluted	$ (84,264)	$ (61,971)		$ (227,266)
Denominator:
Weighted average number of units outstanding, basic (in shares)	52,546,491	43,951,279		49,417,092
Weighted average number of units outstanding, diluted (in shares)	52,546,491	43,951,279		49,417,092
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (1.6)	$ (1.41)		$ (4.6)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (1.6)	$ (1.41)		$ (4.6)

Share-based Compensation - Schedule of Stock Options Activity (FY) (Details) - $ / shares			1 Months Ended
	Feb. 26, 2025	Dec. 09, 2024	Dec. 31, 2024
Number of Shares
Granted (in shares)	140,000	975,409
Vested (in shares)			61,560
Exercised (in shares)			0
Forfeited (in shares)			0
Outstanding (in shares)			913,849
Exercisable (in shares)			0
Weighted Average Exercise Price
Granted (in usd per share)	$ 8.84	$ 12.2
Vested (in usd per share)			$ 12.2
Exercised (in usd per share)			0
Forfeited (in usd per share)			0
Outstanding (in usd per share)			12.2
Exercisable (in usd per share)			0
Weighted Average Grant Date Fair Value (per share)
Granted (in usd per share)	$ 4.97	$ 6.63
Vested (in usd per share)			6.63
Exercised (in usd per share)			0
Forfeited (in usd per share)			0
Outstanding (in usd per share)			6.63
Exercisable (in usd per share)			$ 0

Condensed Consolidated Balance Sheets (Q2) (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024	Oct. 01, 2024	Oct. 31, 2023
Preferred Stock, par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock, authorized (in shares)	25,000,000	25,000,000	25,000,000
Preferred Stock, issued (in shares)		1,102,000
Preferred Stock, outstanding (in shares)		1,102,000
Common Stock, par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common Stock, authorized (in shares)	250,000,000	250,000,000	250,000,000
Common Stock, issued (in shares)	55,221,494	44,597,154	43,589,850
Common Stock, outstanding (in shares)	55,221,494	44,597,154	43,589,850
Series B Preferred Stock
Preferred Stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred Stock, authorized (in shares)	3,000,000	3,000,000	3,000,000
Preferred Stock, issued (in shares)	33,144	1,102,000
Preferred Stock, outstanding (in shares)	33,144	1,102,000
Series C Preferred Stock
Preferred Stock, par value (in usd per share)	$ 0.0001	$ 0.0001		$ 0.0001
Preferred Stock, authorized (in shares)	5,000,000	5,000,000
Preferred Stock, issued (in shares)	150,000	0
Preferred Stock, outstanding (in shares)	150,000	0

Investments (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Investments


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Equity-method investments	$17,547	$4,482
Exchange-traded investments at fair value	—	9,685
Investment in debt securities - AFS	11,187	—
Total Investments	$28,734	$14,167

Schedule of Carrying Amounts and Maximum exposure Relating to AeroFlexx

The Company’s carrying amounts and maximum exposure relating to AeroFlexx, were as follows:


	Successor		Predecessor
	December 31, 2024		December 31, 2023
Asset type	Carrying Amount	Maximum Exposure to Loss	Carrying Amount	Maximum Exposure to Loss
Equity method investment in AeroFlexx	$16,930	$16,930	$1,570	$1,570
Investments in debt securities - AFS	11,187	11,187	—	—
Due from related party	4,472	4,472	2,600	2,600
Total	$32,589	$32,589	$4,170	$4,170

Schedule of Financial Information of Equity Method Investments

Summarized financial information:

Balance sheets


	ESG Fund		AeroFlexx
	December 31,		December 31,
	2024	2023	2024	2023
Total Assets	$97,445	$58,022	$17,002	$10,780
Total Liabilities	93	107	27,861	8,031
Total Equity (Deficit)	$97,352	$57,915	$(10,859)	$2,749

Statements of operation


	ESG Fund		AeroFlexx
	Years ended December 31,		Years ended December 31,
	2024	2023	2024	2023
Revenue	$202	$320	$38	$16
Gross (Loss) Profit	(735)	(709)	(57)	1
Net Income (Loss)	$39,437	$(4,557)	$(13,663)	$(8,221)

Schedule of Unrealized Gains and Losses, and Fair Value of AFS Debt Securities

The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities as of December 31, 2024 is represented in the table below:


	Amortized cost	Gross unrealized gains	Fair value
Investment in Debt Securities - AFS	$10,278	$909	$11,187

Schedule of Contractual Maturity of Debt Securities

The amortized cost and fair value of debt securities, by contractual maturity, as of December 31, 2024 is shown below. Expected maturities can differ from contractual maturities.


	Amortized cost	Fair value
Due within one year	$—	$—
Due after one year through five years	10,278	11,187
Due after five years	—	—
	$10,278	$11,187

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Business Segment Data - Technology Segment Information (FY) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 476	$ 456	$ 223	$ 700	$ 447	$ 764	$ 1,117
Interest income	290	198	56	514	142	333	143
Cost of sales	2,861	3,752	0	3,045	0	777	0
General and administrative	18,569	29,652	8,379	38,245	16,283	26,608	17,589
Research and development	6,068	5,340	1,764	12,321	3,433	5,978	4,001
Sales and marketing	2,208	2,009	1,366	4,304	2,549	4,178	3,205
Interest expense	2,937	1,330	99	4,699	590	1,633	1,367
Income tax expense (benefit)	(2,220)	(3,282)	0	(3,619)	0	432	0
Other	64	57	0	43	0	64	0
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(84,227)	(61,754)	(7,288)	(227,224)	(12,507)	(16,436)	(30,845)
Technology Segment
Segment Reporting Information [Line Items]
Revenue	254	233	0	255	0	95	0
Interest income	0	0	0	4	0	7	14
Cost of sales	2,861	3,752	0	3,045	0	777	0
Employee costs	3,517	3,933	2,701	7,804	5,330	8,076	6,849
Facilities, equipment & supplies	80	121	181	461	399	581	499
General and administrative	840	751	143	3,235	286	398	296
Outside services	501	390	175	809	412	842	844
Research and development	3,678	3,224	690	8,023	1,343	2,711	1,443
Sales and marketing	148	193	194	432	357	442	288
Depreciation expense	156	6	64	301	69	99	8
Interest expense	190	90	55	317	491	564	1,039
Income tax expense (benefit)	(2,645)	(3,637)	0	(4,104)	0	432	0
Other	91	168	106	195	1,750	1,832	(635)
Total Operating Expenses	122,761	8,991	4,309	367,075	10,437	16,754	10,631
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (122,507)	$ (8,758)	$ (4,309)	$ (366,816)	$ (10,437)	$ (16,652)	$ (10,617)

Investments - Narrative (Q2) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jan. 01, 2025	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023	Jul. 01, 2024
Schedule of Equity Method Investments [Line Items]
Conversion of AFX available-for-sale term loan into equity method investments					$ 8,757	$ 0
Realized gain on conversion of available for sale investment		$ 0		$ 0	1,507	0
Additional investment in debt securities - AFS			$ 0		2,708	0	$ 7,400	$ 2,600
Reclassification of loans to investments			0		4,375	0	2,600	0
Unrealized gain (loss) on available for sale debt securities - related party		189		$ 0	(691)	$ 0
Due from related parties		$ 4,188	$ 4,536		$ 4,188			$ 2,602
AeroFlexx, LLC
Schedule of Equity Method Investments [Line Items]
Investment interest percentage		37.00%	34.00%		37.00%			31.00%
Investment in debt security - AFS, maximum capacity									$ 10,000
Investment, conversion price percentage									100.00%
Conversion of AFX available-for-sale term loan into equity method investments	$ 7,250
Conversion of loans to investments (in usd per share)	$ 6.83
Realized gain on conversion of available for sale investment					$ 1,507
Additional investment in debt securities - AFS		$ 371			2,708		$ 2,365
Reclassification of loans to investments					4,375
Balance drawn		10,000			10,000
Unrealized gain (loss) on available for sale debt securities - related party		189			(691)
Due from related parties		$ 3,897	$ 4,472		$ 3,897			$ 2,600

Business Segment Data (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segment Information

The following table presents information about the Company’s Technology segment for the three and six months ended June 30, 2025 (Successor) and the three and six months ended June 30, 2024 (Predecessor). The information includes the significant expense categories and amounts regularly provided to the CODM for the reportable segment, which may reflect a different presentation than amounts presented elsewhere in the condensed consolidated financial statements. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the Technology segment.


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenue	$254	$—	$255	$—
Interest income	—	—	4	—

Cost of sales	$2,861	$—	$3,045	$—
Employee costs	3,517	2,701	7,804	5,330
Facilities, equipment & supplies	80	181	461	399
General and administrative	840	143	3,235	286
Outside services	501	175	809	412
Research and development	3,678	690	8,023	1,343
Sales and marketing	148	194	432	357
Depreciation expense *	156	64	301	69
Interest expense	190	55	317	491
Income tax expense (benefit)	(2,645)	—	(4,104)	—
Goodwill impairment	113,344	—	346,557	—
Other **	91	106	195	1,750
Total Expenses	$122,761	$4,309	$367,075	$10,437

Net Loss	$(122,507)	$(4,309)	$(366,816)	$(10,437)

*	Represents depreciation expense not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our condensed consolidated financial statements.


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenues:
Technology	$254	$—	$255	$—
Other	249	250	499	501
Elimination of management services provided to Technology	(27)	(27)	(54)	(54)
Consolidated Revenues	$476	$223	$700	$447


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest Expense:
Technology	$190	$55	$317	$491
Other	2,747	44	4,382	99
Consolidated Interest Expense	$2,937	$99	$4,699	$590

Interest Income:
Technology	$—	$—	$4	$—
Other	290	56	510	142
Consolidated Interest Income	$290	$56	$514	$142

Depreciation and Amortization Expense:
Technology	$5,629	$64	$11,177	$69
Other	5	—	5	—
Consolidated Depreciation and Amortization Expense	$5,634	$64	$11,182	$69

Net Loss:
Technology	$(122,508)	$(4,309)	$(366,817)	$(10,437)
Other	(18,767)	(7,005)	(28,132)	(8,403)
Consolidated Net Loss	$(141,275)	$(11,314)	$(394,949)	$(18,840)

Capital Expenditures:
Technology	$15	$66	$932	$706
Other	—	—	—	—
Consolidated Capital Expenditures	$15	$66	$932	$706

The following table presents information about the Company’s Technology segment for the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024, and for the Predecessor year ended December 31, 2023. The information includes the significant expense categories and amounts regularly provided to the CODM for the reportable segment, which may reflect a different presentation than amounts presented elsewhere in the consolidated financial statements. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the Technology segment.


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenue from external customers	$233	$95	$—
Interest income	—	7	14
Cost of sales	$3,752	$777	$—
Employee costs	3,933	8,076	6,849
Facilities, equipment & supplies	121	581	499
General and administrative	751	398	296
Outside services	390	842	844
Research and development	3,224	2,711	1,443
Sales and marketing	193	442	288
Depreciation expense*	6	99	8
Interest expense	90	564	1,039
Income tax expense (benefit)	(3,637)	432	—
Other**	168	1,832	(635)
Total Expenses	$8,991	$16,754	$10,631
Net Loss	$(8,758)	$(16,652)	$(10,617)

*	Represents depreciation not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenues:
Technology	$233	$95	$—
Other	250	750	1,198
Elimination of management services provided to Technology	(27)	(81)	(81)
Consolidated Revenues	$456	$764	$1,117

Interest Expense:
Technology	$90	$564	$1,039
Other	1,240	1,069	328
Consolidated Interest Expense	$1,330	$1,633	$1,367

Interest Income:
Technology	$—	$7	$14
Other	198	326	129
Consolidated Interest Income	$198	$333	$143

Depreciation and Amortization Expense:
Technology	$5,455	$146	$8
Other	—	—	—
Consolidated Depreciation and Amortization Expense	$5,455	$146	$8

Net Loss:
Technology	$(8,758)	$(16,652)	$(10,617)
Other	(61,335)	(11,546)	(20,367)
Consolidated Net Loss	$(70,093)	$(28,198)	$(30,984)

Capital Expenditures:
Technology	$266	$736	$645
Other	—	—	—
Consolidated Capital Expenditures	$266	$736	$645

Share-based Compensation - Summary of Accelsius Subsidiary Equity Plan (FY) (Details) - Accelcius Subsidiary Equity Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 912	$ 1,341	$ 248	$ 1,810	$ 593	$ 918	$ 705
Granted (in shares)		168,500				110,000	365,500
Weighted average grant date fair value per share (in usd per share)	$ 20.75	$ 46.38	$ 0	$ 20.75	$ 4.41	$ 4.41	$ 3.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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+ Details

Offerings

Oct. 23, 2025

USD ($)

$ / shares

Offering:

false

true

Equity

Common Stock, par value $0.0001 per share

Amount Registered | shares

12,000,000

Proposed Maximum Offering Price per Unit | $ / shares

3.0025

Maximum Aggregate Offering Price

$ 36,030,000

Fee Rate

0.01381%

Amount of Registration Fee

$ 4,975.75

Offering Note

(1)

Represents the common stock, par value $0.0001 per share (“Common Stock”), of Innventure, Inc. (the “Company”) that will be offered for sale by the selling stockholders (the “Selling Stockholders”) named in the prospectus that forms a part of the Company’s registration statement on Form S-1 (the “Registration Statement”) to which this exhibit relates. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), the Common Stock being registered under the Registration Statement includes such indeterminate number of additional Common Stock as may be issuable as a result of stock splits, stock dividends or similar transactions with respect to the Common Stock being registered under the Registration Statement. Additionally, pursuant to Rule 416(b) under the Securities Act, if prior to the completion of the distribution of the Common Stock registered under the Registration Statement all Common Stock are combined by a reverse stock split into a lesser number of Common Stock, the number of undistributed Common Stock covered by the Registration Statement shall be proportionately reduced.


(2)	Estimated solely for the purpose of calculating the amount of registration fee pursuant to Rule 457(c) under the Securities Act. The proposed maximum offering price per unit and proposed maximum aggregate offering price are based on the average of the high and low sales price of the Common Stock as reported on the Nasdaq Stock Market LLC on October 22, 2025 of $3.0025.


(3)	Represents up to 12,000,000 shares of Common Stock issuable upon conversion of convertible debentures (“Convertible Debentures”), issued and issuable to YA II PN, Ltd., a Cayman Islands exempted company (“Yorkville”), pursuant to the securities purchase agreement, dated March 25, 2025, and the securities purchase agreement, dated September 15, 2025, each between the Company and Yorkville.

Offering:

false

true

Equity

Common Stock, par value $0.0001 per share

Amount Registered | shares

9,000,000

Proposed Maximum Offering Price per Unit | $ / shares

3.0025

Maximum Aggregate Offering Price

$ 27,022,500

Fee Rate

0.01381%

Amount of Registration Fee

$ 3,731.81

Offering Note

(1)


(2)	Estimated solely for the purpose of calculating the amount of registration fee pursuant to Rule 457(c) under the Securities Act. The proposed maximum offering price per unit and proposed maximum aggregate offering price are based on the average of the high and low sales price of the Common Stock as reported on the Nasdaq Stock Market LLC on October 22, 2025 of $3.0025.


(4)	Represents up to 9,000,000 shares of Common Stock that the Company may issue and sell to Yorkville from time to time pursuant to the Standby Equity Purchase Agreement, dated October 24, 2023, between the Company and Yorkville.

Offering:

false

true

Equity

Common Stock, par value $0.0001 per share

Amount Registered | shares

1,625,235

Proposed Maximum Offering Price per Unit | $ / shares

3.0025

Maximum Aggregate Offering Price

$ 4,879,768.09

Fee Rate

0.01381%

Amount of Registration Fee

$ 673.9

Offering Note

(1)


(2)	Estimated solely for the purpose of calculating the amount of registration fee pursuant to Rule 457(c) under the Securities Act. The proposed maximum offering price per unit and proposed maximum aggregate offering price are based on the average of the high and low sales price of the Common Stock as reported on the Nasdaq Stock Market LLC on October 22, 2025 of $3.0025.


(5)	Represents 1,625,235 shares of Common Stock issued to certain subscribers (the “Subscribers”) pursuant to the terms of those certain subscription agreements, dated as of October 3, 2025, between the Company and the Subscribers.

Offering:

false

true

Equity

Common Stock, par value $0.0001 per share

Amount Registered | shares

1,625,235

Proposed Maximum Offering Price per Unit | $ / shares

Maximum Aggregate Offering Price

$ 13,001,880

Fee Rate

0.01381%

Amount of Registration Fee

$ 1,795.56

Offering Note

(1)

(6)

Pursuant to Rule 457(g) under the Securities Act and solely for the purpose of calculating the registration fee with respect to the shares of Common Stock issuable upon exercise of the Series A Warrants (as defined below), expiring October 3, 2030, the proposed maximum offering price per unit and proposed maximum aggregate offering price are based upon the exercise price of the Series A Warrants of $8.00 per share.

(7)	Represents 1,625,235 shares of Common Stock that may be issued upon exercise of warrants (the “Series A Warrants”) to purchase Common Stock held by the Subscribers.

Commitments and Contingencies (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Patent Royalties Payable

Under the terms of the agreements, the Company is required to make fixed installment payments, as disclosed below, for each year of the agreement through December 31, 2040.


Years Ending December 31,			Amount
2025 (excluding the first six months of fiscal year 2025)			$700
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,075

Minimum royalties included in Patent installment payables on the consolidated balance sheets are due as follows:


Years Ending December 31,			Amount
2025			$1,225
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,600

Subsequent Events (Q2)	6 Months Ended	12 Months Ended
Subsequent Events (Q2)	Jun. 30, 2025	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 18. Subsequent Events In connection with the preparation of the condensed consolidated financial statements and related disclosures for the period ended June 30, 2025, management has evaluated events through August 14, 2025, which is the date the condensed consolidated financial statements were available to be issued. Events occurring after June 30, 2025 are: In July and August 2025, pursuant to the SEPA, the Company issued a total of 471,812 shares of Common Stock to Yorkville as repayments towards the Convertible Debentures referenced in Note 5. Borrowings. The repayments totaled $2,500, comprised of a principal amount of $2,381 and an $119 payment premium on the Convertible Debentures. On July 1, 2025, the Company entered into a Term Convertible Note with a related party for a principal amount of $5,000, on substantially the same terms and conditions as the Term Convertible Notes referenced in Note 5. Borrowings, including the maturity and interest rate. On July 19, 2025, the Company amended and restated the Accelsius Subsidiary Equity Plan. The Class C units available to be issued under the Accelsius Subsidiary Equity Plan was increased to 4,565,000. On July 21, 2025, the Company authorized the issuance of an additional 915,000 Class C Units under the Accelsius Subsidiary Equity Plan. In July and August 2025, the Company issued an aggregate 5,000 shares of Common Stock to a third party for services in respect of public relations and investor communications. On August 12, 2025, Accelsius entered into unsecured convertible promissory notes with two parties, for an aggregate principal amount of $2,100. The unsecured convertible promissory notes bear interest at the rate of 6.5% per annum on the principal amount and is repayable on demand by the lenders on or after the two-year anniversary of the issuance date. However, the unsecured convertible promissory notes are subordinated in right of payment to the prior payment in full in cash or conversion, as applicable, of the WTI Facility, the Convertible Debentures, the Term Convertible Notes, the Related Party Convertible Notes and the indebtedness of Accelsius owed to Innventure LLC (together, the “Senior Indebtedness”) referenced in Note 5. Borrowings. Although the Company has the right to prepay these notes at any time without premium or penalty, the lenders will not demand repayment, and the Company will not repay the amounts due under these notes as long as any portion of the Senior Indebtedness remains outstanding. The unsecured convertible promissory notes are automatically convertible, after the first future preferred equity issuance by Accelsius, raising at least $5,000 in gross cash proceeds from unaffiliated investors (the “Next Funding Round”), into the units of the same series sold in the Next Funding Round at a price per unit equal to 80% of the price per unit in such Next Funding Round. Concurrently with the conversion, the Company will issue warrants to the lenders exercisable for Accelsius’ units of the same series sold in the Next Funding Round. These warrants will be exercisable for 0.5 units for every 1 unit that is issued as part of the conversion. The exercise price for the warrants will be set at 120% of the price the units in the Next Funding Round are sold. On August 14, 2025, the Board approved the accelerated vesting of 46,875 unvested Class C units, which were granted to a related party in 2024 pursuant to the Accelsius Subsidiary Equity Plan. The Company recognized the remaining stock-based compensation expense of $189 based on the acceleration.	Note 21. Subsequent Events In connection with the preparation of the consolidated financial statements and related disclosures for the period ended December 31, 2024, management has evaluated events through April 14, 2025, which is the date the consolidated financial statements were available to be issued. Events occurring after December 31, 2024 are: The Company sold 422,999 of Accelsius Series A Units for aggregate proceeds of approximately $5,150. This amount will be reflected in non-controlling interests in the consolidated statements of changes in stockholders’ equity (deficit) in future periods. As part of the term loan agreement with AeroFlexx, AeroFlexx did not raise equity financing up to the target amount by January 1, 2025 as discussed in Note 3. Investments. Therefore, on January 2, 2025, $7,250 of outstanding principal and accrued interest was subject to mandatory conversion. Using the price per unit of $6.83, the Company obtained 1,060,747 Class D preferred units through the mandatory conversion. Based on the increase of Class D preferred units, the Company’s updated ownership percentage in AeroFlexx is 38%. On January 7, 2025, the VWAP Completion Event, as discussed in Note 10. Earnout Shares, occurred and 344,828 Sponsor Earnout Shares vested and were no longer subject to contingencies. As part of the Company’s SEPA with Yorkville, on January 7, 2025, the Company sold 50,000 shares of Common Stock to Yorkville for aggregate proceeds of approximately $633. On January 22, 2025, the Company issued and sold 4,617 Common Shares for aggregate proceeds of approximately $57. On January 30, 2025, the Company issued and sold 19,376 Common Shares for aggregate proceeds of approximately $235. The remaining shares that could be sold to Yorkville are 4,209,314. The Board determined that as of January 8, 2025, the creation of Refinity, a consolidated subsidiary of the Company, satisfied the vesting condition applicable to Milestone 2 of the Company Earnout Shares. As such, 2,000,000 shares of common stock were issued on February 4, 2025 as a result of the satisfaction of the Milestone. On January 22, 2025, Refinity entered into a framework agreement with a third party for research services focusing on the further development and optimization of licensed technology, as well as the enhancement and improvement of plastic recycling through pyrolysis. As part of this agreement, Refinity has agreed to pay a minimum fee of €5,000 during the period beginning May 1, 2025, and ending April 30, 2027, with the stipulation that €2,000 be paid in the first 12-month period and €3,000 in the second 12-month period. On February 1, 2025, the Company entered into a consulting agreement with a third party for services in respect of public relations and investor communications. The agreement includes monthly compensation of 2,500 shares of the Company’s common stock issued each month services are provided. The initial term of the agreement is for one year and may be terminated by either party upon seven days’ notice. On February 3, 2025, and February 27, 2025, two of the Company’s Series 1 Promissory Notes, discussed in Note 5. Borrowings, matured in an aggregate amount of $300 and were paid as they became due. On February 3, 2025, the Company issued 85,471 shares of Common Stock for financial advisory and investment banking services rendered. On February 26, 2025, the Company entered into two Nonqualified Stock Option Agreements, which granted 140,000 nonqualified option rights (the “Option”) to two individuals, pursuant to the terms of the Plan. According to the Nonqualified Stock Option Agreements, and subject to the terms and conditions of the Nonqualified Stock Option Agreements and the Plan, upon vesting of the Options, the holders will have the option to purchase Common Stock of the Company, at an exercise price of $8.84 per share (which is equal to the Fair Market Value of the stock on the grant date). The Options have a term of ten years and will vest and become exercisable with respect to 25% of the shares of Common Stock underlying the Option on February 26, 2026 and 75% of the shares of Common Stock underlying the Option in eight substantially equal installments on each three-month anniversary thereafter. On March 19, 2025, the Company distributed 21,808 shares of Series B Preferred Stock to represent $218 in cumulative dividends for Series B Preferred Stock, covering the period from the initial issue date, as defined in the Certificate of Designation, to December 31, 2024, as a payment in kind at the specified rate. This action follows the terms outlined in the Certificate of Designation dated October 2, 2024, with a record date for the dividend set for March 5, 2025. Approved by the Board of Directors, this dividend payment is in accordance with the Investment Agreement dated September 27, 2024. On March 20, 2025, the Company converted and repaid the $14,000 aggregate principal of Related party notes, as discussed in Note 5. Borrowings. The Company issued 1,732,554 of Series C Preferred Stock and paid $375 to the respective parties to settle the Related party notes. Additionally, the Company issued 578,294 of Series C Preferred Stock to settle outstanding debt for AeroFlexx. On March 24, 2025, the Company entered into the Series C Purchase Agreements with certain purchasers (the “Purchasers”), pursuant to which the Company agreed to issue and sell to the Purchasers an aggregate of up to 275,000 shares of Series C Preferred Stock in a private placement, at a price of $10.00 per share of Series C Preferred Stock, resulting in an aggregate purchase price of approximately $2,750 before deducting fees and other estimated offering expenses. These shares are issued with an 8.0% annual cumulative dividend, a mandatory conversion to Common Stock five years after issuance, and an optional conversion, at the election of the holder, at any time prior to the Maturity Date upon the effectiveness of a registration statement by the Company registering the underlying shares of Common Stock issuable upon conversion. In connection with the Series C Purchase Agreements, the Company received an aggregate amount of $1,500 in advanced funds. In consideration of these funds, the Company issued 150,000 shares of Series C Preferred Stock to the respective parties. On March 24, 2025, the Company issued an aggregate of 300,000 shares of Series C Preferred Stock for financial advisory and merchant banking services rendered. On March 25, 2025, the Company entered into a securities purchase agreement related to the issuance and sale of convertible debentures (“Convertible Debentures”) with an aggregate principal amount of up to $30,000. These Convertible Debentures will be convertible into shares of the Company’s Common Stock (as converted, the “Conversion Shares”). On the first business day after certain closing conditions are met, including the timely filing of this Form 10-K, the Company will issue $20,000 in aggregate principal amount of Convertible Debentures (the “First Closing Date”). Additionally, the Company will issue an additional $10,000 in aggregate principal amount of Convertible Debentures after both (i) the registration statement filed with the SEC registering the resale of the Conversion Shares is declared effective by the SEC, and (ii) the Company receives stockholder approval. The Convertible Debentures will not bear interest unless an event of default occurs, in which case they will bear interest at an annual rate of 18%. They will mature 15 months after the First Closing Date and can be converted into shares of the Company’s Common Stock at a conversion price to be determined. These Convertible Debentures were issued at an original issue discount of 10%. In connection with this agreement, the Company agreed to issue warrants to purchase up to 300,000 shares of Common Stock to the WTI Lenders. These warrants serve as consideration for the WTI Lenders’ consent to the transaction. The warrants have an exercise price of $0.01 per share and are exercisable until March 31, 2035, with additional customary rights and protections.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Q2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue	$ 476	$ 223	$ 700	$ 447
Operating Expenses
Cost of sales	2,861	0	3,045	0
General and administrative	18,569	8,379	38,245	16,283
Sales and marketing	2,208	1,366	4,304	2,549
Research and development	6,068	1,764	12,321	3,433
Goodwill impairment	113,344	0	346,557	0
Total Operating Expenses	143,050	11,509	404,472	22,265
Loss from Operations	(142,574)	(11,286)	(403,772)	(21,818)
Non-operating (Expense) and Income
Interest expense, net	(2,647)	(43)	(4,185)	(448)
Change in fair value of financial liabilities	7,176	0	23,605	(478)
Equity method investment (loss) income	(1,924)	779	(8,680)	784
Realized gain on conversion of available for sale investment	0	0	1,507	0
Loss on conversion of promissory notes	0	0	0	(1,119)
Miscellaneous other expense	(64)	0	(43)	0
Total Non-operating (Expense) Income	(921)	(28)	5,204	2,978
Loss before income taxes	(143,495)	(11,314)	(398,568)	(18,840)
Income tax benefit	(2,220)	0	(3,619)	0
Net Loss	(141,275)	(11,314)	(394,949)	(18,840)
Less: net loss attributable to
Non-redeemable non-controlling interest	(57,048)	(4,026)	(167,725)	(6,333)
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (84,227)	(7,288)	$ (227,224)	(12,507)
Basic loss per share (in usd per share)	$ (1.6)		$ (4.6)
Diluted loss per share (in usd per share)	$ (1.6)		$ (4.6)
Basic weighted average common shares (in shares)	52,546,491		49,417,092
Diluted weighted average common shares (in shares)	52,546,491		49,417,092
Other comprehensive income, net of taxes:
Unrealized gain (loss) on available for sale debt securities - related party	$ 189	0	$ (691)	0
Reclassification of realized gain on conversion of available for sale investments	0	0	(1,507)	0
Total other comprehensive income (loss), net of taxes	189	0	(2,198)	0
Total comprehensive loss, net of taxes	(141,086)	(11,314)	(397,147)	(18,840)
Less: comprehensive loss attributable to
Non-redeemable non-controlling interest	(57,048)	(4,026)	(167,725)	(6,333)
Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(84,038)	(7,288)	(229,422)	(12,507)
Nonrelated party
Non-operating (Expense) and Income
Net gain (loss) on investments	0	(790)	0	4,399
Loss on extinguishment of debt	(3,462)	0	(3,462)	0
Related party
Non-operating (Expense) and Income
Net gain (loss) on investments	0	26	0	(160)
Loss on extinguishment of debt	$ 0	$ 0	$ (3,538)	$ 0

Accounting Policies (Q2) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional paid-in capital	$ (525,346)		$ (502,865)			$ (525,346)			$ 0
Net loss	84,227		61,754	$ 7,288		227,224	$ 12,507	$ 16,436	30,845
Non-controlling interest	207,509		340,777			207,509			1,559
Cash and cash equivalents	6,965		11,119			6,965
Restricted cash	5,000		0			5,000
Accumulated deficit	305,512		78,262			305,512			64,284
Working capital (deficit)	(51,188)		(45,061)			(51,188)
Net loss	$ 141,275	$ 253,674	$ 70,093	$ 11,314	$ 7,526	$ 394,949	$ 18,840	$ 28,198	$ 30,984
Common Stock, par value (in usd per share)	$ 0.0001		$ 0.0001			$ 0.0001		$ 0.0001
Error correction out of period adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional paid-in capital	$ 12,448					$ 12,448
Net loss						4,468
Non-controlling interest	$ 16,915					$ 16,915

Business Combinations - Purchase Consideration Allocation to Assets and Liabilities (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023
Liabilities assumed:
Goodwill	$ 323,463	$ 667,936		$ 0
Innventure LLC
Assets acquired:
Cash and cash equivalents			$ 16
Inventory			2,824
Prepaid expenses and other current assets			1,955
Equity method investments			18,449
Investment in debt securities - AFS			10,172
Property, plant, and equipment			1,227
Intangible assets			187,500
Other assets			829
Total assets acquired:			223,299
Liabilities assumed:
Accrued employee benefits			7,617
Accrued expenses			1,972
Notes payable			975
Patent installment payable			13,600
Deferred tax liability			30,654
Other liabilities			748
Total liabilities assumed:			75,784
Net identifiable assets acquired			147,515
Goodwill			667,936
Innventure LLC \| Nonrelated party
Assets acquired:
Accounts receivable			117
Liabilities assumed:
Accounts payable			6,286
Innventure LLC \| Related party
Assets acquired:
Accounts receivable			210
Liabilities assumed:
Accounts payable			$ 13,932

Income Taxes - Schedule of Provision for Income Taxes (FY) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Current Expense:
Federal		$ 0				$ 0	$ 0
State		18				0	0
Foreign		0				0	0
Total Current Expense		18				0	0
Deferred Expense:
Federal		(3,301)				432	0
State		0				0	0
Foreign		0				0	0
Deferred income taxes		(3,301)		$ (3,897)	$ 0	432	0
Total provision (benefit) for income taxes	$ (2,220)	$ (3,282)	$ 0	$ (3,619)	$ 0	$ 432	$ 0

Fair Value - Significant Unobservable Inputs (Q2) (Details)	Jun. 30, 2025	May 15, 2025	Apr. 14, 2025	Dec. 31, 2024	Oct. 01, 2024
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				2	2
Earnout shares, measurement input	6.3			6.8	7
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	4.8			13.85	10.87
Stock price \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	4.8			13.85
Stock price \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	4.8
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				1.20	1.20
Earnout shares, measurement input	0.56			0.56	0.56
Volatility \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.56			0.56
Volatility \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.56
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				0.31	0.18
Weighted average cost of capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				0.45	0.45
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				0.0423	0.0351
Earnout shares, measurement input	0.0387			0.0442	0.0362
AeroFlexx yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input	0.1331
Revenue risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	0.282			0.361
Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	1.52			1.76
Credit spread \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.256			0.188
Credit spread \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.256
Debt Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability - Convertible Debentures, measurement input	0.406	0.426	0.445

Commitments and Contingencies - Narrative (FY) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended	9 Months Ended	62 Months Ended
	Dec. 12, 2024	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Oct. 01, 2024	Jun. 30, 2025	Dec. 31, 2023	Apr. 22, 2020
Commitments and Contingencies Disclosure [Abstract]
Guaranty amount								$ 5,000
Amounts paid under the guaranty					$ 0	$ 0
Interest paid under the guaranty					$ 0	0
Principal outstanding under the guaranty		$ 0	$ 0	$ 0		$ 0	$ 0
License agreement, transfer fee	$ 500
License agreement, upfront fee	500
License agreement, semi-annual fee	$ 65
License agreement, semi-annual fee expensed		$ 65	$ 11	$ 33

Borrowings - Interest Expense (Q2) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Series 1 promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest attributable to contractual interest	$ 16	$ 29	$ 44	$ 48	$ 99	$ 138	$ 297
Interest attributable to amortization of issuance costs and discounts		0				0	32
Total interest expense		29				138	329
Related party notes \| Notes payable
Debt Instrument [Line Items]
Total interest expense	0	611	0	419	0	932	0
WTI Facility \| Term loan
Debt Instrument [Line Items]
Interest attributable to contractual interest	683	352	0	1,358	0	0	0
Interest attributable to amortization of issuance costs and discounts	348	248	0	856	0	0	0
Total interest expense	1,031	$ 600	0	2,214	0	$ 0	$ 0
Convertible debentures \| Convertible debt
Debt Instrument [Line Items]
Interest attributable to amortization of issuance costs and discounts	1,701		0	1,701	0
Total interest expense	$ 1,701		$ 0	$ 1,701	$ 0

Property, Plant and Equipment (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 7. Property, Plant and Equipment


	June 30, 2025	December 31, 2024
Leasehold improvements	$887	$548
Machinery & equipment	1,524	664
Computers & office equipment	14	14
Construction in progress	—	266
Property, plant and equipment, gross	2,425	1,492
Less: Accumulated depreciation	(453)	(78)
Property, plant and equipment, net	$1,972	$1,414

Note 7. Property, Plant and Equipment


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Leasehold improvements	$548	$38
Machinery & equipment	664	86
Computers & office equipment	14	19
Construction in progress	266	502
Property, Plant and Equipment, Gross	1,492	645
Less: Accumulated depreciation	(78)	(8)
Property, Plant and Equipment, Net	$1,414	$637

Total depreciation expense on property, plant and equipment was as follows:


	Successor	Predecessor
	Period from October 2, 2024 through December 31, 2024	Period from January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Depreciation Expense	$78	$148	$8

Business Combinations - Shares of Common Stock Issued and Outstanding at the Closing of the Business Combination (FY) (Details)	Jun. 30, 2025 shares	Dec. 31, 2024 shares	Oct. 01, 2024 shares	Sep. 30, 2024 shares	Dec. 31, 2023 shares
Business Acquisition [Line Items]
Preferred stock, outstanding (in shares)		1,102,000
Common stock, outstanding (in shares)	55,221,494	44,597,154	43,589,850
Capital units, outstanding (in shares)			38,494,999	18,397,684
Learn CW Shareholders
Business Acquisition [Line Items]
Common stock, outstanding (in shares)			6,027,674
Less: Learn CW shares subject to clawback provisions			(932,823)
Learn CW Public Shareholders
Business Acquisition [Line Items]
Common stock, outstanding (in shares)			1,027,674
Share exchange ratio			1
Learn CW Class B Shareholders
Business Acquisition [Line Items]
Common stock, outstanding (in shares)			5,000,000
Share exchange ratio			1
Innventure LLC
Business Acquisition [Line Items]
Share exchange ratio			2.09
Class B Preferred Units
Business Acquisition [Line Items]
Preferred stock, outstanding (in shares)			22,754,664	10,875,000
Class B-1 Preferred Units
Business Acquisition [Line Items]
Preferred stock, outstanding (in shares)			11,738,165	5,609,951	342,608
Class A
Business Acquisition [Line Items]
Common stock, outstanding (in shares)			716,867	342,608	10,875,000
Class C Units
Business Acquisition [Line Items]
Common stock, outstanding (in shares)			3,285,303	1,570,125	1,570,125

Revenues - Narrative (FY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related party
Disaggregation of Revenue [Line Items]
Carried interest allocation amount not yet recognized	$ 11,282	$ 5,880

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Income Taxes - Schedule of Reconciliation of the Income Tax Provision (FY) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Pre-tax book loss	$ (143,495)	$ (73,375)	$ (11,314)	$ (398,568)	$ (18,840)	$ (27,766)	$ (30,984)
Income taxes at federal statutory rate		(15,405)				0	0
State taxes, net of federal benefit		(1,801)				0	0
Tax on pre-tax earnings of corporate subsidiaries		0				(3,022)	(2,229)
Warrant liability		3,685				0	0
Non-deductible expenses		6				6	631
Change in earnout fair value		(714)				0	0
Other permanent differences		(423)				0	(4)
Change in valuation allowance		11,664				3,448	1,602
R&D credit		(294)				0	0
Total provision (benefit) for income taxes	$ (2,220)	$ (3,282)	$ 0	$ (3,619)	$ 0	$ 432	$ 0

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (excluding the first six months of fiscal year 2025)	$ 10,808
2026	21,616	$ 21,616
2027	21,234	21,616
2028	20,073	21,234
2029	18,853	20,073
2030 and thereafter	78,761
Net Carrying Amount	$ 171,345	$ 182,153

Net Loss Per Share - Antidilutive Securities (FY) (Details) - shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,240,688	11,240,688	11,500,000
Private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,146,000	7,146,000	7,146,000
WTI warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)			1,000,000
Series B preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	41,762	26,516	1,011,869
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,596,702	1,596,702	975,409
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,148,001	2,148,001	2,036,476
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	320,000	320,000	320,000

Borrowings - Debt Extensions (FY) (Details) - Notes payable - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Series 1 promissory notes, first term extension
Debt Instrument [Line Items]
Interest rate					12.00%		12.00%
Principal amount of extension promissory notes	$ 0	$ 0	$ 0	$ 122	$ 122	$ 829
Series 1 promissory notes, second term extension
Debt Instrument [Line Items]
Interest rate					15.00%		15.00%
Principal amount of extension promissory notes	$ 0	$ 0	$ 122	$ 300	$ 603	$ 890

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Business Segment Data (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Segment Reporting [Abstract]

Business Segment Data

Note 17. Business Segment Data

The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM makes operating decisions, allocates resources and assesses performance based on review of historical and potential future product sales, operating expenses, and net income (loss).

Based on the information utilized by the CODM to operate the Company, there is one operating segment and reportable segment, Technology. The Technology segment includes the business activities of Accelsius, a consolidated subsidiary focused on development and manufacture of data center cooling products. Other components of the Company’s consolidated information primarily include operations relating to the original platform business, service activities, Refinity, and equity method investment activities (“Other”).


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenue	$254	$—	$255	$—
Interest income	—	—	4	—

Cost of sales	$2,861	$—	$3,045	$—
Employee costs	3,517	2,701	7,804	5,330
Facilities, equipment & supplies	80	181	461	399
General and administrative	840	143	3,235	286
Outside services	501	175	809	412
Research and development	3,678	690	8,023	1,343
Sales and marketing	148	194	432	357
Depreciation expense *	156	64	301	69
Interest expense	190	55	317	491
Income tax expense (benefit)	(2,645)	—	(4,104)	—
Goodwill impairment	113,344	—	346,557	—
Other **	91	106	195	1,750
Total Expenses	$122,761	$4,309	$367,075	$10,437

Net Loss	$(122,507)	$(4,309)	$(366,816)	$(10,437)

*	Represents depreciation expense not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our condensed consolidated financial statements.


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenues:
Technology	$254	$—	$255	$—
Other	249	250	499	501
Elimination of management services provided to Technology	(27)	(27)	(54)	(54)
Consolidated Revenues	$476	$223	$700	$447


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest Expense:
Technology	$190	$55	$317	$491
Other	2,747	44	4,382	99
Consolidated Interest Expense	$2,937	$99	$4,699	$590

Interest Income:
Technology	$—	$—	$4	$—
Other	290	56	510	142
Consolidated Interest Income	$290	$56	$514	$142

Depreciation and Amortization Expense:
Technology	$5,629	$64	$11,177	$69
Other	5	—	5	—
Consolidated Depreciation and Amortization Expense	$5,634	$64	$11,182	$69

Net Loss:
Technology	$(122,508)	$(4,309)	$(366,817)	$(10,437)
Other	(18,767)	(7,005)	(28,132)	(8,403)
Consolidated Net Loss	$(141,275)	$(11,314)	$(394,949)	$(18,840)

Capital Expenditures:
Technology	$15	$66	$932	$706
Other	—	—	—	—
Consolidated Capital Expenditures	$15	$66	$932	$706

All long-lived assets are located entirely in the United States. Segment assets are not reviewed by the CODM and therefore are not disclosed.

Note 20. Business Segment Data


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenue from external customers	$233	$95	$—
Interest income	—	7	14
Cost of sales	$3,752	$777	$—
Employee costs	3,933	8,076	6,849
Facilities, equipment & supplies	121	581	499
General and administrative	751	398	296
Outside services	390	842	844
Research and development	3,224	2,711	1,443
Sales and marketing	193	442	288
Depreciation expense*	6	99	8
Interest expense	90	564	1,039
Income tax expense (benefit)	(3,637)	432	—
Other**	168	1,832	(635)
Total Expenses	$8,991	$16,754	$10,631
Net Loss	$(8,758)	$(16,652)	$(10,617)

*	Represents depreciation not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenues:
Technology	$233	$95	$—
Other	250	750	1,198
Elimination of management services provided to Technology	(27)	(81)	(81)
Consolidated Revenues	$456	$764	$1,117

Interest Expense:
Technology	$90	$564	$1,039
Other	1,240	1,069	328
Consolidated Interest Expense	$1,330	$1,633	$1,367

Interest Income:
Technology	$—	$7	$14
Other	198	326	129
Consolidated Interest Income	$198	$333	$143

Depreciation and Amortization Expense:
Technology	$5,455	$146	$8
Other	—	—	—
Consolidated Depreciation and Amortization Expense	$5,455	$146	$8

Net Loss:
Technology	$(8,758)	$(16,652)	$(10,617)
Other	(61,335)	(11,546)	(20,367)
Consolidated Net Loss	$(70,093)	$(28,198)	$(30,984)

Capital Expenditures:
Technology	$266	$736	$645
Other	—	—	—
Consolidated Capital Expenditures	$266	$736	$645

All long-lived assets are located entirely in the United States of America (USA). Segment assets are not reviewed by the CODM and therefore are not disclosed.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fees Summary	Oct. 23, 2025 USD ($)
Fees Summary [Line Items]
Total Offering	$ 80,934,148.1
Previously Paid Amount	0
Total Fee Amount	11,177.02
Total Offset Amount	0
Net Fee	$ 11,177.02

Net Loss Per Share - Reconciliation for EPS Calculations (Q2) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$ (84,227)	$ (61,754)	$ (7,288)	$ (227,224)	$ (12,507)	$ (16,436)	$ (30,845)
Less: Cumulative earnings to participating securities	37	217		42
Undistributed loss for participating securities	(84,264)	(61,971)		(227,266)
Less: Undistributed loss attributable to participating securities	0	0		0
Net Loss attributable to common shareholders, basic	(84,264)	(61,971)		(227,266)
Net Loss attributable to common shareholders, diluted	$ (84,264)	$ (61,971)		$ (227,266)
Denominator:
Weighted average number of units outstanding, basic (in shares)	52,546,491	43,951,279		49,417,092
Weighted average number of units outstanding, diluted (in shares)	52,546,491	43,951,279		49,417,092
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (1.6)	$ (1.41)		$ (4.6)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (1.6)	$ (1.41)		$ (4.6)

Fair Value - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Oct. 22, 2024	Oct. 01, 2024	Dec. 31, 2023
Assets:
Investment in debt securities - AFS	$ 9,017	$ 11,187			$ 0
Exchange-traded investments at FVTNI		0			9,685
Liabilities, Fair Value Disclosure [Abstract]
Earnout liability	4,370	14,752
Warrant liability	22,996	34,023			0
Embedded derivative liability	1,796	0			1,994
Accounts payable	3,710	3,248
Related party
Liabilities, Fair Value Disclosure [Abstract]
Accounts payable		0			347
WTI warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability		17,230	$ 15,690
Private placement warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	7,146	16,793		$ 786
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment in debt securities - AFS	0	0
Exchange-traded investments at FVTNI					9,685
Liabilities, Fair Value Disclosure [Abstract]
Earnout liability	0	0
Embedded derivative liability	0				0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Related party
Liabilities, Fair Value Disclosure [Abstract]
Accounts payable					347
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private placement warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Investment in debt securities - AFS	0	0
Exchange-traded investments at FVTNI					0
Liabilities, Fair Value Disclosure [Abstract]
Earnout liability	0	0
Embedded derivative liability	0				0
Significant Other Observable Inputs (Level 2) \| Related party
Liabilities, Fair Value Disclosure [Abstract]
Accounts payable					0
Significant Other Observable Inputs (Level 2) \| Private placement warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	7,146	16,793
Significant Unobservable Inputs (Level 3)
Assets:
Investment in debt securities - AFS	9,017	11,187
Exchange-traded investments at FVTNI					0
Liabilities, Fair Value Disclosure [Abstract]
Earnout liability	4,370	14,752
Embedded derivative liability	1,796				1,994
Significant Unobservable Inputs (Level 3) \| Related party
Liabilities, Fair Value Disclosure [Abstract]
Accounts payable					$ 0
Significant Unobservable Inputs (Level 3) \| WTI warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability		17,230
Significant Unobservable Inputs (Level 3) \| Private placement warrants
Liabilities, Fair Value Disclosure [Abstract]
Warrant liability	$ 0	$ 0

Inventories, net (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


	June 30, 2025	December 31, 2024
Raw materials	$3,560	$2,974
Work in process	26	50
Finished goods	3,034	2,154
Total inventories	$6,620	$5,178


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Raw materials	$2,974	$—
Work in process	50	—
Finished goods	2,154	—
Total inventories	$5,178	$—

Net Loss Per Share (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 14. Net Loss Per Share

respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common shares and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of Series B Preferred Stock, Series C Preferred Stock, 2024 WTI Warrants and 2025 WTI Warrants, which are determined to be participating securities, do not have a contractual obligation to fund losses, undistributed net losses are not allocated to them for purposes of the loss per share calculation.

Given the historical structure of the Predecessor, the Company determined that the calculation of earnings per membership unit results in values that are not a valuable metric to users of these consolidated financial statements. Therefore, earnings per share (“EPS”) information is omitted for the Predecessor periods. Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations for the three and six months ended June 30, 2025 (Successor):


	Three months ended June 30, 2025	Six months ended June 30, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$(84,227)	$(227,224)
Less: Cumulative earnings to participating securities	37	42
Undistributed loss for participating securities	(84,264)	(227,266)
Less: Undistributed loss attributable to participating securities	—	—
Net loss attributable to common shareholders, basic and diluted	$(84,264)	$(227,266)

Denominator:
Weighted average number of units outstanding, basic and diluted	52,546,491	49,417,092
Net loss per share attributable to common shareholders, basic and diluted	$(1.60)	$(4.60)

Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential Common Stock outstanding would have been anti-dilutive.

The following table presents the potential Common Stock outstanding that was excluded from the computation of diluted net loss per share of Common Stock for the periods presented because including them would have been antidilutive:


	Three months ended June 30, 2025	Six months ended June 30, 2025
Public warrants	11,240,688	11,240,688
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000
Convertible Debentures	2,817,200	2,817,200
2025 WTI Warrants	495,074	495,074
Series B Preferred Stock	41,762	26,516
Series C Preferred Stock	189,000	194,062
Share options	1,596,702	1,596,702
RSUs	2,148,001	2,148,001
SARs	320,000	320,000

Note 17. Net Loss Per Share

The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common shares and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of Series B preferred shares and WTI warrants, which are determined to be participating securities, do not have a contractual obligation to fund losses, undistributed net losses are not allocated to them for purposes of the loss per share calculation.

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations for the Successor period from October 2, 2024 through December 31, 2024:


			Successor
			October 2, 2024 through December 31, 2024
Numerator:
Net loss attributable to Innventure, Inc. shareholders			$(61,754)
Less: Cumulative earnings to participating securities			217
Undistributed loss for participating securities			(61,971)
Less: Undistributed loss attributable to participating securities			—
Net Loss attributable to common shareholders, basic and diluted			$(61,971)


			Successor
			October 2, 2024 through December 31, 2024
Denominator:
Weighted average number of units outstanding, basic and diluted			43,951
Net loss per share attributable to common shareholders, basic and diluted			$(1.41)

Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common stock outstanding would have been anti-dilutive.

The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:


			Successor
			December 31, 2024
Public warrants			11,500,000
Private placement warrants			7,146,000
WTI warrants			1,000,000
Series B preferred shares			1,011,869
Share options			975,409
RSUs			2,036,476
SARs			320,000

Condensed Consolidated Statements of Cash Flows (Q2) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Cash Flows Used in Operating Activities
Net loss	$ (141,275)	$ (70,093)	$ (11,314)	$ (394,949)	$ (18,840)	$ (28,198)	$ (30,984)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation		16,338		15,247	689	1,056	910
Interest income on debt securities - related party		(106)		(195)	0	(110)	0
Change in fair value of financial liabilities	(7,176)	20,946	0	(23,605)	478	478	(766)
Non-cash interest expense on notes payable		248		2,560	352	351	487
Equity method investment gain (loss)	1,924	902	(779)	8,680	(784)	(893)	632
Realized gain on conversion of available for sale investments	0		0	(1,507)	0
Loss on conversion of promissory notes	0		0	0	1,119
Loss on conversion of promissory notes		0				1,119	0
Deferred income taxes		(3,301)		(3,897)	0	432	0
Depreciation and amortization		5,455		11,182	69	146	8
Goodwill impairment	113,344	0	0	346,557	0	0
Payment of patent installment		0		(525)	0	(250)	0
Other costs				165	123
Changes in operating assets and liabilities:
Accounts receivable		(166)		(618)	0	(117)	0
Prepaid expenses and other current assets		(1,301)		(3,312)	(965)	(1,353)	(218)
Inventory		(2,354)		(1,442)	(662)	(2,824)	0
Accounts payable		(11,211)		315	3,181	6,013	9
Accrued employee benefits		1,656		1,330	2,803	3,838	3,181
Accrued expenses		(484)		42	357	674	1,230
Stock-based compensation liability		1,160		(686)	0	0	0
Income taxes payable				292	0
Other current liabilities		(77)		(78)	(72)	(146)	(155)
Contract liabilities				690	0
Net Cash Used in Operating Activities		(29,214)		(36,754)	(16,391)	(18,848)	(19,476)
Cash Flows Used in Investing Activities
Investment in available-for-sale debt securities - equity method investee		0		(2,708)	0	(7,400)	(2,600)
Loans to equity method investee		(4,240)		0	(5,035)	(135)	0
Acquisition of property, plant and equipment		(266)		(932)	(706)	(736)	(645)
Proceeds from sale of investments		0		0	1,364	2,314	708
Net Cash Provided by (Used in) Investing Activities		6,822		(3,640)	(4,377)	(5,957)	(4,667)
Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs		15,383		3,675	10,037	13,122	16,009
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs		4,169		5,367	10,827	13,859	337
Proceeds from the issuance of related party convertible promissory notes and term convertible notes		0				0	2,000
Proceeds from issuance of debt securities, net of issuance costs				27,000	0
Payment of debts				(1,176)	(590)
Receipt of Capital from Class I Unitholder		0				0	130
Distributions to Stockholders		(663)				0	(241)
Distributions to stockholders and other				(76)	0
Net Cash Flows Provided by Financing Activities		33,466		41,240	20,274	38,441	19,174
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		11,074		846	(494)	13,636	(4,969)
Cash, Cash Equivalents and Restricted Cash Beginning of period		45		11,119	2,575	2,575	7,544
Cash, Cash Equivalents and Restricted Cash End of period	11,965	11,119	2,081	11,965	2,081	45	2,575
Supplemental Cash Flow Information
Cash paid for interest		991		1,825	99	1,070	297
Supplemental Disclosure of Noncash Financing Information
Accretion of redeemable units to redemption value		0		0	4,777	11,950	5,366
Issuance of units to non-controlling interest in exchange of convertible promissory notes		0		0	7,324	7,324	0
Conversion of working capital loans to equity method investees into investments in debt securities - related party		0		4,375	0	2,600	0
Extinguishment of debt with Series C Preferred Stock				14,000	0
Contribution of Series C Preferred Stock to equity method investee				5,783	0
Conversion of AFX available-for-sale term loan into equity method investments				8,757	0
Issuance of common stock as repayment of convertible debt				2,533	0
Issuance of stock in exchange for services				4,095	0
Conversion of preferred stock into common stock				36,910	0
Transfer of Series C Preferred Stock from Mezzanine to Stockholders' equity				1,468	0
Embedded derivative in association with Convertible Debentures				1,774	0
Equity reallocation between non-controlling interest and additional paid-in capital				25,268	0
Related party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Net gain on investments	0	0	(26)	0	160	468	(232)
Loss on extinguishment of debt	0		0	3,538	0
Cash Flows Provided by Financing Activities
Proceeds from the issuance of related party convertible promissory notes and term convertible notes				3,999	0
Proceeds from issuance of debt securities, net of issuance costs		0				12,000	1,004
Payment of debts		(4,628)				0	0
Nonrelated party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Net gain on investments	0	0	790	0	(4,399)	(11,547)	6,448
Loss on extinguishment of debt	$ 3,462		$ 0	3,462	0
Cash Flows Provided by Financing Activities
Proceeds from the issuance of related party convertible promissory notes and term convertible notes				$ 2,451	$ 0
Proceeds from issuance of debt securities, net of issuance costs		19,455				0	0
Payment of debts		$ (250)				$ (540)	$ (65)

Borrowings - Maturity (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025 (remaining 6 months)	$ 13,011
2026	29,234	$ 14,625
2027	8,244	7,295
2028	4,561	8,244
Total Debt	$ 55,050	$ 34,725	$ 9,545

Accounting Policies - Revenue Recognition (FY) (Details) - Related party	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Transactions with the ESG Fund \| Minimum
Related Party Transaction [Line Items]
Management fee percentage	1.00%	1.00%
Transactions with the ESG Fund \| Maximum
Related Party Transaction [Line Items]
Management fee percentage	2.00%	2.00%
Transactions with the Fund, carried interest allocation
Related Party Transaction [Line Items]
Minimum return percentage		8.00%
Transactions with the Fund, carried interest allocation \| Minimum
Related Party Transaction [Line Items]
Management fee percentage		10.00%
Transactions with the Fund, carried interest allocation \| Maximum
Related Party Transaction [Line Items]
Management fee percentage		20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Investments - Components (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Equity-method investments	$ 23,407	$ 17,547	$ 4,482
Investment in debt securities - AFS	9,017	11,187	0
Total Investments	$ 32,424	$ 28,734	$ 14,167

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

+ References + Details

Goodwill and Intangible Assets - Goodwill (Q2) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance				$ 667,936	$ 0	$ 0
Impairment	$ (113,344)	$ 0	$ 0	(346,557)	$ 0	$ 0
Other				2,084
Goodwill, ending balance	$ 323,463	$ 667,936		$ 323,463

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Business Segment Data - Narrative (FY) (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1

Commitments and Contingencies (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 16. Commitments and Contingencies

PCT Guaranty

On April 22, 2020, the Company entered into a guaranty with a counterparty to unconditionally guarantee PCT’s obligation to reimburse a $5,000 prepayment upon PCT’s failure to meet certain performance thresholds. Performance thresholds include the commission and construction of a plant. The guaranty has no expiration. The total amount paid by the Company under the guaranty is $0 and total interest paid is $0. As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), there was no principal outstanding under the guaranty.

Patent Agreement Contingent Fees

In 2022, the Company entered into two agreements with an MNC to purchase in-process research and development consisting of patents, technology, and knowledge transfer related to cooling technology for critical electronic equipment in a transaction that was determined to be an asset acquisition.

On June 30, 2025, Accelsius entered into an amended and restated agreement with a certain MNC. The amended agreement modifies several terms and notably (a) eliminates revenue-based royalty payments, (b) extends the due dates for fixed installment payments, (c) modifies and reduces the buy-out fee payable to the MNC in lieu of future installment payments upon certain events such as an assignment of the agreement or a capital event

(including a change of control or initial public offering), at the option of either the MNC or Accelsius, and (d) eliminates Accelsius’s ability to unilaterally terminate the agreement upon the occurrence of certain events (other than a material breach) and provides the MNC with certain limited information rights related to the equity ownership of Accelsius.

Under the terms of the agreements, the Company is required to make fixed installment payments, as disclosed below, for each year of the agreement through December 31, 2040.


Years Ending December 31,			Amount
2025 (excluding the first six months of fiscal year 2025)			$700
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,075

License and Royalty Commitments

On December 12, 2024, the Company entered into a license agreement with a third party to obtain exclusive rights to use certain know-how, patents, and data relating to processes for the gasification of plastic waste (the “Gasification Technology”). Ownership of the Gasification Technology will transfer to the Company for a fee of $500 contingent upon achievement of a commercial milestone, which is not yet probable.

The Company is committed to pay a semi-annual fee of $65 until ownership transfers or the Gasification Technology is no longer licensed, which is accrued on a monthly basis. During the three and six months ended June 30, 2025 (Successor), $65 and $33, respectively, related to the Gasification Technology was recognized within General and administrative expense in the condensed consolidated statements of operations and comprehensive income (loss).

The Company is committed to pay annual royalties based on Refinity-related gross sales and licensing revenue starting in 2025. For the three and six months ended June 30, 2025 (Successor), no royalty payments were made to the third party.

Framework Agreement

On January 22, 2025, Refinity entered into the Framework Agreement (“Framework Agreement”) with a third party to obtain research services focusing on the further development and optimization of the Gasification Technology.

Refinity agreed to pay a minimum fee of €2,000 for the period beginning January 22, 2025 and ending April 30, 2026 (“Year 1”), and €3,000 for the period beginning May 1, 2026 and ending April 30, 2027 (“Year 2”); provided that, if the third party is unable to provide all of the services contemplated to be provided during Year 1 due to its resource constrains, any unused portion of the minimum fee for Year 1 will be deferred to Year 2 and added to the Year 2 minimum fee. Expenses for services from contracts under the Framework Agreement are recognized as incurred and are applied to the minimum fee. During the three and six months ended June 30, 2025 (Successor), Refinity incurred €425 and €516, respectively, of service expenses toward the Year 1 minimum fee. After currency conversion, Refinity incurred $526 and $619, respectively, toward the Year 1 minimum fee during the three and six months ended June 30, 2025 (Successor). Additionally, during the three and six months ended June 30, 2025 (Successor), Refinity made payments of $302 on costs incurred as a part of the Year 1 minimum fee.

Note 19. Commitments and Contingencies

PCT Guaranty

On April 22, 2020, the Company entered into a guaranty with a counterparty to unconditionally guarantee PCT’s obligation to reimburse a $5,000 pre-payment upon PCT’s failure to meet certain performance thresholds. Performance thresholds include the commission and construction of a plant. The guaranty has no expiration. The total amount paid by the Company under the guaranty is $0 and total interest paid is $0. As of December 31, 2024 and 2023, there was no principal outstanding under the guaranty.

Patent Agreement Contingent Fees

Under the terms of the agreements, the Company is required to make minimum installment payments, as disclosed below, for each year of the agreement through February 1, 2040. Each installment payment shall be credited towards and set off against any royalty payments (described below) which may become due. As such, these installment payments serve as minimum amounts due to the MNC each calendar year.

Minimum royalties included in Patent installment payables on the consolidated balance sheets are due as follows:


Years Ending December 31,			Amount
2025			$1,225
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,600

The Company is committed to make royalty payments on direct revenue generated from the subject technology and indirect revenue generated including additional incentives based on the volume of units sold at percentage rates in the single digits to mid-teens as defined within the respective agreement. Each year the Company will pay such royalties at the higher of: (i) the minimum amount due (noted in the table above) and (ii) the royalty calculated amount based on revenue and units sold.

License and Royalty Commitments

On December 12, 2024, the Company entered into a license agreement (the “Technology License”) with a third party to obtain exclusive rights to use certain know-how, patents, and data relating to processes for the gasification of plastic waste (the “Technology”). Ownership of the Technology will transfer to the Company for a fee of $500 contingent upon achievement of a commercial milestone, which is not yet probable.

The Company incurred a nonrefundable upfront fee of $500 under the Technology License, which is immediately expensed as incurred on December 12, 2024 and presented as an expense in the consolidated statements of operations and comprehensive income (loss) for the period ended December 31, 2024. Additionally, the Company committed to pay a semi-annual fee of $65 until ownership transfers or the Technology is no longer licensed, which is accrued on a monthly basis. During the Successor period from October 2, 2024 through December 31, 2024, $11 was recognized within General and administrative expense in the consolidated statements of operations and comprehensive income (loss).

Under the Technology License, the Company is committed to pay annual royalties based on Refinity related gross sales and licensing revenue starting in 2025. As of December 31, 2024, no royalty payments were made to the third party.

Accounting Policies (FY)	6 Months Ended	12 Months Ended
Accounting Policies (FY)	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Accounting Policies	Note 2. Accounting Policies Basis of Presentation These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s most recent annual audited consolidated financial statements and notes thereto. These condensed consolidated financial statements have been prepared in accordance with the instructions for the Securities and Exchange Commission’s (“SEC’s”) Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations of the SEC, although the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. We use the same accounting policies in preparing quarterly and annual financial statements. During the six months ended June 30, 2025 (Successor), we identified an error and recorded an immaterial out of period adjustment of $12,448 to correct an overstatement of Additional paid-in capital, an immaterial out of period adjustment of $4,468 to correct understatement of Net loss attributable to Innventure, Inc. stockholders and an immaterial out of period adjustment of $16,915 to correct an understatement of Non-controlling interest. The impact of the adjustments are not material to the condensed consolidated financial statements for any interim or annual periods prior to June 30, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in the Non-controlling interest issued and related transfers within the condensed consolidated statements of changes in mezzanine and stockholders’ equity (deficit) and the adjustment related to Net loss attributable to Innventure, Inc. within Comprehensive loss attributable to Non-redeemable non-controlling interest on the condensed consolidated statements of operations and comprehensive income (loss). Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net loss as previously reported. Going Concern As of June 30, 2025, the Company had cash balance of $6,965, a restricted cash balance of $5,000, accumulated deficit of $305,512 and a working capital deficit of $51,188. During the three and six months ended June 30, 2025 (Successor), the Company incurred a net loss of $141,275 and $394,949, respectively. We have experienced recurring losses from operations and negative cash flows from operating activities. In addition, we continue to have an ongoing need to raise significant additional cash from outside sources to sustain our operations and fund our growth plans. In connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about our ability to continue as a going concern within one year after the date of the condensed consolidated financial statements included in Item 1. of this Form 10-Q. If we are unable to obtain adequate capital from public or private equity or debt financing (including the SEPA), or otherwise generate sufficient revenues from our Operating Companies to support our cost structure within the normal operating cycle of a twelve (12) month period, we may have to implement cost reduction measures or adjust the timing or scope of certain operations at Innventure or certain Innventure Companies, in part or in full, to help manage liquidity. If we raise additional funds through the issuance of additional debt or equity securities, it could result in substantial dilution to our existing stockholders and increased fixed payment obligations, and these securities may have rights senior to those of our common stock, $0.0001 par value per share (“Common Stock”). See “Item 1A. Risk Factors—Risks Related to Innventure’s Business—There is uncertainty regarding Innventure’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt about its ability to continue as a going concern.” in our 2024 Annual Report. We can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to us, if at all. If subsequent capital raises or revenues from operations at the Innventure Companies are insufficient to bridge financial and liquidity shortfalls (or both), there would likely be a material adverse effect on our business and financial condition that would materially adversely affect our ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date of the accompanying condensed consolidated financial statements are issued; however, the above conditions raise substantial doubt about the Company’s ability to do so. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will improve our operating results. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 17. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments but does not anticipate the adoption of the new guidance will have a material impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its condensed consolidated financial statements.	Note 2. Accounting Policies Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The Successor consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Predecessor consolidated financial statements include all amounts of Innventure LLC and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net income as previously reported. Going Concern As of December 31, 2024, the Company had cash balance of $11,119, accumulated deficit of $78,262 and a working capital deficit of $45,061. During the year ended December 31, 2024, the Company incurred a net loss of $70,093 for the Successor period from October 2, 2024 through December 31, 2024 and $28,198 for Predecessor period from January 1, 2024 through October 1, 2024. Management believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will need additional capital or debt financing to proceed with its business plans. Additionally, the future value of investments held is unpredictable and subject to market events outside of the Company’s control. Subsequent to December 31, 2024, the Company secured additional gross proceeds of $925 through Common Stock issuances as part of the Company’s Standby Equity Purchase Agreement. The Company entered into preferred stock purchase agreements (each, a “Series C Purchase Agreement”, and collectively, the “Series C Purchase Agreements”) on March 24, 2025 to receive gross proceeds of $2,750. Additionally, the Company converted Related party notes into Series C equity, with aggregate principal of $14,000, as discussed in Note 5. Borrowings. The conversion was not determined to be a trouble debt restructuring. Further, the Company entered into a financing agreement on March 25, 2025 to receive up to $30,000 in exchange for convertible debentures, contingent upon certain reporting requirements. For further details on these events, refer to Note 21. Subsequent Events. In connection with the Company’s assessment of going concern considerations, management has determined that in order to maintain its current level of operations, the Company will require additional working capital from cash flows from operations, the sale of its capital and/or issuance of debt. The Company intends to obtain additional financing in the future to proceed with its business plans. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date of the accompanying consolidated financial statements are issued; however, the above conditions raise substantial doubt about the Company’s ability to do so. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will improve our operating results. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Fair Value Measurements The Company measures the fair value of assets and liabilities on a recurring and nonrecurring basis according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Investments Equity Method Investments Equity method investments are investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The carrying value of our equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss, less distributions received. For investments where the specified allocations of income or loss are different from the allocation of cash from operations and on liquidation, the Company utilizes the hypothetical liquidation book value method to allocate income or loss from the equity method investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Cash distributions received as a result of the Company’s share of cumulative earnings are classified as operating activities. Cash distributions, if any, received that are in excess of the Company’s share of cumulative earnings or losses are classified as investing activities. Exchange-traded Investments Exchange-traded equity investments are generally carried at fair value on the consolidated balance sheets with changes in the fair value recorded through net income (“FVTNI”) within non-operating income (expense). Variable Interest and Voting Interest Entities The Company performs an analysis of its investments to determine if they are either a Variable Interest Entity (“VIE”) or a Voting Interest Entity (“VOE”). Factors considered in this analysis include the entity’s legal organization; the entity’s capital structure and sufficiency of equity at risk; the rights of equity investment holders; the Company’s contractual involvement with, and economic interest in, the entity; and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. If the Company is not deemed to be the PB of a VIE, the Company accounts for the investment or other variable interests in a VIE as either an equity method investment or other investment, as applicable. VOEs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as changes in the investment or the governance structure), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or VOE, and when applicable, whether the Company continues to qualify as the PB of a VIE. Refer to Note 3. Investments for further discussion on investments in VIEs. Impairments of Investments Management periodically assesses equity method investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of operations and comprehensive income (loss). Impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. Available-for-Sale Investments Available-for-sale (“AFS”) debt securities are generally reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss which is included within stockholders’ deficit. AFS debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses on AFS debt securities are recognized as a charge in other loss on our consolidated statements of income, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in stockholders’ equity. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents primarily consist of cash, money market funds and short-term highly liquid investments with original maturities of three months or less. The Company has concentrated credit risk for cash and cash equivalents by maintaining deposits in banks, which may, at times, exceed amounts covered by insurance provided by the US Federal Deposit Insurance Corporation and management continues to monitor the financial condition of the major financial institutions where these funds are held. Cash that is restricted and not available for general operations is considered restricted cash. The Company’s restricted cash is related to cash received through the Company’s Class B Preferred Units capital raise and held in escrow prior to finalization of the Class B Preferred Units investment. As of December 31, 2024 and 2023, the Company had restricted cash related to the capital raise of $— and $100, respectively. Additionally, the Company maintains certain compensating balances that may be withdrawn, but the availability of short-term lines of credit is dependent upon the maintenance of such compensating balances. As of December 31, 2024 and 2023, the Company had compensating balances of $100 and $300, respectively. Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. The Company depreciates the cost of property, plant and equipment using the straight-line method with depreciable lives of 10 years for Machinery & equipment, 3 years for Computers & office equipment and the lesser of useful life or lease terms for Leasehold improvements. The Company expenses normal maintenance and repair costs as incurred. Impairment of Long-Lived Assets The Company assesses its property, plant and equipment and other long lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. In the event such an asset is considered impaired, the impairment to be recognized is measured by the amount by which the carrying value of the asset exceeds the estimated fair value of the asset. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is depreciated over the revised useful life. Assets to be disposed of are reported at the lower of the carrying value of estimated fair value less estimated costs to sell. Intangible Assets Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or other changes in circumstances indicate that the carrying amount may not be recoverable. If required, recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining estimated useful lives. If such assets are considered to be impaired, the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their estimated fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. Goodwill Goodwill reflects the excess purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is evaluated for impairment annually, or more frequently if circumstances indicate a possible impairment. The Company compares the fair value of its reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of its reporting unit, the Company would record an impairment loss equal to the difference. The Company operates in one operating segment which the Company considers to be its only reporting unit. There were no impairments of goodwill recognized for the year ended December 31, 2024. Stock and Warrants Stock may be classified as a liability, temporary capital (i.e., mezzanine capital) or permanent stockholders’ equity. In order to determine the appropriate classification, an evaluation of the cash redemption and other features is required. Where there exists an absolute right of redemption presently or in the future, the units in question would be classified as a liability. If units are contingently redeemable upon the occurrence of an event that is outside of the issuer’s control, the units are classified as mezzanine capital. The probability that the redemption event will occur is irrelevant. If no redemption features exist, or if a contingent redemption feature is within the Company’s control, the capital unit would be considered permanent stockholders’ equity. The Company accounts for warrants to acquire stock as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. In order to determine the appropriate classification, consideration is given as to whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions. This assessment requires the use of judgement and is conducted at the time of warrant issuance and as of each reconsideration and balance sheet date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for stockholders’ equity classification, the warrants are recorded as a component of additional paid-in capital at fair value at the time of issuance. For issued or modified warrants that do not meet all of the criteria for stockholders’ equity classification, the warrants are recorded as a liability at their initial fair value on the date of issuance and remeasured at fair value as of each reconsideration and balance sheet date thereafter. The change in fair value is recognized in the Company’s consolidated statements of operations and comprehensive income (loss). Revenue Recognition The Company’s product sales arrangements contain performance obligations satisfied at a point in time when control of the product transfers to the customer, based on the contractual terms. This typically occurs when title and risk and rewards of ownership have transferred to the customer. Revenue is recorded net of sales taxes, discounts, and expected returns. Sales discounts and other incentives are treated as variable consideration when estimating the revenue to be recognized. The Company earns management fees, consulting revenue and carried interest allocations from investment advisory services it provides to its customers. The Company considers the investment advisory services represent a single performance obligation. Management fees, generally 1-2% of capital committed to the ESG Fund I, L.P. (the “ESG Fund”), are recognized over time using the time-elapsed method, resulting in straight-line revenue recognition over the performance period. These fees are calculated and paid quarterly in advance based on the capital commitments at the start of each quarter. Management fees are considered variable consideration but are typically fully recognized at the end of each reporting period as they are not subject to clawback. Carried interest allocations, typically 10-20%, are recognized based on cumulative fund performance and are subject to achieving minimum return levels, usually 8%. These allocations are considered variable consideration and are recognized when a significant reversal is no longer probable. Stock-Based Compensation The Company participates in multiple stock-based compensation plans which are further discussed in Note 14. Stock-based Compensation. The fair value of stock-based awards is measured on the grant date of the award and recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. Service-based awards vest over the period defined in each individual grant agreement. For equity awards with a graded vesting schedule, compensation cost is recognized on a straight-line basis over the requisite service period of the entire award. Expense related to grants of stock-based awards is included in the respective expense category in which the employee serves in the consolidated statements of operations and comprehensive income (loss). The Company recognizes forfeitures as they occur. Income Taxes Prior to the Business Combination, Innventure LLC qualified as a partnership for federal income tax purposes that consolidated financial results with corporate subsidiaries within the financial statements. Consequently, federal income taxes were not payable or provided by Innventure LLC but various corporate subsidiaries were subject to corporate federal, state, and local taxes. There was no federal income tax recorded by Innventure LLC for the year ended December 31, 2023, but corporate income taxes were recorded for the period from January 1, 2024 through October 1, 2024. On October 2, 2024, the Business Combination occurred which merged Innventure LLC into Innventure Merger Sub, LLC, a wholly owned subsidiary of the Company. The Company became a publicly traded entity and is being taxed as a corporation. The Company accounts for income taxes pursuant to the asset and liability method of ASC 740, Income Taxes, which requires the recognition of current tax liabilities or receivables for the amount of taxes that are estimated as payable or refundable for the current year, and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The Company follows the provisions of ASC 740-10 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10 prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740-10. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. As of December 31, 2024 and 2023, no liability for unrecognized tax benefits was required to be reported. The Company does not expect any significant changes in unrecognized tax benefits in the next year. Recently Adopted Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions should not be considered in measuring the fair value of equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods therein, with early adoption permitted. The Company adopted this ASU on January 1, 2024, and the adoption did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 20. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements.

Stockholders' Equity (FY) (Details) $ / shares in Units, $ in Thousands					1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended	18 Months Ended
	Dec. 30, 2024 USD ($) shares	Dec. 24, 2024 USD ($) shares	Oct. 22, 2024 USD ($) $ / shares shares	Oct. 02, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2023 USD ($) $ / shares	Jun. 30, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) day vote $ / shares shares	Jun. 30, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) day vote $ / shares shares	Mar. 24, 2025 shares	Oct. 01, 2024 $ / shares shares
Class of Stock [Line Items]
Preferred stock, authorized (in shares)							25,000,000	25,000,000	25,000,000	25,000,000		25,000,000
Preferred stock, par value (in usd per share) \| $ / shares							$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Obligation to issue equity \| $					$ 0		$ 52	$ 4,158	$ 52	$ 4,158
Common stock, authorized (in shares)							250,000,000	250,000,000	250,000,000	250,000,000		250,000,000
Common stock, par value (in usd per share) \| $ / shares							$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Number of votes per share \| vote							1	1	1	1
Common stock, issued (in shares)							55,221,494	44,597,154	55,221,494	44,597,154		43,589,850
Common stock, outstanding (in shares)							55,221,494	44,597,154	55,221,494	44,597,154		43,589,850
Financial advisory services, cash success fee \| $						$ 600
Innventure LLC
Class of Stock [Line Items]
Contingent consideration (in shares)												5,000,000
Sponsor
Class of Stock [Line Items]
Stock issued under Sponsor Support Agreement (in shares)				5,000,000
Stock issued (in shares)				2,775,172
Stock issued, subject to forfeiture (in shares)				1,880,000
Stock subject to forfeiture (in shares)								587,995		587,995
Stock not subject to forfeiture (in shares)								1,292,005		1,292,005
Sponsor \| Innventure LLC
Class of Stock [Line Items]
Contingent consideration (in shares)												344,828
Financial Advisor
Class of Stock [Line Items]
Stock issued for services \| $					$ 441
Stock issued for services (in usd per share) \| $ / shares					$ 10.87
Stock issued for services (in shares)					40,552
WTI Lender
Class of Stock [Line Items]
Right to sell common stock, stock price, daily volume weighted average price, period			5 days
Stock issued for services \| $			$ 500
Stock issued for services (in usd per share) \| $ / shares			$ 11.13
Stock issued for services (in shares)			44,919
Standby Equity Purchase Agreement
Class of Stock [Line Items]
Stock issuance (in shares)	75,000	60,000					0		73,993	135,000
Amount received from stock issuance \| $	$ 965	$ 770					$ 0		$ 931	$ 1,735
Common stock, par value (in usd per share) \| $ / shares						$ 0.0001
Right to sell common stock, maximum amount \| $						$ 75,000
Right to sell common stock, term						3 years
Right to sell common stock, structuring fee \| $						$ 25
Right to sell common stock, commitment fee \| $						375
Right to sell common stock, advance amount \| $						$ 10,000
Right to sell common stock, trading day period						5 days
Right to sell common stock, stock price, percent of daily volume weighted average price						95.00%
Right to sell common stock, stock price, percent of lowest daily volume weighted average price						97.00%
Right to sell common stock, stock price, lowest daily volume weighted average price, period						3 days
Series B preferred shares
Class of Stock [Line Items]
Preferred stock, authorized (in shares)							3,000,000	3,000,000	3,000,000	3,000,000		3,000,000
Preferred stock, par value (in usd per share) \| $ / shares							$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Stock issuance (in shares)				1,102,000
Stock issuance price (in usd per share) \| $ / shares												$ 10
Amount received from stock issuance \| $				$ 11,020
Preferred stock, mandatory conversion, term										5 years
Preferred stock, conversion rate, numerator (in usd per share) \| $ / shares								10		$ 10
Preferred stock, conversion rate, denominator (in usd per share) \| $ / shares								12.5		12.5
Preferred stock, conversion rate, reset conversion price (in usd per share) \| $ / shares								$ 5		$ 5
Preferred stock, conversion rate, reset conversion price, volume weighted average price, number of consecutive trading days \| day								10		10
Voting, number of votes, numerator for calculation (in usd per share) \| $ / shares								$ 10		$ 10
Voting power limit percentage								19.99%		19.99%
Preferred stock dividend percentage								8.00%	8.00%
Preferred stock, original issue price (in usd per share) \| $ / shares								$ 10		$ 10
Obligation to issue equity \| $							$ 20	$ 217	$ 20	$ 217
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)							5,000,000	5,000,000	5,000,000	5,000,000
Preferred stock, par value (in usd per share) \| $ / shares						$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock dividend percentage									8.00%
Preferred stock, original issue price (in usd per share) \| $ / shares						$ 10
Obligation to issue equity \| $							$ 32		$ 32
Stock issued for services (in shares)											300,000
Financial advisory services, equity success fee \| $						$ 3,000
Financial advisory services, stock issuable (in shares)								300,000		300,000

Fair Value - Changes in Fair Value of Level 3 Derivative Liabilities (Q2) (Details) - Embedded derivative liability - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0	$ 0	$ 1,994	$ 1,994	$ 1,641
Additions	0	1,774		0	1,119
Settlement	0	0	(2,472)	(2,472)
Change in fair value	0	22	478	478	(766)
Ending balance	$ 0	$ 1,796	$ 0	$ 0	$ 1,994

Subsequent Events (FY)	6 Months Ended	12 Months Ended
Subsequent Events (FY)	Jun. 30, 2025	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 18. Subsequent Events In connection with the preparation of the condensed consolidated financial statements and related disclosures for the period ended June 30, 2025, management has evaluated events through August 14, 2025, which is the date the condensed consolidated financial statements were available to be issued. Events occurring after June 30, 2025 are: In July and August 2025, pursuant to the SEPA, the Company issued a total of 471,812 shares of Common Stock to Yorkville as repayments towards the Convertible Debentures referenced in Note 5. Borrowings. The repayments totaled $2,500, comprised of a principal amount of $2,381 and an $119 payment premium on the Convertible Debentures. On July 1, 2025, the Company entered into a Term Convertible Note with a related party for a principal amount of $5,000, on substantially the same terms and conditions as the Term Convertible Notes referenced in Note 5. Borrowings, including the maturity and interest rate. On July 19, 2025, the Company amended and restated the Accelsius Subsidiary Equity Plan. The Class C units available to be issued under the Accelsius Subsidiary Equity Plan was increased to 4,565,000. On July 21, 2025, the Company authorized the issuance of an additional 915,000 Class C Units under the Accelsius Subsidiary Equity Plan. In July and August 2025, the Company issued an aggregate 5,000 shares of Common Stock to a third party for services in respect of public relations and investor communications. On August 12, 2025, Accelsius entered into unsecured convertible promissory notes with two parties, for an aggregate principal amount of $2,100. The unsecured convertible promissory notes bear interest at the rate of 6.5% per annum on the principal amount and is repayable on demand by the lenders on or after the two-year anniversary of the issuance date. However, the unsecured convertible promissory notes are subordinated in right of payment to the prior payment in full in cash or conversion, as applicable, of the WTI Facility, the Convertible Debentures, the Term Convertible Notes, the Related Party Convertible Notes and the indebtedness of Accelsius owed to Innventure LLC (together, the “Senior Indebtedness”) referenced in Note 5. Borrowings. Although the Company has the right to prepay these notes at any time without premium or penalty, the lenders will not demand repayment, and the Company will not repay the amounts due under these notes as long as any portion of the Senior Indebtedness remains outstanding. The unsecured convertible promissory notes are automatically convertible, after the first future preferred equity issuance by Accelsius, raising at least $5,000 in gross cash proceeds from unaffiliated investors (the “Next Funding Round”), into the units of the same series sold in the Next Funding Round at a price per unit equal to 80% of the price per unit in such Next Funding Round. Concurrently with the conversion, the Company will issue warrants to the lenders exercisable for Accelsius’ units of the same series sold in the Next Funding Round. These warrants will be exercisable for 0.5 units for every 1 unit that is issued as part of the conversion. The exercise price for the warrants will be set at 120% of the price the units in the Next Funding Round are sold. On August 14, 2025, the Board approved the accelerated vesting of 46,875 unvested Class C units, which were granted to a related party in 2024 pursuant to the Accelsius Subsidiary Equity Plan. The Company recognized the remaining stock-based compensation expense of $189 based on the acceleration.	Note 21. Subsequent Events In connection with the preparation of the consolidated financial statements and related disclosures for the period ended December 31, 2024, management has evaluated events through April 14, 2025, which is the date the consolidated financial statements were available to be issued. Events occurring after December 31, 2024 are: The Company sold 422,999 of Accelsius Series A Units for aggregate proceeds of approximately $5,150. This amount will be reflected in non-controlling interests in the consolidated statements of changes in stockholders’ equity (deficit) in future periods. As part of the term loan agreement with AeroFlexx, AeroFlexx did not raise equity financing up to the target amount by January 1, 2025 as discussed in Note 3. Investments. Therefore, on January 2, 2025, $7,250 of outstanding principal and accrued interest was subject to mandatory conversion. Using the price per unit of $6.83, the Company obtained 1,060,747 Class D preferred units through the mandatory conversion. Based on the increase of Class D preferred units, the Company’s updated ownership percentage in AeroFlexx is 38%. On January 7, 2025, the VWAP Completion Event, as discussed in Note 10. Earnout Shares, occurred and 344,828 Sponsor Earnout Shares vested and were no longer subject to contingencies. As part of the Company’s SEPA with Yorkville, on January 7, 2025, the Company sold 50,000 shares of Common Stock to Yorkville for aggregate proceeds of approximately $633. On January 22, 2025, the Company issued and sold 4,617 Common Shares for aggregate proceeds of approximately $57. On January 30, 2025, the Company issued and sold 19,376 Common Shares for aggregate proceeds of approximately $235. The remaining shares that could be sold to Yorkville are 4,209,314. The Board determined that as of January 8, 2025, the creation of Refinity, a consolidated subsidiary of the Company, satisfied the vesting condition applicable to Milestone 2 of the Company Earnout Shares. As such, 2,000,000 shares of common stock were issued on February 4, 2025 as a result of the satisfaction of the Milestone. On January 22, 2025, Refinity entered into a framework agreement with a third party for research services focusing on the further development and optimization of licensed technology, as well as the enhancement and improvement of plastic recycling through pyrolysis. As part of this agreement, Refinity has agreed to pay a minimum fee of €5,000 during the period beginning May 1, 2025, and ending April 30, 2027, with the stipulation that €2,000 be paid in the first 12-month period and €3,000 in the second 12-month period. On February 1, 2025, the Company entered into a consulting agreement with a third party for services in respect of public relations and investor communications. The agreement includes monthly compensation of 2,500 shares of the Company’s common stock issued each month services are provided. The initial term of the agreement is for one year and may be terminated by either party upon seven days’ notice. On February 3, 2025, and February 27, 2025, two of the Company’s Series 1 Promissory Notes, discussed in Note 5. Borrowings, matured in an aggregate amount of $300 and were paid as they became due. On February 3, 2025, the Company issued 85,471 shares of Common Stock for financial advisory and investment banking services rendered. On February 26, 2025, the Company entered into two Nonqualified Stock Option Agreements, which granted 140,000 nonqualified option rights (the “Option”) to two individuals, pursuant to the terms of the Plan. According to the Nonqualified Stock Option Agreements, and subject to the terms and conditions of the Nonqualified Stock Option Agreements and the Plan, upon vesting of the Options, the holders will have the option to purchase Common Stock of the Company, at an exercise price of $8.84 per share (which is equal to the Fair Market Value of the stock on the grant date). The Options have a term of ten years and will vest and become exercisable with respect to 25% of the shares of Common Stock underlying the Option on February 26, 2026 and 75% of the shares of Common Stock underlying the Option in eight substantially equal installments on each three-month anniversary thereafter. On March 19, 2025, the Company distributed 21,808 shares of Series B Preferred Stock to represent $218 in cumulative dividends for Series B Preferred Stock, covering the period from the initial issue date, as defined in the Certificate of Designation, to December 31, 2024, as a payment in kind at the specified rate. This action follows the terms outlined in the Certificate of Designation dated October 2, 2024, with a record date for the dividend set for March 5, 2025. Approved by the Board of Directors, this dividend payment is in accordance with the Investment Agreement dated September 27, 2024. On March 20, 2025, the Company converted and repaid the $14,000 aggregate principal of Related party notes, as discussed in Note 5. Borrowings. The Company issued 1,732,554 of Series C Preferred Stock and paid $375 to the respective parties to settle the Related party notes. Additionally, the Company issued 578,294 of Series C Preferred Stock to settle outstanding debt for AeroFlexx. On March 24, 2025, the Company entered into the Series C Purchase Agreements with certain purchasers (the “Purchasers”), pursuant to which the Company agreed to issue and sell to the Purchasers an aggregate of up to 275,000 shares of Series C Preferred Stock in a private placement, at a price of $10.00 per share of Series C Preferred Stock, resulting in an aggregate purchase price of approximately $2,750 before deducting fees and other estimated offering expenses. These shares are issued with an 8.0% annual cumulative dividend, a mandatory conversion to Common Stock five years after issuance, and an optional conversion, at the election of the holder, at any time prior to the Maturity Date upon the effectiveness of a registration statement by the Company registering the underlying shares of Common Stock issuable upon conversion. In connection with the Series C Purchase Agreements, the Company received an aggregate amount of $1,500 in advanced funds. In consideration of these funds, the Company issued 150,000 shares of Series C Preferred Stock to the respective parties. On March 24, 2025, the Company issued an aggregate of 300,000 shares of Series C Preferred Stock for financial advisory and merchant banking services rendered. On March 25, 2025, the Company entered into a securities purchase agreement related to the issuance and sale of convertible debentures (“Convertible Debentures”) with an aggregate principal amount of up to $30,000. These Convertible Debentures will be convertible into shares of the Company’s Common Stock (as converted, the “Conversion Shares”). On the first business day after certain closing conditions are met, including the timely filing of this Form 10-K, the Company will issue $20,000 in aggregate principal amount of Convertible Debentures (the “First Closing Date”). Additionally, the Company will issue an additional $10,000 in aggregate principal amount of Convertible Debentures after both (i) the registration statement filed with the SEC registering the resale of the Conversion Shares is declared effective by the SEC, and (ii) the Company receives stockholder approval. The Convertible Debentures will not bear interest unless an event of default occurs, in which case they will bear interest at an annual rate of 18%. They will mature 15 months after the First Closing Date and can be converted into shares of the Company’s Common Stock at a conversion price to be determined. These Convertible Debentures were issued at an original issue discount of 10%. In connection with this agreement, the Company agreed to issue warrants to purchase up to 300,000 shares of Common Stock to the WTI Lenders. These warrants serve as consideration for the WTI Lenders’ consent to the transaction. The warrants have an exercise price of $0.01 per share and are exercisable until March 31, 2035, with additional customary rights and protections.

Share-based Compensation - Schedule of SARs Activity (FY) (Details)		1 Months Ended
	Dec. 09, 2024 $ / shares shares	Dec. 31, 2024 $ / shares shares
Weighted Average Grant Date Fair Value (per share)
Outstanding (in usd per share)		$ 6.63
Cash-settled SARs
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares) \| shares	30,000
Vested (in shares) \| shares		0
Exercised (in shares) \| shares		0
Forfeited (in shares) \| shares		0
Non-vested (in shares) \| shares		30,000
Exercisable (in shares) \| shares		0
Weighted Average Exercise Price
Granted (in usd per share)	$ 12.18
Vested (in usd per share)		$ 0
Exercised (in usd per share)		0
Forfeited (in usd per share)		0
Outstanding (in usd per share)		12.18
Exercisable (in usd per share)		0
Weighted Average Grant Date Fair Value (per share)
Granted (in usd per share)	$ 38.66
Vested (in usd per share)		0
Exercised (in usd per share)		0
Forfeited (in usd per share)		0
Outstanding (in usd per share)		38.66
Exercisable (in usd per share)		$ 0
Stock-settled SARs
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares) \| shares	320,000
Vested (in shares) \| shares		0
Exercised (in shares) \| shares		0
Forfeited (in shares) \| shares		0
Non-vested (in shares) \| shares		320,000
Exercisable (in shares) \| shares		0
Weighted Average Exercise Price
Granted (in usd per share)	$ 12.18
Vested (in usd per share)		$ 0
Exercised (in usd per share)		0
Forfeited (in usd per share)		0
Outstanding (in usd per share)		12.18
Exercisable (in usd per share)		0
Weighted Average Grant Date Fair Value (per share)
Granted (in usd per share)	$ 38.66
Vested (in usd per share)		0
Exercised (in usd per share)		0
Forfeited (in usd per share)		0
Outstanding (in usd per share)		38.66
Exercisable (in usd per share)		$ 0

Investments (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Investments

Note 3. Investments

Equity-method investments

ESG Fund

The Innventus ESG Fund I, L.P. (the “ESG Fund”) is an investment company that follows a specialized basis of accounting established by GAAP. The Company’s general partnership interest in the ESG Fund is substantially illiquid. While the ESG Fund’s holdings are accounted for at fair value, the equity-method investment in the ESG Fund is adjusted to reflect the fair value of the underlying investments of the ESG Fund as of June 30, 2025 and December 31, 2024. The fair value of the underlying investments in the ESG Fund is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments.

AeroFlexx

The Company held a 37% and 34% equity method investment interest in AeroFlexx as of June 30, 2025 and December 31, 2024, respectively.

Investment in debt securities - Available for Sale (“AFS”)

On July 1, 2024, the Company entered into a loan agreement with AeroFlexx under which the Company will lend up to $10,000 to AeroFlexx.

The term loans and any unpaid accrued interest are required to be repaid by the maturity date, which is the earlier of (i) December 31, 2026 or (ii) the date of the sale, transfer or other disposition of all AeroFlexx’s assets or AeroFlexx’s stock. After any full or partial repayment of the term loans, AeroFlexx may borrow additional funds up to the $10,000 limit until the maturity date. The loans bear interest at the applicable federal rate published by the Internal Revenue Service and is adjusted on a quarterly basis.

The Company has an option to convert the outstanding principal amount of the term loans and any unpaid accrued interest into shares or units in connection with the next issuance of equity securities by AeroFlexx, at a price equal to 100% of the price per share or unit and on the same terms and conditions as applicable to such issuance.

During 2024, the Company lent AeroFlexx the entire $10,000 principal balance under this agreement. As of January 1, 2025, AeroFlexx was unable to raise any additional equity financing; therefore, the outstanding principal and unpaid accrued interest with an amount equal to the equity deficit of $7,250 was automatically converted into Class D preferred units of AeroFlexx at the price of $6.83 per share in accordance with the loan agreement. Upon conversion, a realized gain of $1,507 was recognized for the six months ended June 30, 2025 (Successor) and is included in non-operating income in the condensed consolidated statements of operations and comprehensive income (loss).

During the three months ended June 30, 2025 (Successor), $371 was drawn down by AeroFlexx under the term loan. During the six months ended June 30, 2025 (Successor), $4,375 was reclassified from Due from related parties under the term loan and $2,708 was drawn down by AeroFlexx under the term loan. The total balance drawn as of June 30, 2025 was $10,000.

The Company accounted for the loans as an investment in debt securities and classified them as available for sale debt securities. Based on the AFS classification, the Company records this investment at fair value at each reporting date and as such recorded the changes in fair value of these loans (including the adjustment to fair value at inception date) in Other comprehensive income (“OCI”).

As the contractual maturity of the loan is December 31, 2026, it is included in the non-current line item Investments of the condensed consolidated balance sheets. The increase of $189 and decrease of $691 in fair value of this investment in debt securities for the three and six months ended June 30, 2025 (Successor), respectively, is included as Unrealized gain (loss) on available for sale debt securities - related party in the condensed consolidated statements of operations and comprehensive income (loss).

Additionally, the Company’s carrying amount and maximum exposure relating to AeroFlexx advances and other receivables were $3,897 and $4,472 as of June 30, 2025 and December 31, 2024, included in Due from related parties on the condensed consolidated balance sheets.

Note 3. Investments


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Equity-method investments	$17,547	$4,482
Exchange-traded investments at fair value	—	9,685
Investment in debt securities - AFS	11,187	—
Total Investments	$28,734	$14,167

Equity-method investments

ESG Fund

During the Predecessor period, the Company’s equity-method investment in the ESG Fund reflects the Company’s general partner interest which represents approximately 5% of the ESG Fund’s total capital commitments and limited partner interests which were received in exchange for shares of Innventure LLC and Accelsius Holdings LLC prior to October 1, 2024. As of December 31, 2024, the Company’s equity-method investment in the ESG Fund solely reflects interests held by the Company as a limited partner due to the deconsolidation of certain SILOs as further discussed in Note 8. The Predecessor period general partner interest is not consolidated because the ESG Fund is not considered a VIE and the Company does not hold a controlling financial interest in the ESG Fund under the VOE model. The ESG Fund is an investment company that follows a specialized basis of accounting established by GAAP. The Company’s partnership interests in the ESG Fund are substantially illiquid. While the ESG Fund’s holdings are accounted for at fair value, the equity-method investment in the ESG Fund is adjusted to reflect the fair value of the underlying investments of the ESG Fund as of December 31, 2024 and 2023. The fair value of the underlying investments in the ESG Fund is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments.

AeroFlexx

The Company determined that AeroFlexx has insufficient equity at risk to fund its operations, as of December 31, 2024 and therefore will meet the definition of a VIE. The Company does not have power to direct AeroFlexx’s operations. AeroFlexx’s core operations are not closely associated with the Company and it was not created specifically to provide substantially all benefits to Innventure. Therefore, the Company is not considered the primary beneficiary and does not consolidate AeroFlexx as a VIE. The Company accounts for its investments in AeroFlexx under the equity method and held a 34% and 31%interest in AeroFlexx as of December 31, 2024 and 2023, respectively.

The Company’s carrying amounts and maximum exposure relating to AeroFlexx, were as follows:


	Successor		Predecessor
	December 31, 2024		December 31, 2023
Asset type	Carrying Amount	Maximum Exposure to Loss	Carrying Amount	Maximum Exposure to Loss
Equity method investment in AeroFlexx	$16,930	$16,930	$1,570	$1,570
Investments in debt securities - AFS	11,187	11,187	—	—
Due from related party	4,472	4,472	2,600	2,600
Total	$32,589	$32,589	$4,170	$4,170

Summarized financial information:

Balance sheets


	ESG Fund		AeroFlexx
	December 31,		December 31,
	2024	2023	2024	2023
Total Assets	$97,445	$58,022	$17,002	$10,780
Total Liabilities	93	107	27,861	8,031
Total Equity (Deficit)	$97,352	$57,915	$(10,859)	$2,749

Statements of operation


	ESG Fund		AeroFlexx
	Years ended December 31,		Years ended December 31,
	2024	2023	2024	2023
Revenue	$202	$320	$38	$16
Gross (Loss) Profit	(735)	(709)	(57)	1
Net Income (Loss)	$39,437	$(4,557)	$(13,663)	$(8,221)

Exchange-traded investments

The Company previously invested in PureCycle Technologies (“PCT”) as the first company formed in partnership with a multinational corporation. In 2021, PCT merged with a special purpose acquisition company and became a publicly-traded entity. The shares of PCT’s common stock held by the Company are classified as an Exchange-traded investment at FVTNI. During the Predecessor period from January 1, 2024 through October 1, 2024, the Company sold 400,000 PCT shares for aggregate net proceeds of $2,302. The PCT shares were measured at their fair value immediately prior to the transactions. All remaining PCT shares were derecognized as a result of the Business Combination.

Investment in debt securities - AFS

On July 1, 2024, the Company entered into a loan agreement with AeroFlexx under which the Company will lend up to $10,000 to AeroFlexx. As of July 1, 2024, the aggregate outstanding principal of working capital interest-free advances to AeroFlexx, amounting to $7,635 were included as outstanding term loans under this agreement. During the Predecessor period from January 1, 2024 through October 1, 2024, the Company lent AeroFlexx the remaining principal balance of $2,365 under this agreement.

The term loans and any unpaid accrued interest are required to be repaid by the maturity date, which is the earlier of (i) December 31, 2026 or (ii) the date of the sale, transfer or other disposition all of AeroFlexx’s assets or AeroFlexx’s stock. After any full or partial repayment of the term loans, AeroFlexx may borrow additional funds up to the $10,000 limit until the maturity date. The loans bear interest at the applicable federal rate published by the Internal Revenue Service and is adjusted on a quarterly basis.

If, by January 1, 2025, AeroFlexx has not raised equity financing equal to or more than a target of $10,000, then on January 2, 2025, the outstanding principal and any unpaid accrued interest on the term loans will automatically convert into Class D preferred units of AeroFlexx at the same price per unit and on the same terms and conditions as the Class D preferred unit of AeroFlexx purchased by the Company prior to the date of this loan agreement, up to the amount necessary to reach the $10,000 target.

The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities as of December 31, 2024 is represented in the table below:


	Amortized cost	Gross unrealized gains	Fair value
Investment in Debt Securities - AFS	$10,278	$909	$11,187

At December 31, 2024, there was no allowance for credit loss related to the available for sale securities portfolio. Accrued interest receivable on available for sale debt securities totaled $216 at December 31, 2024.

The amortized cost and fair value of debt securities, by contractual maturity, as of December 31, 2024 is shown below. Expected maturities can differ from contractual maturities.


	Amortized cost	Fair value
Due within one year	$—	$—
Due after one year through five years	10,278	11,187
Due after five years	—	—
	$10,278	$11,187

As the contractual maturity of the loan is in 2026, it is included in the non-current line item Investments of the consolidated balance sheets. The change in fair value of this investment in debt securities of $909 for the Successor period from October 2, 2024 through December 31, 2024 is included as Unrealized gain on available-for-sale debt securities - related party in the consolidated statements of operations and comprehensive income (loss). As this investment was acquired at fair value as part of the Business Combination there is no activity for the Predecessor periods.

Stock-based Compensation - Schedule of RSU Activity (FY) (Details) - RSUs	1 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Non-vested (in shares) \| shares	2,036,476
Vested (in shares) \| shares	131,468
Forfeited (in shares) \| shares	0
Non-vested (in shares) \| shares	1,905,008
Weighted Average Grant Date Fair Value (per share)
Non-vested (in usd per share) \| $ / shares	$ 12.2
Vested (in usd per share) \| $ / shares	12.2
Forfeited (in usd per share) \| $ / shares	0
Non-vested (in usd per share) \| $ / shares	$ 12.2

Business Segment Data (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segment Information


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenue	$254	$—	$255	$—
Interest income	—	—	4	—

Cost of sales	$2,861	$—	$3,045	$—
Employee costs	3,517	2,701	7,804	5,330
Facilities, equipment & supplies	80	181	461	399
General and administrative	840	143	3,235	286
Outside services	501	175	809	412
Research and development	3,678	690	8,023	1,343
Sales and marketing	148	194	432	357
Depreciation expense *	156	64	301	69
Interest expense	190	55	317	491
Income tax expense (benefit)	(2,645)	—	(4,104)	—
Goodwill impairment	113,344	—	346,557	—
Other **	91	106	195	1,750
Total Expenses	$122,761	$4,309	$367,075	$10,437

Net Loss	$(122,507)	$(4,309)	$(366,816)	$(10,437)

*	Represents depreciation expense not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our condensed consolidated financial statements.


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenues:
Technology	$254	$—	$255	$—
Other	249	250	499	501
Elimination of management services provided to Technology	(27)	(27)	(54)	(54)
Consolidated Revenues	$476	$223	$700	$447


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest Expense:
Technology	$190	$55	$317	$491
Other	2,747	44	4,382	99
Consolidated Interest Expense	$2,937	$99	$4,699	$590

Interest Income:
Technology	$—	$—	$4	$—
Other	290	56	510	142
Consolidated Interest Income	$290	$56	$514	$142

Depreciation and Amortization Expense:
Technology	$5,629	$64	$11,177	$69
Other	5	—	5	—
Consolidated Depreciation and Amortization Expense	$5,634	$64	$11,182	$69

Net Loss:
Technology	$(122,508)	$(4,309)	$(366,817)	$(10,437)
Other	(18,767)	(7,005)	(28,132)	(8,403)
Consolidated Net Loss	$(141,275)	$(11,314)	$(394,949)	$(18,840)

Capital Expenditures:
Technology	$15	$66	$932	$706
Other	—	—	—	—
Consolidated Capital Expenditures	$15	$66	$932	$706


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenue from external customers	$233	$95	$—
Interest income	—	7	14
Cost of sales	$3,752	$777	$—
Employee costs	3,933	8,076	6,849
Facilities, equipment & supplies	121	581	499
General and administrative	751	398	296
Outside services	390	842	844
Research and development	3,224	2,711	1,443
Sales and marketing	193	442	288
Depreciation expense*	6	99	8
Interest expense	90	564	1,039
Income tax expense (benefit)	(3,637)	432	—
Other**	168	1,832	(635)
Total Expenses	$8,991	$16,754	$10,631
Net Loss	$(8,758)	$(16,652)	$(10,617)

*	Represents depreciation not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenues:
Technology	$233	$95	$—
Other	250	750	1,198
Elimination of management services provided to Technology	(27)	(81)	(81)
Consolidated Revenues	$456	$764	$1,117

Interest Expense:
Technology	$90	$564	$1,039
Other	1,240	1,069	328
Consolidated Interest Expense	$1,330	$1,633	$1,367

Interest Income:
Technology	$—	$7	$14
Other	198	326	129
Consolidated Interest Income	$198	$333	$143

Depreciation and Amortization Expense:
Technology	$5,455	$146	$8
Other	—	—	—
Consolidated Depreciation and Amortization Expense	$5,455	$146	$8

Net Loss:
Technology	$(8,758)	$(16,652)	$(10,617)
Other	(61,335)	(11,546)	(20,367)
Consolidated Net Loss	$(70,093)	$(28,198)	$(30,984)

Capital Expenditures:
Technology	$266	$736	$645
Other	—	—	—
Consolidated Capital Expenditures	$266	$736	$645

Accounting Policies (Q2)	6 Months Ended	12 Months Ended
Accounting Policies (Q2)	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Accounting Policies	Note 2. Accounting Policies Basis of Presentation These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s most recent annual audited consolidated financial statements and notes thereto. These condensed consolidated financial statements have been prepared in accordance with the instructions for the Securities and Exchange Commission’s (“SEC’s”) Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations of the SEC, although the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. We use the same accounting policies in preparing quarterly and annual financial statements. During the six months ended June 30, 2025 (Successor), we identified an error and recorded an immaterial out of period adjustment of $12,448 to correct an overstatement of Additional paid-in capital, an immaterial out of period adjustment of $4,468 to correct understatement of Net loss attributable to Innventure, Inc. stockholders and an immaterial out of period adjustment of $16,915 to correct an understatement of Non-controlling interest. The impact of the adjustments are not material to the condensed consolidated financial statements for any interim or annual periods prior to June 30, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in the Non-controlling interest issued and related transfers within the condensed consolidated statements of changes in mezzanine and stockholders’ equity (deficit) and the adjustment related to Net loss attributable to Innventure, Inc. within Comprehensive loss attributable to Non-redeemable non-controlling interest on the condensed consolidated statements of operations and comprehensive income (loss). Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net loss as previously reported. Going Concern As of June 30, 2025, the Company had cash balance of $6,965, a restricted cash balance of $5,000, accumulated deficit of $305,512 and a working capital deficit of $51,188. During the three and six months ended June 30, 2025 (Successor), the Company incurred a net loss of $141,275 and $394,949, respectively. We have experienced recurring losses from operations and negative cash flows from operating activities. In addition, we continue to have an ongoing need to raise significant additional cash from outside sources to sustain our operations and fund our growth plans. In connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about our ability to continue as a going concern within one year after the date of the condensed consolidated financial statements included in Item 1. of this Form 10-Q. If we are unable to obtain adequate capital from public or private equity or debt financing (including the SEPA), or otherwise generate sufficient revenues from our Operating Companies to support our cost structure within the normal operating cycle of a twelve (12) month period, we may have to implement cost reduction measures or adjust the timing or scope of certain operations at Innventure or certain Innventure Companies, in part or in full, to help manage liquidity. If we raise additional funds through the issuance of additional debt or equity securities, it could result in substantial dilution to our existing stockholders and increased fixed payment obligations, and these securities may have rights senior to those of our common stock, $0.0001 par value per share (“Common Stock”). See “Item 1A. Risk Factors—Risks Related to Innventure’s Business—There is uncertainty regarding Innventure’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt about its ability to continue as a going concern.” in our 2024 Annual Report. We can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to us, if at all. If subsequent capital raises or revenues from operations at the Innventure Companies are insufficient to bridge financial and liquidity shortfalls (or both), there would likely be a material adverse effect on our business and financial condition that would materially adversely affect our ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date of the accompanying condensed consolidated financial statements are issued; however, the above conditions raise substantial doubt about the Company’s ability to do so. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will improve our operating results. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 17. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments but does not anticipate the adoption of the new guidance will have a material impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its condensed consolidated financial statements.	Note 2. Accounting Policies Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The Successor consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Predecessor consolidated financial statements include all amounts of Innventure LLC and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net income as previously reported. Going Concern As of December 31, 2024, the Company had cash balance of $11,119, accumulated deficit of $78,262 and a working capital deficit of $45,061. During the year ended December 31, 2024, the Company incurred a net loss of $70,093 for the Successor period from October 2, 2024 through December 31, 2024 and $28,198 for Predecessor period from January 1, 2024 through October 1, 2024. Management believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will need additional capital or debt financing to proceed with its business plans. Additionally, the future value of investments held is unpredictable and subject to market events outside of the Company’s control. Subsequent to December 31, 2024, the Company secured additional gross proceeds of $925 through Common Stock issuances as part of the Company’s Standby Equity Purchase Agreement. The Company entered into preferred stock purchase agreements (each, a “Series C Purchase Agreement”, and collectively, the “Series C Purchase Agreements”) on March 24, 2025 to receive gross proceeds of $2,750. Additionally, the Company converted Related party notes into Series C equity, with aggregate principal of $14,000, as discussed in Note 5. Borrowings. The conversion was not determined to be a trouble debt restructuring. Further, the Company entered into a financing agreement on March 25, 2025 to receive up to $30,000 in exchange for convertible debentures, contingent upon certain reporting requirements. For further details on these events, refer to Note 21. Subsequent Events. In connection with the Company’s assessment of going concern considerations, management has determined that in order to maintain its current level of operations, the Company will require additional working capital from cash flows from operations, the sale of its capital and/or issuance of debt. The Company intends to obtain additional financing in the future to proceed with its business plans. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date of the accompanying consolidated financial statements are issued; however, the above conditions raise substantial doubt about the Company’s ability to do so. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will improve our operating results. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Fair Value Measurements The Company measures the fair value of assets and liabilities on a recurring and nonrecurring basis according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Investments Equity Method Investments Equity method investments are investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The carrying value of our equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss, less distributions received. For investments where the specified allocations of income or loss are different from the allocation of cash from operations and on liquidation, the Company utilizes the hypothetical liquidation book value method to allocate income or loss from the equity method investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Cash distributions received as a result of the Company’s share of cumulative earnings are classified as operating activities. Cash distributions, if any, received that are in excess of the Company’s share of cumulative earnings or losses are classified as investing activities. Exchange-traded Investments Exchange-traded equity investments are generally carried at fair value on the consolidated balance sheets with changes in the fair value recorded through net income (“FVTNI”) within non-operating income (expense). Variable Interest and Voting Interest Entities The Company performs an analysis of its investments to determine if they are either a Variable Interest Entity (“VIE”) or a Voting Interest Entity (“VOE”). Factors considered in this analysis include the entity’s legal organization; the entity’s capital structure and sufficiency of equity at risk; the rights of equity investment holders; the Company’s contractual involvement with, and economic interest in, the entity; and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. If the Company is not deemed to be the PB of a VIE, the Company accounts for the investment or other variable interests in a VIE as either an equity method investment or other investment, as applicable. VOEs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as changes in the investment or the governance structure), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or VOE, and when applicable, whether the Company continues to qualify as the PB of a VIE. Refer to Note 3. Investments for further discussion on investments in VIEs. Impairments of Investments Management periodically assesses equity method investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of operations and comprehensive income (loss). Impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. Available-for-Sale Investments Available-for-sale (“AFS”) debt securities are generally reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss which is included within stockholders’ deficit. AFS debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses on AFS debt securities are recognized as a charge in other loss on our consolidated statements of income, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in stockholders’ equity. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents primarily consist of cash, money market funds and short-term highly liquid investments with original maturities of three months or less. The Company has concentrated credit risk for cash and cash equivalents by maintaining deposits in banks, which may, at times, exceed amounts covered by insurance provided by the US Federal Deposit Insurance Corporation and management continues to monitor the financial condition of the major financial institutions where these funds are held. Cash that is restricted and not available for general operations is considered restricted cash. The Company’s restricted cash is related to cash received through the Company’s Class B Preferred Units capital raise and held in escrow prior to finalization of the Class B Preferred Units investment. As of December 31, 2024 and 2023, the Company had restricted cash related to the capital raise of $— and $100, respectively. Additionally, the Company maintains certain compensating balances that may be withdrawn, but the availability of short-term lines of credit is dependent upon the maintenance of such compensating balances. As of December 31, 2024 and 2023, the Company had compensating balances of $100 and $300, respectively. Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. The Company depreciates the cost of property, plant and equipment using the straight-line method with depreciable lives of 10 years for Machinery & equipment, 3 years for Computers & office equipment and the lesser of useful life or lease terms for Leasehold improvements. The Company expenses normal maintenance and repair costs as incurred. Impairment of Long-Lived Assets The Company assesses its property, plant and equipment and other long lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. In the event such an asset is considered impaired, the impairment to be recognized is measured by the amount by which the carrying value of the asset exceeds the estimated fair value of the asset. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is depreciated over the revised useful life. Assets to be disposed of are reported at the lower of the carrying value of estimated fair value less estimated costs to sell. Intangible Assets Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or other changes in circumstances indicate that the carrying amount may not be recoverable. If required, recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining estimated useful lives. If such assets are considered to be impaired, the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their estimated fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. Goodwill Goodwill reflects the excess purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is evaluated for impairment annually, or more frequently if circumstances indicate a possible impairment. The Company compares the fair value of its reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of its reporting unit, the Company would record an impairment loss equal to the difference. The Company operates in one operating segment which the Company considers to be its only reporting unit. There were no impairments of goodwill recognized for the year ended December 31, 2024. Stock and Warrants Stock may be classified as a liability, temporary capital (i.e., mezzanine capital) or permanent stockholders’ equity. In order to determine the appropriate classification, an evaluation of the cash redemption and other features is required. Where there exists an absolute right of redemption presently or in the future, the units in question would be classified as a liability. If units are contingently redeemable upon the occurrence of an event that is outside of the issuer’s control, the units are classified as mezzanine capital. The probability that the redemption event will occur is irrelevant. If no redemption features exist, or if a contingent redemption feature is within the Company’s control, the capital unit would be considered permanent stockholders’ equity. The Company accounts for warrants to acquire stock as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. In order to determine the appropriate classification, consideration is given as to whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions. This assessment requires the use of judgement and is conducted at the time of warrant issuance and as of each reconsideration and balance sheet date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for stockholders’ equity classification, the warrants are recorded as a component of additional paid-in capital at fair value at the time of issuance. For issued or modified warrants that do not meet all of the criteria for stockholders’ equity classification, the warrants are recorded as a liability at their initial fair value on the date of issuance and remeasured at fair value as of each reconsideration and balance sheet date thereafter. The change in fair value is recognized in the Company’s consolidated statements of operations and comprehensive income (loss). Revenue Recognition The Company’s product sales arrangements contain performance obligations satisfied at a point in time when control of the product transfers to the customer, based on the contractual terms. This typically occurs when title and risk and rewards of ownership have transferred to the customer. Revenue is recorded net of sales taxes, discounts, and expected returns. Sales discounts and other incentives are treated as variable consideration when estimating the revenue to be recognized. The Company earns management fees, consulting revenue and carried interest allocations from investment advisory services it provides to its customers. The Company considers the investment advisory services represent a single performance obligation. Management fees, generally 1-2% of capital committed to the ESG Fund I, L.P. (the “ESG Fund”), are recognized over time using the time-elapsed method, resulting in straight-line revenue recognition over the performance period. These fees are calculated and paid quarterly in advance based on the capital commitments at the start of each quarter. Management fees are considered variable consideration but are typically fully recognized at the end of each reporting period as they are not subject to clawback. Carried interest allocations, typically 10-20%, are recognized based on cumulative fund performance and are subject to achieving minimum return levels, usually 8%. These allocations are considered variable consideration and are recognized when a significant reversal is no longer probable. Stock-Based Compensation The Company participates in multiple stock-based compensation plans which are further discussed in Note 14. Stock-based Compensation. The fair value of stock-based awards is measured on the grant date of the award and recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. Service-based awards vest over the period defined in each individual grant agreement. For equity awards with a graded vesting schedule, compensation cost is recognized on a straight-line basis over the requisite service period of the entire award. Expense related to grants of stock-based awards is included in the respective expense category in which the employee serves in the consolidated statements of operations and comprehensive income (loss). The Company recognizes forfeitures as they occur. Income Taxes Prior to the Business Combination, Innventure LLC qualified as a partnership for federal income tax purposes that consolidated financial results with corporate subsidiaries within the financial statements. Consequently, federal income taxes were not payable or provided by Innventure LLC but various corporate subsidiaries were subject to corporate federal, state, and local taxes. There was no federal income tax recorded by Innventure LLC for the year ended December 31, 2023, but corporate income taxes were recorded for the period from January 1, 2024 through October 1, 2024. On October 2, 2024, the Business Combination occurred which merged Innventure LLC into Innventure Merger Sub, LLC, a wholly owned subsidiary of the Company. The Company became a publicly traded entity and is being taxed as a corporation. The Company accounts for income taxes pursuant to the asset and liability method of ASC 740, Income Taxes, which requires the recognition of current tax liabilities or receivables for the amount of taxes that are estimated as payable or refundable for the current year, and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The Company follows the provisions of ASC 740-10 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10 prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740-10. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. As of December 31, 2024 and 2023, no liability for unrecognized tax benefits was required to be reported. The Company does not expect any significant changes in unrecognized tax benefits in the next year. Recently Adopted Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions should not be considered in measuring the fair value of equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods therein, with early adoption permitted. The Company adopted this ASU on January 1, 2024, and the adoption did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 20. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements.

Condensed Consolidated Statements of Changes in Mezzanine Capital (FY) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2025	Oct. 01, 2024	Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 10,630	$ 15,866
Proceeds from capital calls to unitholders	$ 5,663		130
Accretion of redeemable units to redemption value		11,950	(5,366)
Ending balance		22,580	10,630
Redeemable Class I Units
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	0	2,912	2,984
Proceeds from capital calls to unitholders			130
Accretion of redeemable units to redemption value		1,565	(202)
Ending balance		4,477	2,912
Redeemable Class PCTA Units
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 0	7,718	12,882
Proceeds from capital calls to unitholders			0
Accretion of redeemable units to redemption value		10,385	(5,164)
Ending balance		$ 18,103	$ 7,718

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
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-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)(i)
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

Revenues - Schedules of Major Customer Concentration of Revenue (FY) (Details) - Customer Concentration Risk - Revenue Benchmark	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023
Major Customers
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	97.80%	100.00%	100.00%
Customer A - Related Party
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	43.00%	77.00%	70.70%
Customer B - Related Party
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	5.90%	10.60%	9.20%
Customer C
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	0.00%	0.00%	20.10%
Customer D
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	0.00%	12.40%	0.00%
Customer E
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	48.90%	0.00%	0.00%

Net Loss Per Share (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation for EPS Calculations

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations for the three and six months ended June 30, 2025 (Successor):


	Three months ended June 30, 2025	Six months ended June 30, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$(84,227)	$(227,224)
Less: Cumulative earnings to participating securities	37	42
Undistributed loss for participating securities	(84,264)	(227,266)
Less: Undistributed loss attributable to participating securities	—	—
Net loss attributable to common shareholders, basic and diluted	$(84,264)	$(227,266)

Denominator:
Weighted average number of units outstanding, basic and diluted	52,546,491	49,417,092
Net loss per share attributable to common shareholders, basic and diluted	$(1.60)	$(4.60)

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations for the Successor period from October 2, 2024 through December 31, 2024:


			Successor
			October 2, 2024 through December 31, 2024
Numerator:
Net loss attributable to Innventure, Inc. shareholders			$(61,754)
Less: Cumulative earnings to participating securities			217
Undistributed loss for participating securities			(61,971)
Less: Undistributed loss attributable to participating securities			—
Net Loss attributable to common shareholders, basic and diluted			$(61,971)


			Successor
			October 2, 2024 through December 31, 2024
Denominator:
Weighted average number of units outstanding, basic and diluted			43,951
Net loss per share attributable to common shareholders, basic and diluted			$(1.41)

Schedule of Antidilutive Securities


	Three months ended June 30, 2025	Six months ended June 30, 2025
Public warrants	11,240,688	11,240,688
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000
Convertible Debentures	2,817,200	2,817,200
2025 WTI Warrants	495,074	495,074
Series B Preferred Stock	41,762	26,516
Series C Preferred Stock	189,000	194,062
Share options	1,596,702	1,596,702
RSUs	2,148,001	2,148,001
SARs	320,000	320,000


			Successor
			December 31, 2024
Public warrants			11,500,000
Private placement warrants			7,146,000
WTI warrants			1,000,000
Series B preferred shares			1,011,869
Share options			975,409
RSUs			2,036,476
SARs			320,000

Accounting Policies - Goodwill (FY) (Details) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2024 reporting_unit
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit							1
Goodwill impairment \| $	$ 113,344	$ 0	$ 0	$ 346,557	$ 0	$ 0

- Definition

+ References + Details

Goodwill and Intangible Assets (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

Goodwill


Balance as of December 31, 2024			$667,936
Impairment			(346,557)
Other			2,084
Balance as of June 30, 2025			$323,463

In addition to annual impairment testing of goodwill, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore would require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company’s market capitalization and general industry, market and macroeconomic conditions. During the three and six months ended June 30, 2025 (Successor), the Company recorded $113,344 and $346,557 non-deductible, non-cash goodwill impairment charges, respectively, within the condensed consolidated statements of operations and comprehensive income (loss) due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market in late February 2025 through April 2025. The Company’s stock price had not yet recovered as of June 30, 2025.

The Company’s June 30, 2025 and March 31, 2025 goodwill impairment testing was performed using the income approach via a discounted cash flow model. The income approach estimates fair value by converting future cash flows to a current amount on the measurement date after taking into consideration marketplace conditions. Assumptions including discount rate and estimated future cash flows had a significant impact to the estimated fair value of the reporting unit. These fair values are Level 3 assets in the fair value hierarchy.

In the event there are further adverse changes in the Company’s projected cash flows or further changes in key assumptions, including but not limited to an increase in the discount rate and further decline in the Company’s stock price, the Company may be required to record additional non-cash impairment charges to goodwill. Such non-cash charges could have a material adverse effect on the Company’s condensed consolidated statements of operations and comprehensive income (loss) and condensed consolidated balance sheets in the reporting period of the charge.

Other intangible assets, net


	June 30, 2025				December 31, 2024
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	15.3	17,800	(833)	16,967	17,800	$(277)	$17,523
Customer relationships	2.3	4,600	(1,149)	3,451	4,600	$(382)	$4,218
Developed technology	8.5	165,100	(14,198)	150,902	165,100	$(4,718)	$160,382
Other finite-lived intangible assets	2.4	30	(5)	25	30	—	$30
Total intangible assets		$187,530	$(16,185)	$171,345	$187,530	$(5,377)	$182,153

Amortization expense of $5,405 and $10,808 was recognized for the three and six months ended June 30, 2025 (Successor), respectively, and is recorded within Cost of sales, General and administrative and Research and development on the condensed consolidated statements of operations and comprehensive income (loss).

Estimated future amortization expense is as follows:


			Amortization Expense
2025 (excluding the first six months of fiscal year 2025)			$10,808
2026			21,616
2027			21,234
2028			20,073
2029			18,853
2030 and thereafter			78,761
Total			$171,345

Note 9. Goodwill and Intangible Assets

There was no goodwill on the consolidated balance sheets during the Predecessor periods. For the Successor period from October 2, 2024 through December 31, 2024, there was $667,936 of goodwill recognized in connection with the Business Combination and no change to this value as of December 31, 2024. Refer to Note 8. Business Combinations for details.

The following table summarizes intangible assets, net:


		December 31, 2024 (Successor)
Intangible Asset	Weighted-Average Amortization Period (years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	16.0	17,800	(277)	17,523
Customer relationships	3.0	4,600	(382)	4,218
Developed technology	9.1	165,100	(4,718)	160,382
Other finite-lived intangible assets	3.0	30	—	30
Total intangible assets		$187,530	$(5,377)	$182,153

There were no intangible assets on the consolidated balance sheets during the Predecessor periods; therefore, no amortization expense was recognized. Amortization expense was $5,377 for the Successor period from October 2, 2024 through December 31, 2024 and is recorded on the consolidated statements of operations and comprehensive income (loss).

Estimated future amortization expense is as follows:


			Amortization Expense
2025			$21,616
2026			21,616
2027			21,234
2028			20,073
2029			18,853
Thereafter			78,761
Total			$182,153

Inventories, net (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,560	$ 2,974	$ 0
Work in process	26	50	0
Finished goods	3,034	2,154	0
Total inventories	$ 6,620	$ 5,178	$ 0

Commitments and Contingencies - Minimum Patent Royalties Payable (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2025	$ 825	$ 1,225
2026	825	825
2027	825	825
2028	825	825
2029		825
Thereafter		9,075
Total	$ 13,075	$ 13,600

Business Segment Data - Technology Segment Information (Q2) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 476	$ 456	$ 223	$ 700	$ 447	$ 764	$ 1,117
Interest income	290	198	56	514	142	333	143
Cost of sales	2,861	3,752	0	3,045	0	777	0
General and administrative	18,569	29,652	8,379	38,245	16,283	26,608	17,589
Research and development	6,068	5,340	1,764	12,321	3,433	5,978	4,001
Sales and marketing	2,208	2,009	1,366	4,304	2,549	4,178	3,205
Interest expense	2,937	1,330	99	4,699	590	1,633	1,367
Income tax benefit	(2,220)	(3,282)	0	(3,619)	0	432	0
Goodwill impairment	113,344	0	0	346,557	0	0
Other	64	57	0	43	0	64	0
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(84,227)	(61,754)	(7,288)	(227,224)	(12,507)	(16,436)	(30,845)
Technology
Segment Reporting Information [Line Items]
Revenue	254	233	0	255	0	95	0
Interest income	0	0	0	4	0	7	14
Cost of sales	2,861	3,752	0	3,045	0	777	0
Employee costs	3,517	3,933	2,701	7,804	5,330	8,076	6,849
Facilities, equipment & supplies	80	121	181	461	399	581	499
General and administrative	840	751	143	3,235	286	398	296
Outside services	501	390	175	809	412	842	844
Research and development	3,678	3,224	690	8,023	1,343	2,711	1,443
Sales and marketing	148	193	194	432	357	442	288
Depreciation expense	156	6	64	301	69	99	8
Interest expense	190	90	55	317	491	564	1,039
Income tax benefit	(2,645)	(3,637)	0	(4,104)	0	432	0
Goodwill impairment	113,344		0	346,557	0
Other	91	168	106	195	1,750	1,832	(635)
Total Operating Expenses	122,761	8,991	4,309	367,075	10,437	16,754	10,631
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (122,507)	$ (8,758)	$ (4,309)	$ (366,816)	$ (10,437)	$ (16,652)	$ (10,617)

Net Loss Per Share (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation for EPS Calculations

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations for the three and six months ended June 30, 2025 (Successor):


	Three months ended June 30, 2025	Six months ended June 30, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$(84,227)	$(227,224)
Less: Cumulative earnings to participating securities	37	42
Undistributed loss for participating securities	(84,264)	(227,266)
Less: Undistributed loss attributable to participating securities	—	—
Net loss attributable to common shareholders, basic and diluted	$(84,264)	$(227,266)

Denominator:
Weighted average number of units outstanding, basic and diluted	52,546,491	49,417,092
Net loss per share attributable to common shareholders, basic and diluted	$(1.60)	$(4.60)

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations for the Successor period from October 2, 2024 through December 31, 2024:


			Successor
			October 2, 2024 through December 31, 2024
Numerator:
Net loss attributable to Innventure, Inc. shareholders			$(61,754)
Less: Cumulative earnings to participating securities			217
Undistributed loss for participating securities			(61,971)
Less: Undistributed loss attributable to participating securities			—
Net Loss attributable to common shareholders, basic and diluted			$(61,971)


			Successor
			October 2, 2024 through December 31, 2024
Denominator:
Weighted average number of units outstanding, basic and diluted			43,951
Net loss per share attributable to common shareholders, basic and diluted			$(1.41)

Schedule of Antidilutive Securities


	Three months ended June 30, 2025	Six months ended June 30, 2025
Public warrants	11,240,688	11,240,688
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000
Convertible Debentures	2,817,200	2,817,200
2025 WTI Warrants	495,074	495,074
Series B Preferred Stock	41,762	26,516
Series C Preferred Stock	189,000	194,062
Share options	1,596,702	1,596,702
RSUs	2,148,001	2,148,001
SARs	320,000	320,000


			Successor
			December 31, 2024
Public warrants			11,500,000
Private placement warrants			7,146,000
WTI warrants			1,000,000
Series B preferred shares			1,011,869
Share options			975,409
RSUs			2,036,476
SARs			320,000

Business Segment Data (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Segment Reporting [Abstract]

Business Segment Data

Note 17. Business Segment Data


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenue	$254	$—	$255	$—
Interest income	—	—	4	—

Cost of sales	$2,861	$—	$3,045	$—
Employee costs	3,517	2,701	7,804	5,330
Facilities, equipment & supplies	80	181	461	399
General and administrative	840	143	3,235	286
Outside services	501	175	809	412
Research and development	3,678	690	8,023	1,343
Sales and marketing	148	194	432	357
Depreciation expense *	156	64	301	69
Interest expense	190	55	317	491
Income tax expense (benefit)	(2,645)	—	(4,104)	—
Goodwill impairment	113,344	—	346,557	—
Other **	91	106	195	1,750
Total Expenses	$122,761	$4,309	$367,075	$10,437

Net Loss	$(122,507)	$(4,309)	$(366,816)	$(10,437)

*	Represents depreciation expense not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our condensed consolidated financial statements.


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Revenues:
Technology	$254	$—	$255	$—
Other	249	250	499	501
Elimination of management services provided to Technology	(27)	(27)	(54)	(54)
Consolidated Revenues	$476	$223	$700	$447


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest Expense:
Technology	$190	$55	$317	$491
Other	2,747	44	4,382	99
Consolidated Interest Expense	$2,937	$99	$4,699	$590

Interest Income:
Technology	$—	$—	$4	$—
Other	290	56	510	142
Consolidated Interest Income	$290	$56	$514	$142

Depreciation and Amortization Expense:
Technology	$5,629	$64	$11,177	$69
Other	5	—	5	—
Consolidated Depreciation and Amortization Expense	$5,634	$64	$11,182	$69

Net Loss:
Technology	$(122,508)	$(4,309)	$(366,817)	$(10,437)
Other	(18,767)	(7,005)	(28,132)	(8,403)
Consolidated Net Loss	$(141,275)	$(11,314)	$(394,949)	$(18,840)

Capital Expenditures:
Technology	$15	$66	$932	$706
Other	—	—	—	—
Consolidated Capital Expenditures	$15	$66	$932	$706

All long-lived assets are located entirely in the United States. Segment assets are not reviewed by the CODM and therefore are not disclosed.

Note 20. Business Segment Data


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenue from external customers	$233	$95	$—
Interest income	—	7	14
Cost of sales	$3,752	$777	$—
Employee costs	3,933	8,076	6,849
Facilities, equipment & supplies	121	581	499
General and administrative	751	398	296
Outside services	390	842	844
Research and development	3,224	2,711	1,443
Sales and marketing	193	442	288
Depreciation expense*	6	99	8
Interest expense	90	564	1,039
Income tax expense (benefit)	(3,637)	432	—
Other**	168	1,832	(635)
Total Expenses	$8,991	$16,754	$10,631
Net Loss	$(8,758)	$(16,652)	$(10,617)

*	Represents depreciation not already included in Cost of sales.

**	Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Revenues:
Technology	$233	$95	$—
Other	250	750	1,198
Elimination of management services provided to Technology	(27)	(81)	(81)
Consolidated Revenues	$456	$764	$1,117

Interest Expense:
Technology	$90	$564	$1,039
Other	1,240	1,069	328
Consolidated Interest Expense	$1,330	$1,633	$1,367

Interest Income:
Technology	$—	$7	$14
Other	198	326	129
Consolidated Interest Income	$198	$333	$143

Depreciation and Amortization Expense:
Technology	$5,455	$146	$8
Other	—	—	—
Consolidated Depreciation and Amortization Expense	$5,455	$146	$8

Net Loss:
Technology	$(8,758)	$(16,652)	$(10,617)
Other	(61,335)	(11,546)	(20,367)
Consolidated Net Loss	$(70,093)	$(28,198)	$(30,984)

Capital Expenditures:
Technology	$266	$736	$645
Other	—	—	—
Consolidated Capital Expenditures	$266	$736	$645

All long-lived assets are located entirely in the United States of America (USA). Segment assets are not reviewed by the CODM and therefore are not disclosed.

- Definition

+ References

+ Details

Business Combinations - Fair Value of Definite-Lived Intangible Assets (FY) (Details) - Innventure LLC $ in Thousands	Oct. 02, 2024 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets acquired	$ 187,500
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets acquired	17,800
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets acquired	4,600
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets acquired	$ 165,100

Accounting Policies (Q2) (Policies)	6 Months Ended	12 Months Ended
Accounting Policies (Q2) (Policies)	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s most recent annual audited consolidated financial statements and notes thereto. These condensed consolidated financial statements have been prepared in accordance with the instructions for the Securities and Exchange Commission’s (“SEC’s”) Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations of the SEC, although the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. We use the same accounting policies in preparing quarterly and annual financial statements. During the six months ended June 30, 2025 (Successor), we identified an error and recorded an immaterial out of period adjustment of $12,448 to correct an overstatement of Additional paid-in capital, an immaterial out of period adjustment of $4,468 to correct understatement of Net loss attributable to Innventure, Inc. stockholders and an immaterial out of period adjustment of $16,915 to correct an understatement of Non-controlling interest. The impact of the adjustments are not material to the condensed consolidated financial statements for any interim or annual periods prior to June 30, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in the Non-controlling interest issued and related transfers within the condensed consolidated statements of changes in mezzanine and stockholders’ equity (deficit) and the adjustment related to Net loss attributable to Innventure, Inc. within Comprehensive loss attributable to Non-redeemable non-controlling interest on the condensed consolidated statements of operations and comprehensive income (loss).	Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The Successor consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Predecessor consolidated financial statements include all amounts of Innventure LLC and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Reclassifications	Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net loss as previously reported.	Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net income as previously reported.
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Standards	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 17. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments but does not anticipate the adoption of the new guidance will have a material impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its condensed consolidated financial statements.	Recently Adopted Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions should not be considered in measuring the fair value of equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods therein, with early adoption permitted. The Company adopted this ASU on January 1, 2024, and the adoption did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 20. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements.

Investments - Narrative (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023	Jul. 01, 2024
Schedule of Equity Method Investments [Line Items]
Number of exchange-traded shares sold (in shares)					400,000
Sale of exchange-traded investments					$ 2,302
Investment in debt securities - AFS	$ 9,017	$ 11,187	$ 9,017			$ 0
Additional investment in debt securities - AFS		0	$ 2,708	$ 0	7,400	2,600
Allowance for credit loss related to available for sale debt securities		0
Unrealized gain on AFS debt securities		$ 909			62	$ 0
ESG Fund
Schedule of Equity Method Investments [Line Items]
Investment interest percentage		5.00%
AeroFlexx
Schedule of Equity Method Investments [Line Items]
Investment interest percentage	37.00%	34.00%	37.00%			31.00%
Investment in debt security - AFS, maximum capacity							$ 10,000
Investment in debt securities - AFS		$ 11,187				$ 0	$ 7,635
Additional investment in debt securities - AFS	$ 371		$ 2,708		$ 2,365
Investment, conversion price percentage							100.00%
Accrued interest receivable, location		Investments
Accrued interest receivable		$ 216
Unrealized gain on AFS debt securities		$ 909

Consolidated Balance Sheets (FY) $ in Thousands	Dec. 31, 2023 USD ($)
Assets
Cash, cash equivalents and restricted cash	$ 2,575
Accounts receivable	0
Due from related parties	2,602
Inventories	0
Prepaid expenses and other current assets	487
Total Current Assets	5,664
Investments	14,167
Property, plant and equipment, net	637
Intangible assets, net	0
Goodwill	0
Other assets	1,096
Total Assets	21,564
Liabilities and Stockholders' Deficit
Accrued employee benefits	3,779
Accrued expenses	1,009
Patent installment payable - current	775
Obligation to issue equity	0
Warrant liability	0
Other current liabilities	253
Total Current Liabilities	8,168
Notes payable, net of current portion	999
Embedded derivative liability	1,994
Earnout liability	0
Stock-based compensation liability	0
Patent installment payable, net of current	13,075
Deferred income taxes	0
Other liabilities	683
Total Liabilities	29,420
Commitments and Contingencies (Note 19)
Mezzanine Capital
Redeemable Units	10,630
Stockholders' Equity / Unitholders' Deficit
Additional paid-in capital	0
Accumulated other comprehensive gain (loss)	0
Accumulated deficit	(64,284)
Total Innventure, Inc., Stockholders' Equity/ Innventure LLC Unitholders' Deficit	(20,045)
Non-controlling interest	1,559
Total Stockholders' Equity/ Unitholders' Deficit	(18,486)
Total Liabilities, Mezzanine Capital and Equity	21,564
Redeemable Class I Units
Mezzanine Capital
Redeemable Units	2,912
Redeemable Class PCTA Units
Mezzanine Capital
Redeemable Units	7,718
Class B Preferred Units
Stockholders' Equity / Unitholders' Deficit
Preferred stock	38,122
Class B-1 Preferred Units
Stockholders' Equity / Unitholders' Deficit
Preferred stock	3,323
Class A Units
Stockholders' Equity / Unitholders' Deficit
Common stock	1,950
Class C Units
Stockholders' Equity / Unitholders' Deficit
Common stock	844
Nonrelated party
Liabilities and Stockholders' Deficit
Accounts payable	93
Notes payable - current	912
Convertible promissory note, net	1,120
Related party
Liabilities and Stockholders' Deficit
Accounts payable	347
Notes payable - current	1,000
Convertible promissory note, net	$ 3,381

Inventories, net (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories, net

Note 6. Inventories, net


	June 30, 2025	December 31, 2024
Raw materials	$3,560	$2,974
Work in process	26	50
Finished goods	3,034	2,154
Total inventories	$6,620	$5,178

Note 6. Inventories


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Raw materials	$2,974	$—
Work in process	50	—
Finished goods	2,154	—
Total inventories	$5,178	$—

Consolidated Balance Sheets (FY) (Parenthetical)	Dec. 31, 2023 shares
Redeemable Class I Units
Redeemable units, authorized (in shares)	1,000,000
Redeemable units, issued (in shares)	1,000,000
Redeemable units, outstanding (in shares)	1,000,000
Redeemable Class PCTA Units
Redeemable units, authorized (in shares)	3,982,675
Redeemable units, issued (in shares)	3,982,675
Redeemable units, outstanding (in shares)	3,982,675
Class B Preferred Units
Preferred stock, authorized (in shares)	4,639,557
Preferred stock, issued (in shares)	4,109,961
Preferred stock, outstanding (in shares)	4,109,961
Class B-1 Preferred Units
Preferred stock, authorized (in shares)	2,600,000
Preferred stock, issued (in shares)	342,608
Preferred stock, outstanding (in shares)	342,608
Class A Units
Common stock, authorized (in shares)	10,975,000
Common stock, issued (in shares)	10,875,000
Common stock, outstanding (in shares)	10,875,000
Class C Units
Common stock, authorized (in shares)	1,585,125
Common stock, issued (in shares)	1,570,125
Common stock, outstanding (in shares)	1,570,125

Commitments and Contingencies (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Patent Royalties Payable

Under the terms of the agreements, the Company is required to make fixed installment payments, as disclosed below, for each year of the agreement through December 31, 2040.


Years Ending December 31,			Amount
2025 (excluding the first six months of fiscal year 2025)			$700
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,075

Minimum royalties included in Patent installment payables on the consolidated balance sheets are due as follows:


Years Ending December 31,			Amount
2025			$1,225
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,600

Fair Value - Changes in Fair Value of Level 3 Assets (FY) (Details) - Investment in debt securities - AFS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,172	$ 11,187	$ 0	$ 0
Issuance	106	7,278		10,110	$ 0
Change in fair value	909	(691)	0	62	0
Settlement	0	(8,757)	0	0
Ending balance	11,187	$ 9,017	$ 0	10,172	$ 0
Previously Reported
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,172
Ending balance				$ 10,172

Earnout Shares (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Earnout Shares

Note 9. Earnout Shares

As further discussed in our 2024 Annual Report, upon Closing of the Business Combination, 5,000,000 “Company Earnout Shares” were contingently issuable and 344,828 “Sponsor Earnout Shares” were issued subject to clawback provisions. The Company Earnout Shares and the Sponsor Earnout Shares are collectively referred to as the “Earnout Shares” and are subject to certain vesting provisions.

On January 7, 2025, a total of 344,828 Sponsor Earnout Shares fully vested and were no longer subject to contingencies as the Company’s public stock price had surpassed $11.50 for twenty consecutive days, thereby fulfilling the vesting provision for the Sponsor Earnout Shares. These vesting conditions were not effective on the Company Earnout Shares until 6 months following the Business Combination.

On January 8, 2025, the Company’s Board of Directors formally recognized the creation of the Refinity subsidiary, thereby meeting the milestone two conditions for the Company Earnout Shares. As such, 2,000,000 shares of Common Stock were issued on February 4, 2025 as a result of the satisfaction of the milestone.

The Earnout Shares related to milestone three are liability classified and were fair valued at $4,370 and $14,752 as of June 30, 2025 and December 31, 2024, respectively. The Company recognized a gain of $3,100 and $9,509 in Change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2025 (Successor), respectively.

Note 10. Earnout Shares

Upon Closing of the Business Combination, 5,000,000 Company Earnout Shares were contingently issuable to Innventure Members. Additionally, 344,828 earnout shares were issued to the Sponsor who received

consideration in the Business Combination. These shares, referred to as “Sponsor Earnout Shares,” are subject to clawback. The Company Earnout Shares and the Sponsor Earnout Shares are collectively referred to as the “Earnout Shares”.

The Earnout Shares will vest upon the following milestone conditions:

•	40% of the Earnout Shares will vest upon Accelsius having entered into binding contracts providing for revenue for the Company (as defined in the Business Combination Agreement) within 7 years following the Closing (the “Vesting Period”) in excess of $15,000 in revenue (“Milestone One”);

•	40% of the Earnout Shares will vest upon the Company’s formation of a new subsidiary, in partnership with an MNC, as determined using the Innventure LLC’s “DownSelect” process, within the Vesting Period (“Milestone Two”); and

•	20% of the Earnout Shares will vest upon AeroFlexx having received in excess of $15,000 revenue within the Vesting Period (“Milestone Three”).

The Sponsor Earnout Shares have a vesting provision that occurs upon a change of control event or upon the occurrence of the VWAP of the shares of Innventure, Inc. Common Stock exceeding $11.50 per share for at least twenty days in any immediately preceding thirty day period (the “VWAP Completion Event”). These vesting conditions are not effective on the Company Earnout shares until 6 months following the Business Combination.

The Earnout Shares related to Milestone One and Milestone Two were determined to be classified as equity. At Closing, 4,275,862 equity-classified Earnout Shares were fair valued at $46,350, inclusive of 2,137,931 Milestone One shares fair valued at $23,175 and 2,137,931 Milestone Two shares fair valued at $23,175 which are presented in Additional paid-in capital on the consolidated balance sheets.

The Earnout Shares related to Milestone Three are classified as a liability. At Closing, 1,068,966 liability-classified Earnout Shares were fair valued at $11,352 and subsequently fair valued at $14,752 as of December 31, 2024. The Company recognized a loss of $3,400 in Change in fair value of financial liabilities on the consolidated statements of operations and comprehensive income (loss) for the Successor period from October 2, 2024 through December 31, 2024.

Fair Value - Narrative (Q2) (Details) $ in Thousands		6 Months Ended
Fair Value - Narrative (Q2) (Details) $ in Thousands	Jan. 01, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	May 15, 2025	Apr. 14, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of AFX available-for-sale term loan into equity method investments		$ 8,757	$ 0
Debt Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability - Convertible Debentures, measurement input		0.406		0.426	0.445
2025 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash amount warrants may be exchanged for					$ 3,000
Warrant term					10 years
2025 WTI Warrants \| Stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input					3.65
2025 WTI Warrants \| Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input					0.57
2025 WTI Warrants \| Credit spread
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input					0.277
AeroFlexx, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of AFX available-for-sale term loan into equity method investments	$ 7,250

Property, Plant and Equipment (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	June 30, 2025	December 31, 2024
Leasehold improvements	$887	$548
Machinery & equipment	1,524	664
Computers & office equipment	14	14
Construction in progress	—	266
Property, plant and equipment, gross	2,425	1,492
Less: Accumulated depreciation	(453)	(78)
Property, plant and equipment, net	$1,972	$1,414


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Leasehold improvements	$548	$38
Machinery & equipment	664	86
Computers & office equipment	14	19
Construction in progress	266	502
Property, Plant and Equipment, Gross	1,492	645
Less: Accumulated depreciation	(78)	(8)
Property, Plant and Equipment, Net	$1,414	$637

Total depreciation expense on property, plant and equipment was as follows:


	Successor	Predecessor
	Period from October 2, 2024 through December 31, 2024	Period from January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Depreciation Expense	$78	$148	$8

Income Taxes (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

During the three and six months ended June 30, 2025 (Successor), the Company recognized income tax benefits of $2,220 and $3,619, respectively. During the three and six months ended June 30, 2024 (Predecessor), no income tax provision or expense was recorded.

For interim tax reporting, the Company estimated one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date pre-tax book loss. Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. The effective tax rate for the three and six months ended June 30, 2025 (Successor) was a benefit of 1.58% and 0.92%, respectively, driven primarily by the impact of the goodwill impairment, which is not deductible for tax purposes.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.

Note 16. Income Taxes

The Company is subject to federal and state income taxes with respect to any income or loss generated as well as the allocable share of any taxable income or loss of Innventure LLC and other partnership subsidiaries. The partnership subsidiaries within the consolidated group generally do not pay income taxes in most jurisdictions. Instead, taxable income or loss of the partnership subsidiaries is passed through to its members, including the Company. The partnership subsidiaries are liable for income taxes in those states not recognizing its pass-through status and for certain of its subsidiaries not taxed as pass-through entities. Through Innventure LLC, the Company acquired ownership interest in various domestic entities taxed as corporations. Where required or allowed, the corporation subsidiaries file and pay tax in a standalone basis for federal and state income tax purposes. The Company anticipates this structure to remain in existence for the foreseeable future.

The provision for income taxes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Current Expense:
Federal	—	—	—
State	18	—	—
Foreign	—	—	—
Total Current Expense	18	—	—

Deferred Expense:
Federal	(3,301)	432	—
State	—	—	—
Foreign	—	—	—
Total Deferred Expense	(3,301)	432	—
Total Expense:	$(3,282)	$432	$—

A reconciliation of the expected statutory federal tax and the total income tax expense (benefit) was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Pre-tax book loss	$(73,375)	$(27,766)	$(30,984)
Income taxes at federal statutory rate	(15,405)	—	—
State taxes, net of federal benefit	(1,801)	—	—
Tax on pre-tax earnings of corporate subsidiaries	—	(3,022)	(2,229)
Warrant liability	3,685	—	—
Non-deductible expenses	6	6	631
Change in earnout fair value	(714)	—	—
Other permanent differences	(423)	—	(4)
Change in valuation allowance	11,664	3,448	1,602
R&D credit	(294)	—	—
Total provision (benefit) for income taxes	$(3,282)	$432	$—

Entities within the consolidated group that are considered a corporation for federal income tax purposes, recognize deferred income tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. Significant components of deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows:


	December 31, 2024	December 31, 2023
Deferred Tax Assets:
Deferred lease liabilities	$138	$189
Capitalized R&D expense	2,562	766
Fixed assets and intangibles	3,113	3,614
Reserves and other accruals	4,873	178
Loss carry-forwards and other tax attributes	15,682	1,663
Total Deferred Tax Assets	26,368	6,410
Less: Valuation allowance	(11,664)	(5,910)
Net Deferred Tax Assets	$14,704	$500

Deferred Tax Liabilities:
Amortization	$(38,443)	$(323)
Investment in Partnerships	(3,505)	—
Right of use assets	(109)	(177)
Total Deferred Tax Liabilities	(42,057)	(500)
Net Deferred Tax Liabilities	$(27,353)	$—

Deferred tax assets are regularly reviewed for recoverability and a valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the periods in which those temporary differences become deductible. In assessing the need for a valuation allowance, management considers all available positive and negative evidence, including the ability to carryback operating losses to prior periods and the expected future utilization of net operating loss carryforwards, the reversal of deferred tax liabilities, projected taxable income, and tax-planning strategies.

Valuation allowances are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The valuation allowance on deferred tax assets was $11,664 as of December 31, 2024 and $5,910 as of December 31, 2023, resulting in a net change of $5,754. The increase in valuation allowance of $15,115 during the period mainly relates to U.S. federal and state operating loss carryforwards and equity based compensation deferred tax assets that were deemed unrealizable. During this period, Accelsius recognized significant deferred tax liabilities from acquired intangible assets as part of the Business Combination. The deferred tax liability provided a new source of income to realize the existing deferred tax assets, which provided enough positive evidence to release the valuation allowance of $9,361. The Company and the remaining corporate subsidiaries maintained the valuation allowance as the entities have been in a pre-tax loss position, with insufficient projected taxable income (exclusive of reversing taxable temporary differences) to recognize the benefit of net deferred tax assets as of the end of the year.

As of December 31, 2024, the taxable entity had net operating loss carryforwards for income tax purposes of approximately $62,653 related to federal taxes, all of which may be carried forward indefinitely. The Company and certain subsidiaries also have state net operating loss (“NOL”) carryforwards in the amount of $39,262. The state NOL carryforwards begin to expire in 2038, however, some state NOL’s are able to be carried forward indefinitely.

As of December 31, 2024 and 2023, the Company had no material unrecognized income tax benefits or uncertain tax positions. Also, we do not expect to incur interest charges or penalties related to our tax positions, but if such charges or penalties are incurred, our policy is to account for interest charges as interest expense and penalties as tax expense in the consolidated statements of operations.

As of December 31, 2024, tax years 2022 through 2024 remain open and subject to examination by the Internal Revenue Service and the states where the Company has nexus.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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+ Details

Consolidated Statements of Changes in Stockholders' Deficit (FY) - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Preferred Stock	Preferred Stock Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Common Stock	Additional Paid-In Capital Preferred Stock	Accumulated Deficit	Accumulated OCI	Non-Controlling Interest
Beginning balance at Dec. 31, 2022	$ (11,193)										$ (38,564)	$ 0	$ 656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,984)										(30,845)		(139)
Other comprehensive gain, net of taxes	0
Non-controlling interest acquired	337												337
Distributions to Stockholders	(241)										(241)
Ending balance at Dec. 31, 2023	(18,486)										(64,284)	0	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of issuance costs	7,566
Net loss	(7,526)										(5,219)		(2,307)
Non-controlling interest acquired	3,503												3,503
Ending balance at Mar. 31, 2024	(10,519)										(73,918)		11,543
Beginning balance at Dec. 31, 2023	(18,486)										(64,284)	0	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,840)
Other comprehensive gain, net of taxes	0
Ending balance at Jun. 30, 2024	(11,702)										(81,568)		15,113
Beginning balance at Dec. 31, 2023	(18,486)										(64,284)	0	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(28,198)										(16,436)		(11,762)
Other comprehensive gain, net of taxes	62											62
Non-controlling interest acquired	13,921												13,921
Preferred Stock, ending balance (in shares) at Oct. 01, 2024				0
Ending balance at Oct. 01, 2024	$ (4,503)			$ 0		$ 0		$ 11,342			(15,845)	0	0
Common Stock, ending balance (in shares) at Oct. 01, 2024	43,589,850					0
Beginning balance at Dec. 31, 2023	$ (18,486)										(64,284)	0	1,559
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	1,102,000			1,102,000
Ending balance at Dec. 31, 2024	$ 766,293			$ 0		$ 4		502,865			(78,262)	909	340,777
Common Stock, ending balance (in shares) at Dec. 31, 2024	44,597,154					44,597,154
Beginning balance at Mar. 31, 2024	$ (10,519)										(73,918)		11,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of issuance costs	2,852
Net loss	(11,314)										(7,288)		(4,026)
Other comprehensive gain, net of taxes	0
Non-controlling interest acquired	7,348												7,348
Ending balance at Jun. 30, 2024	(11,702)										(81,568)		15,113
Preferred Stock, beginning balance (in shares) at Oct. 01, 2024				0
Beginning balance at Oct. 01, 2024	$ (4,503)			$ 0		$ 0		11,342			(15,845)	0	0
Common Stock, beginning balance (in shares) at Oct. 01, 2024	43,589,850					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of acquisition of Innventure LLC (in shares)						43,589,850
Effect of acquisition of Innventure LLC	$ 804,098					$ 4		461,064					343,030
Reclassification of warrants from liability to equity	1,265							1,265
Issuance of shares, net of issuance costs (in shares)					1,102,000		160,000
Issuance of shares, net of issuance costs		$ 2,083	$ 9,965						$ 2,083	$ 9,965
Issuance of common shares from warrant exercises (in shares)						259,309
Issuance of common shares from warrant exercises	2,982							2,982
Net loss	(70,093)										(61,754)		(8,339)
Other comprehensive gain, net of taxes	909											909
Non-controlling interest acquired	4,129												4,129
Distributions to Stockholders	(663)										(663)
Vesting of contingent at risk sponsor shares (in shares)						587,995
Stock-based compensation	16,338							14,381					1,957
Accrued preferred dividends	$ (217)							(217)
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	1,102,000			1,102,000
Ending balance at Dec. 31, 2024	$ 766,293			$ 0		$ 4		502,865			(78,262)	909	340,777
Common Stock, ending balance (in shares) at Dec. 31, 2024	44,597,154					44,597,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of issuance costs (in shares)						161,964
Issuance of shares, net of issuance costs	$ 1,927							1,927
Net loss	(253,674)										(142,997)		(110,677)
Other comprehensive gain, net of taxes	(2,387)											(2,387)
Distributions to Stockholders	(26)										(26)
Stock-based compensation	5,841							4,943					898
Accrued preferred dividends	(217)							(217)
Ending balance at Mar. 31, 2025	$ 525,745					$ 5		484,256			(221,285)	(1,478)	264,247
Common Stock, ending balance (in shares) at Mar. 31, 2025						47,103,800
Preferred Stock, beginning balance (in shares) at Dec. 31, 2024	1,102,000			1,102,000
Beginning balance at Dec. 31, 2024	$ 766,293			$ 0		$ 4		502,865			(78,262)	909	340,777
Common Stock, beginning balance (in shares) at Dec. 31, 2024	44,597,154					44,597,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (394,949)
Other comprehensive gain, net of taxes	(2,198)
Ending balance at Jun. 30, 2025	$ 426,060					$ 6		525,346			(305,512)	(1,289)	207,509
Common Stock, ending balance (in shares) at Jun. 30, 2025	55,221,494					55,221,494
Beginning balance at Mar. 31, 2025	$ 525,745					$ 5		484,256			(221,285)	(1,478)	264,247
Common Stock, beginning balance (in shares) at Mar. 31, 2025						47,103,800
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares, net of issuance costs (in shares)						481,325
Issuance of shares, net of issuance costs	2,625							2,625
Net loss	(141,275)										(84,227)		(57,048)
Other comprehensive gain, net of taxes	189											189
Stock-based compensation	9,406							8,494					912
Ending balance at Jun. 30, 2025	$ 426,060					$ 6		$ 525,346			$ (305,512)	$ (1,289)	$ 207,509
Common Stock, ending balance (in shares) at Jun. 30, 2025	55,221,494					55,221,494

Business Combinations - Consideration Transferred (FY) (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 02, 2024 USD ($) shares	Dec. 31, 2024 USD ($)	Oct. 01, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Investing cash flow activity as a result of the Business Combination		$ 16	$ 0	$ 0
Innventure LLC
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Holdco Common Stock transferred to Innventure Members	$ 418,441
Contingent consideration	53,980
Consideration transferred	472,421
Non-controlling interest	343,030
Total business enterprise value	$ 815,451
Shares issuable for acquisition (in shares) \| shares	43,494,999
Aggregate consideration paid (in shares) \| shares	38,494,999
Share price (in usd per share) \| $ / shares			$ 10.87
Cash consideration transferred	$ 0
Add: Cash and cash equivalents acquired	16
Investing cash flow activity as a result of the Business Combination	$ 16
Innventure LLC \| Long-term growth rate
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Noncontrolling interest, measurement input			0.03
Innventure LLC \| Normalized tax rate
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Noncontrolling interest, measurement input			0.279
Innventure LLC \| Normalized net working capital
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Noncontrolling interest, measurement input			0.18
Innventure LLC \| Weighted average cost of capital
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Noncontrolling interest, measurement input			0.176

Borrowings - Components (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Oct. 22, 2024	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Total Notes Payable	$ 55,050	$ 34,725		$ 9,545
Less: unamortized debt discount	(9,791)	(6,446)		(2,133)
Total Long-term Notes	$ 16,755	13,654		5,500
Notes payable \| Series 1 promissory notes
Debt Instrument [Line Items]
Total Notes Payable		725		1,911
Notes payable \| Related party notes
Debt Instrument [Line Items]
Total Notes Payable		$ 14,000		$ 1,000
Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest rate				9.00%	9.00%
Notes payable \| Minimum \| Related party notes
Debt Instrument [Line Items]
Interest rate		8.00%
Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest rate				15.00%	12.00%
Notes payable \| Maximum \| Related party notes
Debt Instrument [Line Items]
Interest rate		15.99%
Convertible debt \| Convertible promissory notes
Debt Instrument [Line Items]
Interest rate				8.00%
Total Notes Payable		$ 0		$ 6,634
Less: unamortized debt discount		$ 0
Term loan \| WTI Facility
Debt Instrument [Line Items]
Interest rate	13.50%	13.50%	13.50%
Total Notes Payable	$ 20,000	$ 20,000		0
Related party
Debt Instrument [Line Items]
Long-Term Debt, Current Maturities		(14,000)		(1,000)
Related party \| Notes payable \| Related party notes
Debt Instrument [Line Items]
Total Notes Payable	0	14,000
Long-Term Debt, Current Maturities	0	$ (14,000)
Related party \| Notes payable \| Minimum \| Related party notes
Debt Instrument [Line Items]
Interest rate		8.00%
Related party \| Notes payable \| Maximum \| Related party notes
Debt Instrument [Line Items]
Interest rate		15.99%
Nonrelated party
Debt Instrument [Line Items]
Long-Term Debt, Current Maturities	$ (27,502)	$ (625)		$ (912)
Nonrelated party \| Notes payable \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest rate	15.00%
Total Notes Payable	$ 425	$ 725
Nonrelated party \| Notes payable \| Minimum
Debt Instrument [Line Items]
Interest rate		12.00%
Nonrelated party \| Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest rate		12.00%
Nonrelated party \| Notes payable \| Maximum
Debt Instrument [Line Items]
Interest rate		15.00%
Nonrelated party \| Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest rate		15.00%

Warrants - Narrative (Q2) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Apr. 14, 2025	Oct. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants (in shares)					18,645,997	0
Warrant liability	$ 22,996	$ 34,023	$ 22,996				$ 0
Public warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	11,240,688	11,240,688	11,240,688		11,499,997
Exercise price of warrant (in usd per share)	$ 11.5	$ 11.5	$ 11.5
Warrant liability					$ 1,265
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	7,146,000	7,146,000	7,146,000		7,146,000
Exercise price of warrant (in usd per share)	$ 11.5	$ 11.5	$ 11.5
Warrant liability	$ 7,146	$ 16,793	$ 7,146		$ 786
Gain (loss) on change in fair value of warrants	$ (3,507)	$ 16,007	$ (9,647)
2024 WTI Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	2	2	2
Warrant liability	$ 12,450	$ 17,230	$ 12,450
Gain (loss) on change in fair value of warrants	$ (900)		$ (4,780)
2025 WTI Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	2	0	2	2
Exercise price of warrant (in usd per share)				$ 0.01
Warrant liability	$ 3,400		$ 3,400	$ 3,090
Gain (loss) on change in fair value of warrants	$ 310		$ 310
Number of shares issuable for warrants (in shares)				495,074

Goodwill and Intangible Assets (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

Goodwill


Balance as of December 31, 2024			$667,936
Impairment			(346,557)
Other			2,084
Balance as of June 30, 2025			$323,463

Other intangible assets, net


	June 30, 2025				December 31, 2024
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	15.3	17,800	(833)	16,967	17,800	$(277)	$17,523
Customer relationships	2.3	4,600	(1,149)	3,451	4,600	$(382)	$4,218
Developed technology	8.5	165,100	(14,198)	150,902	165,100	$(4,718)	$160,382
Other finite-lived intangible assets	2.4	30	(5)	25	30	—	$30
Total intangible assets		$187,530	$(16,185)	$171,345	$187,530	$(5,377)	$182,153

Estimated future amortization expense is as follows:


			Amortization Expense
2025 (excluding the first six months of fiscal year 2025)			$10,808
2026			21,616
2027			21,234
2028			20,073
2029			18,853
2030 and thereafter			78,761
Total			$171,345

Note 9. Goodwill and Intangible Assets

The following table summarizes intangible assets, net:


		December 31, 2024 (Successor)
Intangible Asset	Weighted-Average Amortization Period (years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	16.0	17,800	(277)	17,523
Customer relationships	3.0	4,600	(382)	4,218
Developed technology	9.1	165,100	(4,718)	160,382
Other finite-lived intangible assets	3.0	30	—	30
Total intangible assets		$187,530	$(5,377)	$182,153

Estimated future amortization expense is as follows:


			Amortization Expense
2025			$21,616
2026			21,616
2027			21,234
2028			20,073
2029			18,853
Thereafter			78,761
Total			$182,153

Investments - Schedule of Financial Information of Equity Method Investments (FY) (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance Sheets
Total Assets	$ 555,985		$ 905,289			$ 555,985			$ 905,289	$ 21,564
Total Liabilities	129,925		138,996			129,925			138,996	29,420
Total Equity (Deficit)	426,060	$ 525,745	766,293	$ (11,702)	$ (10,519)	426,060	$ (11,702)	$ (4,503)	766,293	(18,486)	$ (11,193)
Statements of operations
Net Income (Loss)	$ (141,275)	$ (253,674)	(70,093)	$ (11,314)	$ (7,526)	$ (394,949)	$ (18,840)	$ (28,198)		(30,984)
ESG Fund
Balance Sheets
Total Assets			97,445						97,445	58,022
Total Liabilities			93						93	107
Total Equity (Deficit)			97,352						97,352	57,915
Statements of operations
Revenue									202	320
Gross (Loss) Profit									(735)	(709)
Net Income (Loss)									39,437	(4,557)
AeroFlexx
Balance Sheets
Total Assets			17,002						17,002	10,780
Total Liabilities			27,861						27,861	8,031
Total Equity (Deficit)			$ (10,859)						(10,859)	2,749
Statements of operations
Revenue									38	16
Gross (Loss) Profit									(57)	1
Net Income (Loss)									$ (13,663)	$ (8,221)

Revenues - Schedule of Breakout of Revenue (FY) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 476	$ 456	$ 223	$ 700	$ 447	$ 764	$ 1,117
Product revenue
Disaggregation of Revenue [Line Items]
Revenue		233				95	0
Management fees - related party
Disaggregation of Revenue [Line Items]
Revenue		223				669	892
Consulting revenue
Disaggregation of Revenue [Line Items]
Revenue		$ 0				$ 0	$ 225

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-Topic 220
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+ Details

Consolidated Statements of Operations and Comprehensive Income (Loss) (FY) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Financial Designation, Predecessor and Successor [Fixed List]			Successor
Revenue	$ 456	$ 764		$ 1,117
Operating Expenses
Cost of sales	3,752	777		0
General and administrative	29,652	26,608		17,589
Sales and marketing	2,009	4,178		3,205
Goodwill impairment	0	0
Research and development	5,340	5,978		4,001
Total Operating Expenses	40,753	37,541		24,795
Loss from Operations	(40,297)	(36,777)		(23,678)
Non-operating (Expense) and Income
Interest expense, net	(1,132)	(1,300)		(1,224)
Change in fair value of financial liabilities	(20,946)	(478)		766
Equity method investment (loss) income	(902)	893		(632)
Loss on conversion of promissory notes	0	(1,119)		0
Write-off of loan commitment fee asset	(10,041)	0		0
Miscellaneous other expense	(57)	(64)		0
Total Non-operating (Expense) Income	(33,078)	9,011		(7,306)
Loss before income taxes	(73,375)	(27,766)		(30,984)
Income tax expense (benefit)	(3,282)	432		0
Net Loss	(70,093)	(28,198)		(30,984)
Non-redeemable non-controlling interest	(8,339)	(11,762)		(139)
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (61,754)	(16,436)		(30,845)
Basic loss per unit (in usd per share)	$ (1.41)
Diluted loss per share (in usd per share)	$ (1.41)
Basic weighted average common shares (in shares)	43,951,279
Diluted weighted average common shares (in shares)	43,951,279
Other comprehensive income, net of taxes:
Unrealized gain on available-for-sale debt securities - related party	$ 909	62		0
Total other comprehensive income (loss), net of taxes	909	62		0
Total comprehensive loss, net of taxes	(69,184)	(28,136)		(30,984)
Non-redeemable non-controlling interest	(8,339)	(11,762)		(139)
Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(60,845)	(16,374)		(30,845)
Nonrelated party
Non-operating (Expense) and Income
Net gain (loss) from investments	0	11,547		(6,448)
Related party
Non-operating (Expense) and Income
Net gain (loss) from investments	$ 0	$ (468)		$ 232

Nature of Business (FY)	6 Months Ended	12 Months Ended
Nature of Business (FY)	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Note 1. Nature of Business Unless the context otherwise requires, references herein to “Innventure”, “we”, “us”, “our” and “the Company” refer to the business and operations of Innventure LLC and its consolidated subsidiaries (the “Predecessor”) for all periods prior to the Closing (as defined below) and to the business and operations of Innventure, Inc., and its consolidated subsidiaries (the “Successor”) for all periods after Closing. All balance sheet amounts presented are for Successor periods. Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions that we acquire or license from technology innovators, which are typically MNCs. As owner-operators, our goal is to take what we believe to be breakthrough technologies from evaluation to scaled commercialization utilizing an approach designed to help mitigate risk in collaboration with the MNCs (our channel partner(s)), as we build disruptive companies that we believe have the potential to achieve a target enterprise value of at least $1 billion. We define “disruptive” as innovations that, in our opinion, have the ability to significantly change the way businesses, industries, markets, and/or consumers operate. Innventure, Inc., is headquartered in Orlando, Florida. Business Combination As further discussed in our 2024 Annual Report, on October 2, 2024 (the “Closing Date” or “Closing”), Learn CW Investment Corporation (“Learn CW”), a Cayman Islands exempted company, and Innventure LLC, a Delaware limited liability company, consummated a business combination (the “Business Combination”) pursuant to the terms of the Business Combination Agreement previously entered into on October 24, 2023. Following the Closing, both Learn CW and Innventure LLC became subsidiaries of Learn SPAC HoldCo, Inc. (“Holdco”), a Delaware corporation and direct, wholly-owned subsidiary of Learn CW prior to Closing. Holdco changed its name to “Innventure, Inc.” and became a publicly traded company. Holdco was determined to be the accounting acquirer. Innventure, Inc., and its subsidiaries are the successor to Innventure LLC following the Business Combination. The information provided in this Quarterly Report on Form 10-Q reflects two distinct periods, the period up to the Closing Date labeled as the Predecessor and the period including and after that date labeled as the Successor. The Business Combination was accounted for using the acquisition method of accounting and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As a result of the application of the acquisition method of accounting as of the Closing Date, the accompanying condensed consolidated financial statements include a black line division which indicates that the Predecessor and Successor reporting entities shown are presented on a different basis and are therefore, not comparable.	Note 1. Nature of Business Unless the context otherwise requires, references herein to “Innventure”, “we”, “us”, “our” and “the Company” refer to the business and operations of Innventure LLC and its consolidated subsidiaries (the “Predecessor”) for all periods prior to the Closing (as defined below) and to the business and operations of Innventure, Inc. and its consolidated subsidiaries (the “Successor”) for all periods after Closing. Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions that we acquire or license from technology innovators, which are typically Multinational Corporations (“MNCs”). As owner-operators, our goal is to take what we believe to be breakthrough technologies from evaluation to scaled commercialization utilizing an approach designed to help mitigate risk in collaboration with the MNCs (our channel partner(s)), as we build disruptive companies that we believe have the potential to achieve a target enterprise value of at least $1 billion. We define “disruptive” as innovations that, in our opinion, have the ability to significantly change the way businesses, industries, markets, and/or consumers operate. Innventure, Inc., is headquartered in Orlando, Florida. Business Combination On October 24, 2023, Learn SPAC HoldCo, Inc. (“Holdco”), a Delaware corporation and direct, wholly-owned subsidiary of Learn CW Investment Corporation (“Learn CW”), a Cayman Islands exempted company, LCW Merger Sub, Inc. (“LCW Merger Sub”), a Delaware corporation and direct, wholly-owned subsidiary of Holdco, and Innventure Merger Sub, LLC (“Innventure Merger Sub” and together with LCW Merger Sub, the “Merger Subs”), a Delaware limited liability company and direct, wholly-owned subsidiary of Holdco entered into a Business Combination Agreement (the “Business Combination Agreement”) with Innventure LLC, a Delaware limited liability company. As further discussed below and in Note 8. Business Combinations, on October 2, 2024 (the “Closing Date” or “Closing”), Learn CW and Innventure LLC consummated a business combination (the “Business Combination”) pursuant to the terms of the Business Combination Agreement. Following the Closing, both Learn CW and Innventure LLC became subsidiaries of Holdco, Holdco changed its name to “Innventure, Inc.” and became a publicly traded company. Holdco was determined to be the accounting acquirer. Both Learn CW and Holdco, a direct wholly-owned subsidiary of Learn CW prior to the Business Combination, were created for the purpose of consummating a business combination. Innventure, Inc. and its subsidiaries is the successor to Innventure LLC following the Business Combination and is a Delaware corporation, whose common stock is listed and traded on the Nasdaq Global Market (“Nasdaq”). Following the Business Combination, the Company continues the business of Innventure LLC. The information provided in this Annual Report on Form 10-K reflects two distinct periods, the period up to the Closing Date labeled as the Predecessor and the period including and after that date labeled as the Successor. The Business Combination was accounted for using the acquisition method of accounting and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As a result of the application of the acquisition method of accounting as of the Closing Date, the accompanying Consolidated Financial Statements include a black line division which indicates that the Predecessor and Successor reporting entities shown are presented on a different basis and are therefore, not comparable.

Borrowings (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings


	Maturities	June 30, 2025	Interest Rates	December 31, 2024	Interest Rates
Series 1 promissory notes	2025 - 2026	$425	15%	$725	12% - 15%
Related party notes	—	—	—	14,000	8% - 15.99%
Convertible debentures	2026	28,172	—%	—
Term convertible notes	2026	2,451	3.94%	—
Related party convertible notes	2025 - 2026	4,002	3.94% - 15%	—
WTI Facility	2028	20,000	13.50%	20,000	13.50%
Total Notes Payable		55,050		34,725
Less: unamortized debt discount		(9,791)		(6,446)
Less: current portion of related party notes payable		—		(14,000)
Less: current portion of related party convertible notes		(1,002)		—
Less: current portion of notes payable		(27,502)		(625)
Total Long-term Notes		$16,755		$13,654

The Company’s debt is carried on a historical cost basis net of unamortized discounts and premiums. Costs associated with acquiring debt are presented in the condensed consolidated balance sheets as a direct deduction from the carrying amount of the debt as a debt discount. Discounts on debt are amortized over the contractual life of the related debt instrument using the effective interest method (unless otherwise specified below) and are included in Interest expense, net in the condensed consolidated statements of operations and comprehensive income (loss).

The Company’s notes payable, excluding debt issuance costs, mature as follows:


Year Ending December 31,			Amount
2025 (remaining 6 months)			$13,011
2026			29,234
2027			8,244
2028			4,561
Total Debt			$55,050

Series 1 Promissory Notes

In 2018, the Company authorized the issuance and sale of unsecured promissory notes to investors up to $35,000 (the “Series 1 promissory notes”). From 2018 to 2021, the Company issued promissory notes with a total principal amount of $4,936. The notes require monthly interest payments, have an original maturity period of 36-48 months, and bear interest at 9%-12% per annum. The notes contain two term extension options, at the Company’s election, which can extend the notes’ maturity period to 60 months in total. If the Company elects its first term extension option, the note will bear interest at 12% for months 36 through 48. If the Company elects its second term extension option, the notes will bear interest at 15% for months 48 through 60.

Extensions on Series 1 promissory notes were as follows:


		Three months ended		Six months ended
	Interest Rate	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Principal amount of 1st extension promissory notes	12%	$—	$—	$—	$122
Principal amount of 2nd extension promissory notes	15%	$—	$—	$122	$300

Interest expense on Series 1 promissory notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Interest attributable to contractual interest

$16

$44

$48

$99

Related Party Notes

The Company entered into unsecured promissory notes with two related parties, the first on August 20, 2024, for a principal amount of $10,000, and the second on August 22, 2024, for a principal amount of $2,000. The Company entered into amended and restated agreements to amend the terms of these unsecured promissory notes on October 1, 2024. As per the original agreements, the note with the first party contained a loan fee of $1,000 which was payable with the repayment of the principal amount of the note and the note with the second party contained interest at the rate of 11.50% per annum.

As per the amended note with the first party, the maturity date was extended to the earlier of (i) January 31, 2025 and (ii) the first business day following the date on which the Company has sufficient capital to be able to repay all amounts outstanding under the note and otherwise meet its expected working capital needs as determined by the Company in its reasonable discretion. The loan fee of $1,000, required under the original agreement, became due on or around the amendment date and interest will accrue at the rate of 15.99% per annum until paid. The amendment was accounted for as a troubled debt restructuring as the Company was provided a concession through a decrease in the effective interest rate. However, no gain or loss was recognized as a result.

As per the amended note with the second party, the maturity date was extended to January 31, 2025 and the interest rate was increased to 13.50% per annum. Additionally, $1,000 of the principal amount became due on or around the amendment date.

Interest expense on the related party notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Total interest expense

$—

$419

$—

In addition to the related party notes above, the Company also had a related party note for $1,000 through an unsecured promissory note with an additional related party dated May 2, 2024. As per the terms of the executed agreement, the principal amount became due on December 21, 2024 and interest will accrue at the rate of 8.00% per annum. Upon maturity, the Company is required to repay the outstanding principal amount of $1,000 and a loan fee equal to approximately $63.

On March 20, 2025, in connection with the issuance of Series C Preferred Stock (as defined below), the Company extinguished the outstanding amount of related party notes. The Company recognized a loss of $— and $3,538 in Loss on extinguishment of related party debt on the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2025 (Successor), respectively.

WTI Facility

On October 22, 2024, the Company entered into a term loan with WTI Fund X, Inc. and WTI Fund XI, Inc., (collectively, “WTI Lenders”). The terms of the loan provides for a term loan facility in the aggregate principal amount of up to $50,000 (the “WTI Facility”). The total aggregate principal was available in three separate tranches subject to the Company meeting certain conditions. The Company received $20,000 (the “First Tranche”) on November 15, 2024. The First Tranche, principal and interest, shall be repaid over a period of 30 months in equal, monthly installments, commencing after an initial 12-month period of interest-only monthly payments, resulting in a total term of 42 months. The interest rate on the outstanding principal amounts under the WTI Facility for the three and six months ended June 30, 2025 (Successor) was 13.50%.

Borrowings under the WTI Facility will accrue interest at a rate per annum equal to the greater of (i) the “prime rate” of interest, as published by The Wall Street Journal on the date that the WTI Lenders prepare the promissory notes for the borrowings under such tranche, plus 5% and (ii) 13.50% and will amortize, after an interest-only period of twelve months in the case of the First Tranche in equal monthly installments over a period of thirty months. Obligations are secured by a lien on the majority of the assets of Innventure LLC and Innventure, Inc.

In connection with the WTI Facility, the Company issued the 2024 WTI Warrants to the WTI Lenders (as further defined and described in Note 10. Warrants). The Company accounted for each of the 2024 WTI Warrants as detachable warrants at their fair value. The fair value of the 2024 WTI Warrants was recorded as a liability and as a discount to the WTI Facility on the condensed consolidated balance sheets. The Company is amortizing the discount over the term of the WTI Facility using the straight-line method.

On March 21, 2025, in connection with the issuance of the first tranche of Convertible Debentures (as further described below) to Yorkville, the Company and Innventure LLC entered into a consent (the “Consent”) with WTI Fund X, LLC and WTI Fund XI, LLC (the “WTI Holders”) and the WTI Lenders, modifying the WTI Facility. Specifically, under the Consent, the Company and the WTI Lenders and WTI Holders agreed (i) that from and after the date that the Company receives the initial proceeds from the Convertible Debentures and until such time as such obligations have been paid in full, the Company must maintain at least $5,000 of cash on deposit; (ii) that effective on the date that the Company receives the initial proceeds from the Convertible Debentures, the 2025 WTI Warrants will become payable to the WTI Lenders and their affiliates; and (iii) to certain additional consent provisions. Such provisions from the Consent became effective on April 14, 2025 when the Company received proceeds from the Convertible Debentures. The modification of the WTI Facility was

accounted for as an extinguishment of debt though the WTI Facility remains outstanding, resulting in a loss on extinguishment of $3,462 recorded on the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2025 (Successor). The legal requirement to maintain at least $5,000 of cash on deposit is presented as Restricted cash on the condensed consolidated balance sheets.

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to contractual interest	$683	$—	$1,358	$—
Interest attributable to amortization of issuance costs and discounts	348	—	856	—
Total interest expense	$1,031	$—	$2,214	$—

Convertible Debentures

On March 25, 2025, the Company entered into a securities purchase agreement (“Securities Purchase Agreement”) with Yorkville related to the issuance and sale of convertible debentures (“Convertible Debentures”) with an aggregate principal amount of up to $30,000. These Convertible Debentures are convertible into shares of Common Stock (as converted, the “Conversion Shares”). The Convertible Debentures contain certain features which qualify as embedded derivatives requiring bifurcation. Therefore, the bifurcated features are accounted for separately as a compound embedded derivative and included within Embedded derivative liability on the condensed consolidated balance sheets. The host contract, which represents the Convertible Debentures excluding the embedded derivative liability is included in Notes payable - current on the condensed consolidated balance sheets. The Company issued the aggregate principal amount of Convertible Debentures in two tranches tied to separate reporting and filing requirements.

On April 14, 2025, the Company issued the first tranche of the Convertible Debentures with a principal amount of $20,000 in accordance with the Securities Purchase Agreement. The first tranche resulted in gross proceeds to the Company of approximately $18,000, representing an original issue discount of 10% and is scheduled to be repaid in twelve monthly payments with a 5% payment premium due to the lender with each payment. Also on April 14, 2025, the Company issued two warrants (the “2025 WTI Warrants”) to purchase, at a price of $0.01 per share (subject to certain limitations and adjustment), up to an aggregate total of 495,074 shares of Common Stock, as of the date of issuance and June 30, 2025 (subject to future adjustments to the number and type of shares pursuant to the 2025 WTI Warrants), to the WTI Holders. Each of the 2025 WTI Warrants is exercisable through March 31, 2035. For further information on the 2025 WTI Warrants, refer to Note 10. Warrants.

On May 15, 2025, the Company issued the second tranche of Convertible Debentures with a principal amount of $10,000 in accordance with the Securities Purchase Agreement. The second tranche resulted in gross proceeds to the Company of approximately $9,000, representing an original issue discount of 10% and is scheduled to be repaid in eleven monthly payments with a 5% payment premium due to the lender with each payment. There is no contractual interest associated with amounts outstanding for the Convertible Debentures for the three and six months ended June 30, 2025 (Successor).

On June 4, 2025, the Company entered into an amendment to the Securities Purchase Agreement. The amendment changed the share conversion price to the lessor of: a) $10.00 per share of Common Stock, subject to downward assessment on two reset dates (October 14, 2025, and January 14, 2026) or b) the greater of (i) the average volume-weighted average price (“VWAP”) for the ten trading days prior to the two reset dates and (ii) $2.00, subject to adjustments for stock splits or combinations.

During the three and six months ended June 30, 2025 (Successor), the Company issued 473,825 shares of its Common Stock pursuant to the SEPA in payment of $2,335 of principal and $117 of payment premium of the Convertible Debentures. For further information on this conversion, see Note 11. Stockholders’ Equity. During

the three and six months ended June 30, 2025 (Successor), the Company made cash payments toward the outstanding loan balance totaling $834 of principal and $42 of payment premium.

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to amortization of issuance costs	1,701	—	1,701	—
Total interest expense	$1,701	$—	$1,701	$—

Term Convertible Notes

Accelsius entered into unsecured convertible notes with various other parties (the “Term Convertible Notes”) for a total principal amount of $7,750. As of June 30, 2025, $2,750 of agreements were executed and $2,450 of proceeds had been received. The Term Convertible Notes have a stated maturity date of December 31, 2026 and bear interest at the annual applicable federal rate published by the Internal Revenue Service.

The Term Convertible Notes, which are subordinated to the WTI Facility, are convertible at the option of the lenders, starting January 2, 2026, for all amounts due under the notes at the time of conversion, into Accelsius’ Series A Units at a price per unit equal to $12.175. For as long as any portion of the WTI Facility remains outstanding, the lenders will not demand payment related to this Term Convertible Notes, unless they convert the debt into equity.

The interest expense on the Term Convertible Notes was $1 for the three and six months ended June 30, 2025 (Successor).

Related Party Convertible Notes

On June 26, 2025, Accelsius entered into an unsecured Convertible Promissory Note (“CPN”) with a related party lender. The maximum principal amount under the CPN is $3,000, issuable in three equal draws, upon the request of Accelsius and subject to the related party’s sole discretion. Accelsius received the first draw amounting to $1,000 on June 27, 2025. The CPN has a stated interest rate of 15% and Accelsius is required to pay a loan fee (“Loan Fee”) of $35 upon maturity, repayment or conversion of this note.

The CPN is convertible at the option of the related party lender for all amounts due under the Convertible Note, including the Loan Fee, into either preferred units of Accelsius at a price equal to 80% of the next funding round price if Accelsius raises at least $5,000 from unaffiliated investors, or into common units of Accelsius, if no such funding round occurs before the maturity date, with unit pricing of common units determined by an independent valuation firm.

The CPN has a maturity date of December 31, 2025; is subordinated to the WTI Facility and the Convertible Debentures; and each of the WTI Lenders and Yorkville have been granted certain rights under the CPN. The CPN related party lender will not demand payment of this note, for so long as any portion of the WTI Facility or Convertible Debentures remains outstanding. Furthermore, pursuant to a Side Letter, dated June 26, 2025, by and among the Company, Innventure LLC, Accelsius and the related party, until such time as the CPN is either repaid in full or converted into equity of Accelsius, the Company will not seek repayment of any portion of that certain Loan and Security Agreement between Innventure LLC and Accelsius, dated as of March 30, 2023 (subject to certain exceptions).

Accelsius also entered into unsecured convertible notes (“Related Party Term Convertible Notes”, together with the CPN, the “Related Party Convertible Notes”) with certain investors deemed to be Related Parties (as defined in the Company’s Related Party Transactions Policy) for a total principal amount of $4,250. Proceeds of $3,000 from the Related Party Term Convertible Notes were received as of June 30, 2025. The Related Party Term Convertible Notes have a stated maturity date of December 31, 2026 and bear interest at the annual applicable federal rate published by the Internal Revenue Service.

The Related Party Term Convertible Notes, which are are subordinated to the WTI Facility, are convertible at the option of the lenders, starting January 2, 2026, for all amounts due under the notes at the time of conversion, into Accelsius’ Series A Units at a price per unit equal to $12.175. For as long as any portion of the WTI Facility remains outstanding, the Related Party Term Convertible Notes lenders will not demand payment related to the Related Party Term Convertible Notes, unless they convert the debt into equity.

The interest expense on Related Party Convertible Notes, including the amortization of the loan fee, was $3 for the three and six months ended June 30, 2025 (Successor).

Note 5. Borrowings


		Successor		Predecessor
	Maturities	December 31, 2024	Interest Rates	December 31, 2023	Interest Rates
Series 1 promissory notes	2025 - 2026	$725	12% - 15%	$1,911	9% - 15%
Related party notes	2024 - 2025	14,000	8% - 15.99%	1,000	—%
Convertible promissory notes		—		6,634	8%
WTI Facility	2028	20,000	13.50%	—
Total Notes Payable		34,725		9,545
Less: unamortized debt discount		(6,446)		(2,133)
Less: current portion of related party notes payable		(14,000)		(1,000)
Less: current portion of notes payable		(625)		(912)
Total Long-term Notes		$13,654		$5,500

The Company’s debt is carried on a historical cost basis net of unamortized discounts and premiums. Costs associated with acquiring debt are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt as a debt discount. Discounts on debt are amortized over the contractual life of the related debt instrument using the effective interest method (unless otherwise specified below) and are included in Interest expense, net in the consolidated statements of operations and comprehensive income (loss).

The Company’s notes payable, excluding debt issuance costs, and notes payable to related parties mature as follows:


Year Ending December 31,			Amount
2025			$14,625
2026			7,295
2027			8,244
2028			4,561
Total Debt			$34,725

Series 1 Promissory Notes

In 2018, the Company authorized the issuance and sale of unsecured promissory notes to investors up to $35,000. From 2018 to 2021, the Company issued promissory notes with a total principal amount of $4,936. The notes require monthly interest payments, have an original maturity period of 36-48 months, and bear interest at 9%-12% per annum. The notes contain two term extension options, at the Company’s election, which can extend the notes’ maturity period to 60 months in total. If the Company elects its first term extension option, the note will bear interest at 12% for months 36 through 48. If the Company elects its second term extension option, the notes will bear interest at 15% for months 48 through 60.

In the event of a change of control or a portfolio company sale, the notes are required to be repaid. In the event of a default, noteholders may elect to convert notes into common units of the Company equal to two times the unpaid principal balance plus accrued but unpaid interest at the time of conversion at a pre-money valuation agreed to by a majority of the converting noteholders. If the Company is in default due to lack of payment and the noteholders do not elect repayment, notes will accrue interest at the default rate. During the first 36 months, the default interest rate is 12% and increases to 18% thereafter.

Noteholders converted their Series 1 promissory notes into Class B Preferred Units as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Principal amount	$—	$396	$1,310
Number of shares	—	40,829	135,133

The conversion rate was based on the Class B Preferred Unit issuance price of $9.6992 per unit. The noteholders elected to receive the last interest payment due and waive the prepayment fee, if applicable, in connection with the transaction. The Company accounted for the conversion of promissory notes as an extinguishment of debt, the impact of which is immaterial to the Company’s financial statements. Upon Closing of the Business Combination, the option for noteholders to convert their Series 1 promissory notes into Class B Preferred Units is no longer available.

Extensions on Series 1 promissory notes were as follow:


		Successor	Predecessor
	Interest Rate	December 31, 2024	December 31, 2023
Principal amount of 1st extension promissory notes	12%	$122	$829
Principal amount of 2nd extension promissory notes	15%	$603	$890

Interest expense on Series 1 promissory notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$29	$138	$297
Interest attributable to amortization of issuance costs	—	—	32
Total interest expense	$29	$138	$329

Related Party Notes

party contained interest at the rate of 11.50% per annum. The principal amounts, loan fees and accrued interest were repayable at the earlier of October 15, 2024 and the first business day following the date of consummation of the Business Combination.

As per the amended note with the first party, the maturity date was extended to the earlier of (i) January 31, 2025 and (ii) the first business day following the date on which the Company has sufficient capital to be able to repay all amounts outstanding under the note and otherwise meet its expected working capital needs as determined by the Company in its reasonable discretion. The loan fee of $1,000, required under the original agreement, became due on or around the amendment date but as of December 31, 2024 has not yet been paid and interest will accrue at the rate of 15.99% per annum until paid. The amendment was accounted for as a troubled debt restructuring as the Company was provided a concession through a decrease in the effective interest rate. However, no gain or loss was recognized as a result.

Interest expense on the related party notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Total interest expense	$611	$932	$—

In addition to the related party notes above, the Company also has a related party note for $1,000 that had no stated interest or maturity at issuance. The Company formally came to terms on the related party note by executing an unsecured promissory note with the related party on May 2, 2024. As per the terms of the executed agreement, the principal amount became due on December 21, 2024 but as of December 31, 2024 has not yet been paid and interest will now accrue at the rate of 8.00% per annum. Upon maturity, the Company is required to repay the outstanding principal amount of $1,000 and a loan fee equal to approximately $63. There is no stated interest as per the terms of the executed agreement but it provides for interest at the rate of 8.00% per annum on the outstanding amount from the maturity date if the Company fails to pay any amount due on the maturity date.

Convertible Promissory Notes

The Company previously issued 8% convertible promissory notes (the “2025 Notes”) that can be converted into equity units at the later of a qualified financing event or upon maturity, which is 36-months. A qualified financing event is one or more transactions that results in gross proceeds of at least $2,000. Upon the occurrence of a qualified financing event, the 2025 Notes convert to the series of stock issued in that financing at the lesser of (a) a 20 percent discount or (b) $200 million divided by the number of fully diluted units outstanding immediately prior to the financing. This conversion option is accounted for as a derivative instrument and the fair value of such is discussed in Note 4. Fair Value.

On March 31, 2024, the 2025 Notes with a $6,000 principal balance and $755 of accrued interest were converted into 693,480 Accelsius Series A units at a conversion price of $9.74 per share. The conversion was pursuant to the occurrence of a qualified financing event. The related embedded derivative liability was extinguished in connection with the conversion, resulting in a loss on conversion of $1,119 recorded on the consolidated statements of operations and comprehensive income (loss) in the Predecessor period from January 1, 2024 through October 1, 2024.

Interest expense on the 2025 Notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$—	$120	$583


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to amortization of implied discounts	—	231	456
Total interest expense	$—	$351	$1,039

The Company has accrued interest of $— and $634 in convertible promissory notes as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the unamortized discount was $— and $2,133, respectively.

WTI Facility

On October 22, 2024, the Company entered into a term loan with WTI Fund X, Inc. and WTI Fund XI, Inc., (collectively, “WTI Lenders”). The terms of the loan provides for a term loan facility in the aggregate principal amount of up to $50,000 (the “WTI Facility”), of which (i) up to $20,000 is made available after October 22, 2024 and through November 15, 2024 (the “First Tranche”); (ii) up to $15,000 is made available after November 1, 2024 and through November 30, 2024 (the “Second Tranche”); and (iii) up to $15,000 will be made available after December 31, 2024 and through January 31, 2025 (the “Third Tranche”) (provided that up to $7,500 of the Third Tranche will be made available until March 31, 2025), in each case, subject to the satisfaction of certain conditions, including, with respect to each of the Second Tranche and the Third Tranche, satisfaction of certain financial conditions and the WTI Lenders’ satisfaction with the Company’s forward-looking plan at such time.

Borrowings under the WTI Facility will accrue interest at a rate per annum equal to the greater of (i) the “prime rate” of interest, as published by The Wall Street Journal on the date that the WTI Lenders prepare the promissory notes for the borrowings under such tranche, plus 5% and (ii) 13.50% and will amortize, after an interest-only period of twelve months in the case of the First Tranche and six months in the case of each of the Second Tranche and the Third Tranche, in equal monthly installments over a period of thirty months. Obligations are secured by a lien on the majority of the assets of Innventure LLC and Innventure, Inc.

The Company received all $20,000 of the First Tranche on November 15, 2024. The First Tranche, principal and interest, shall be repaid over a period of 30 months in equal, monthly installments, commencing after an initial 12-month period of interest-only monthly payments, resulting in a total term of 42 months. The interest rate on the outstanding principal amounts under the WTI Facility for the Successor period ended December 31, 2024 was 13.50%.

In connection with the WTI Facility, the Company issued WTI Warrants to the WTI Lenders (as further defined and described in Note 11. Warrants). The Company accounted for each of the WTI Warrants as detachable warrants at their fair value. The fair value of the WTI Warrants was recorded as a liability and as a discount to the WTI Facility on the consolidated balance sheets. The Company is amortizing the discount over the term of the WTI Facility using the straight-line method.

On October 22, 2024, when the Company entered into the WTI Facility, the Company recognized $16,735 as a commitment fee asset on the consolidated balance sheets. On November 15, 2024, when the Company received the First Tranche in the amount of $20,000, the prorated portion of the commitment fee asset of $6,694 was reclassified to a debt issuance cost within Notes payable, net of current portion and began amortizing over the term of the First Tranche. On November 30, 2024 and December 31, 2024, management determined that the Second and Third Tranche, respectively, could not be drawn upon due to certain operational thresholds which had not been met for these Tranches. Therefore, the Company wrote off $5,021 and $5,021, respectively on these dates, to Write-off of loan commitment fee asset on the consolidated statements of operations and comprehensive income (loss) as the commitment fee asset could no longer benefit the Company in receiving debt financing capital.

Interest expense on this facility was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$352	$—	$—
Interest attributable to amortization of issuance costs	248	—	—
Total interest expense	$600	$—	$—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Earnout Shares (Q2) (Details) - Innventure LLC $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Feb. 04, 2025 shares	Jan. 07, 2025 shares	Oct. 02, 2024 day	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Oct. 01, 2024 USD ($) $ / shares shares
Business Combination, Contingent Consideration [Line Items]
Contingent consideration (in shares)							5,000,000
Contingent consideration, vesting provision, VWAP stock price trigger (in usd per share) \| $ / shares							$ 11.5
Contingent consideration, vesting provision, VWAP threshold trading days \| day			20
Contingent consideration, vesting provision, effective period following business combination			6 months
Milestone Two
Business Combination, Contingent Consideration [Line Items]
Earnout shares issued (in shares)	2,000,000
Milestone Three
Business Combination, Contingent Consideration [Line Items]
Contingent consideration liability \| $				$ 4,370	$ 14,752	$ 4,370	$ 11,352
Gain on change in fair value of contingent consideration \| $				$ 3,100	$ (3,400)	$ 9,509
Innventure Members
Business Combination, Contingent Consideration [Line Items]
Contingent consideration (in shares)							5,000,000
Sponsor
Business Combination, Contingent Consideration [Line Items]
Contingent consideration (in shares)							344,828
Earnout shares vested (in shares)		344,828

Subsequent Events (FY) (Details) $ / shares in Units, € in Thousands, $ in Thousands																	1 Months Ended			3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended		18 Months Ended
	Mar. 25, 2025 USD ($) $ / shares shares	Mar. 24, 2025 USD ($) $ / shares shares	Mar. 20, 2025 USD ($) shares	Mar. 19, 2025 USD ($) shares	Feb. 26, 2025 agreement grantee installment $ / shares shares	Feb. 04, 2025 shares	Feb. 03, 2025 shares	Feb. 01, 2025 shares	Jan. 30, 2025 USD ($) shares	Jan. 22, 2025 USD ($) shares	Jan. 07, 2025 USD ($) shares	Jan. 02, 2025 USD ($) $ / shares shares	Jan. 01, 2025 $ / shares	Dec. 30, 2024 USD ($) shares	Dec. 24, 2024 USD ($) shares	Dec. 09, 2024 $ / shares shares	Aug. 14, 2025 shares	Feb. 27, 2025 USD ($) instrument	Jan. 30, 2025 USD ($) shares	Jun. 30, 2025 USD ($) shares	Apr. 14, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2025 USD ($) shares	Jun. 30, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Mar. 24, 2025 USD ($) $ / shares shares	Jan. 22, 2025 EUR (€)	Oct. 22, 2024 $ / shares	Dec. 31, 2018 USD ($)
Subsequent Event [Line Items]
Non-controlling interest acquired																						$ 4,129	$ 7,348	$ 3,503			$ 13,921		$ 337
Conversion of loans to investments																						0			$ 4,375	$ 0	2,600		0
Stock options granted (in shares) \| shares					140,000											975,409
Stock options granted, exercise price (in usd per share) \| $ / shares					$ 8.84											$ 12.2
Payment of debts																									$ 1,176	$ 590
WTI Warrants
Subsequent Event [Line Items]
Exercise price of warrant (in usd per share) \| $ / shares																																$ 10
Series C Preferred Stock
Subsequent Event [Line Items]
Stock issued for services (in shares) \| shares																														300,000
Preferred stock dividend percentage																									8.00%
Related party
Subsequent Event [Line Items]
Payment of debts																						$ 4,628					$ 0		$ 0
Series 1 promissory notes \| Notes payable
Subsequent Event [Line Items]
Aggregate principal amount, up to																																	$ 35,000
Convertible Debentures \| Convertible debt
Subsequent Event [Line Items]
Payment of debts																				$ 834					$ 834
Aggregate principal amount, up to	$ 30,000
Standby Equity Purchase Agreement
Subsequent Event [Line Items]
Stock issuance (in shares) \| shares														75,000	60,000					0					73,993			135,000
Amount received from stock issuance														$ 965	$ 770					$ 0					$ 931			$ 1,735
Innventure LLC \| Milestone Two
Subsequent Event [Line Items]
Earnout shares issued (in shares) \| shares						2,000,000
AeroFlexx
Subsequent Event [Line Items]
Conversion of loans to investments																									$ 4,375
Conversion of loans to investments (in usd per share) \| $ / shares													$ 6.83
Investment interest percentage																				37.00%		34.00%			37.00%			34.00%	31.00%
Subsequent event
Subsequent Event [Line Items]
Noncontrolling interest sold (in shares) \| shares																					422,999
Non-controlling interest acquired																					$ 5,150
Research services, minimum fee \| €																															€ 5,000
Research services, minimum fee due in first 12-month period \| €																															2,000
Research services, minimum fee due in second 12-month period \| €																															€ 3,000
Consulting agreement, number of shares to be issued monthly (in shares) \| shares								2,500
Consulting agreement, term								1 year
Consulting agreement, termination notice period								7 days
Stock issued for services (in shares) \| shares							85,471										5,000
Number of stock option agreements \| agreement					2
Stock options granted (in shares) \| shares					140,000
Number of individuals receiving options \| grantee					2
Stock options granted, exercise price (in usd per share) \| $ / shares					$ 8.84
Expiration period (in years)					10 years
Shares distributed for dividends (in shares) \| shares				21,808
Shares distributed for dividends				$ 218
Subsequent event \| WTI Warrants
Subsequent Event [Line Items]
Number of shares issuable for warrants (in shares) \| shares	300,000
Exercise price of warrant (in usd per share) \| $ / shares	$ 0.01
Subsequent event \| Series C Preferred Stock
Subsequent Event [Line Items]
Stock issuance (in shares) \| shares		150,000
Amount received from stock issuance		$ 1,500
Stock issued for services (in shares) \| shares		300,000
Stock purchase agreement, maximum number of shares (in shares) \| shares		275,000																												275,000
Stock issuance price (in usd per share) \| $ / shares		$ 10																												$ 10
Stock purchase agreement, maximum amount		$ 2,750																												$ 2,750
Preferred stock dividend percentage		8.00%
Preferred stock, mandatory conversion, term		5 years
Subsequent event \| Related party
Subsequent Event [Line Items]
Payment of debts			$ 14,000
Settlement of debt (in shares) \| shares			1,732,554
Settlement of debt			$ 375
Subsequent event \| Related party \| AeroFlexx
Subsequent Event [Line Items]
Settlement of debt (in shares) \| shares			578,294
Subsequent event \| Share-Based Payment Arrangement, Tranche One
Subsequent Event [Line Items]
Award vesting percentage					25.00%
Subsequent event \| Share-Based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Award vesting percentage					75.00%
Award vesting, number of installments \| installment					8
Award vesting period					3 months
Subsequent event \| Series 1 promissory notes \| Notes payable
Subsequent Event [Line Items]
Debt instrument, number of instruments matured \| instrument																		2
Payment of debts																		$ 300
Subsequent event \| Convertible Debentures \| Convertible debt
Subsequent Event [Line Items]
Aggregate principal amount, up to	$ 30,000
Default interest rate	18.00%
Debt term	15 months
Debt discount percentage	10.00%
Subsequent event \| Convertible Debentures, Tranche One \| Convertible debt
Subsequent Event [Line Items]
Aggregate principal amount, up to	$ 20,000
Subsequent event \| Convertible Debentures, Tranche Two \| Convertible debt
Subsequent Event [Line Items]
Aggregate principal amount, up to	$ 10,000
Subsequent event \| Standby Equity Purchase Agreement
Subsequent Event [Line Items]
Stock issuance (in shares) \| shares									19,376	4,617	50,000
Amount received from stock issuance									$ 235	$ 57	$ 633								$ 925
Remaining shares under agreement (in shares) \| shares									4,209,314										4,209,314
Subsequent event \| Innventure LLC
Subsequent Event [Line Items]
Earnout shares vested (in shares) \| shares											344,828
Subsequent event \| Innventure LLC \| Milestone Two
Subsequent Event [Line Items]
Earnout shares issued (in shares) \| shares						2,000,000
Subsequent event \| AeroFlexx
Subsequent Event [Line Items]
Conversion of loans to investments												$ 7,250
Conversion of loans to investments (in usd per share) \| $ / shares												$ 6.83
Conversion of loans to investments (in shares) \| shares												1,060,747
Investment interest percentage												38.00%

Commitments and Contingencies (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 16. Commitments and Contingencies

PCT Guaranty

Patent Agreement Contingent Fees

Under the terms of the agreements, the Company is required to make fixed installment payments, as disclosed below, for each year of the agreement through December 31, 2040.


Years Ending December 31,			Amount
2025 (excluding the first six months of fiscal year 2025)			$700
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,075

License and Royalty Commitments

Framework Agreement

Note 19. Commitments and Contingencies

PCT Guaranty

Patent Agreement Contingent Fees

Minimum royalties included in Patent installment payables on the consolidated balance sheets are due as follows:


Years Ending December 31,			Amount
2025			$1,225
2026			825
2027			825
2028			825
2029			825
Thereafter			9,075
Total			$13,600

License and Royalty Commitments

Accounting Policies (FY) (Policies)	6 Months Ended	12 Months Ended
Accounting Policies (FY) (Policies)	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s most recent annual audited consolidated financial statements and notes thereto. These condensed consolidated financial statements have been prepared in accordance with the instructions for the Securities and Exchange Commission’s (“SEC’s”) Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations of the SEC, although the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. We use the same accounting policies in preparing quarterly and annual financial statements. During the six months ended June 30, 2025 (Successor), we identified an error and recorded an immaterial out of period adjustment of $12,448 to correct an overstatement of Additional paid-in capital, an immaterial out of period adjustment of $4,468 to correct understatement of Net loss attributable to Innventure, Inc. stockholders and an immaterial out of period adjustment of $16,915 to correct an understatement of Non-controlling interest. The impact of the adjustments are not material to the condensed consolidated financial statements for any interim or annual periods prior to June 30, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in the Non-controlling interest issued and related transfers within the condensed consolidated statements of changes in mezzanine and stockholders’ equity (deficit) and the adjustment related to Net loss attributable to Innventure, Inc. within Comprehensive loss attributable to Non-redeemable non-controlling interest on the condensed consolidated statements of operations and comprehensive income (loss).	Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The Successor consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Predecessor consolidated financial statements include all amounts of Innventure LLC and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Reclassifications	Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net loss as previously reported.	Reclassifications Certain amounts reported previously have been reclassified to conform to the current year presentation with no effect on total stockholders’ deficit, or net income as previously reported.
Use of Estimates		Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates.
Fair Value Measurements		Fair Value Measurements The Company measures the fair value of assets and liabilities on a recurring and nonrecurring basis according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
Equity Method Investments		Equity Method Investments Equity method investments are investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The carrying value of our equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss, less distributions received. For investments where the specified allocations of income or loss are different from the allocation of cash from operations and on liquidation, the Company utilizes the hypothetical liquidation book value method to allocate income or loss from the equity method investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Cash distributions received as a result of the Company’s share of cumulative earnings are classified as operating activities. Cash distributions, if any, received that are in excess of the Company’s share of cumulative earnings or losses are classified as investing activities.
Exchange-traded Investments		Exchange-traded Investments Exchange-traded equity investments are generally carried at fair value on the consolidated balance sheets with changes in the fair value recorded through net income (“FVTNI”) within non-operating income (expense).
Variable Interest and Voting Interest Entities		Variable Interest and Voting Interest Entities The Company performs an analysis of its investments to determine if they are either a Variable Interest Entity (“VIE”) or a Voting Interest Entity (“VOE”). Factors considered in this analysis include the entity’s legal organization; the entity’s capital structure and sufficiency of equity at risk; the rights of equity investment holders; the Company’s contractual involvement with, and economic interest in, the entity; and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. If the Company is not deemed to be the PB of a VIE, the Company accounts for the investment or other variable interests in a VIE as either an equity method investment or other investment, as applicable. VOEs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as changes in the investment or the governance structure), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or VOE, and when applicable, whether the Company continues to qualify as the PB of a VIE. Refer to Note 3. Investments for further discussion on investments in VIEs.
Impairment of Investments		Impairments of Investments Management periodically assesses equity method investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of operations and comprehensive income (loss). Impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value.
Available-for-Sale Investments		Available-for-Sale Investments Available-for-sale (“AFS”) debt securities are generally reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss which is included within stockholders’ deficit. AFS debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses on AFS debt securities are recognized as a charge in other loss on our consolidated statements of income, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in stockholders’ equity.
Cash, Cash Equivalents and Restricted Cash		Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents primarily consist of cash, money market funds and short-term highly liquid investments with original maturities of three months or less. The Company has concentrated credit risk for cash and cash equivalents by maintaining deposits in banks, which may, at times, exceed amounts covered by insurance provided by the US Federal Deposit Insurance Corporation and management continues to monitor the financial condition of the major financial institutions where these funds are held. Cash that is restricted and not available for general operations is considered restricted cash. The Company’s restricted cash is related to cash received through the Company’s Class B Preferred Units capital raise and held in escrow prior to finalization of the Class B Preferred Units investment. As of December 31, 2024 and 2023, the Company had restricted cash related to the capital raise of $— and $100, respectively. Additionally, the Company maintains certain compensating balances that may be withdrawn, but the availability of short-term lines of credit is dependent upon the maintenance of such compensating balances. As of December 31, 2024 and 2023, the Company had compensating balances of $100 and $300, respectively.
Inventory		Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method.
Property, Plant and Equipment		Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. The Company depreciates the cost of property, plant and equipment using the straight-line method with depreciable lives of 10 years for Machinery & equipment, 3 years for Computers & office equipment and the lesser of useful life or lease terms for Leasehold improvements. The Company expenses normal maintenance and repair costs as incurred.
Impairment of Long-Lived Assets		Impairment of Long-Lived Assets The Company assesses its property, plant and equipment and other long lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. In the event such an asset is considered impaired, the impairment to be recognized is measured by the amount by which the carrying value of the asset exceeds the estimated fair value of the asset. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is depreciated over the revised useful life. Assets to be disposed of are reported at the lower of the carrying value of estimated fair value less estimated costs to sell.
Intangible Assets		Intangible Assets Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or other changes in circumstances indicate that the carrying amount may not be recoverable. If required, recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining estimated useful lives. If such assets are considered to be impaired, the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their estimated fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique.
Goodwill		Goodwill Goodwill reflects the excess purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is evaluated for impairment annually, or more frequently if circumstances indicate a possible impairment. The Company compares the fair value of its reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of its reporting unit, the Company would record an impairment loss equal to the difference. The Company operates in one operating segment which the Company considers to be its only reporting unit. There were no impairments of goodwill recognized for the year ended December 31, 2024.
Stock and Warrants		Stock and Warrants Stock may be classified as a liability, temporary capital (i.e., mezzanine capital) or permanent stockholders’ equity. In order to determine the appropriate classification, an evaluation of the cash redemption and other features is required. Where there exists an absolute right of redemption presently or in the future, the units in question would be classified as a liability. If units are contingently redeemable upon the occurrence of an event that is outside of the issuer’s control, the units are classified as mezzanine capital. The probability that the redemption event will occur is irrelevant. If no redemption features exist, or if a contingent redemption feature is within the Company’s control, the capital unit would be considered permanent stockholders’ equity. The Company accounts for warrants to acquire stock as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. In order to determine the appropriate classification, consideration is given as to whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions. This assessment requires the use of judgement and is conducted at the time of warrant issuance and as of each reconsideration and balance sheet date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for stockholders’ equity classification, the warrants are recorded as a component of additional paid-in capital at fair value at the time of issuance. For issued or modified warrants that do not meet all of the criteria for stockholders’ equity classification, the warrants are recorded as a liability at their initial fair value on the date of issuance and remeasured at fair value as of each reconsideration and balance sheet date thereafter. The change in fair value is recognized in the Company’s consolidated statements of operations and comprehensive income (loss).
Revenue Recognition		Revenue Recognition The Company’s product sales arrangements contain performance obligations satisfied at a point in time when control of the product transfers to the customer, based on the contractual terms. This typically occurs when title and risk and rewards of ownership have transferred to the customer. Revenue is recorded net of sales taxes, discounts, and expected returns. Sales discounts and other incentives are treated as variable consideration when estimating the revenue to be recognized. The Company earns management fees, consulting revenue and carried interest allocations from investment advisory services it provides to its customers. The Company considers the investment advisory services represent a single performance obligation. Management fees, generally 1-2% of capital committed to the ESG Fund I, L.P. (the “ESG Fund”), are recognized over time using the time-elapsed method, resulting in straight-line revenue recognition over the performance period. These fees are calculated and paid quarterly in advance based on the capital commitments at the start of each quarter. Management fees are considered variable consideration but are typically fully recognized at the end of each reporting period as they are not subject to clawback. Carried interest allocations, typically 10-20%, are recognized based on cumulative fund performance and are subject to achieving minimum return levels, usually 8%. These allocations are considered variable consideration and are recognized when a significant reversal is no longer probable.
Stock-Based Compensation		Stock-Based Compensation The Company participates in multiple stock-based compensation plans which are further discussed in Note 14. Stock-based Compensation. The fair value of stock-based awards is measured on the grant date of the award and recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. Service-based awards vest over the period defined in each individual grant agreement. For equity awards with a graded vesting schedule, compensation cost is recognized on a straight-line basis over the requisite service period of the entire award. Expense related to grants of stock-based awards is included in the respective expense category in which the employee serves in the consolidated statements of operations and comprehensive income (loss). The Company recognizes forfeitures as they occur.
Income Taxes		Income Taxes Prior to the Business Combination, Innventure LLC qualified as a partnership for federal income tax purposes that consolidated financial results with corporate subsidiaries within the financial statements. Consequently, federal income taxes were not payable or provided by Innventure LLC but various corporate subsidiaries were subject to corporate federal, state, and local taxes. There was no federal income tax recorded by Innventure LLC for the year ended December 31, 2023, but corporate income taxes were recorded for the period from January 1, 2024 through October 1, 2024. On October 2, 2024, the Business Combination occurred which merged Innventure LLC into Innventure Merger Sub, LLC, a wholly owned subsidiary of the Company. The Company became a publicly traded entity and is being taxed as a corporation. The Company accounts for income taxes pursuant to the asset and liability method of ASC 740, Income Taxes, which requires the recognition of current tax liabilities or receivables for the amount of taxes that are estimated as payable or refundable for the current year, and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The Company follows the provisions of ASC 740-10 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10 prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740-10. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. As of December 31, 2024 and 2023, no liability for unrecognized tax benefits was required to be reported. The Company does not expect any significant changes in unrecognized tax benefits in the next year.
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Standards	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 17. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments but does not anticipate the adoption of the new guidance will have a material impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its condensed consolidated financial statements.	Recently Adopted Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions should not be considered in measuring the fair value of equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods therein, with early adoption permitted. The Company adopted this ASU on January 1, 2024, and the adoption did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances prior reportable segment disclosure requirements in part by requiring entities to disclose significant expenses related to their reportable segments. The amendments in ASU 2023-07 are effective on a retrospective basis for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has made the required disclosures related to this ASU within Note 20. Business Segment Data. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements.

Business Segment Data - Reconciliation of Segment Information (FY) (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues:	$ 476		$ 456	$ 223		$ 700	$ 447	$ 764	$ 1,117
Interest Expense:	2,937		1,330	99		4,699	590	1,633	1,367
Interest Income:	290		198	56		514	142	333	143
Depreciation and Amortization Expense:	5,634		5,455	64		11,182	69	146	8
Net Loss:	(141,275)	$ (253,674)	(70,093)	(11,314)	$ (7,526)	(394,949)	(18,840)	(28,198)	(30,984)
Capital Expenditures:	15		266	66		932	706	736	645
Other
Segment Reporting Information [Line Items]
Revenues:	249		250	250		499	501	750	1,198
Interest Expense:	2,747		1,240	44		4,382	99	1,069	328
Interest Income:	290		198	56		510	142	326	129
Depreciation and Amortization Expense:	5		0	0		5	0	0	0
Net Loss:	(18,767)		(61,335)	(7,005)		(28,132)	(8,403)	(11,546)	(20,367)
Capital Expenditures:	0		0	0		0	0	0	0
Eliminations
Segment Reporting Information [Line Items]
Revenues:	(27)		(27)	(27)		(54)	(54)	(81)	(81)
Technology Segment
Segment Reporting Information [Line Items]
Revenues:	254		233	0		255	0	95	0
Interest Expense:	190		90	55		317	491	564	1,039
Interest Income:	0		0	0		4	0	7	14
Technology Segment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	254		233	0		255	0	95	0
Interest Expense:	190		90	55		317	491	564	1,039
Interest Income:	0		0	0		4	0	7	14
Depreciation and Amortization Expense:	5,629		5,455	64		11,177	69	146	8
Net Loss:	(122,508)		(8,758)	(4,309)		(366,817)	(10,437)	(16,652)	(10,617)
Capital Expenditures:	$ 15		$ 266	$ 66		$ 932	$ 706	$ 736	$ 645

Investments - Schedule of Contractual Maturity (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jul. 01, 2024	Dec. 31, 2023
Fair value
Fair value	$ 9,017	$ 11,187		$ 0
AeroFlexx
Amortized cost
Due within one year		0
Due after one year through five years		10,278
Due after five years		0
Amortized cost		10,278
Fair value
Due within one year		0
Due after one year through five years		11,187
Due after five years		0
Fair value		$ 11,187	$ 7,635	$ 0

Revenues (FY)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Note 15. Revenues

In 2024, the Company began selling products and services in its technology segment.

The Company provides investment management services to the ESG Fund, a related party, through which it earns revenue from management fees. Management fee revenue is affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem. The Company did not recognize any carried interest allocation during the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024 and the Predecessor year ended December 31, 2023, as the amounts were probable of significant reversal given the consideration is highly susceptible to factors outside the Company’s influence. Cumulative carried interest allocation amounts that are subject to restraint and as such are not yet recognized were $11,282 and $5,880 as of December 31, 2024 and 2023, respectively. The Company also provides management services to AeroFlexx, which do not have a carried interest feature.

The following table represents the breakout of revenue by source:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Product revenue	$233	$95	$—
Management fees - related party	223	669	892
Consulting revenue	—	—	225
Total revenue	$456	$764	$1,117

The following table represents major customer concentration of revenue:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Customer A - Related Party	43.0%	77.0%	70.7%
Customer B - Related Party	5.9%	10.6%	9.2%
Customer C	—%	—%	20.1%
Customer D	—%	12.4%	—%
Customer E	48.9%	—%	—%
Total Revenue Concentration of Major Customers	97.8%	100.0%	100.0%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Warrants (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Other Liabilities Disclosure [Abstract]

Warrants

Note 10. Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2	—
Exercised	—	—	—	—
Issued	—	—	—	2
Outstanding, June 30, 2025 (Successor)	11,240,688	7,146,000	2	2

There were no warrants outstanding during the three and six months ended June 30, 2024 (Predecessor).

Public Warrants

The Company’s equity-classified public warrants expire on October 2, 2029 or earlier upon redemption or liquidation and are exercisable for $11.50 per share.

Private Placement Warrants

The Company’s liability-classified private placement warrants are measured at fair value based on the price of the public warrants (Level 2 fair value measurement). The private placement warrants will expire on October 2, 2029 or earlier upon redemption or liquidation and are exercisable for $11.50 per share. As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the fair value of the private placement warrants is $7,146 and $16,793, respectively, and is presented as a current liability in the condensed consolidated balance sheets. For the three and six months ended June 30, 2025 (Successor), the Company recognized a gain of $3,507 and $9,647, respectively, in Change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss).

WTI Warrants

On October 22, 2024, in connection with the WTI Facility, the Company issued warrants (the “2024 WTI Warrants”) to the WTI Lenders. The 2024 WTI Warrants are considered freestanding financial instruments and are recorded at fair value on the condensed consolidated balance sheets as a warrant liability in the amount of $12,450 and $17,230 as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively. For the three and six months ended June 30, 2025 (Successor), the Company recognized a gain of $900 and $4,780, respectively, in change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss). The 2024 WTI Warrants expire on March 31, 2035. See Note 4. Fair Value for details on the valuation.

On April 14, 2025, the Company issued the 2025 WTI Warrants to purchase, at a price of $0.01 per share (subject to certain limitations and adjustment), up to an aggregate total of 495,074 shares of Common Stock, as of the date of issuance and June 30, 2025 (subject to future adjustments to the number and type of shares pursuant to the 2025 WTI Warrants), to the WTI Holders. Each of the 2025 WTI Warrants is exercisable through March 31, 2035, with additional customary rights and protections. The 2025 WTI Warrants were issued to the WTI Holders in conjunction with the first issuance of the Convertible Debentures. The 2025 WTI Warrants serve as consideration for certain provisions under the Consent. The Company recognized the related warrant liability at fair value at an amount of $3,090 at the time of issuance. The 2025 WTI Warrants are recorded at fair value on the condensed consolidated balance sheets in the amount of $3,400 as of June 30, 2025 (Successor). For the

three and six months ended June 30, 2025 (Successor), the Company recognized a loss of $310, in the change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss). The 2025 WTI Warrants expire on March 31, 2035. See Note 4. Fair Value for details on the valuation.

Note 11. Warrants


	Number of Public Warrants	Number of Private Warrants	Number of WTI Warrants
Outstanding, October 2, 2024 (Successor)	11,499,997	7,146,000	—
Exercised	(259,309)	—	—
Issued	—	—	2
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2

There were no warrants outstanding during the Predecessor period from January 1, 2024 through October 1, 2024 nor the Predecessor year ended December 31, 2023.

Public and Private Placement Warrants

Upon the consummation of the Business Combination, 11,499,997 Learn CW public warrants and 7,146,000 private placement warrants outstanding immediately prior to Closing was assumed by the Company and each converted into Company warrant (“Warrant”). All references to “Class A ordinary shares” of Learn CW in Learn CW’s prior agreement were amended to shares of Common Stock of the Company. The Warrants will become exercisable on November 1, 2024 and will expire on October 2, 2029 or earlier upon redemption or liquidation. The Warrants are exercisable for $11.50 per share.

The private placement warrants are identical to the public warrants, except that the private placement warrants and the Common Stock issuable upon the exercise of the private placement warrants will not be transferable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain limited

exceptions. Additionally, the private placement warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the private placement warrants are held by someone other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable by Learn CW and exercisable by such holders on the same basis as the public warrants.

Public Warrants

The Company determined the public warrants are equity-classified and are presented as permanent equity on the consolidated balance sheets. As such, the public warrants are measured at fair value at Closing using the warrant price at Closing multiplied by the number of public warrants and will not be subsequently re-measured. At Closing, the fair value of the equity classified public warrants was $1,265 and is presented in the consolidated balance sheets. See Note 4. Fair Value for details on valuation. The public warrants expire on October 2, 2029. During the Successor period from October 2, 2024 through December 31, 2024, 259,309 public warrants were exercised. Each public warrant that was exercised was converted into one share of Common Stock for an exercise price of $11.50, amounting to a total of $2,982 cash proceeds.

Private Placement Warrants

The private placement warrants are liability classified and are not eligible for an exception from derivative accounting. The private placement warrants are presented as a current liability on the consolidated balance sheets given their exercisable term, which is 30 days from Closing. The private placement warrants are measured at fair value based on the price of the public warrants (Level 2 fair value measurement).

As of Closing and December 31, 2024, the fair value of the liability-classified private placement warrants is $786 and $16,793, respectively, and is presented in the consolidated balance sheets. For the Successor period from October 2, 2024 through December 31, 2024, the company recognized a loss of $16,007 in Change in fair value of financial liabilities on the consolidated statements of operations and comprehensive income (loss). There were no private warrants exercised for the year ended December 31, 2024.

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

Private Warrants

7,146,000

$11.50

10/2/2029

$16,793

WTI Warrants

On October 22, 2024, in connection with the WTI Facility, the Company issued warrants (the “WTI Warrants”) to the WTI Lenders. The WTI Warrants allow the holders to acquire shares of the Company’s Common Stock or any future equity securities issued by the Company (“Subsequent Round Stock”) for cash, at a purchase price equal to $0.01 per share. The number of shares acquirable is determined by dividing $10,000 by the applicable exercise price, which varies depending on the type of stock acquired and certain other conditions.

•

If the WTI Lenders choose to exercise the warrants for Common Stock, the exercise price is $10.00 per share; however, if the volume-weighted average price (VWAP) of the Company’s Common Stock is less than $10.00 per share as of the date which is eighteen months after the Company’s Common Stock began trading, then the exercise price shall be reduced to such lower VWAP.

•	If the WTI Lenders choose to exercise the warrants for Subsequent Round Stock, the exercise price shall be the lowest price per share paid by any person for the Company’s equity securities issued in a corresponding subsequent round.

The WTI Warrants are exercisable at the option of the holders until March 31, 2035, and may be exchanged for a cash amount of $15,000 (subject to ratable reduction for partial exercises) upon the occurrence of certain liquidity events or at any time from and after October 22, 2028. The holders also have the right to participate in future equity or convertible debt offerings up to an aggregate amount of $5,000 or to maintain their pro rata ownership, subject to customary exclusions.

The WTI Warrants are considered freestanding financial instruments and are recorded at fair value on the consolidated balance sheets as a warrant liability. The fair value of the WTI Warrants upon issuance was $15,690. For the period from issuance to December 31, 2024, the Company recognized a loss of $1,540 in Change in fair value of financial liabilities on the consolidated statements of operations and comprehensive income (loss). See Note 4. Fair Value for details on the valuation.

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

WTI Warrants

varies

3/31/2025

$17,230

Borrowings - Debt Conversion (FY) (Details) - Series 1 promissory notes - Notes payable - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023
Debt Conversion [Line Items]
Principal amount	$ 0	$ 396	$ 1,310
Class B Preferred
Debt Conversion [Line Items]
Number of shares (in shares)	0	40,829	135,133

Consolidated Statements of Changes in Stockholders' Deficit (Q2) - USD ($) $ in Thousands	Total	Conversion to Common Stock	Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Series B Preferred Stock	Series C Preferred Stock	Preferred Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series B Preferred Stock Conversion to Common Stock	Preferred Stock Series C Preferred Stock	Preferred Stock Series C Preferred Stock Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Common Stock	Common Stock Conversion to Common Stock	Common Stock Series B Preferred Stock	Common Stock Series C Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital Conversion to Common Stock	Additional Paid-In Capital Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Accumulated Deficit	Accumulated OCI	Non-Controlling Interest
Beginning balance at Dec. 31, 2022	$ (11,193)																	$ (38,564)	$ 0	$ 656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,984)																	(30,845)		(139)
Other comprehensive gain, net of taxes	0
Distributions to Stockholders	(241)																	(241)
Ending balance at Dec. 31, 2023	(18,486)																	(64,284)	0	1,559
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C Preferred Stock, net	130
Net loss	(7,526)																	(5,219)		(2,307)
Issuance of common shares, net of issuance costs	7,566
Ending balance at Mar. 31, 2024	(10,519)																	(73,918)		11,543
Beginning balance at Dec. 31, 2023	(18,486)																	(64,284)	0	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,840)
Other comprehensive gain, net of taxes	0
Ending balance at Jun. 30, 2024	(11,702)																	(81,568)		15,113
Beginning balance at Dec. 31, 2023	(18,486)																	(64,284)	0	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(28,198)																	(16,436)		(11,762)
Other comprehensive gain, net of taxes	62																		62
Preferred Stock, ending balance (in shares) at Oct. 01, 2024						0
Ending balance at Oct. 01, 2024	$ (4,503)					$ 0					$ 0				$ 11,342			(15,845)	0	0
Common Stock, ending balance (in shares) at Oct. 01, 2024	43,589,850										0
Beginning balance at Dec. 31, 2023	$ (18,486)																	(64,284)	0	1,559
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	1,102,000			1,102,000	0	1,102,000	1,102,000		0
Ending balance at Dec. 31, 2024	$ 766,293					$ 0	$ 0		$ 0		$ 4				502,865			(78,262)	909	340,777
Common Stock, ending balance (in shares) at Dec. 31, 2024	44,597,154										44,597,154
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	0
Preferred Stock, ending balance at Dec. 31, 2024	$ 0
Beginning balance at Mar. 31, 2024	(10,519)																	(73,918)		11,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,314)																	(7,288)		(4,026)
Issuance of common shares, net of issuance costs	2,852
Other comprehensive gain, net of taxes	0
Ending balance at Jun. 30, 2024	(11,702)																	(81,568)		15,113
Preferred Stock, beginning balance (in shares) at Oct. 01, 2024						0
Beginning balance at Oct. 01, 2024	$ (4,503)					$ 0					$ 0				11,342			(15,845)	0	0
Common Stock, beginning balance (in shares) at Oct. 01, 2024	43,589,850										0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (70,093)																	(61,754)		(8,339)
Other comprehensive gain, net of taxes	909																		909
Distributions to Stockholders	(663)																	(663)
Stock-based compensation	16,338														14,381					1,957
Accrued preferred dividends	(217)														(217)
Conversion to Common Stock (in shares)											259,309
Conversion to Common Stock	$ 2,982														2,982
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	1,102,000			1,102,000	0	1,102,000	1,102,000		0
Ending balance at Dec. 31, 2024	$ 766,293					$ 0	$ 0		$ 0		$ 4				502,865			(78,262)	909	340,777
Common Stock, ending balance (in shares) at Dec. 31, 2024	44,597,154										44,597,154
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	0
Preferred Stock, ending balance at Dec. 31, 2024	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(253,674)																	(142,997)		(110,677)
Series B Preferred Stock buyback (in shares)							(5,000)
Series B Preferred Stock buyback	(50)														(50)
Series B Preferred Stock issued for paid-in-kind dividends (in shares)							21,808
Series B Preferred Stock issued for paid-in-kind dividends	218														218
Issuance of common shares, net of issuance costs (in shares)											161,964
Issuance of common shares, net of issuance costs	1,927														1,927
Vesting of earnout shares (in shares)											2,344,682
Vesting of earnout shares	874										$ 1				873
Other comprehensive gain, net of taxes	(2,387)																		(2,387)
Non-controlling interest issued and related transfers	6,946														(26,303)					33,249
Distributions to Stockholders	(26)																	(26)
Stock-based compensation	5,841														4,943					898
Accrued preferred dividends	(217)														(217)
Preferred Stock, ending balance (in shares) at Mar. 31, 2025							1,118,808		0
Ending balance at Mar. 31, 2025	$ 525,745						$ 0		$ 0		$ 5				484,256			(221,285)	(1,478)	264,247
Common Stock, ending balance (in shares) at Mar. 31, 2025											47,103,800
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of related party notes (in shares)	2,310,848
Conversion of related party notes	$ 23,109
Issuance of Series C Preferred Stock (in shares)	575,000
Issuance of Series C Preferred Stock, net	$ 5,663
Accrued preferred dividends	$ (44)
Preferred Stock, ending balance (in shares) at Mar. 31, 2025	2,885,848
Preferred Stock, ending balance at Mar. 31, 2025	$ 28,728
Preferred Stock, beginning balance (in shares) at Dec. 31, 2024	1,102,000			1,102,000	0	1,102,000	1,102,000		0
Beginning balance at Dec. 31, 2024	$ 766,293					$ 0	$ 0		$ 0		$ 4				502,865			(78,262)	909	340,777
Common Stock, beginning balance (in shares) at Dec. 31, 2024	44,597,154										44,597,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (394,949)
Other comprehensive gain, net of taxes	(2,198)
Conversion to Common Stock (in shares)													2,164,673	5,471,696
Preferred Stock, ending balance (in shares) at Jun. 30, 2025				33,144	150,000		33,144		150,000
Ending balance at Jun. 30, 2025	$ 426,060						$ 0		$ 0		$ 6				525,346			(305,512)	(1,289)	207,509
Common Stock, ending balance (in shares) at Jun. 30, 2025	55,221,494										55,221,494
Preferred Stock, beginning balance (in shares) at Dec. 31, 2024	0
Preferred Stock, beginning balance at Dec. 31, 2024	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)				1,085,664	2,735,848
Preferred Stock, ending balance (in shares) at Jun. 30, 2025	0
Preferred Stock, ending balance at Jun. 30, 2025	$ 0
Preferred Stock, beginning balance (in shares) at Mar. 31, 2025							1,118,808		0
Beginning balance at Mar. 31, 2025	525,745						$ 0		$ 0		$ 5				484,256			(221,285)	(1,478)	264,247
Common Stock, beginning balance (in shares) at Mar. 31, 2025											47,103,800
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(141,275)																	(84,227)		(57,048)
Issuance of common shares, net of issuance costs (in shares)											481,325
Issuance of common shares, net of issuance costs	2,625														2,625
Other comprehensive gain, net of taxes	189																		189
Non-controlling interest issued and related transfers	434														1,036					(602)
Stock-based compensation	9,406														8,494					912
Accrued preferred dividends	198														198
Conversion to Common Stock (in shares)								(1,085,664)		150,000		7,636,369	2,164,673	5,471,696
Conversion to Common Stock		$ 27,270	$ 1,468									$ 1				$ 27,269	$ 1,468
Preferred Stock, ending balance (in shares) at Jun. 30, 2025				33,144	150,000		33,144		150,000
Ending balance at Jun. 30, 2025	$ 426,060						$ 0		$ 0		$ 6				$ 525,346			$ (305,512)	$ (1,289)	$ 207,509
Common Stock, ending balance (in shares) at Jun. 30, 2025	55,221,494										55,221,494
Preferred Stock, beginning balance (in shares) at Mar. 31, 2025	2,885,848
Preferred Stock, beginning balance at Mar. 31, 2025	$ 28,728
Increase (Decrease) in Temporary Equity [Roll Forward]
Accrued preferred dividends	$ 12
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)		(2,735,848)	(150,000)	1,085,664	2,735,848
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity		$ (27,272)	$ (1,468)
Preferred Stock, ending balance (in shares) at Jun. 30, 2025	0
Preferred Stock, ending balance at Jun. 30, 2025	$ 0

Borrowings - Narrative (Q2) (Details) $ / shares in Units, $ in Thousands											1 Months Ended	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 27, 2025 USD ($)	Jun. 26, 2025 USD ($) tranche	Jun. 04, 2025 tradingDay $ / shares	May 15, 2025 USD ($)	Apr. 14, 2025 USD ($) $ / shares shares	Mar. 25, 2025 USD ($) tranche	Mar. 20, 2025 USD ($)	Nov. 15, 2024 USD ($)	Oct. 22, 2024 USD ($) tranche	Dec. 31, 2021 USD ($) extension_option	Aug. 14, 2025 USD ($) shares	Jun. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) extension_option shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares	Oct. 01, 2024 USD ($) shares	Dec. 31, 2024 USD ($) extension_option shares	Dec. 31, 2023 USD ($)	Jul. 01, 2025 USD ($)	Mar. 21, 2025 USD ($)	Aug. 22, 2024 USD ($) instrument	Aug. 20, 2024 USD ($) instrument	May 02, 2024 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Warrants (in shares) \| shares														0		0	18,645,997
Payment of debts															$ 1,176	$ 590
Proceeds from the issuance of related party convertible promissory notes and term convertible notes													$ 0				$ 0		$ 2,000
2025 WTI Warrants
Debt Instrument [Line Items]
Warrants (in shares) \| shares					2							2	0		2			0
Exercise price of warrant (in usd per share) \| $ / shares					$ 0.01
Number of shares issuable for warrants (in shares) \| shares					495,074
Related party
Debt Instrument [Line Items]
Loss on extinguishment of debt												$ 0		$ 0	$ 3,538	0
Payment of debts													$ 4,628				0		0
Proceeds from the issuance of related party convertible promissory notes and term convertible notes															3,999	0
Related party \| Subsequent event
Debt Instrument [Line Items]
Payment of debts							$ 14,000
Series 1 promissory notes \| Notes payable
Debt Instrument [Line Items]
Aggregate principal amount, up to																									$ 35,000
Notes principal										$ 4,936															$ 35,000
Number of extension options \| extension_option										2			2					2
Debt term, with extension										60 months								60 months
Interest expense, debt													$ 29				138		$ 329
Series 1 promissory notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term										36 months
Interest Rate										9.00%									9.00%
Series 1 promissory notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term										48 months
Interest Rate										12.00%									15.00%
Principal amount of 1st extension promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest Rate										12.00%			12.00%					12.00%
Principal amount of 1st extension promissory notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term										36 months
Principal amount of 1st extension promissory notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term										48 months
Principal amount of 2nd extension promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest Rate										15.00%			15.00%					15.00%
Principal amount of 2nd extension promissory notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term										48 months
Principal amount of 2nd extension promissory notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term										60 months
Related party notes \| Notes payable
Debt Instrument [Line Items]
Number of debt instruments \| instrument																						2	2
Interest expense, debt												$ 0	$ 611	0	$ 419	0	932		$ 0
Related party notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Interest Rate													8.00%					8.00%
Related party notes \| Notes payable \| Minimum \| Related party
Debt Instrument [Line Items]
Interest Rate													8.00%					8.00%
Related party notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Interest Rate													15.99%					15.99%
Related party notes \| Notes payable \| Maximum \| Related party
Debt Instrument [Line Items]
Interest Rate													15.99%					15.99%
Related party note one \| Notes payable
Debt Instrument [Line Items]
Notes principal																							$ 10,000
Loan fee due upon maturity																	$ 1,000						1,000
Interest rate on loan fee due upon maturity																	15.99%
Related party note two \| Notes payable
Debt Instrument [Line Items]
Notes principal																						$ 2,000	$ 2,000
Interest Rate																	13.50%					11.50%	11.50%
Principal amount due													$ 1,000				$ 1,000	$ 1,000
Related party note three \| Notes payable
Debt Instrument [Line Items]
Notes principal													1,000					1,000						$ 1,000
Loan fee due upon maturity													$ 63					$ 63						$ 63
Interest rate if not paid at maturity													8.00%					8.00%						8.00%
WTI Facility \| Term loan
Debt Instrument [Line Items]
Interest Rate									13.50%			13.50%	13.50%		13.50%			13.50%
Loss on extinguishment of debt												$ 3,462			$ 3,462
Aggregate principal capacity									$ 50,000
Number of tranches/draws \| tranche									3
Spread on variable interest rate									5.00%
Remaining term after interest only payments period									30 months
Required cash on deposit																					$ 5,000
Interest expense, debt												$ 1,031	$ 600	0	$ 2,214	0	$ 0		$ 0
WTI Facility, First Tranche \| Term loan
Debt Instrument [Line Items]
Debt term								42 months
Aggregate principal capacity									$ 20,000
Proceeds from issuance of debt								$ 20,000
Principal and interest payments period								30 months
Interest only payments period								12 months	12 months
Convertible debentures \| Convertible debt
Debt Instrument [Line Items]
Aggregate principal amount, up to						$ 30,000
Interest Rate												0.00%			0.00%
Number of tranches/draws \| tranche						2
Payment premium percentage due monthly					5.00%
Conversion price (in dollars per share) \| $ / shares			$ 10
Threshold trading days \| tradingDay			10
Conversion price, subject to adjustments for stock splits (in dollars per share) \| $ / shares			$ 2
Conversion to Common Stock (in shares) \| shares												473,825			473,825
Debt instrument, face amount, converted												$ 2,335			$ 2,335
Debt premium, converted												117			117
Payment of debts												834			834
Payment of debt premium												42			42
Interest expense, debt												1,701		$ 0	1,701	$ 0
Convertible debentures \| Convertible debt \| Subsequent event
Debt Instrument [Line Items]
Aggregate principal amount, up to						$ 30,000
Debt term						15 months
Conversion to Common Stock (in shares) \| shares											471,812
Debt instrument, face amount, converted											$ 2,381
Debt premium, converted											$ 119
Convertible Debentures, Tranche One \| Convertible debt
Debt Instrument [Line Items]
Notes principal					$ 20,000
Proceeds from issuance of debt					$ 18,000
Debt, discount percentage					10.00%
Number of monthly payments					12 months
Convertible Debentures, Tranche One \| Convertible debt \| Subsequent event
Debt Instrument [Line Items]
Aggregate principal amount, up to						$ 20,000
Convertible Debentures, Tranche Two \| Convertible debt
Debt Instrument [Line Items]
Notes principal				$ 10,000
Proceeds from issuance of debt				$ 9,000
Debt, discount percentage				10.00%
Number of monthly payments				11 months
Payment premium percentage due monthly				5.00%
Convertible Debentures, Tranche Two \| Convertible debt \| Subsequent event
Debt Instrument [Line Items]
Aggregate principal amount, up to						$ 10,000
Term convertible notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal												$ 2,750			$ 2,750
Interest Rate												3.94%			3.94%
Conversion price (in dollars per share) \| $ / shares												$ 12.175			$ 12.175
Proceeds from the issuance of related party convertible promissory notes and term convertible notes															$ 2,450
Interest expense, debt												$ 1			1
Term convertible notes \| Convertible debt \| Subsequent event
Debt Instrument [Line Items]
Notes principal																				$ 7,750
Related party convertible notes \| Convertible debt
Debt Instrument [Line Items]
Interest expense, debt												$ 3			$ 3
Related party convertible notes \| Convertible debt \| Minimum \| Related party
Debt Instrument [Line Items]
Interest Rate												3.94%			3.94%
Related party convertible notes \| Convertible debt \| Maximum \| Related party
Debt Instrument [Line Items]
Interest Rate												15.00%			15.00%
Related Party Convertible Promissory Note \| Convertible debt
Debt Instrument [Line Items]
Notes principal		$ 3,000
Interest Rate		15.00%
Loan fee due upon maturity		$ 35
Number of tranches/draws \| tranche		3
Conversion price, percentage of funding round price		80.00%
Conversion price basis, minimum equity funding amount		$ 5,000
Related Party Convertible Promissory Note, first draw \| Convertible debt
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 1,000
Related Party Term Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal												$ 4,250			$ 4,250
Conversion price (in dollars per share) \| $ / shares												$ 12.175			$ 12.175
Proceeds from the issuance of related party convertible promissory notes and term convertible notes															$ 3,000
Related Party Term Convertible Notes \| Convertible debt \| Subsequent event
Debt Instrument [Line Items]
Notes principal																				$ 5,000

Consolidated Statements of Cash Flows (FY) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023
Cash Flows Used in Operating Activities
Net loss	$ (70,093)	$ (28,198)	$ (30,984)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation	16,338	1,056	910
Interest income on debt securities - related party	(106)	(110)	0
Change in fair value of financial liabilities	20,946	478	(766)
Write-off of loan commitment fee asset	10,041	0	0
Non-cash interest expense on notes payable	248	351	487
Equity method investment gain (loss)	902	(893)	632
Loss on conversion of promissory notes	0	1,119	0
Deferred income taxes	(3,301)	432	0
Depreciation and amortization	5,455	146	8
Payment of patent installment	0	(250)	0
Non-cash rent costs	64	185	192
Accrued unpaid interest on note payable	69	930	0
Goodwill impairment	0	0
Changes in operating assets and liabilities:
Accounts receivable	(166)	(117)	0
Prepaid expenses and other current assets	(1,301)	(1,353)	(218)
Inventory	(2,354)	(2,824)	0
Accounts payable	(11,211)	6,013	9
Accrued employee benefits	1,656	3,838	3,181
Accrued expenses	(484)	674	1,230
Stock-based compensation liability	1,160	0	0
Other current liabilities	(77)	(146)	(155)
Obligation to issue equity	3,000	10,920	0
Other assets	0	(20)	(218)
Net Cash Used in Operating Activities	(29,214)	(18,848)	(19,476)
Cash Flows Provided by (Used in) Investing Activities
Purchase of shares in equity method investee	0	0	(2,000)
Contributions to equity method investee	0	0	(130)
Investment in debt securities - equity method investee	0	(7,400)	(2,600)
Advances to equity method investee	(4,240)	(135)	0
Acquisition of property, plant and equipment	(266)	(736)	(645)
Acquisition of intangible assets	(30)	0	0
Acquisition of net assets, net of cash acquired, through business combination	16	0	0
Proceeds from sale of investments	0	2,314	708
Cash withdrawn from trust as a result of business combination	11,342	0	0
Net Cash Provided by (Used in) Investing Activities	6,822	(5,957)	(4,667)
Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs	15,383	13,122	16,009
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs	4,169	13,859	337
Proceeds from the issuance of convertible promissory note	0	0	2,000
Receipt of Capital from Class I Unitholder	0	0	130
Distributions to Stockholders	(663)	0	(241)
Net Cash Flows Provided by Financing Activities	33,466	38,441	19,174
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	11,074	13,636	(4,969)
Cash, Cash Equivalents and Restricted Cash Beginning of period	45	2,575	7,544
Cash, Cash Equivalents and Restricted Cash End of period	11,119	45	2,575
Supplemental Cash Flow Information
Cash paid for interest	991	1,070	297
Supplemental Disclosure of Noncash Financing Information
Accretion of redeemable units to redemption value	0	11,950	5,366
Debt discount and embedded derivative upon issuance	0	0	1,119
Issuance of units to non-controlling interest in exchange of convertible promissory notes	0	7,324	0
Conversion of working capital loans to equity method investees into investments in debt securities - related party	0	2,600	0
Transfer of liability warrants to equity warrants in the Business Combination	1,265	0	0
Initial recognition of loan commitment fee	16,190	0	0
Transfer of loan commitment fee asset	6,694	0	0
Previously Reported
Cash Flows Provided by Financing Activities
Cash, Cash Equivalents and Restricted Cash Beginning of period	16,211
Cash, Cash Equivalents and Restricted Cash End of period		16,211
Related party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Net (gain) loss on investments	0	468	(232)
Cash Flows Provided by Financing Activities
Proceeds from issuance of debt securities, net of issuance costs	0	12,000	1,004
Payment of debts	(4,628)	0	0
Nonrelated party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Net (gain) loss on investments	0	(11,547)	6,448
Cash Flows Provided by Financing Activities
Proceeds from issuance of debt securities, net of issuance costs	19,455	0	0
Payment of debts	$ (250)	$ (540)	$ (65)

Nature of Business (Q2)	6 Months Ended	12 Months Ended
Nature of Business (Q2)	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Note 1. Nature of Business Unless the context otherwise requires, references herein to “Innventure”, “we”, “us”, “our” and “the Company” refer to the business and operations of Innventure LLC and its consolidated subsidiaries (the “Predecessor”) for all periods prior to the Closing (as defined below) and to the business and operations of Innventure, Inc., and its consolidated subsidiaries (the “Successor”) for all periods after Closing. All balance sheet amounts presented are for Successor periods. Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions that we acquire or license from technology innovators, which are typically MNCs. As owner-operators, our goal is to take what we believe to be breakthrough technologies from evaluation to scaled commercialization utilizing an approach designed to help mitigate risk in collaboration with the MNCs (our channel partner(s)), as we build disruptive companies that we believe have the potential to achieve a target enterprise value of at least $1 billion. We define “disruptive” as innovations that, in our opinion, have the ability to significantly change the way businesses, industries, markets, and/or consumers operate. Innventure, Inc., is headquartered in Orlando, Florida. Business Combination As further discussed in our 2024 Annual Report, on October 2, 2024 (the “Closing Date” or “Closing”), Learn CW Investment Corporation (“Learn CW”), a Cayman Islands exempted company, and Innventure LLC, a Delaware limited liability company, consummated a business combination (the “Business Combination”) pursuant to the terms of the Business Combination Agreement previously entered into on October 24, 2023. Following the Closing, both Learn CW and Innventure LLC became subsidiaries of Learn SPAC HoldCo, Inc. (“Holdco”), a Delaware corporation and direct, wholly-owned subsidiary of Learn CW prior to Closing. Holdco changed its name to “Innventure, Inc.” and became a publicly traded company. Holdco was determined to be the accounting acquirer. Innventure, Inc., and its subsidiaries are the successor to Innventure LLC following the Business Combination. The information provided in this Quarterly Report on Form 10-Q reflects two distinct periods, the period up to the Closing Date labeled as the Predecessor and the period including and after that date labeled as the Successor. The Business Combination was accounted for using the acquisition method of accounting and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As a result of the application of the acquisition method of accounting as of the Closing Date, the accompanying condensed consolidated financial statements include a black line division which indicates that the Predecessor and Successor reporting entities shown are presented on a different basis and are therefore, not comparable.	Note 1. Nature of Business Unless the context otherwise requires, references herein to “Innventure”, “we”, “us”, “our” and “the Company” refer to the business and operations of Innventure LLC and its consolidated subsidiaries (the “Predecessor”) for all periods prior to the Closing (as defined below) and to the business and operations of Innventure, Inc. and its consolidated subsidiaries (the “Successor”) for all periods after Closing. Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions that we acquire or license from technology innovators, which are typically Multinational Corporations (“MNCs”). As owner-operators, our goal is to take what we believe to be breakthrough technologies from evaluation to scaled commercialization utilizing an approach designed to help mitigate risk in collaboration with the MNCs (our channel partner(s)), as we build disruptive companies that we believe have the potential to achieve a target enterprise value of at least $1 billion. We define “disruptive” as innovations that, in our opinion, have the ability to significantly change the way businesses, industries, markets, and/or consumers operate. Innventure, Inc., is headquartered in Orlando, Florida. Business Combination On October 24, 2023, Learn SPAC HoldCo, Inc. (“Holdco”), a Delaware corporation and direct, wholly-owned subsidiary of Learn CW Investment Corporation (“Learn CW”), a Cayman Islands exempted company, LCW Merger Sub, Inc. (“LCW Merger Sub”), a Delaware corporation and direct, wholly-owned subsidiary of Holdco, and Innventure Merger Sub, LLC (“Innventure Merger Sub” and together with LCW Merger Sub, the “Merger Subs”), a Delaware limited liability company and direct, wholly-owned subsidiary of Holdco entered into a Business Combination Agreement (the “Business Combination Agreement”) with Innventure LLC, a Delaware limited liability company. As further discussed below and in Note 8. Business Combinations, on October 2, 2024 (the “Closing Date” or “Closing”), Learn CW and Innventure LLC consummated a business combination (the “Business Combination”) pursuant to the terms of the Business Combination Agreement. Following the Closing, both Learn CW and Innventure LLC became subsidiaries of Holdco, Holdco changed its name to “Innventure, Inc.” and became a publicly traded company. Holdco was determined to be the accounting acquirer. Both Learn CW and Holdco, a direct wholly-owned subsidiary of Learn CW prior to the Business Combination, were created for the purpose of consummating a business combination. Innventure, Inc. and its subsidiaries is the successor to Innventure LLC following the Business Combination and is a Delaware corporation, whose common stock is listed and traded on the Nasdaq Global Market (“Nasdaq”). Following the Business Combination, the Company continues the business of Innventure LLC. The information provided in this Annual Report on Form 10-K reflects two distinct periods, the period up to the Closing Date labeled as the Predecessor and the period including and after that date labeled as the Successor. The Business Combination was accounted for using the acquisition method of accounting and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As a result of the application of the acquisition method of accounting as of the Closing Date, the accompanying Consolidated Financial Statements include a black line division which indicates that the Predecessor and Successor reporting entities shown are presented on a different basis and are therefore, not comparable.

Accounting Policies - Cash, Cash Equivalents and Restricted Cash (FY) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Held in escrow
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 0	$ 100
Compensating balances
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 100	$ 300

Income Taxes (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

Note 16. Income Taxes

The provision for income taxes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Current Expense:
Federal	—	—	—
State	18	—	—
Foreign	—	—	—
Total Current Expense	18	—	—

Deferred Expense:
Federal	(3,301)	432	—
State	—	—	—
Foreign	—	—	—
Total Deferred Expense	(3,301)	432	—
Total Expense:	$(3,282)	$432	$—

A reconciliation of the expected statutory federal tax and the total income tax expense (benefit) was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Pre-tax book loss	$(73,375)	$(27,766)	$(30,984)
Income taxes at federal statutory rate	(15,405)	—	—
State taxes, net of federal benefit	(1,801)	—	—
Tax on pre-tax earnings of corporate subsidiaries	—	(3,022)	(2,229)
Warrant liability	3,685	—	—
Non-deductible expenses	6	6	631
Change in earnout fair value	(714)	—	—
Other permanent differences	(423)	—	(4)
Change in valuation allowance	11,664	3,448	1,602
R&D credit	(294)	—	—
Total provision (benefit) for income taxes	$(3,282)	$432	$—


	December 31, 2024	December 31, 2023
Deferred Tax Assets:
Deferred lease liabilities	$138	$189
Capitalized R&D expense	2,562	766
Fixed assets and intangibles	3,113	3,614
Reserves and other accruals	4,873	178
Loss carry-forwards and other tax attributes	15,682	1,663
Total Deferred Tax Assets	26,368	6,410
Less: Valuation allowance	(11,664)	(5,910)
Net Deferred Tax Assets	$14,704	$500

Deferred Tax Liabilities:
Amortization	$(38,443)	$(323)
Investment in Partnerships	(3,505)	—
Right of use assets	(109)	(177)
Total Deferred Tax Liabilities	(42,057)	(500)
Net Deferred Tax Liabilities	$(27,353)	$—

As of December 31, 2024, tax years 2022 through 2024 remain open and subject to examination by the Internal Revenue Service and the states where the Company has nexus.

- Definition

The entire disclosure for income tax.

+ References

+ Details

Borrowings (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings


	Maturities	June 30, 2025	Interest Rates	December 31, 2024	Interest Rates
Series 1 promissory notes	2025 - 2026	$425	15%	$725	12% - 15%
Related party notes	—	—	—	14,000	8% - 15.99%
Convertible debentures	2026	28,172	—%	—
Term convertible notes	2026	2,451	3.94%	—
Related party convertible notes	2025 - 2026	4,002	3.94% - 15%	—
WTI Facility	2028	20,000	13.50%	20,000	13.50%
Total Notes Payable		55,050		34,725
Less: unamortized debt discount		(9,791)		(6,446)
Less: current portion of related party notes payable		—		(14,000)
Less: current portion of related party convertible notes		(1,002)		—
Less: current portion of notes payable		(27,502)		(625)
Total Long-term Notes		$16,755		$13,654

The Company’s notes payable, excluding debt issuance costs, mature as follows:


Year Ending December 31,			Amount
2025 (remaining 6 months)			$13,011
2026			29,234
2027			8,244
2028			4,561
Total Debt			$55,050

Series 1 Promissory Notes

Extensions on Series 1 promissory notes were as follows:


		Three months ended		Six months ended
	Interest Rate	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Principal amount of 1st extension promissory notes	12%	$—	$—	$—	$122
Principal amount of 2nd extension promissory notes	15%	$—	$—	$122	$300

Interest expense on Series 1 promissory notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Interest attributable to contractual interest

$16

$44

$48

$99

Related Party Notes

Interest expense on the related party notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Total interest expense

$—

$419

$—

WTI Facility

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to contractual interest	$683	$—	$1,358	$—
Interest attributable to amortization of issuance costs and discounts	348	—	856	—
Total interest expense	$1,031	$—	$2,214	$—

Convertible Debentures

the three and six months ended June 30, 2025 (Successor), the Company made cash payments toward the outstanding loan balance totaling $834 of principal and $42 of payment premium.

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to amortization of issuance costs	1,701	—	1,701	—
Total interest expense	$1,701	$—	$1,701	$—

Term Convertible Notes

The interest expense on the Term Convertible Notes was $1 for the three and six months ended June 30, 2025 (Successor).

Related Party Convertible Notes

The interest expense on Related Party Convertible Notes, including the amortization of the loan fee, was $3 for the three and six months ended June 30, 2025 (Successor).

Note 5. Borrowings


		Successor		Predecessor
	Maturities	December 31, 2024	Interest Rates	December 31, 2023	Interest Rates
Series 1 promissory notes	2025 - 2026	$725	12% - 15%	$1,911	9% - 15%
Related party notes	2024 - 2025	14,000	8% - 15.99%	1,000	—%
Convertible promissory notes		—		6,634	8%
WTI Facility	2028	20,000	13.50%	—
Total Notes Payable		34,725		9,545
Less: unamortized debt discount		(6,446)		(2,133)
Less: current portion of related party notes payable		(14,000)		(1,000)
Less: current portion of notes payable		(625)		(912)
Total Long-term Notes		$13,654		$5,500

The Company’s notes payable, excluding debt issuance costs, and notes payable to related parties mature as follows:


Year Ending December 31,			Amount
2025			$14,625
2026			7,295
2027			8,244
2028			4,561
Total Debt			$34,725

Series 1 Promissory Notes

Noteholders converted their Series 1 promissory notes into Class B Preferred Units as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Principal amount	$—	$396	$1,310
Number of shares	—	40,829	135,133

Extensions on Series 1 promissory notes were as follow:


		Successor	Predecessor
	Interest Rate	December 31, 2024	December 31, 2023
Principal amount of 1st extension promissory notes	12%	$122	$829
Principal amount of 2nd extension promissory notes	15%	$603	$890

Interest expense on Series 1 promissory notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$29	$138	$297
Interest attributable to amortization of issuance costs	—	—	32
Total interest expense	$29	$138	$329

Related Party Notes

As per the amended note with the first party, the maturity date was extended to the earlier of (i) January 31, 2025 and (ii) the first business day following the date on which the Company has sufficient capital to be able to repay all amounts outstanding under the note and otherwise meet its expected working capital needs as determined by the Company in its reasonable discretion. The loan fee of $1,000, required under the original agreement, became due on or around the amendment date but as of December 31, 2024 has not yet been paid and interest will accrue at the rate of 15.99% per annum until paid. The amendment was accounted for as a troubled debt restructuring as the Company was provided a concession through a decrease in the effective interest rate. However, no gain or loss was recognized as a result.

Interest expense on the related party notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Total interest expense	$611	$932	$—

Convertible Promissory Notes

Interest expense on the 2025 Notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$—	$120	$583


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to amortization of implied discounts	—	231	456
Total interest expense	$—	$351	$1,039

WTI Facility

On October 22, 2024, the Company entered into a term loan with WTI Fund X, Inc. and WTI Fund XI, Inc., (collectively, “WTI Lenders”). The terms of the loan provides for a term loan facility in the aggregate principal amount of up to $50,000 (the “WTI Facility”), of which (i) up to $20,000 is made available after October 22, 2024 and through November 15, 2024 (the “First Tranche”); (ii) up to $15,000 is made available after November 1, 2024 and through November 30, 2024 (the “Second Tranche”); and (iii) up to $15,000 will be made available after December 31, 2024 and through January 31, 2025 (the “Third Tranche”) (provided that up to $7,500 of the Third Tranche will be made available until March 31, 2025), in each case, subject to the satisfaction of certain conditions, including, with respect to each of the Second Tranche and the Third Tranche, satisfaction of certain financial conditions and the WTI Lenders’ satisfaction with the Company’s forward-looking plan at such time.

Borrowings under the WTI Facility will accrue interest at a rate per annum equal to the greater of (i) the “prime rate” of interest, as published by The Wall Street Journal on the date that the WTI Lenders prepare the promissory notes for the borrowings under such tranche, plus 5% and (ii) 13.50% and will amortize, after an interest-only period of twelve months in the case of the First Tranche and six months in the case of each of the Second Tranche and the Third Tranche, in equal monthly installments over a period of thirty months. Obligations are secured by a lien on the majority of the assets of Innventure LLC and Innventure, Inc.

Interest expense on this facility was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$352	$—	$—
Interest attributable to amortization of issuance costs	248	—	—
Total interest expense	$600	$—	$—

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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-Topic 470
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-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - Narrative (FY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Valuation allowance on deferred tax assets	$ 11,664	$ 5,910
Net increase in valuation allowance on deferred tax assets	5,754
Increase in valuation allowance on deferred tax assets	15,115
Decrease in valuation allowance on deferred tax assets	9,361
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	62,653
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 39,262

Net Loss Per Share - Antidilutive Securities (Q2) (Details) - shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,240,688	11,240,688	11,500,000
Private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,146,000	7,146,000	7,146,000
2024 WTI Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,000,000	1,000,000
Convertible Debentures
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,817,200	2,817,200
2025 WTI Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	495,074	495,074
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	41,762	26,516	1,011,869
Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	189,000	194,062
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,596,702	1,596,702	975,409
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,148,001	2,148,001	2,036,476
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	320,000	320,000	320,000

Warrants (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Equity [Abstract]

Schedule of Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2	—
Exercised	—	—	—	—
Issued	—	—	—	2
Outstanding, June 30, 2025 (Successor)	11,240,688	7,146,000	2	2


	Number of Public Warrants	Number of Private Warrants	Number of WTI Warrants
Outstanding, October 2, 2024 (Successor)	11,499,997	7,146,000	—
Exercised	(259,309)	—	—
Issued	—	—	2
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

Private Warrants

7,146,000

$11.50

10/2/2029

$16,793

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

WTI Warrants

varies

3/31/2025

$17,230

Stockholders' Equity (FY)	6 Months Ended	12 Months Ended
Stockholders' Equity (FY)	Jun. 30, 2025	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Note 11. Stockholders’ Equity For periods prior to the Business Combination on October 2, 2024, the Predecessor had Class B Preferred Units, Class B-1 Preferred Units, Class A Units and Class C Units issued and outstanding. In connection with the Business Combination, the Successor acquired all membership interests that were in existence for the Predecessor. Preferred Stock The Company is authorized to issue 25,000,000 shares of preferred stock with a par value of $0.0001 per share. Series B Preferred Stock As of June 30, 2025, 3,000,000 shares of the authorized preferred stock are designated as Series B preferred stock, $0.0001 par value per share (“Series B Preferred Stock”). Series B Preferred Stock is entitled to an 8% annual rate dividend. On March 19, 2025, the Company distributed 21,808 shares of Series B Preferred Stock to represent $218 in cumulative dividends for Series B Preferred Stock, covering the period from the initial issue date, as defined in the certificate of designation of Series B Preferred Stock, to December 31, 2024, as a payment in kind at the specified rate. During the three and six months ended June 30, 2025 (Successor), the holders of Series B Preferred Stock exercised their conversion right and converted 1,085,664 shares of Series B Preferred Stock for 2,164,673 shares of Common Stock. Upon conversion, all the converted Series B Preferred Stock shares were canceled and retired. As a result, the Company had a total of 33,144 shares of Series B Preferred Stock issued and outstanding as of June 30, 2025. As of June 30, 2025, the Company accrued $20 for the 8% dividend in the Obligation to issue equity on the condensed consolidated balance sheets. Series C Preferred Stock As of June 30, 2025, 5,000,000 shares of the authorized preferred stock are designated as series C preferred stock, $0.0001 par value per share (the “Series C Preferred Stock”). On March 24, 2025, Innventure issued 2,885,848 shares of Series C Preferred Stock at the original issue price for a total amount of $28,858. The consideration received by the Company was in the form of cash, services rendered and the cancellation of related party debt. During the three and six months ended June 30, 2025 (Successor), the holders of Series C Preferred Stock exercised their conversion right and converted 2,735,848 shares of Series C Preferred Stock for 5,471,696 shares of Common Stock. Upon conversion, all the converted Series C Preferred Stock shares were canceled and retired. The Series C Preferred Stock is subject to similar terms and conditions as the Series B Preferred Stock. The Company had a total of 150,000 shares of Series C Preferred Stock issued and outstanding as of June 30, 2025. As of June 30, 2025, the Company accrued $32 for the 8% dividend in the Obligation to issue equity on the condensed consolidated balance sheets. Common Stock The Company is authorized to issue 250,000,000 shares of Common Stock with a par value of $0.0001 per share. Holders of the Company’s Common Stock are entitled to one vote for each share. As of June 30, 2025 there were 55,221,494 shares of Common Stock issued and outstanding. Standby Equity Purchase Agreement In October 2023, we entered into the SEPA with Yorkville. This agreement became effective concurrently with the Business Combination. Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $75,000 of Common Stock, par value $0.0001 per share, at the Company’s request any time during the commitment period commencing on the Closing and continuing for a term of 3 years. The SEPA will automatically terminate on the earlier to occur of (i) November 01, 2027 and (ii) the date on which Yorkville shall have made payment of advances pursuant to the SEPA for Common Stock equal to the commitment amount of $75,000. Pursuant to the SEPA, the Company issued 473,825 shares of Common Stock to the investors as repayments under the Convertible Debentures referenced in Note 5. Borrowings during the three and six months ended June 30, 2025 (Successor). For the three and six months ended June 30, 2025 (Successor), in addition to the Common Stock issuances pursuant to the SEPA made in repayment towards the Convertible Debentures noted above, the Company sold nil and 73,993 shares of Common Stock under the SEPA, raising $— and $931 in cash proceeds, respectively, which is classified within Issuance of common shares, net of issuance costs in the condensed consolidated statements of changes in mezzanine and stockholders’ equity (deficit). As of June 30, 2025, the maximum remaining availability under the SEPA is approximately $70,000. Service Provider Shares In December 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company became liable for $441 of Common Stock divided by the conversion price of $10.87, resulting in 40,552 shares. In connection with the closing of the WTI Facility mentioned in Note 5. Borrowings, the Company became liable for $500 worth of Common Stock calculated as the VWAP of the Common Stock over the five consecutive trading days ending on the trading day immediately preceding November 15, 2024, $11.13, for a total of 44,919 shares. On February 3, 2025, the Company has issued the aggregate 85,471 shares of Common Stock for services rendered. In October 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company was obligated to pay a success fee in cash in an amount of $600 and equity success fee in $3,000 of Series C Preferred Stock at $10.00 per share. On March 24, 2025, the Company issued the 300,000 shares of Series C Preferred Stock for services rendered.	Note 13. Stockholders’ Equity For periods prior to the Closing, the Predecessor had Class B Preferred Units, Class B-1 Preferred Units, Class A Units and Class C Units issued and outstanding. In connection with the Business Combination on October 2, 2024, as described in Note 8. Business Combinations, the Successor acquired all membership interests that were in existence for the Predecessor. Series B Preferred Stock The Company is authorized to issue 25,000,000 shares of preferred stock with a par value of $0.0001 per share. Of which, 3,000,000 of the shares of preferred stock are designated as Series B Preferred Stock. Immediately following the Business Combination, Innventure issued 1,102,000 of Series B Preferred Stock at a purchase price of $10.00 per share (the “Original Issue Price”) for a total amount of $11,020. Series B Preferred Stock are subject to: (i) a mandatory conversion on the date that is five years after original issuance (the “Maturity Date”); and (ii) an optional conversion, at the election of the holder, at any time prior to the Maturity Date upon the effectiveness of a registration statement by the Company registering the underlying shares of Common Stock issuable upon conversion. The number of shares of Common Stock that each holder of Series B Preferred Stock will receive upon conversion will be the number of Series B Preferred shares multiplied by the Conversion Rate, subject to a threshold amount. The conversion rate (“Conversion Rate”) will equal a fraction whose numerator is $10.00 and whose denominator is the lesser of: (i) $12.50 and (ii) the Reset Conversion Price, where the “Reset Conversion Price” means the greater of: (a) $5.00 and (b) the 10-trading day volume-weighted average closing price of the Common Stock. Any fractional shares resulting from conversion will be rounded up to the next whole share. Holders of Series B Preferred Stock are entitled to cast the number of votes equal to: (i) $10.00, divided by (ii) the Minimum Price (which shall have the meaning assigned in Nasdaq Listing Rule 5635(d)) of Common Stock as of the initial issue date of the Series B Preferred Stock. Holders of Series B Preferred Stock will vote with the holders of Common Stock as a single class and on an as-converted basis, except as provided by law or applicable to Nasdaq Listing Rules. The voting power of Series B Preferred Stock holders cannot exceed 19.99% of the total outstanding voting power. Series B Preferred Stock will rank senior to the Common Stock, which is junior stock when compared to Series B Preferred Stock. Dividends for Series B Preferred Stock will accrue annually at the rate of 8.0% of the Original Issue Price of $10.00 per share. All dividends are prior to and in preference over any dividend on any junior stock or parity stock and shall be declared and fully paid before any dividends are declared and paid, or any other distributions are made, on any junior stock or parity stock. When dividends are declared by the Company’s board of directors, dividends will be due and payable annually in arrears as payment in kind on the last day of the last quarter in each fiscal year. Holders of Series B Preferred Stock are also eligible to receive dividends and distributions declared on Common Stock, as though their shares were converted into Common Stock, based on the Conversion Rate, using assets legally available for distribution by the Company. The preferred dividends that became due on December 31, 2024, were recorded within Obligation to issue equity on the consolidated balance sheets. As of December 31, 2024, the cumulative dividends on Series B Preferred Stock were $217. Common Stock The Company is authorized to issue 250,000,000 shares of Common Stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share. Immediately following the Business Combination, there were 43,589,850 shares of Common Stock issued and outstanding as further discussed in Note 8. Business Combinations. As of December 31, 2024 there were 44,597,154 shares of Common Stock issued and outstanding due to the issuance of Common Stock, exercise of Public Warrants, the issuance of Common Stock in relation to the Standby Equity Purchase Agreement, and the vesting of Earnout Shares that occurred prior to year end. Standby Equity Purchase Agreement In October 2023, we entered into the SEPA with YA II PN, LTD., an exempt limited partnership from the Cayman Islands (“Yorkville”). Concurrently with the Business Combination, this agreement became effective. Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $75,000 of Common Stock, par value $0.0001 per share, at the Company’s request any time during the commitment period commencing on the Closing and continuing for a term of 3 years (“Purchased Put Option”). As consideration, Innventure agreed and paid, to YA Global II SPV, LLC, a subsidiary of Yorkville, (i) a structuring fee in the amount of $25 and (ii) a commitment fee of $375. The commitment fee was expensed in full immediately following the consummation of the Business Combination, according to ASC 815, and recorded within the General and administrative expense line item in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024. Each advance that Innventure issues in writing to Yorkville under the SEPA (each, an “Advance,” and notice of such request, and “Advance Notice”) may be in an amount of Common Stock up to the greater of: (i) $10,000 or (ii) the aggregate daily trading volume of Common Stock for the five trading days prior to Innventure requesting an Advance. The purchase price for the shares of Common Stock set forth in the Advance is determined by multiplying the market price of Common Stock by either (a) 95% of the daily volume weighted average price (“VWAP”) during the applicable one-day pricing period or (b) 97% of the lowest daily VWAP during the applicable three consecutive trading day pricing period. The applicable pricing period depends on the type of Advance Notice selected by the Company under the SEPA. Additionally, the Company may establish a minimum acceptable price in each Advance Notice below which the Company will not be obligated to make any sales to Yorkville. Once the Company draws on the SEPA, the related number of shares issuable constitutes a forward contract to issue common stock (“Forward Contract”). The SEPA will automatically terminate on the earlier to occur of (i) November 01, 2027 and (ii) the date on which Yorkville shall have made payment of advances pursuant to the SEPA for Common Stock equal to the commitment amount of $75,000. On December 24, 2024, the Company issued and sold 60,000 shares of Common Stock in amount of $770, based on the settlement date closing stock price. Additionally, on December 30, 2024, the Company issued and sold 75,000 shares of Common Stock in an amount of $965. For the year ended December 31, 2024, the Company sold 135,000 shares of Common Stock under the SEPA, raising $1,735 which is classified within Issuance of common shares, net of issuance costs in the consolidated statements of changes in stockholders’ equity (deficit). At Risk Sponsor Shares In connection with the Business Combination Agreement, the Company entered into the Sponsor Support Agreement under which 5,000,000 shares were issued to the Sponsor at the Closing, as follows: 2,775,172 Fixed Shares, 344,828 Sponsor Earnout Shares, and 1,880,000 At Risk Sponsor Shares. The Fixed Shares issued to the sponsor are not subject to any contingencies or forfeiture provisions. The Sponsor Earnout Shares are issued until they are deemed forfeited due to non-achievement of the associated Milestones. See Note 10. Earnout Shares for more discussion on the Sponsor Earnout Shares. The At Risk Sponsor Shares are issued, but a portion of such shares are subject to forfeiture in case the Company is not able to secure additional financing based on the calculation within the Sponsor Support Agreement. As per the discussion of additional financing per the Sponsor Support Agreement, the number of shares subject to forfeiture were calculated to be 587,995. The rest of the At-Risk Sponsor Shares, 1,292,005, were free from any forfeiture conditions or contingencies. When the Company received the First Tranche of the WTI Facility on November 15, 2024, the additional financing condition was met and all the remaining At-Risk Sponsor Shares were considered non-forfeitable and free from any contingencies. See Note 5. Borrowings for more discussion over the First Tranche of the WTI Facility. Similar to the Sponsor Earnout Shares, all the At-Risk Sponsor Shares were entitled to non-forfeitable dividends or distributions along with other common stockholders of the Company, from their issuance date. Service Provider Shares In December 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company became liable for $441 of Common Stock divided by the conversion price of $10.87, resulting in 40,552 shares. In connection with the closing of the WTI Facility mentioned in Note 5. Borrowings, the Company became liable for $500 worth of Common Stock calculated as the volume-weighted average price of the Common Stock over the five consecutive trading days ending on the trading day immediately preceding November 15, 2024, $11.13, for a total of 44,919 shares. The resulting liabilities for these unissued securities are included within Liability for future equity issuance on the consolidated balance sheets. In October 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company is obligated to pay a success fee in cash in an amount of $600 and equity success fee in $3,000 of Series C Preferred Stock, par value $0.0001 per share, of the Company (the “Series C Preferred Stock”) at $10.00 per share. As of December 31, 2024, the Company has no Series C Preferred Stock outstanding and, therefore, has not yet issued this 300,000 Series C Preferred Stock. The resulting liabilities for these unissued securities are included within Obligation to issue equity on the consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

+ Details

Related Party Transactions (Q2)	6 Months Ended	12 Months Ended
Related Party Transactions (Q2)	Jun. 30, 2025	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 15. Related Party Transactions As more fully described in Note 5. Borrowings, the Company has various notes with affiliates, including short-term notes with three separate related parties which were settled on March 20, 2025. In addition, the Company issued a convertible note to the ESG Fund pursuant to the Amended and Restated Series I Convertible Note Purchase Agreement, dated as of June 2, 2023, by and among Accelsius, ESG Fund, and the other parties thereto, which was converted during the three months ended March 31, 2024. During the three months ended June 30, 2025 (Successor), the Company entered into the Related Party Convertible Notes with various related parties, including other lenders. Transactions with Directors As more fully described in Note 12. Stock-based Compensation, the Company issued various equity awards to related parties throughout 2024. On December 9, 2024, the Company issued 1,246,722 RSUs with a grant date fair value of $15,210 and 590,163 stock options with a grant date fair value of $3,913 to a cumulative of eight directors. On December 31, 2024, the Company issued 200,000 SARs with a grant date fair value of $7,820 to four directors and former directors. On March 22, 2024, the Company issued 100,000 Class C Units with a grant date fair value of $441 to one director under the Accelsius Subsidiary Equity Plan. Additionally, on June 25, 2025, the Company issued 111,525 RSUs with a grant date fair value of $600 to five directors pursuant to the Innventure Non-Management Director Compensation Plan. Transactions with the ESG Fund As more fully described in Note 2. Accounting Policies in our 2024 Annual Report, the Company earns a 1-2% management fee for administrative, finance and accounting, and other back-office functions from the ESG Fund. Management fees earned from the ESG Fund were $195 and $391 for the three and six months ended June 30, 2025 (Successor), respectively, and $196 and $393 for the three and six months ended June 30, 2024 (Predecessor), respectively, which is recorded as Revenue in the condensed consolidated statements of operations and comprehensive income (loss). In March 2021, the Company entered into a purchase option agreement with the ESG Fund to sell 145,161 shares of PureCycle Technologies, Inc. (“PCT”) common stock with an exercise price of $1. The option period would have expired on July 22, 2024 and the Company measured the derivative liability at fair value, as further described in Note 4. Fair Value. The option was exercised in March 2022 and the shares are subject to the lock-up provisions. The liability due to the ESG Fund was derecognized as a result of the Business Combination. Transactions with AeroFlexx On March 24, 2025, the Company issued 578,294 shares of Series C Preferred Stock to settle AeroFlexx’s debt with a related party. The Company considers the stock issuance to be an investment in AeroFlexx of $5,783 which was recorded in Investments on the condensed consolidated balance sheets.	Note 18. Related Party Transactions As more fully described in Note 5. Borrowings, the Company has various notes with affiliates, including short-term notes with three separate related parties. In addition, the Company had a convertible note to the ESG Fund as part of the 2025 Notes which was converted during the Predecessor period from January 1, 2024 through October 1, 2024. Transactions with Directors As more fully described in Note 14. Stock-based Compensation, the Company issued various equity awards to related parties throughout 2024. On December 9, 2024, the Company issued 1,246,722 RSUs with a grant date fair value of $15,210, and 590,163 stock options with a grant date fair value of $3,913 to a cumulative of 8 directors. On December 31, 2024, the Company issued 200,000 SARs with a grant date fair value of $7,820 to 4 directors and former directors. On March 22, 2024, the Company issued 100,000 Class C Units with a grant date fair value of $441 to 1 director under the Accelsius Subsidiary Equity Plan. Transactions with Innventure1 In 2022, Innventure1 assigned its ownership interest in a portion of the Company’s PCT common stock to investors who are considered related parties of Innventure1 and the Company. The related party liability established in connection with this assignment was revalued to $53 on December 31, 2023. The change in value was included in Net gain on investments - due to related parties in the consolidated statements of operations and comprehensive income (loss). Transactions with the ESG Fund In the normal course of business, the Company advances certain expenses on behalf of the ESG Fund. Certain expenses paid by the Company, which meet certain criteria, are reimbursed to the Company by the ESG Fund. Amounts paid by the Company and reimbursable by the ESG Fund were $105 for the Successor period from October 2, 2024 through December 31, 2024, and $50 for the Predecessor period from January 1, 2024 through October 1, 2024, and $48 for the Predecessor year ended December 31, 2023. There was a receivable of $64 and $2 as of December 31, 2024 and 2023, respectively, related to those expenses included in Due from related parties in the consolidated balance sheets. As more fully described in Note 2. Accounting Policies, the Company earns a 1-2% management fee for administrative, finance and accounting, and other back-office functions from the ESG Fund. Management fees earned from the ESG Fund were $196 for the Successor period from October 2, 2024 through December 31, 2024, and $588 for the Predecessor period from January 1, 2024 through October 1, 2024. Management fees earned from the ESG Fund totaled $789 for the Predecessor year ended December 31, 2023, which is recorded as Revenue in the consolidated statements of operations and comprehensive income (loss). In March 2021, the Company entered into a purchase option agreement with the ESG Fund to sell 145,161 shares of PCT common stock with an exercise price of $1. The option period would have expired on July 22, 2024 and the Company measured the derivative liability at fair value, as further described in Note 4. Fair Value. The option was exercised in March 2022 and the shares are subject to the lock-up provisions. The liability due to the ESG Fund as of December 31, 2023 was $294 and is included in Related party payables in the consolidated balance sheets. In 2023, the Company sold 23,712 of Accelsius Class A Series 2 Units to the ESG Fund for aggregate proceeds of approximately $104. This amount is reflected in Non-controlling interests in the consolidated statements of changes in stockholders’ equity (deficit). Transactions with AeroFlexx The Company’s related party transactions with AeroFlexx are described in Note 3. Investments. Additionally, in the normal course of business, the Company advances certain expenses on behalf of AeroFlexx. Amounts paid by the Company and reimbursable by AeroFlexx were $27 for the Successor period from October 2, 2024 through December 31, 2024, and $84 for the Predecessor period from January 1, 2024 through October 1, 2024, and $116 for the Predecessor year ended December 31, 2023. There was a receivable of $97 and $— as of December 31, 2024 and 2023, respectively, related to those expenses included in Due from related parties in the consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes (FY) (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Current Expense:
Federal	—	—	—
State	18	—	—
Foreign	—	—	—
Total Current Expense	18	—	—

Deferred Expense:
Federal	(3,301)	432	—
State	—	—	—
Foreign	—	—	—
Total Deferred Expense	(3,301)	432	—
Total Expense:	$(3,282)	$432	$—

Schedule of Reconciliation of the Income Tax Provision

A reconciliation of the expected statutory federal tax and the total income tax expense (benefit) was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Pre-tax book loss	$(73,375)	$(27,766)	$(30,984)
Income taxes at federal statutory rate	(15,405)	—	—
State taxes, net of federal benefit	(1,801)	—	—
Tax on pre-tax earnings of corporate subsidiaries	—	(3,022)	(2,229)
Warrant liability	3,685	—	—
Non-deductible expenses	6	6	631
Change in earnout fair value	(714)	—	—
Other permanent differences	(423)	—	(4)
Change in valuation allowance	11,664	3,448	1,602
R&D credit	(294)	—	—
Total provision (benefit) for income taxes	$(3,282)	$432	$—

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows:


	December 31, 2024	December 31, 2023
Deferred Tax Assets:
Deferred lease liabilities	$138	$189
Capitalized R&D expense	2,562	766
Fixed assets and intangibles	3,113	3,614
Reserves and other accruals	4,873	178
Loss carry-forwards and other tax attributes	15,682	1,663
Total Deferred Tax Assets	26,368	6,410
Less: Valuation allowance	(11,664)	(5,910)
Net Deferred Tax Assets	$14,704	$500

Deferred Tax Liabilities:
Amortization	$(38,443)	$(323)
Investment in Partnerships	(3,505)	—
Right of use assets	(109)	(177)
Total Deferred Tax Liabilities	(42,057)	(500)
Net Deferred Tax Liabilities	$(27,353)	$—

Stockholders' Equity (Q2)	6 Months Ended	12 Months Ended
Stockholders' Equity (Q2)	Jun. 30, 2025	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Note 11. Stockholders’ Equity For periods prior to the Business Combination on October 2, 2024, the Predecessor had Class B Preferred Units, Class B-1 Preferred Units, Class A Units and Class C Units issued and outstanding. In connection with the Business Combination, the Successor acquired all membership interests that were in existence for the Predecessor. Preferred Stock The Company is authorized to issue 25,000,000 shares of preferred stock with a par value of $0.0001 per share. Series B Preferred Stock As of June 30, 2025, 3,000,000 shares of the authorized preferred stock are designated as Series B preferred stock, $0.0001 par value per share (“Series B Preferred Stock”). Series B Preferred Stock is entitled to an 8% annual rate dividend. On March 19, 2025, the Company distributed 21,808 shares of Series B Preferred Stock to represent $218 in cumulative dividends for Series B Preferred Stock, covering the period from the initial issue date, as defined in the certificate of designation of Series B Preferred Stock, to December 31, 2024, as a payment in kind at the specified rate. During the three and six months ended June 30, 2025 (Successor), the holders of Series B Preferred Stock exercised their conversion right and converted 1,085,664 shares of Series B Preferred Stock for 2,164,673 shares of Common Stock. Upon conversion, all the converted Series B Preferred Stock shares were canceled and retired. As a result, the Company had a total of 33,144 shares of Series B Preferred Stock issued and outstanding as of June 30, 2025. As of June 30, 2025, the Company accrued $20 for the 8% dividend in the Obligation to issue equity on the condensed consolidated balance sheets. Series C Preferred Stock As of June 30, 2025, 5,000,000 shares of the authorized preferred stock are designated as series C preferred stock, $0.0001 par value per share (the “Series C Preferred Stock”). On March 24, 2025, Innventure issued 2,885,848 shares of Series C Preferred Stock at the original issue price for a total amount of $28,858. The consideration received by the Company was in the form of cash, services rendered and the cancellation of related party debt. During the three and six months ended June 30, 2025 (Successor), the holders of Series C Preferred Stock exercised their conversion right and converted 2,735,848 shares of Series C Preferred Stock for 5,471,696 shares of Common Stock. Upon conversion, all the converted Series C Preferred Stock shares were canceled and retired. The Series C Preferred Stock is subject to similar terms and conditions as the Series B Preferred Stock. The Company had a total of 150,000 shares of Series C Preferred Stock issued and outstanding as of June 30, 2025. As of June 30, 2025, the Company accrued $32 for the 8% dividend in the Obligation to issue equity on the condensed consolidated balance sheets. Common Stock The Company is authorized to issue 250,000,000 shares of Common Stock with a par value of $0.0001 per share. Holders of the Company’s Common Stock are entitled to one vote for each share. As of June 30, 2025 there were 55,221,494 shares of Common Stock issued and outstanding. Standby Equity Purchase Agreement In October 2023, we entered into the SEPA with Yorkville. This agreement became effective concurrently with the Business Combination. Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $75,000 of Common Stock, par value $0.0001 per share, at the Company’s request any time during the commitment period commencing on the Closing and continuing for a term of 3 years. The SEPA will automatically terminate on the earlier to occur of (i) November 01, 2027 and (ii) the date on which Yorkville shall have made payment of advances pursuant to the SEPA for Common Stock equal to the commitment amount of $75,000. Pursuant to the SEPA, the Company issued 473,825 shares of Common Stock to the investors as repayments under the Convertible Debentures referenced in Note 5. Borrowings during the three and six months ended June 30, 2025 (Successor). For the three and six months ended June 30, 2025 (Successor), in addition to the Common Stock issuances pursuant to the SEPA made in repayment towards the Convertible Debentures noted above, the Company sold nil and 73,993 shares of Common Stock under the SEPA, raising $— and $931 in cash proceeds, respectively, which is classified within Issuance of common shares, net of issuance costs in the condensed consolidated statements of changes in mezzanine and stockholders’ equity (deficit). As of June 30, 2025, the maximum remaining availability under the SEPA is approximately $70,000. Service Provider Shares In December 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company became liable for $441 of Common Stock divided by the conversion price of $10.87, resulting in 40,552 shares. In connection with the closing of the WTI Facility mentioned in Note 5. Borrowings, the Company became liable for $500 worth of Common Stock calculated as the VWAP of the Common Stock over the five consecutive trading days ending on the trading day immediately preceding November 15, 2024, $11.13, for a total of 44,919 shares. On February 3, 2025, the Company has issued the aggregate 85,471 shares of Common Stock for services rendered. In October 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company was obligated to pay a success fee in cash in an amount of $600 and equity success fee in $3,000 of Series C Preferred Stock at $10.00 per share. On March 24, 2025, the Company issued the 300,000 shares of Series C Preferred Stock for services rendered.	Note 13. Stockholders’ Equity For periods prior to the Closing, the Predecessor had Class B Preferred Units, Class B-1 Preferred Units, Class A Units and Class C Units issued and outstanding. In connection with the Business Combination on October 2, 2024, as described in Note 8. Business Combinations, the Successor acquired all membership interests that were in existence for the Predecessor. Series B Preferred Stock The Company is authorized to issue 25,000,000 shares of preferred stock with a par value of $0.0001 per share. Of which, 3,000,000 of the shares of preferred stock are designated as Series B Preferred Stock. Immediately following the Business Combination, Innventure issued 1,102,000 of Series B Preferred Stock at a purchase price of $10.00 per share (the “Original Issue Price”) for a total amount of $11,020. Series B Preferred Stock are subject to: (i) a mandatory conversion on the date that is five years after original issuance (the “Maturity Date”); and (ii) an optional conversion, at the election of the holder, at any time prior to the Maturity Date upon the effectiveness of a registration statement by the Company registering the underlying shares of Common Stock issuable upon conversion. The number of shares of Common Stock that each holder of Series B Preferred Stock will receive upon conversion will be the number of Series B Preferred shares multiplied by the Conversion Rate, subject to a threshold amount. The conversion rate (“Conversion Rate”) will equal a fraction whose numerator is $10.00 and whose denominator is the lesser of: (i) $12.50 and (ii) the Reset Conversion Price, where the “Reset Conversion Price” means the greater of: (a) $5.00 and (b) the 10-trading day volume-weighted average closing price of the Common Stock. Any fractional shares resulting from conversion will be rounded up to the next whole share. Holders of Series B Preferred Stock are entitled to cast the number of votes equal to: (i) $10.00, divided by (ii) the Minimum Price (which shall have the meaning assigned in Nasdaq Listing Rule 5635(d)) of Common Stock as of the initial issue date of the Series B Preferred Stock. Holders of Series B Preferred Stock will vote with the holders of Common Stock as a single class and on an as-converted basis, except as provided by law or applicable to Nasdaq Listing Rules. The voting power of Series B Preferred Stock holders cannot exceed 19.99% of the total outstanding voting power. Series B Preferred Stock will rank senior to the Common Stock, which is junior stock when compared to Series B Preferred Stock. Dividends for Series B Preferred Stock will accrue annually at the rate of 8.0% of the Original Issue Price of $10.00 per share. All dividends are prior to and in preference over any dividend on any junior stock or parity stock and shall be declared and fully paid before any dividends are declared and paid, or any other distributions are made, on any junior stock or parity stock. When dividends are declared by the Company’s board of directors, dividends will be due and payable annually in arrears as payment in kind on the last day of the last quarter in each fiscal year. Holders of Series B Preferred Stock are also eligible to receive dividends and distributions declared on Common Stock, as though their shares were converted into Common Stock, based on the Conversion Rate, using assets legally available for distribution by the Company. The preferred dividends that became due on December 31, 2024, were recorded within Obligation to issue equity on the consolidated balance sheets. As of December 31, 2024, the cumulative dividends on Series B Preferred Stock were $217. Common Stock The Company is authorized to issue 250,000,000 shares of Common Stock with a par value of $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share. Immediately following the Business Combination, there were 43,589,850 shares of Common Stock issued and outstanding as further discussed in Note 8. Business Combinations. As of December 31, 2024 there were 44,597,154 shares of Common Stock issued and outstanding due to the issuance of Common Stock, exercise of Public Warrants, the issuance of Common Stock in relation to the Standby Equity Purchase Agreement, and the vesting of Earnout Shares that occurred prior to year end. Standby Equity Purchase Agreement In October 2023, we entered into the SEPA with YA II PN, LTD., an exempt limited partnership from the Cayman Islands (“Yorkville”). Concurrently with the Business Combination, this agreement became effective. Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $75,000 of Common Stock, par value $0.0001 per share, at the Company’s request any time during the commitment period commencing on the Closing and continuing for a term of 3 years (“Purchased Put Option”). As consideration, Innventure agreed and paid, to YA Global II SPV, LLC, a subsidiary of Yorkville, (i) a structuring fee in the amount of $25 and (ii) a commitment fee of $375. The commitment fee was expensed in full immediately following the consummation of the Business Combination, according to ASC 815, and recorded within the General and administrative expense line item in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024. Each advance that Innventure issues in writing to Yorkville under the SEPA (each, an “Advance,” and notice of such request, and “Advance Notice”) may be in an amount of Common Stock up to the greater of: (i) $10,000 or (ii) the aggregate daily trading volume of Common Stock for the five trading days prior to Innventure requesting an Advance. The purchase price for the shares of Common Stock set forth in the Advance is determined by multiplying the market price of Common Stock by either (a) 95% of the daily volume weighted average price (“VWAP”) during the applicable one-day pricing period or (b) 97% of the lowest daily VWAP during the applicable three consecutive trading day pricing period. The applicable pricing period depends on the type of Advance Notice selected by the Company under the SEPA. Additionally, the Company may establish a minimum acceptable price in each Advance Notice below which the Company will not be obligated to make any sales to Yorkville. Once the Company draws on the SEPA, the related number of shares issuable constitutes a forward contract to issue common stock (“Forward Contract”). The SEPA will automatically terminate on the earlier to occur of (i) November 01, 2027 and (ii) the date on which Yorkville shall have made payment of advances pursuant to the SEPA for Common Stock equal to the commitment amount of $75,000. On December 24, 2024, the Company issued and sold 60,000 shares of Common Stock in amount of $770, based on the settlement date closing stock price. Additionally, on December 30, 2024, the Company issued and sold 75,000 shares of Common Stock in an amount of $965. For the year ended December 31, 2024, the Company sold 135,000 shares of Common Stock under the SEPA, raising $1,735 which is classified within Issuance of common shares, net of issuance costs in the consolidated statements of changes in stockholders’ equity (deficit). At Risk Sponsor Shares In connection with the Business Combination Agreement, the Company entered into the Sponsor Support Agreement under which 5,000,000 shares were issued to the Sponsor at the Closing, as follows: 2,775,172 Fixed Shares, 344,828 Sponsor Earnout Shares, and 1,880,000 At Risk Sponsor Shares. The Fixed Shares issued to the sponsor are not subject to any contingencies or forfeiture provisions. The Sponsor Earnout Shares are issued until they are deemed forfeited due to non-achievement of the associated Milestones. See Note 10. Earnout Shares for more discussion on the Sponsor Earnout Shares. The At Risk Sponsor Shares are issued, but a portion of such shares are subject to forfeiture in case the Company is not able to secure additional financing based on the calculation within the Sponsor Support Agreement. As per the discussion of additional financing per the Sponsor Support Agreement, the number of shares subject to forfeiture were calculated to be 587,995. The rest of the At-Risk Sponsor Shares, 1,292,005, were free from any forfeiture conditions or contingencies. When the Company received the First Tranche of the WTI Facility on November 15, 2024, the additional financing condition was met and all the remaining At-Risk Sponsor Shares were considered non-forfeitable and free from any contingencies. See Note 5. Borrowings for more discussion over the First Tranche of the WTI Facility. Similar to the Sponsor Earnout Shares, all the At-Risk Sponsor Shares were entitled to non-forfeitable dividends or distributions along with other common stockholders of the Company, from their issuance date. Service Provider Shares In December 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company became liable for $441 of Common Stock divided by the conversion price of $10.87, resulting in 40,552 shares. In connection with the closing of the WTI Facility mentioned in Note 5. Borrowings, the Company became liable for $500 worth of Common Stock calculated as the volume-weighted average price of the Common Stock over the five consecutive trading days ending on the trading day immediately preceding November 15, 2024, $11.13, for a total of 44,919 shares. The resulting liabilities for these unissued securities are included within Liability for future equity issuance on the consolidated balance sheets. In October 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company is obligated to pay a success fee in cash in an amount of $600 and equity success fee in $3,000 of Series C Preferred Stock, par value $0.0001 per share, of the Company (the “Series C Preferred Stock”) at $10.00 per share. As of December 31, 2024, the Company has no Series C Preferred Stock outstanding and, therefore, has not yet issued this 300,000 Series C Preferred Stock. The resulting liabilities for these unissued securities are included within Obligation to issue equity on the consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

+ Details

Borrowings - Debt Extensions (Q2) (Details) - Notes payable - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Principal amount of 1st extension promissory notes
Debt Instrument [Line Items]
Interest Rate					12.00%		12.00%
Principal amount of extension promissory notes	$ 0	$ 0	$ 0	$ 122	$ 122	$ 829
Principal amount of 2nd extension promissory notes
Debt Instrument [Line Items]
Interest Rate					15.00%		15.00%
Principal amount of extension promissory notes	$ 0	$ 0	$ 122	$ 300	$ 603	$ 890

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets - Narrative (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Oct. 01, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill recognized		$ 667,936
Amortization expense	$ 5,405	$ 5,377	$ 10,808	$ 0	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

Earnout Shares (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Earnout Shares

Note 9. Earnout Shares

Note 10. Earnout Shares

The Earnout Shares will vest upon the following milestone conditions:

•	40% of the Earnout Shares will vest upon Accelsius having entered into binding contracts providing for revenue for the Company (as defined in the Business Combination Agreement) within 7 years following the Closing (the “Vesting Period”) in excess of $15,000 in revenue (“Milestone One”);

•	40% of the Earnout Shares will vest upon the Company’s formation of a new subsidiary, in partnership with an MNC, as determined using the Innventure LLC’s “DownSelect” process, within the Vesting Period (“Milestone Two”); and

•	20% of the Earnout Shares will vest upon AeroFlexx having received in excess of $15,000 revenue within the Vesting Period (“Milestone Three”).

Earnout Shares (FY) (Details) - Innventure LLC $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 02, 2024 USD ($) day	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Oct. 01, 2024 USD ($) $ / shares shares
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration (in shares) \| shares					5,000,000
Contingent consideration, vesting provision, VWAP stock price trigger (in usd per share) \| $ / shares					$ 11.5
Contingent consideration, vesting provision, VWAP threshold trading days \| day	20
Contingent consideration, vesting provision, VWAP threshold consecutive trading days \| day	30
Contingent consideration, vesting provision, effective period following Business Combination	6 months
Contingent consideration, equity-classified (in shares) \| shares					4,275,862
Contingent consideration, equity-classified, fair value \| $					$ 46,350
Innventure Members
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration (in shares) \| shares					5,000,000
Sponsor
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration (in shares) \| shares					344,828
Milestone One
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration, percent of shares issuable upon milestone completion	40.00%
Contingent consideration, vesting period	7 years
Contingent consideration, revenue threshold \| $	$ 15,000
Contingent consideration, equity-classified (in shares) \| shares					2,137,931
Contingent consideration, equity-classified, fair value \| $					$ 23,175
Milestone Two
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration, percent of shares issuable upon milestone completion	40.00%
Contingent consideration, equity-classified (in shares) \| shares					2,137,931
Contingent consideration, equity-classified, fair value \| $					$ 23,175
Milestone Three
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration, percent of shares issuable upon milestone completion	20.00%
Contingent consideration, revenue threshold \| $	$ 15,000
Contingent consideration, liability-classified (in shares) \| shares					1,068,966
Contingent consideration liability \| $		$ 4,370	$ 14,752	$ 4,370	$ 11,352
Loss on change in fair value of contingent consideration \| $		$ (3,100)	$ 3,400	$ (9,509)

Related Party Transactions (Q2) (Details) $ / shares in Units, $ in Thousands																	3 Months Ended				6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 25, 2025 USD ($) grantee shares	Mar. 24, 2025 USD ($) shares	Mar. 20, 2025 instrument	Feb. 26, 2025 grantee shares	Dec. 31, 2024 USD ($)	Dec. 31, 2024 shares	Dec. 31, 2024 director	Dec. 31, 2024 grantee	Dec. 09, 2024 USD ($)	Dec. 09, 2024 shares	Dec. 09, 2024 director	Dec. 09, 2024 grantee	Mar. 22, 2024 USD ($)	Mar. 22, 2024 shares	Mar. 22, 2024 director	Mar. 22, 2024 grantee	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2024 shares	Dec. 31, 2023 USD ($)	Mar. 31, 2021 $ / shares shares
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares				140,000						975,409
Revenue																	$ 476		$ 456	$ 223	$ 700	$ 447	$ 764		$ 1,117
Conversion of related party notes (in shares) \| shares																		2,310,848
Conversion of related party notes																		$ 23,109
Management Fees
Related Party Transaction [Line Items]
Revenue																			223				669		892
Related party
Related Party Transaction [Line Items]
Number of notes settled \| instrument			3
Transactions with Directors \| Related party
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares										590,163
Number of grantees							4	4			8	8			1	1
Transactions with Directors \| Related party \| Class C units
Related Party Transaction [Line Items]
Grant date fair value													$ 441
Shares issued in period (in shares) \| shares														100,000
Transactions with the ESG Fund \| Related party
Related Party Transaction [Line Items]
Purchase option (in shares) \| shares																										145,161
Purchase option, price (in usd per share) \| $ / shares																										$ 1
Transactions with the ESG Fund \| Related party \| Management Fees
Related Party Transaction [Line Items]
Revenue																	$ 195		$ 196	$ 196	$ 391	$ 393	$ 588		$ 789
Transactions with the ESG Fund \| Related party \| Minimum
Related Party Transaction [Line Items]
Management fee percentage																					1.00%			1.00%
Transactions with the ESG Fund \| Related party \| Maximum
Related Party Transaction [Line Items]
Management fee percentage																					2.00%			2.00%
Transactions with AeroFlexx \| Related party
Related Party Transaction [Line Items]
Conversion of related party notes (in shares) \| shares		578,294
Conversion of related party notes		$ 5,783
RSUs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares	111,525
Grant date fair value	$ 600
Number of grantees \| grantee	5
RSUs \| Transactions with Directors \| Related party
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares	111,525									1,246,722
Grant date fair value	$ 600								$ 15,210
Number of grantees \| grantee	5
Stock options
Related Party Transaction [Line Items]
Grant date fair value									6,468
Number of grantees \| grantee				2
Stock options \| Transactions with Directors \| Related party
Related Party Transaction [Line Items]
Grant date fair value									$ 3,913
SARs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares																								30,000
SARs \| Transactions with Directors \| Related party
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares						200,000
Grant date fair value					$ 7,820

Fair Value (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:


June 30, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$9,017	$9,017

Liabilities:
Earnout liability	$—	$—	$4,370	$4,370
2024 WTI Warrant liability	—	—	12,450	12,450
2025 WTI Warrant liability	—	—	3,400	3,400
Private placement warrant liability	—	7,146	—	7,146
Embedded derivative liability - Convertible Debentures	—	—	1,796	1,796


December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
2024 WTI Warrant liability	—	—	17,230	17,230
Private placement warrant liability	—	16,793	—	16,793

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 (Successor) and December 31, 2023 (Predecessor):


December 31, 2024 (Successor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
WTI warrant liability			17,230	17,230
Private placement warrant liability	—	16,793	—	16,793


December 31, 2023 (Predecessor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Exchange-traded investments at FVTNI	$9,685	$—	$—	$9,685

Liabilities:
Embedded derivative liability	$—	$—	$1,994	$1,994
Related party payables	347	—	—	347

Changes in Fair Value of Level 3 Assets

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis for the six months ended June 30, 2025 (Successor) and the six months ended June 30, 2024 (Predecessor), respectively, are as follows:


	Embedded derivative liability - convertible promissory notes	Investment in debt securities - AFS	Earnout liability	2024 WTI Warrant liability	2025 WTI Warrant liability	Embedded derivative liability - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$1,994	$—	$—	$—	$—	$—
Settlement	(2,472)	—	—	—	—	—
Change in fair value	478	—	—	—	—	—
Balance as of June 30, 2024 (Predecessor)	$—	$—	$—	$—	$—	$—

Balance as of January 1, 2025 (Successor)	$—	$11,187	$14,752	$17,230	$—	$—
Additions	—	7,278	—	—	3,090	1,774
Settlement	—	(8,757)	(873)	—	—	—
Change in fair value	—	(691)	(9,509)	(4,780)	310	22
Balance as of June 30, 2025 (Successor)	$—	$9,017	$4,370	$12,450	$3,400	$1,796

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis for the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024 and the Predecessor year ended December 31, 2023, respectively, are as follows:


	Forward Contract	Embedded Derivative Liability	Investment in debt securities - AFS	Earnout Liability	WTI Warrant Liability
Balance as of January 1, 2023 (Predecessor)	$—	$1,641	$—	$—	$—
Additions	—	1,119	—	—	—
Change in fair value	—	(766)	—	—	—
Balance as of December 31, 2023 (Predecessor)	$—	$1,994	$—	$—	$—
Additions	—	—	10,110	—	—
Settlement	—	(2,472)	—	—	—
Change in fair value	—	478	62	—	—
Balance as of October 1, 2024 (Predecessor)	—	—	10,172	—	—
Balance as of October 2, 2024 (Successor)	—	—	10,172	11,352	—
Additions	54	—	106		15,690
Settlement	(99)	—	—	—	—
Change in fair value	45	—	909	3,400	1,540
Balance as of December 31, 2024 (Successor)	$—	$—	$11,187	$14,752	$17,230

Changes in Fair Value of Level 3 Liabilities


	Embedded derivative liability - convertible promissory notes	Investment in debt securities - AFS	Earnout liability	2024 WTI Warrant liability	2025 WTI Warrant liability	Embedded derivative liability - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$1,994	$—	$—	$—	$—	$—
Settlement	(2,472)	—	—	—	—	—
Change in fair value	478	—	—	—	—	—
Balance as of June 30, 2024 (Predecessor)	$—	$—	$—	$—	$—	$—

Balance as of January 1, 2025 (Successor)	$—	$11,187	$14,752	$17,230	$—	$—
Additions	—	7,278	—	—	3,090	1,774
Settlement	—	(8,757)	(873)	—	—	—
Change in fair value	—	(691)	(9,509)	(4,780)	310	22
Balance as of June 30, 2025 (Successor)	$—	$9,017	$4,370	$12,450	$3,400	$1,796


	Forward Contract	Embedded Derivative Liability	Investment in debt securities - AFS	Earnout Liability	WTI Warrant Liability
Balance as of January 1, 2023 (Predecessor)	$—	$1,641	$—	$—	$—
Additions	—	1,119	—	—	—
Change in fair value	—	(766)	—	—	—
Balance as of December 31, 2023 (Predecessor)	$—	$1,994	$—	$—	$—
Additions	—	—	10,110	—	—
Settlement	—	(2,472)	—	—	—
Change in fair value	—	478	62	—	—
Balance as of October 1, 2024 (Predecessor)	—	—	10,172	—	—
Balance as of October 2, 2024 (Successor)	—	—	10,172	11,352	—
Additions	54	—	106		15,690
Settlement	(99)	—	—	—	—
Change in fair value	45	—	909	3,400	1,540
Balance as of December 31, 2024 (Successor)	$—	$—	$11,187	$14,752	$17,230

Significant Unobservable Inputs Utilized to Estimate Fair Value

The following table summarizes the significant unobservable inputs (Level 3):


	Principal Valuation Techniques	Unobservable Inputs	June 30, 2025	December 31, 2024
Investment in debt securities - AFS:
	Black-Scholes model	Volatility		120%
		Time to liquidity		2 years
		Discount for lack of marketability		31.00%
		Weighted average cost of capital		45.00%
		Risk-free rate		4.23%
	Discounted Cash Flows	AeroFlexx yield	13.31%
Earnout Shares:
	Geometric Brownian Motion	Term	6.3 years	6.8 years
		Stock price	$4.80	$13.85
		Volatility	56.00%	56.00%
		Risk-free rate	3.87%	4.42%
		Revenue risk premium	28.20%	36.10%
		Revenue volatility	152.00%	176.00%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80	$13.85
		Stock price volatility	56.00%	56.00%
		Credit spread	25.60%	18.80%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80
		Stock price volatility	56.00%
		Credit spread	25.60%
Embedded derivative liability - Convertible Debentures:
	Discounted Cash Flows	Debt Yield	40.60%

A summary of the significant unobservable inputs utilized to estimate the fair value is as follows:


Embedded derivative within 2025 Note issued August 18, 2022 with a principal balance of $4,000	Settlement	December 31, 2023
Discount Rate	35%	35% - 36%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%


Embedded derivative within 2025 Notes issued June 7 & July 3, 2023 with an aggregate principal balance of $2,000
Discount Rate	71% - 87%	71% - 88%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%

The investment in debt securities is stated at fair value as described in Note 3. Investments. The terms of the securities are such that they are highly likely to convert into Class D Units of AeroFlexx. The fair value of the debt securities is estimated on an as-converted basis using a Black-Scholes model incorporating breakpoints upon which each tranche of AeroFlexx equity participates in distributions.


	October 2, 2024	December 31, 2024
Volatility	120.00%	120.00%
Time to liquidity	2 years	2 years
Discount for lack of marketability	18.00%	31.00%
Weighted average cost of capital	45.00%	45.00%
Risk-free rate	3.51%	4.23%

The following table summarizes the inputs used in simulating the Company’s stock price for purposes of valuing the Earnout Shares:


	October 2, 2024	December 31, 2024
Term	7 years	6.8 years
Stock price	$10.87	$13.85
Volatility	56.00%	56.00%
Risk-Free Rate	3.62%	4.42%
Dividend Yield	—%	—%

The following table summarizes the unobservable inputs used in estimating the fair value of the Earnout Shares based on revenue for Accelsius (Milestone One):


			October 2, 2024
Revenue risk premium			6.10%
Revenue volatility			44.00%

The fair value of the WTI Warrants was determined using a Monte Carlo valuation model in which the future stock price is simulated assuming a GBM in a risk-neutral framework. The model utilizes significant assumptions including stock price, stock price volatility, and credit spread. The credit spread relates to estimated counterparty credit risk of Innventure being able to make payments related to the WTI Lenders’ put right, in which the WTI Lenders may exchange the WTI Warrants for a total cash payment of $15,000 after the four-year anniversary of issuance. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Goodwill and Intangible Assets - Intangible Assets (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 187,530	$ 187,530
Accumulated Amortization	(16,185)	(5,377)
Net Carrying Amount	$ 171,345	$ 182,153
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (years)	15 years 3 months 18 days	16 years
Gross Carrying Amount	$ 17,800	$ 17,800
Accumulated Amortization	(833)	(277)
Net Carrying Amount	$ 16,967	$ 17,523
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (years)	2 years 3 months 18 days	3 years
Gross Carrying Amount	$ 4,600	$ 4,600
Accumulated Amortization	(1,149)	(382)
Net Carrying Amount	$ 3,451	$ 4,218
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (years)	8 years 6 months	9 years 1 month 6 days
Gross Carrying Amount	$ 165,100	$ 165,100
Accumulated Amortization	(14,198)	(4,718)
Net Carrying Amount	$ 150,902	$ 160,382
Other finite-lived intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period (years)	2 years 4 months 24 days	3 years
Gross Carrying Amount	$ 30	$ 30
Accumulated Amortization	(5)	0
Net Carrying Amount	$ 25	$ 30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Condensed Consolidated Balance Sheets (Q2) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 6,965	$ 11,119
Accounts receivable, net	901	283	$ 0
Due from related parties	4,188	4,536	2,602
Inventories, net	6,620	5,178	0
Prepaid expenses and other current assets	2,455	3,170	487
Total Current Assets	21,129	24,286	5,664
Restricted cash	5,000	0
Investments	32,424	28,734	14,167
Property, plant and equipment, net	1,972	1,414	637
Intangible assets, net	171,345	182,153	0
Goodwill	323,463	667,936	0
Other assets	652	766	1,096
Total Assets	555,985	905,289	21,564
Liabilities and Stockholders' Deficit
Accounts payable	3,710	3,248
Accrued employee benefits	10,603	9,273	3,779
Accrued expenses	2,594	2,478	1,009
Contract liabilities	690	0
Embedded derivative liability	1,796	0
Patent installment payable - current	700	1,225	775
Obligation to issue equity	52	4,158	0
Warrant liability	22,996	34,023	0
Income taxes payable	292	0
Related party convertible promissory notes - current	1,002	0
Other current liabilities	380	317	253
Total Current Liabilities	72,317	69,347	8,168
Notes payable, net of current portion	11,304	13,654	999
Earnout liability	4,370	14,752	0
Stock-based compensation liability	474	1,160	0
Patent installment payable, net of current portion	12,375	12,375	13,075
Deferred income taxes	23,458	27,353	0
Other liabilities	176	355	683
Total Liabilities	129,925	138,996	29,420
Commitments and Contingencies (Note 16)
Stockholders' Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized;		0
Common Stock, $0.0001 par value, 250,000,000 shares authorized, 55,221,494 and 44,597,154 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	6	4
Additional paid-in capital	525,346	502,865	0
Accumulated other comprehensive (loss) gain	(1,289)	909	0
Accumulated deficit	(305,512)	(78,262)	(64,284)
Total Innventure, Inc., Stockholders' Equity/ Innventure LLC Unitholders' Deficit	218,551	425,516	(20,045)
Non-controlling interest	207,509	340,777	1,559
Total Stockholders' Equity/ Unitholders' Deficit	426,060	766,293	(18,486)
Total Liabilities, Mezzanine Capital and Equity	555,985	905,289	21,564
Series B Preferred Stock
Liabilities and Stockholders' Deficit
Obligation to issue equity	20	217
Stockholders' Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized;	0	0
Series C Preferred Stock
Liabilities and Stockholders' Deficit
Obligation to issue equity	32
Stockholders' Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized;	0	0
Related party
Liabilities and Stockholders' Deficit
Accounts payable		0	347
Notes payable - current	0	14,000	1,000
Convertible notes, net of current portion	3,000	0	3,381
Nonrelated party
Liabilities and Stockholders' Deficit
Accounts payable		3,248	93
Notes payable - current	27,502	625	912
Convertible notes, net of current portion	$ 2,451	$ 0	$ 1,120

Net Loss Per Share (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 14. Net Loss Per Share


	Three months ended June 30, 2025	Six months ended June 30, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$(84,227)	$(227,224)
Less: Cumulative earnings to participating securities	37	42
Undistributed loss for participating securities	(84,264)	(227,266)
Less: Undistributed loss attributable to participating securities	—	—
Net loss attributable to common shareholders, basic and diluted	$(84,264)	$(227,266)

Denominator:
Weighted average number of units outstanding, basic and diluted	52,546,491	49,417,092
Net loss per share attributable to common shareholders, basic and diluted	$(1.60)	$(4.60)

Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential Common Stock outstanding would have been anti-dilutive.


	Three months ended June 30, 2025	Six months ended June 30, 2025
Public warrants	11,240,688	11,240,688
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000
Convertible Debentures	2,817,200	2,817,200
2025 WTI Warrants	495,074	495,074
Series B Preferred Stock	41,762	26,516
Series C Preferred Stock	189,000	194,062
Share options	1,596,702	1,596,702
RSUs	2,148,001	2,148,001
SARs	320,000	320,000

Note 17. Net Loss Per Share

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations for the Successor period from October 2, 2024 through December 31, 2024:


			Successor
			October 2, 2024 through December 31, 2024
Numerator:
Net loss attributable to Innventure, Inc. shareholders			$(61,754)
Less: Cumulative earnings to participating securities			217
Undistributed loss for participating securities			(61,971)
Less: Undistributed loss attributable to participating securities			—
Net Loss attributable to common shareholders, basic and diluted			$(61,971)


			Successor
			October 2, 2024 through December 31, 2024
Denominator:
Weighted average number of units outstanding, basic and diluted			43,951
Net loss per share attributable to common shareholders, basic and diluted			$(1.41)

Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common stock outstanding would have been anti-dilutive.


			Successor
			December 31, 2024
Public warrants			11,500,000
Private placement warrants			7,146,000
WTI warrants			1,000,000
Series B preferred shares			1,011,869
Share options			975,409
RSUs			2,036,476
SARs			320,000

Fair Value - Changes in Fair Value of Level 3 Liabilities (FY) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Earnout Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 11,352	$ 14,752	$ 0	$ 0	$ 0
Additions		0		0	0
Settlement	0	(873)	0	0
Change in fair value	3,400	(9,509)	0	0	0
Ending balance	14,752	4,370	0	11,352	0
Earnout Liability \| Previously Reported
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Ending balance				0
WTI Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	$ 17,230	$ 0	0	0
Additions	15,690			0	0
Settlement	0			0
Change in fair value	1,540			0	0
Ending balance	17,230			0	$ 0
WTI Warrant Liability \| Previously Reported
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0
Ending balance				$ 0

Commitments and Contingencies - Narrative (Q2) (Details) € in Thousands, $ in Thousands	3 Months Ended				6 Months Ended			9 Months Ended	12 Months Ended		62 Months Ended
	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Jun. 30, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 agreement	Jun. 30, 2025 USD ($)	Jan. 22, 2025 EUR (€)	Dec. 12, 2024 USD ($)	Apr. 22, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guaranty amount														$ 5,000
Amounts paid under the guaranty								$ 0			$ 0
Interest paid under the guaranty								0			0
Principal outstanding under the guaranty	$ 0		$ 0		$ 0				$ 0		$ 0
Number of agreements to purchase in-process research and development \| agreement										2
License agreement, transfer fee													$ 500
License agreement, semi-annual fee													$ 65
License agreement, semi-annual fee expensed	65		11		33
Other Commitments [Line Items]
Research and development	6,068		$ 5,340	$ 1,764	12,321		$ 3,433	$ 5,978	$ 4,001
Framework Agreement third party
Other Commitments [Line Items]
Research services, minimum fee due in first 12-month period \| €												€ 2,000
Research services, minimum fee due in second 12-month period \| €												€ 3,000
Research and development	526	€ 425			619	€ 516
Payments for research and development	$ 302				$ 302

Submission	Oct. 23, 2025
Submission [Line Items]
Central Index Key	0002001557
Registrant Name	Innventure, Inc.
Form Type	S-1
Submission Type	S-1
Fee Exhibit Type	EX-FILING FEES
Offset Table N/A	N/A
Combined Prospectus Table N/A	N/A

Property, Plant and Equipment (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 7. Property, Plant and Equipment


	June 30, 2025	December 31, 2024
Leasehold improvements	$887	$548
Machinery & equipment	1,524	664
Computers & office equipment	14	14
Construction in progress	—	266
Property, plant and equipment, gross	2,425	1,492
Less: Accumulated depreciation	(453)	(78)
Property, plant and equipment, net	$1,972	$1,414

Note 7. Property, Plant and Equipment


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Leasehold improvements	$548	$38
Machinery & equipment	664	86
Computers & office equipment	14	19
Construction in progress	266	502
Property, Plant and Equipment, Gross	1,492	645
Less: Accumulated depreciation	(78)	(8)
Property, Plant and Equipment, Net	$1,414	$637

Total depreciation expense on property, plant and equipment was as follows:


	Successor	Predecessor
	Period from October 2, 2024 through December 31, 2024	Period from January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Depreciation Expense	$78	$148	$8

Goodwill and Intangible Assets (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill


Balance as of December 31, 2024			$667,936
Impairment			(346,557)
Other			2,084
Balance as of June 30, 2025			$323,463

Schedule of Other Intangible Assets, Net

Other intangible assets, net


	June 30, 2025				December 31, 2024
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	15.3	17,800	(833)	16,967	17,800	$(277)	$17,523
Customer relationships	2.3	4,600	(1,149)	3,451	4,600	$(382)	$4,218
Developed technology	8.5	165,100	(14,198)	150,902	165,100	$(4,718)	$160,382
Other finite-lived intangible assets	2.4	30	(5)	25	30	—	$30
Total intangible assets		$187,530	$(16,185)	$171,345	$187,530	$(5,377)	$182,153

The following table summarizes intangible assets, net:


		December 31, 2024 (Successor)
Intangible Asset	Weighted-Average Amortization Period (years)	Gross Carrying Amount	Accumulated Amortization	Net Carrying Amount
Trade names	16.0	17,800	(277)	17,523
Customer relationships	3.0	4,600	(382)	4,218
Developed technology	9.1	165,100	(4,718)	160,382
Other finite-lived intangible assets	3.0	30	—	30
Total intangible assets		$187,530	$(5,377)	$182,153

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows:


			Amortization Expense
2025 (excluding the first six months of fiscal year 2025)			$10,808
2026			21,616
2027			21,234
2028			20,073
2029			18,853
2030 and thereafter			78,761
Total			$171,345

Estimated future amortization expense is as follows:


			Amortization Expense
2025			$21,616
2026			21,616
2027			21,234
2028			20,073
2029			18,853
Thereafter			78,761
Total			$182,153

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Mezzanine Capital (FY)	12 Months Ended
Mezzanine Capital (FY)	Dec. 31, 2024
Temporary Equity Disclosure [Abstract]
Mezzanine Capital	Note 12. Mezzanine Capital Predecessor period The redemption of Class PCTA Units or Class I Units is not solely in control of the Company and, as such, both classes of units are considered redeemable at the option of the holder. The Class PCTA Units are probable of becoming redeemable and the Class I Units are currently redeemable. As such, these units are accreted to redemption value at each reporting date. Valuation Class PCTA Units are valued on a monthly basis to align with the underlying value of the PCT stock. Changes in the redemption value (e.g., fair value) are recognized immediately as they occur and the carrying value of the instrument is adjusted to equal the redemption value at the end of each reporting period. Class I Units are valued on a quarterly basis based on the underlying fair value of the ESG Fund. Voting Class PCTA Units carry the right to hold, vote and dispose of the Company’s investment in the related shares of PCT common stock. All Class PCTA Units are held by Innventure1 LLC (“Innventure1”). Class I Units carry the right to hold, vote and dispose of the Company’s partnership interest in the ESG Fund with respect to its General Partner (“GP”) affiliated commitment. Class I Units are held by WE-INN LLC. The holders of units of any other class are not permitted to vote on matters specific to the Class PCTA or Class I Units. Liquidation Preference Distributions to Class PCTA and Class I Unit holders are based on their ownership percentage of the respective class. Redemption The Company will distribute unencumbered shares of PCT common stock, held in connection with the Class PCTA Units back to Innventure1, as the original contributing member, and at the election of Innventure1. When this occurs, Innventure1 is obligated to either invest the after-tax net proceeds into the Company or contribute the shares of PCT common stock (an in-kind capital contribution) back to the Company in exchange for Class B-1 Preferred Units. With respect to up to 1,000,000 Class PCTA Units, Innventure1 is obligated to acquire Class B-1 Preferred Units after the achievement of certain operational milestones at PCT. The in-kind capital contributions will correspond to the release of the Company’s obligations under a contractual lock-up agreement related to PCT’s common stock and will be equal to the product of the weighted average per share closing price for one share of PCT common stock for each full trading day during the 30-day period ending on the date of such transfer and multiplied by 0.8. There is no maximum amount the Company could be required to pay if the instrument is redeemed. The Company will distribute the Class I investments held by Innventus ESG Fund I, L.P., to the investor in-kind at the election of WE-INN LLC. There is no maximum amount that the Company could be required to pay if the instrument is redeemed.

Fair Value (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

Note 4. Fair Value

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:


June 30, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$9,017	$9,017

Liabilities:
Earnout liability	$—	$—	$4,370	$4,370
2024 WTI Warrant liability	—	—	12,450	12,450
2025 WTI Warrant liability	—	—	3,400	3,400
Private placement warrant liability	—	7,146	—	7,146
Embedded derivative liability - Convertible Debentures	—	—	1,796	1,796


December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
2024 WTI Warrant liability	—	—	17,230	17,230
Private placement warrant liability	—	16,793	—	16,793

Gains and losses for such assets and liabilities categorized within the Level 3 table set forth may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).


	Embedded derivative liability - convertible promissory notes	Investment in debt securities - AFS	Earnout liability	2024 WTI Warrant liability	2025 WTI Warrant liability	Embedded derivative liability - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$1,994	$—	$—	$—	$—	$—
Settlement	(2,472)	—	—	—	—	—
Change in fair value	478	—	—	—	—	—
Balance as of June 30, 2024 (Predecessor)	$—	$—	$—	$—	$—	$—

Balance as of January 1, 2025 (Successor)	$—	$11,187	$14,752	$17,230	$—	$—
Additions	—	7,278	—	—	3,090	1,774
Settlement	—	(8,757)	(873)	—	—	—
Change in fair value	—	(691)	(9,509)	(4,780)	310	22
Balance as of June 30, 2025 (Successor)	$—	$9,017	$4,370	$12,450	$3,400	$1,796

There were no transfers in or out of levels during the three and six months ended June 30, 2025 (Successor) nor for the three and six months ended June 30, 2024 (Predecessor).

The following table summarizes the significant unobservable inputs (Level 3):


	Principal Valuation Techniques	Unobservable Inputs	June 30, 2025	December 31, 2024
Investment in debt securities - AFS:
	Black-Scholes model	Volatility		120%
		Time to liquidity		2 years
		Discount for lack of marketability		31.00%
		Weighted average cost of capital		45.00%
		Risk-free rate		4.23%
	Discounted Cash Flows	AeroFlexx yield	13.31%
Earnout Shares:
	Geometric Brownian Motion	Term	6.3 years	6.8 years
		Stock price	$4.80	$13.85
		Volatility	56.00%	56.00%
		Risk-free rate	3.87%	4.42%
		Revenue risk premium	28.20%	36.10%
		Revenue volatility	152.00%	176.00%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80	$13.85
		Stock price volatility	56.00%	56.00%
		Credit spread	25.60%	18.80%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80
		Stock price volatility	56.00%
		Credit spread	25.60%
Embedded derivative liability - Convertible Debentures:
	Discounted Cash Flows	Debt Yield	40.60%

As further discussed and defined in Note 5. Borrowings, the Company issued Convertible Debentures (as defined below) which contain certain features which qualify as embedded derivates requiring bifurcation. The fair value of the embedded derivative liability is determined utilizing a “with and without” method, in which the fair value is calculated as the difference in the fair value of the entire hybrid instrument and the fair value of the instrument excluding the bifurcated derivative features. The initial fair value of the embedded derivative was determined using a discounted cash flow model as of April 14, 2025 and May 15, 2025 which is reflective of the dates of the Convertible Debenture issuances. The model uses a significant assumption of a debt yield of 44.5% for the April 14, 2025 issuance and 42.6% for the May 15, 2025 issuance.

As further discussed in Note 3. Investments, outstanding principal and accrued interest of $7,250 for the investment in debt securities - AFS was automatically converted into Class D preferred units in accordance with the loan agreement. Prior to the conversion, the fair value was estimated using a Black Scholes model. Post conversion, the fair value is estimated using a discounted cash flow model by discounting the contractual debt cash flows at a rate incorporating the credit risk of AeroFlexx.

The initial fair value of the 2025 WTI Warrants (as defined and further described below) was determined using a Monte Carlo valuation model in which the future stock price is simulated assuming a Geometric Brownian Motion in a risk-neutral framework. The model utilizes significant assumptions including stock price, stock price volatility and credit spread. Specifically, the initial valuation as of the April 14, 2025 issuance date considered a stock price of $3.65, stock price volatility of 57.00%, and credit spread of 27.70%. The credit spread relates to estimated counterparty credit risk of Innventure being able to make payments related to the WTI Lenders’ put right, in which the WTI Lenders may exchange the 2025 WTI Warrants for a total cash payment of $3,000 after the 10-year anniversary of issuance. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve.

For further information on the Earnout Shares (as defined below), 2024 WTI Warrants (as defined below), and 2025 WTI Warrants, refer to Note 9. Earnout Shares and Note 10. Warrants.

Note 4. Fair Value

Fair Value Hierarchy


December 31, 2024 (Successor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
WTI warrant liability			17,230	17,230
Private placement warrant liability	—	16,793	—	16,793


December 31, 2023 (Predecessor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Exchange-traded investments at FVTNI	$9,685	$—	$—	$9,685

Liabilities:
Embedded derivative liability	$—	$—	$1,994	$1,994
Related party payables	347	—	—	347


	Forward Contract	Embedded Derivative Liability	Investment in debt securities - AFS	Earnout Liability	WTI Warrant Liability
Balance as of January 1, 2023 (Predecessor)	$—	$1,641	$—	$—	$—
Additions	—	1,119	—	—	—
Change in fair value	—	(766)	—	—	—
Balance as of December 31, 2023 (Predecessor)	$—	$1,994	$—	$—	$—
Additions	—	—	10,110	—	—
Settlement	—	(2,472)	—	—	—
Change in fair value	—	478	62	—	—
Balance as of October 1, 2024 (Predecessor)	—	—	10,172	—	—
Balance as of October 2, 2024 (Successor)	—	—	10,172	11,352	—
Additions	54	—	106		15,690
Settlement	(99)	—	—	—	—
Change in fair value	45	—	909	3,400	1,540
Balance as of December 31, 2024 (Successor)	$—	$—	$11,187	$14,752	$17,230

There were no transfers in or out of levels during the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024, or for the Predecessor year ended December 31, 2023.

Standby Equity Purchase Agreement

On October 24, 2023, the Company entered into the Standby Equity Purchase Agreement (“SEPA”) with Yorkville, as further described in Note 13. Stockholders’ Equity with applicable terms defined. The SEPA became effective concurrently with the Business Combination. The SEPA includes two components subject to fair value measurement: the Purchased Put Option and Forward Contract. These are considered freestanding financial instruments not indexed to the Company’s stock.

The Purchased Put Option is accounted for as a derivative asset, initially measured at fair value upon Closing and subsequently measured at fair value each reporting period with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). The Purchased Put Option fair value is considered de minimis upon Closing due to the exercise price being at a discount to market prices and remains de minimis as of December 31, 2024.

The Forward Contract is initially measured at fair value upon any Advance Notice and subsequently remeasured with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). A derivative liability or asset will be recorded when there is an Advance Notice outstanding as of a reporting period. There were no outstanding Advance Notices as of December 31, 2024.

Derivative Liabilities

Embedded derivative liabilities contained within the 2025 Notes (as defined and further described in Note 5. Borrowings) are stated at fair value. Fair value is determined utilizing discounted cash flows, using unobservable market data inputs, and an option pricing model based on a probability-weighted expected outcome with respect to a financing or a change of control. The derivatives associated with the 2025 Notes were settled in March 2024 due to conversion of the 2025 Notes in a qualified financing. A summary of the significant unobservable inputs utilized to estimate the fair value is as follows:


Embedded derivative within 2025 Note issued August 18, 2022 with a principal balance of $4,000	Settlement	December 31, 2023
Discount Rate	35%	35% - 36%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%


Embedded derivative within 2025 Notes issued June 7 & July 3, 2023 with an aggregate principal balance of $2,000
Discount Rate	71% - 87%	71% - 88%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%

Significant increases or decreases to any of these inputs would result in a significantly higher or lower liability.

Investment in debt securities - AFS


	October 2, 2024	December 31, 2024
Volatility	120.00%	120.00%
Time to liquidity	2 years	2 years
Discount for lack of marketability	18.00%	31.00%
Weighted average cost of capital	45.00%	45.00%
Risk-free rate	3.51%	4.23%

Earnout Shares

Upon Closing of the Business Combination, Earnout Shares were issued to previous Innventure Members and contingently issued to Sponsors (as defined and further described in Note 10. Earnout Shares). The fair value of the Earnout Shares was determined using a Monte Carlo valuation model that utilizes significant assumptions, including expected volatility, expected term, and risk-free rate, to determine the probability of achieving common share price and revenue milestones. The shares may vest upon either the achievement of the common share price milestone or revenue or event-based milestone specific to each of three tranches. Specifically, the future stock price of the Company and revenues of Accelsius and AeroFlexx are simulated assuming a Geometric Brownian Motion (GBM) in a risk-neutral framework. The Earnout Share payoff is calculated based on the contractual terms, and then discounted at the term-matched risk-free rate. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the Earnout Shares. Discounting conventions of revenue-based milestones are mid-period assuming annual

revenue forecasts are earned on average at the mid-period of the forecast period. The value of the Earnout Shares is calculated as the average present value over all future modeled payoffs.

The inputs used in simulating the Company’s stock price include, the term, stock price, volatility, risk-free rate and dividend yield. Prior to the Business Combination, the Company never paid or declared dividends, thus the dividend yield is estimated to be 0% as of December 31, 2024. The following table summarizes the inputs used in simulating the Company’s stock price for purposes of valuing the Earnout Shares:


	October 2, 2024	December 31, 2024
Term	7 years	6.8 years
Stock price	$10.87	$13.85
Volatility	56.00%	56.00%
Risk-Free Rate	3.62%	4.42%
Dividend Yield	—%	—%

The Milestone One and Milestone Two Earnout Shares are equity classified and the Milestone Three Earnout Shares are liability classified, as further described in Note 10. Earnout Shares. The assumptions used in measuring fair value of Milestone One and Milestone Three are considered Level 3 inputs, which include weighted average cost of capital risk premium, operational leverage ratio, revenue risk premium and revenue volatility.

Milestone One

The following table summarizes the unobservable inputs used in estimating the fair value of the Earnout Shares based on revenue for Accelsius (Milestone One):


			October 2, 2024
Revenue risk premium			6.10%
Revenue volatility			44.00%

Milestone Two

Milestone Two is contingent on the Company’s formation of a new subsidiary, in partnership with an MNC, as determined using the Innventure LLC’s “DownSelect” process, within the Vesting Period. The probability of achievement based on the Company’s analysis was 98% on October 2, 2024.

Milestone Three

The following table summarizes the unobservable inputs used in estimating the fair value of the Earnout Shares based on revenue for AeroFlexx (Milestone Three):

For further information on the Earnout Shares, refer to Note 10. Earnout Shares.

Warrants

The Company issued freestanding warrants to the WTI Lenders in connection with the WTI Facility (as defined and further described in Note 5. Borrowings and Note 11. Warrants). The fair value measurement of WTI Warrants is based on unobservable inputs (Level 3 fair value measurement).

Other

Our financial instruments that are not re-measured at fair value include prepaid expenses and other current assets, due from related parties, other assets, accounts payable, accrued expenses, accrued employee benefits, other current liabilities and other liabilities as the carrying amounts approximate fair value due to the short maturity terms of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Inventories (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


	June 30, 2025	December 31, 2024
Raw materials	$3,560	$2,974
Work in process	26	50
Finished goods	3,034	2,154
Total inventories	$6,620	$5,178


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Raw materials	$2,974	$—
Work in process	50	—
Finished goods	2,154	—
Total inventories	$5,178	$—

Investments - Schedule of Unrealized Gains and Losses, and Fair Value Debt Securities, Available-for-Sale (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jul. 01, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Fair value	$ 9,017	$ 11,187		$ 0
AeroFlexx
Debt Securities, Available-for-Sale [Line Items]
Amortized cost		10,278
Gross unrealized gains		909
Fair value		$ 11,187	$ 7,635	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2025
Cover [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	INNVENTURE, INC.
Entity Central Index Key	0002001557
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Investments (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Investments


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Equity-method investments	$17,547	$4,482
Exchange-traded investments at fair value	—	9,685
Investment in debt securities - AFS	11,187	—
Total Investments	$28,734	$14,167

Fair Value - Significant Unobservable Inputs Utilized to Estimate Fair Value (FY) (Details) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Oct. 22, 2024	Oct. 01, 2024	Mar. 31, 2024 USD ($)	Dec. 31, 2023
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input		1.20		1.20
Earnout shares, measurement input	0.56	0.56		0.56
Volatility \| WTI warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		0.56	0.56
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input		2		2
Earnout shares, measurement input	6.3	6.8		7
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input		0.31		0.18
Weighted average cost of capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input		0.45		0.45
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input		0.0423		0.0351
Earnout shares, measurement input	0.0387	0.0442		0.0362
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	4.8	13.85		10.87
Stock price \| WTI warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		13.85	11.5
Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input		0		0
Revenue risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	0.282	0.361
Revenue risk premium \| Milestone One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input				0.061
Revenue risk premium \| Milestone Three
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input		0.361		0.306
Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	1.52	1.76
Revenue volatility \| Milestone One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input				0.44
Revenue volatility \| Milestone Three
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input		1.76		1.65
Credit Spread \| WTI warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		0.188	0.186
Convertible debt \| Notes issued August 2022 due 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes principal					$ 4,000
Convertible debt \| Notes issued August 2022 due 2025 \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					0.35
Convertible debt \| Notes issued August 2022 due 2025 \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0.35
Convertible debt \| Notes issued August 2022 due 2025 \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0.36
Convertible debt \| Notes issued August 2022 due 2025 \| Probability of expected outcomes: Financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					1	0.95
Convertible debt \| Notes issued August 2022 due 2025 \| Probability of expected outcomes: Change in control
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					0	0.03
Convertible debt \| Notes issued August 2022 due 2025 \| Probability of expected outcomes: Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					0	0.02
Convertible debt \| Notes issued June and July 2023 due 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes principal					$ 2,000
Convertible debt \| Notes issued June and July 2023 due 2025 \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					0.71	0.71
Convertible debt \| Notes issued June and July 2023 due 2025 \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					0.87	0.88
Convertible debt \| Notes issued June and July 2023 due 2025 \| Probability of expected outcomes: Financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					1	0.95
Convertible debt \| Notes issued June and July 2023 due 2025 \| Probability of expected outcomes: Change in control
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					0	0.03
Convertible debt \| Notes issued June and July 2023 due 2025 \| Probability of expected outcomes: Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input					0	0.02

Warrants - Schedule of Warrants (Q2) (Details) - shares	3 Months Ended	6 Months Ended
Warrants - Schedule of Warrants (Q2) (Details) - shares	Dec. 31, 2024	Jun. 30, 2025
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	18,645,997
Public Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	11,499,997	11,240,688
Exercised (in shares)	(259,309)	0
Issued (in shares)	0	0
Outstanding, ending (in shares)	11,240,688	11,240,688
Private Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	7,146,000	7,146,000
Exercised (in shares)	0	0
Issued (in shares)	0	0
Outstanding, ending (in shares)	7,146,000	7,146,000
2024 WTI Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)		2
Exercised (in shares)		0
Issued (in shares)		0
Outstanding, ending (in shares)	2	2
2025 WTI Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)		0
Exercised (in shares)		0
Issued (in shares)		2
Outstanding, ending (in shares)	0	2

Fair Value - Changes in Fair Value of Level 3 Derivative Liabilities (FY) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Forward Contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 0	$ 0
Additions	54			0	0
Change in fair value	45			0	0
Settlement	(99)			0
Ending balance	0			0	0
Forward Contract \| Previously Reported
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0
Ending balance				0
Embedded Derivative Liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	0	1,994	1,994	1,641
Additions	0	1,774		0	1,119
Change in fair value	0	22	478	478	(766)
Settlement	0	0	(2,472)	(2,472)
Ending balance	0	$ 1,796	$ 0	0	$ 1,994
Embedded Derivative Liability \| Previously Reported
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0
Ending balance				$ 0

Fair Value (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:


June 30, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$9,017	$9,017

Liabilities:
Earnout liability	$—	$—	$4,370	$4,370
2024 WTI Warrant liability	—	—	12,450	12,450
2025 WTI Warrant liability	—	—	3,400	3,400
Private placement warrant liability	—	7,146	—	7,146
Embedded derivative liability - Convertible Debentures	—	—	1,796	1,796


December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
2024 WTI Warrant liability	—	—	17,230	17,230
Private placement warrant liability	—	16,793	—	16,793


December 31, 2024 (Successor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
WTI warrant liability			17,230	17,230
Private placement warrant liability	—	16,793	—	16,793


December 31, 2023 (Predecessor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Exchange-traded investments at FVTNI	$9,685	$—	$—	$9,685

Liabilities:
Embedded derivative liability	$—	$—	$1,994	$1,994
Related party payables	347	—	—	347

Schedule of Changes in Fair Value of Level 3 Assets


	Embedded derivative liability - convertible promissory notes	Investment in debt securities - AFS	Earnout liability	2024 WTI Warrant liability	2025 WTI Warrant liability	Embedded derivative liability - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$1,994	$—	$—	$—	$—	$—
Settlement	(2,472)	—	—	—	—	—
Change in fair value	478	—	—	—	—	—
Balance as of June 30, 2024 (Predecessor)	$—	$—	$—	$—	$—	$—

Balance as of January 1, 2025 (Successor)	$—	$11,187	$14,752	$17,230	$—	$—
Additions	—	7,278	—	—	3,090	1,774
Settlement	—	(8,757)	(873)	—	—	—
Change in fair value	—	(691)	(9,509)	(4,780)	310	22
Balance as of June 30, 2025 (Successor)	$—	$9,017	$4,370	$12,450	$3,400	$1,796


	Forward Contract	Embedded Derivative Liability	Investment in debt securities - AFS	Earnout Liability	WTI Warrant Liability
Balance as of January 1, 2023 (Predecessor)	$—	$1,641	$—	$—	$—
Additions	—	1,119	—	—	—
Change in fair value	—	(766)	—	—	—
Balance as of December 31, 2023 (Predecessor)	$—	$1,994	$—	$—	$—
Additions	—	—	10,110	—	—
Settlement	—	(2,472)	—	—	—
Change in fair value	—	478	62	—	—
Balance as of October 1, 2024 (Predecessor)	—	—	10,172	—	—
Balance as of October 2, 2024 (Successor)	—	—	10,172	11,352	—
Additions	54	—	106		15,690
Settlement	(99)	—	—	—	—
Change in fair value	45	—	909	3,400	1,540
Balance as of December 31, 2024 (Successor)	$—	$—	$11,187	$14,752	$17,230

Schedule of Changes in Fair Value of Level 3 Liabilities


	Embedded derivative liability - convertible promissory notes	Investment in debt securities - AFS	Earnout liability	2024 WTI Warrant liability	2025 WTI Warrant liability	Embedded derivative liability - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$1,994	$—	$—	$—	$—	$—
Settlement	(2,472)	—	—	—	—	—
Change in fair value	478	—	—	—	—	—
Balance as of June 30, 2024 (Predecessor)	$—	$—	$—	$—	$—	$—

Balance as of January 1, 2025 (Successor)	$—	$11,187	$14,752	$17,230	$—	$—
Additions	—	7,278	—	—	3,090	1,774
Settlement	—	(8,757)	(873)	—	—	—
Change in fair value	—	(691)	(9,509)	(4,780)	310	22
Balance as of June 30, 2025 (Successor)	$—	$9,017	$4,370	$12,450	$3,400	$1,796


	Forward Contract	Embedded Derivative Liability	Investment in debt securities - AFS	Earnout Liability	WTI Warrant Liability
Balance as of January 1, 2023 (Predecessor)	$—	$1,641	$—	$—	$—
Additions	—	1,119	—	—	—
Change in fair value	—	(766)	—	—	—
Balance as of December 31, 2023 (Predecessor)	$—	$1,994	$—	$—	$—
Additions	—	—	10,110	—	—
Settlement	—	(2,472)	—	—	—
Change in fair value	—	478	62	—	—
Balance as of October 1, 2024 (Predecessor)	—	—	10,172	—	—
Balance as of October 2, 2024 (Successor)	—	—	10,172	11,352	—
Additions	54	—	106		15,690
Settlement	(99)	—	—	—	—
Change in fair value	45	—	909	3,400	1,540
Balance as of December 31, 2024 (Successor)	$—	$—	$11,187	$14,752	$17,230

Schedule of Significant Unobservable Inputs

The following table summarizes the significant unobservable inputs (Level 3):


	Principal Valuation Techniques	Unobservable Inputs	June 30, 2025	December 31, 2024
Investment in debt securities - AFS:
	Black-Scholes model	Volatility		120%
		Time to liquidity		2 years
		Discount for lack of marketability		31.00%
		Weighted average cost of capital		45.00%
		Risk-free rate		4.23%
	Discounted Cash Flows	AeroFlexx yield	13.31%
Earnout Shares:
	Geometric Brownian Motion	Term	6.3 years	6.8 years
		Stock price	$4.80	$13.85
		Volatility	56.00%	56.00%
		Risk-free rate	3.87%	4.42%
		Revenue risk premium	28.20%	36.10%
		Revenue volatility	152.00%	176.00%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80	$13.85
		Stock price volatility	56.00%	56.00%
		Credit spread	25.60%	18.80%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80
		Stock price volatility	56.00%
		Credit spread	25.60%
Embedded derivative liability - Convertible Debentures:
	Discounted Cash Flows	Debt Yield	40.60%

A summary of the significant unobservable inputs utilized to estimate the fair value is as follows:


Embedded derivative within 2025 Note issued August 18, 2022 with a principal balance of $4,000	Settlement	December 31, 2023
Discount Rate	35%	35% - 36%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%


Embedded derivative within 2025 Notes issued June 7 & July 3, 2023 with an aggregate principal balance of $2,000
Discount Rate	71% - 87%	71% - 88%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%


	October 2, 2024	December 31, 2024
Volatility	120.00%	120.00%
Time to liquidity	2 years	2 years
Discount for lack of marketability	18.00%	31.00%
Weighted average cost of capital	45.00%	45.00%
Risk-free rate	3.51%	4.23%

The following table summarizes the inputs used in simulating the Company’s stock price for purposes of valuing the Earnout Shares:


	October 2, 2024	December 31, 2024
Term	7 years	6.8 years
Stock price	$10.87	$13.85
Volatility	56.00%	56.00%
Risk-Free Rate	3.62%	4.42%
Dividend Yield	—%	—%

The following table summarizes the unobservable inputs used in estimating the fair value of the Earnout Shares based on revenue for Accelsius (Milestone One):


			October 2, 2024
Revenue risk premium			6.10%
Revenue volatility			44.00%

- Definition

+ References + Details

Accounting Policies - Property, Plant and Equipment (FY) (Details)	Dec. 31, 2024
Machinery & equipment
Property, Plant and Equipment [Line Items]
Depreciable life (in years)	10 years
Computers & office equipment
Property, Plant and Equipment [Line Items]
Depreciable life (in years)	3 years

Share-based Compensation - Schedule of Compensation Expense (FY) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023
Capital Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 0	$ 137	$ 205

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Changes in Unitholders' Deficit (Q2) - USD ($) $ in Thousands	Total	Class B Preferred	Preferred Units	Preferred Units Class B Preferred	Preferred Units Class B-1 Preferred	Common Units	Common Units Class A	Common Units Class C	Accumulated Deficit	Non-Controlling Interest
Beginning balance at Dec. 31, 2022	$ (11,193)			$ 20,803	$ 3,323		$ 1,950	$ 639	$ (38,564)	$ 656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,984)								(30,845)	(139)
Units issued to non-controlling interest	337									337
Issuance of preferred units, net of issuance costs		$ 17,319		17,319
Unit-based compensation	910							205		705
Accretion of redeemable units to redemption value	5,366								5,366
Ending balance at Dec. 31, 2023	(18,486)			38,122	3,323		1,950	844	(64,284)	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,526)								(5,219)	(2,307)
Units issued to non-controlling interest	3,503									3,503
Issuance of preferred units, net of issuance costs	7,566			7,566
Unit-based compensation	396							51		345
Issuance of units to non-controlling interest in exchange of convertible promissory notes	8,443									8,443
Accretion of redeemable units to redemption value	(4,415)								(4,415)
Ending balance at Mar. 31, 2024	(10,519)			45,688	3,323		1,950	895	(73,918)	11,543
Beginning balance at Dec. 31, 2023	(18,486)			38,122	3,323		1,950	844	(64,284)	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,840)
Ending balance at Jun. 30, 2024	(11,702)			48,540	3,323		1,950	940	(81,568)	15,113
Beginning balance at Dec. 31, 2023	(18,486)			38,122	3,323		1,950	844	(64,284)	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(28,198)								(16,436)	(11,762)
Units issued to non-controlling interest	13,921									13,921
Issuance of preferred units, net of issuance costs				13,561
Unit-based compensation	1,056							137		919
Issuance of units to non-controlling interest in exchange of convertible promissory notes	8,443									8,443
Accretion of redeemable units to redemption value	(11,950)								(11,950)
Ending balance at Oct. 01, 2024	(4,503)		$ 0			$ 0			(15,845)	0
Beginning balance at Dec. 31, 2023	(18,486)			38,122	3,323		1,950	844	(64,284)	1,559
Ending balance at Dec. 31, 2024	766,293		0			4			(78,262)	340,777
Beginning balance at Mar. 31, 2024	(10,519)			45,688	3,323		1,950	895	(73,918)	11,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,314)								(7,288)	(4,026)
Units issued to non-controlling interest	7,348									7,348
Issuance of preferred units, net of issuance costs	2,852			2,852
Unit-based compensation	293							45		248
Accretion of redeemable units to redemption value	(362)								(362)
Ending balance at Jun. 30, 2024	(11,702)			$ 48,540	$ 3,323		$ 1,950	$ 940	(81,568)	15,113
Beginning balance at Oct. 01, 2024	(4,503)		0			0			(15,845)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(70,093)								(61,754)	(8,339)
Units issued to non-controlling interest	4,129									4,129
Ending balance at Dec. 31, 2024	766,293		0			4			(78,262)	340,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(253,674)								(142,997)	(110,677)
Issuance of preferred units, net of issuance costs	1,927
Ending balance at Mar. 31, 2025	525,745					5			(221,285)	264,247
Beginning balance at Dec. 31, 2024	766,293		$ 0			4			(78,262)	340,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(394,949)
Ending balance at Jun. 30, 2025	426,060					6			(305,512)	207,509
Beginning balance at Mar. 31, 2025	525,745					5			(221,285)	264,247
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(141,275)								(84,227)	(57,048)
Issuance of preferred units, net of issuance costs	2,625
Ending balance at Jun. 30, 2025	$ 426,060					$ 6			$ (305,512)	$ 207,509

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Goodwill and Intangible Assets - Other Intangible Assets, Net (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 187,530	$ 187,530
Accumulated Amortization	(16,185)	(5,377)
Net Carrying Amount	$ 171,345	$ 182,153
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	15 years 3 months 18 days	16 years
Gross Carrying Amount	$ 17,800	$ 17,800
Accumulated Amortization	(833)	(277)
Net Carrying Amount	$ 16,967	$ 17,523
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	2 years 3 months 18 days	3 years
Gross Carrying Amount	$ 4,600	$ 4,600
Accumulated Amortization	(1,149)	(382)
Net Carrying Amount	$ 3,451	$ 4,218
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	8 years 6 months	9 years 1 month 6 days
Gross Carrying Amount	$ 165,100	$ 165,100
Accumulated Amortization	(14,198)	(4,718)
Net Carrying Amount	$ 150,902	$ 160,382
Other finite-lived intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	2 years 4 months 24 days	3 years
Gross Carrying Amount	$ 30	$ 30
Accumulated Amortization	(5)	0
Net Carrying Amount	$ 25	$ 30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies - Minimum Patent Royalties Payable (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Years Ending December 31,
2025 (excluding the first six months of fiscal year 2025)	$ 700
2026	825	$ 1,225
2027	825	825
2028	825	825
2029	825	825
Thereafter	9,075
Total	$ 13,075	$ 13,600

Business Combinations - Narrative (FY) (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 02, 2024 USD ($) shares	Dec. 31, 2024 USD ($) $ / shares shares	Oct. 01, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Jun. 30, 2025 $ / shares shares	Jun. 30, 2024 shares
Business Acquisition [Line Items]
Common stock, authorized (in shares)		250,000,000	250,000,000	250,000,000		250,000,000
Common stock, par value (in usd per share) \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, authorized (in shares)		25,000,000	25,000,000	25,000,000		25,000,000
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common stock, issued (in shares)		44,597,154	43,589,850	44,597,154		55,221,494
Common stock, outstanding (in shares)		44,597,154	43,589,850	44,597,154		55,221,494
Warrants issued and outstanding (in shares)			18,645,997				0
Expense related to share-based award accelerated vesting \| $	$ 223
Innventure LLC
Business Acquisition [Line Items]
Parent ownership percentage			88.30%
Noncontrolling owner percentage			13.70%
Innventure LLC
Business Acquisition [Line Items]
Share rights ratio			1
Shares issuable for acquisition (in shares)	43,494,999
Contingent consideration (in shares)			5,000,000
Transaction costs \| $	$ 5,292		$ 9,627		$ 3,452
Revenue of acquiree \| $		$ 455
Net loss of acquiree \| $		$ 18,333
Pro forma revenue \| $				$ 1,219	1,117
Pro forma net loss \| $				$ 105,972	$ 74,165
Innventure LLC \| Learn CW
Business Acquisition [Line Items]
Transaction costs \| $			$ 9,233
Class B Preferred
Business Acquisition [Line Items]
Preferred stock, authorized (in shares)		3,000,000	3,000,000	3,000,000		3,000,000
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001

Property, Plant and Equipment (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,425	$ 1,492	$ 645
Less: Accumulated depreciation	(453)	(78)	(8)
Property, plant and equipment, net	1,972	1,414	637
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	887	548	38
Machinery & equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,524	664	86
Computers & office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14	14	19
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 0	$ 266	$ 502

Fair Value (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

Note 4. Fair Value

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:


June 30, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$9,017	$9,017

Liabilities:
Earnout liability	$—	$—	$4,370	$4,370
2024 WTI Warrant liability	—	—	12,450	12,450
2025 WTI Warrant liability	—	—	3,400	3,400
Private placement warrant liability	—	7,146	—	7,146
Embedded derivative liability - Convertible Debentures	—	—	1,796	1,796


December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
2024 WTI Warrant liability	—	—	17,230	17,230
Private placement warrant liability	—	16,793	—	16,793


	Embedded derivative liability - convertible promissory notes	Investment in debt securities - AFS	Earnout liability	2024 WTI Warrant liability	2025 WTI Warrant liability	Embedded derivative liability - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$1,994	$—	$—	$—	$—	$—
Settlement	(2,472)	—	—	—	—	—
Change in fair value	478	—	—	—	—	—
Balance as of June 30, 2024 (Predecessor)	$—	$—	$—	$—	$—	$—

Balance as of January 1, 2025 (Successor)	$—	$11,187	$14,752	$17,230	$—	$—
Additions	—	7,278	—	—	3,090	1,774
Settlement	—	(8,757)	(873)	—	—	—
Change in fair value	—	(691)	(9,509)	(4,780)	310	22
Balance as of June 30, 2025 (Successor)	$—	$9,017	$4,370	$12,450	$3,400	$1,796

There were no transfers in or out of levels during the three and six months ended June 30, 2025 (Successor) nor for the three and six months ended June 30, 2024 (Predecessor).

The following table summarizes the significant unobservable inputs (Level 3):


	Principal Valuation Techniques	Unobservable Inputs	June 30, 2025	December 31, 2024
Investment in debt securities - AFS:
	Black-Scholes model	Volatility		120%
		Time to liquidity		2 years
		Discount for lack of marketability		31.00%
		Weighted average cost of capital		45.00%
		Risk-free rate		4.23%
	Discounted Cash Flows	AeroFlexx yield	13.31%
Earnout Shares:
	Geometric Brownian Motion	Term	6.3 years	6.8 years
		Stock price	$4.80	$13.85
		Volatility	56.00%	56.00%
		Risk-free rate	3.87%	4.42%
		Revenue risk premium	28.20%	36.10%
		Revenue volatility	152.00%	176.00%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80	$13.85
		Stock price volatility	56.00%	56.00%
		Credit spread	25.60%	18.80%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$4.80
		Stock price volatility	56.00%
		Credit spread	25.60%
Embedded derivative liability - Convertible Debentures:
	Discounted Cash Flows	Debt Yield	40.60%

For further information on the Earnout Shares (as defined below), 2024 WTI Warrants (as defined below), and 2025 WTI Warrants, refer to Note 9. Earnout Shares and Note 10. Warrants.

Note 4. Fair Value

Fair Value Hierarchy


December 31, 2024 (Successor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Investment in debt security - AFS	$—	$—	$11,187	$11,187

Liabilities:
Earnout liability	$—	$—	$14,752	$14,752
WTI warrant liability			17,230	17,230
Private placement warrant liability	—	16,793	—	16,793


December 31, 2023 (Predecessor)	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Assets:
Exchange-traded investments at FVTNI	$9,685	$—	$—	$9,685

Liabilities:
Embedded derivative liability	$—	$—	$1,994	$1,994
Related party payables	347	—	—	347


	Forward Contract	Embedded Derivative Liability	Investment in debt securities - AFS	Earnout Liability	WTI Warrant Liability
Balance as of January 1, 2023 (Predecessor)	$—	$1,641	$—	$—	$—
Additions	—	1,119	—	—	—
Change in fair value	—	(766)	—	—	—
Balance as of December 31, 2023 (Predecessor)	$—	$1,994	$—	$—	$—
Additions	—	—	10,110	—	—
Settlement	—	(2,472)	—	—	—
Change in fair value	—	478	62	—	—
Balance as of October 1, 2024 (Predecessor)	—	—	10,172	—	—
Balance as of October 2, 2024 (Successor)	—	—	10,172	11,352	—
Additions	54	—	106		15,690
Settlement	(99)	—	—	—	—
Change in fair value	45	—	909	3,400	1,540
Balance as of December 31, 2024 (Successor)	$—	$—	$11,187	$14,752	$17,230

Standby Equity Purchase Agreement

Derivative Liabilities


Embedded derivative within 2025 Note issued August 18, 2022 with a principal balance of $4,000	Settlement	December 31, 2023
Discount Rate	35%	35% - 36%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%


Embedded derivative within 2025 Notes issued June 7 & July 3, 2023 with an aggregate principal balance of $2,000
Discount Rate	71% - 87%	71% - 88%
Probability of Expected Outcomes
Financing	100%	95%
Change in control	—%	3%
Other	—%	2%

Significant increases or decreases to any of these inputs would result in a significantly higher or lower liability.

Investment in debt securities - AFS


	October 2, 2024	December 31, 2024
Volatility	120.00%	120.00%
Time to liquidity	2 years	2 years
Discount for lack of marketability	18.00%	31.00%
Weighted average cost of capital	45.00%	45.00%
Risk-free rate	3.51%	4.23%

Earnout Shares

revenue forecasts are earned on average at the mid-period of the forecast period. The value of the Earnout Shares is calculated as the average present value over all future modeled payoffs.


	October 2, 2024	December 31, 2024
Term	7 years	6.8 years
Stock price	$10.87	$13.85
Volatility	56.00%	56.00%
Risk-Free Rate	3.62%	4.42%
Dividend Yield	—%	—%

Milestone One

The following table summarizes the unobservable inputs used in estimating the fair value of the Earnout Shares based on revenue for Accelsius (Milestone One):


			October 2, 2024
Revenue risk premium			6.10%
Revenue volatility			44.00%

Milestone Two

Milestone Three

The following table summarizes the unobservable inputs used in estimating the fair value of the Earnout Shares based on revenue for AeroFlexx (Milestone Three):

For further information on the Earnout Shares, refer to Note 10. Earnout Shares.

Warrants

Other

- Definition

+ References

+ Details

Fair Value - Changes in Fair Value of Level 3 Liabilities (Q2) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Earnout Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 11,352	$ 14,752	$ 0	$ 0	$ 0
Additions		0		0	0
Settlement	0	(873)	0	0
Change in fair value	3,400	(9,509)	0	0	0
Ending balance	14,752	4,370	0	11,352	0
2024 WTI Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		17,230	0	0
Additions		0
Settlement		0	0
Change in fair value		(4,780)	0
Ending balance	17,230	12,450	0		0
2025 WTI Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		0	0	$ 0
Additions		3,090
Settlement		0	0
Change in fair value		310	0
Ending balance	$ 0	$ 3,400	$ 0		$ 0

Fair Value - Narrative (FY) (Details) $ in Thousands	Dec. 31, 2024	Oct. 22, 2024 USD ($)	Oct. 01, 2024
WTI warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash amount warrants may be exchanged for		$ 15,000
Warrant term		4 years
Dividend Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout shares, measurement input	0		0
Milestone Two \| Probability of achievement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout shares, measurement input			0.98

Warrants - Schedule of Warrants (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Oct. 22, 2024	Oct. 01, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	18,645,997
Number of Warrants (in shares)				18,645,997	0
Balance	$ 34,023	$ 22,996				$ 0
Public Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	11,499,997	11,240,688
Exercised (in shares)	(259,309)	0
Issued (in shares)	0	0
Outstanding, ending (in shares)	11,240,688	11,240,688
Number of Warrants (in shares)	11,240,688	11,240,688		11,499,997
Exercise Price (in usd per share)	$ 11.5	$ 11.5
Balance				$ 1,265
Private placement warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	7,146,000	7,146,000
Exercised (in shares)	0	0
Issued (in shares)	0	0
Outstanding, ending (in shares)	7,146,000	7,146,000
Number of Warrants (in shares)	7,146,000	7,146,000		7,146,000
Exercise Price (in usd per share)	$ 11.5	$ 11.5
Balance	$ 16,793	$ 7,146		$ 786
WTI Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	0	2
Exercised (in shares)	0
Issued (in shares)	2
Outstanding, ending (in shares)	2
Number of Warrants (in shares)	2			0
Exercise Price (in usd per share)			$ 10
Balance	$ 17,230		$ 15,690

Warrants (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Equity [Abstract]

Warrants

Note 10. Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2	—
Exercised	—	—	—	—
Issued	—	—	—	2
Outstanding, June 30, 2025 (Successor)	11,240,688	7,146,000	2	2

There were no warrants outstanding during the three and six months ended June 30, 2024 (Predecessor).

Public Warrants

The Company’s equity-classified public warrants expire on October 2, 2029 or earlier upon redemption or liquidation and are exercisable for $11.50 per share.

Private Placement Warrants

WTI Warrants

Note 11. Warrants


	Number of Public Warrants	Number of Private Warrants	Number of WTI Warrants
Outstanding, October 2, 2024 (Successor)	11,499,997	7,146,000	—
Exercised	(259,309)	—	—
Issued	—	—	2
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2

There were no warrants outstanding during the Predecessor period from January 1, 2024 through October 1, 2024 nor the Predecessor year ended December 31, 2023.

Public and Private Placement Warrants

Public Warrants

Private Placement Warrants

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

Private Warrants

7,146,000

$11.50

10/2/2029

$16,793

WTI Warrants

•

•	If the WTI Lenders choose to exercise the warrants for Subsequent Round Stock, the exercise price shall be the lowest price per share paid by any person for the Company’s equity securities issued in a corresponding subsequent round.

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

WTI Warrants

varies

3/31/2025

$17,230

Borrowings - Components (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Oct. 22, 2024	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Total Notes Payable	$ 55,050	$ 34,725		$ 9,545
Less: unamortized debt discount	(9,791)	(6,446)		(2,133)
Total Long-term Notes	$ 16,755	13,654		5,500
Notes payable \| Series 1 promissory notes
Debt Instrument [Line Items]
Total Notes Payable		725		1,911
Notes payable \| Related party notes
Debt Instrument [Line Items]
Total Notes Payable		$ 14,000		$ 1,000
Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate				9.00%	9.00%
Notes payable \| Minimum \| Related party notes
Debt Instrument [Line Items]
Interest Rate		8.00%
Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate				15.00%	12.00%
Notes payable \| Maximum \| Related party notes
Debt Instrument [Line Items]
Interest Rate		15.99%
Convertible debt \| Convertible debentures
Debt Instrument [Line Items]
Interest Rate	0.00%
Total Notes Payable	$ 28,172	$ 0
Convertible debt \| Term convertible notes
Debt Instrument [Line Items]
Interest Rate	3.94%
Total Notes Payable	$ 2,451	$ 0
Term loan \| WTI Facility
Debt Instrument [Line Items]
Interest Rate	13.50%	13.50%	13.50%
Total Notes Payable	$ 20,000	$ 20,000		$ 0
Nonrelated party
Debt Instrument [Line Items]
Less: current portion of notes	$ (27,502)	(625)		(912)
Nonrelated party \| Notes payable \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate	15.00%
Total Notes Payable	$ 425	$ 725
Nonrelated party \| Notes payable \| Minimum
Debt Instrument [Line Items]
Interest Rate		12.00%
Nonrelated party \| Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate		12.00%
Nonrelated party \| Notes payable \| Maximum
Debt Instrument [Line Items]
Interest Rate		15.00%
Nonrelated party \| Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate		15.00%
Related party
Debt Instrument [Line Items]
Less: current portion of notes		$ (14,000)		$ (1,000)
Related party \| Notes payable \| Related party notes
Debt Instrument [Line Items]
Total Notes Payable	0	14,000
Less: current portion of notes	0	$ (14,000)
Related party \| Notes payable \| Minimum \| Related party notes
Debt Instrument [Line Items]
Interest Rate		8.00%
Related party \| Notes payable \| Maximum \| Related party notes
Debt Instrument [Line Items]
Interest Rate		15.99%
Related party \| Convertible debt \| Related party convertible notes
Debt Instrument [Line Items]
Total Notes Payable	4,002	$ 0
Less: current portion of notes	$ (1,002)	$ 0
Related party \| Convertible debt \| Minimum \| Related party convertible notes
Debt Instrument [Line Items]
Interest Rate	3.94%
Related party \| Convertible debt \| Maximum \| Related party convertible notes
Debt Instrument [Line Items]
Interest Rate	15.00%

Income Taxes (Q2) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
Income Taxes (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ (2,220)	$ (3,282)	$ 0	$ (3,619)	$ 0	$ 432	$ 0
Effective tax rate	1.58%			0.92%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (FY)	6 Months Ended	12 Months Ended
Related Party Transactions (FY)	Jun. 30, 2025	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 15. Related Party Transactions As more fully described in Note 5. Borrowings, the Company has various notes with affiliates, including short-term notes with three separate related parties which were settled on March 20, 2025. In addition, the Company issued a convertible note to the ESG Fund pursuant to the Amended and Restated Series I Convertible Note Purchase Agreement, dated as of June 2, 2023, by and among Accelsius, ESG Fund, and the other parties thereto, which was converted during the three months ended March 31, 2024. During the three months ended June 30, 2025 (Successor), the Company entered into the Related Party Convertible Notes with various related parties, including other lenders. Transactions with Directors As more fully described in Note 12. Stock-based Compensation, the Company issued various equity awards to related parties throughout 2024. On December 9, 2024, the Company issued 1,246,722 RSUs with a grant date fair value of $15,210 and 590,163 stock options with a grant date fair value of $3,913 to a cumulative of eight directors. On December 31, 2024, the Company issued 200,000 SARs with a grant date fair value of $7,820 to four directors and former directors. On March 22, 2024, the Company issued 100,000 Class C Units with a grant date fair value of $441 to one director under the Accelsius Subsidiary Equity Plan. Additionally, on June 25, 2025, the Company issued 111,525 RSUs with a grant date fair value of $600 to five directors pursuant to the Innventure Non-Management Director Compensation Plan. Transactions with the ESG Fund As more fully described in Note 2. Accounting Policies in our 2024 Annual Report, the Company earns a 1-2% management fee for administrative, finance and accounting, and other back-office functions from the ESG Fund. Management fees earned from the ESG Fund were $195 and $391 for the three and six months ended June 30, 2025 (Successor), respectively, and $196 and $393 for the three and six months ended June 30, 2024 (Predecessor), respectively, which is recorded as Revenue in the condensed consolidated statements of operations and comprehensive income (loss). In March 2021, the Company entered into a purchase option agreement with the ESG Fund to sell 145,161 shares of PureCycle Technologies, Inc. (“PCT”) common stock with an exercise price of $1. The option period would have expired on July 22, 2024 and the Company measured the derivative liability at fair value, as further described in Note 4. Fair Value. The option was exercised in March 2022 and the shares are subject to the lock-up provisions. The liability due to the ESG Fund was derecognized as a result of the Business Combination. Transactions with AeroFlexx On March 24, 2025, the Company issued 578,294 shares of Series C Preferred Stock to settle AeroFlexx’s debt with a related party. The Company considers the stock issuance to be an investment in AeroFlexx of $5,783 which was recorded in Investments on the condensed consolidated balance sheets.	Note 18. Related Party Transactions As more fully described in Note 5. Borrowings, the Company has various notes with affiliates, including short-term notes with three separate related parties. In addition, the Company had a convertible note to the ESG Fund as part of the 2025 Notes which was converted during the Predecessor period from January 1, 2024 through October 1, 2024. Transactions with Directors As more fully described in Note 14. Stock-based Compensation, the Company issued various equity awards to related parties throughout 2024. On December 9, 2024, the Company issued 1,246,722 RSUs with a grant date fair value of $15,210, and 590,163 stock options with a grant date fair value of $3,913 to a cumulative of 8 directors. On December 31, 2024, the Company issued 200,000 SARs with a grant date fair value of $7,820 to 4 directors and former directors. On March 22, 2024, the Company issued 100,000 Class C Units with a grant date fair value of $441 to 1 director under the Accelsius Subsidiary Equity Plan. Transactions with Innventure1 In 2022, Innventure1 assigned its ownership interest in a portion of the Company’s PCT common stock to investors who are considered related parties of Innventure1 and the Company. The related party liability established in connection with this assignment was revalued to $53 on December 31, 2023. The change in value was included in Net gain on investments - due to related parties in the consolidated statements of operations and comprehensive income (loss). Transactions with the ESG Fund In the normal course of business, the Company advances certain expenses on behalf of the ESG Fund. Certain expenses paid by the Company, which meet certain criteria, are reimbursed to the Company by the ESG Fund. Amounts paid by the Company and reimbursable by the ESG Fund were $105 for the Successor period from October 2, 2024 through December 31, 2024, and $50 for the Predecessor period from January 1, 2024 through October 1, 2024, and $48 for the Predecessor year ended December 31, 2023. There was a receivable of $64 and $2 as of December 31, 2024 and 2023, respectively, related to those expenses included in Due from related parties in the consolidated balance sheets. As more fully described in Note 2. Accounting Policies, the Company earns a 1-2% management fee for administrative, finance and accounting, and other back-office functions from the ESG Fund. Management fees earned from the ESG Fund were $196 for the Successor period from October 2, 2024 through December 31, 2024, and $588 for the Predecessor period from January 1, 2024 through October 1, 2024. Management fees earned from the ESG Fund totaled $789 for the Predecessor year ended December 31, 2023, which is recorded as Revenue in the consolidated statements of operations and comprehensive income (loss). In March 2021, the Company entered into a purchase option agreement with the ESG Fund to sell 145,161 shares of PCT common stock with an exercise price of $1. The option period would have expired on July 22, 2024 and the Company measured the derivative liability at fair value, as further described in Note 4. Fair Value. The option was exercised in March 2022 and the shares are subject to the lock-up provisions. The liability due to the ESG Fund as of December 31, 2023 was $294 and is included in Related party payables in the consolidated balance sheets. In 2023, the Company sold 23,712 of Accelsius Class A Series 2 Units to the ESG Fund for aggregate proceeds of approximately $104. This amount is reflected in Non-controlling interests in the consolidated statements of changes in stockholders’ equity (deficit). Transactions with AeroFlexx The Company’s related party transactions with AeroFlexx are described in Note 3. Investments. Additionally, in the normal course of business, the Company advances certain expenses on behalf of AeroFlexx. Amounts paid by the Company and reimbursable by AeroFlexx were $27 for the Successor period from October 2, 2024 through December 31, 2024, and $84 for the Predecessor period from January 1, 2024 through October 1, 2024, and $116 for the Predecessor year ended December 31, 2023. There was a receivable of $97 and $— as of December 31, 2024 and 2023, respectively, related to those expenses included in Due from related parties in the consolidated balance sheets.

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Warrants (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2	—
Exercised	—	—	—	—
Issued	—	—	—	2
Outstanding, June 30, 2025 (Successor)	11,240,688	7,146,000	2	2


	Number of Public Warrants	Number of Private Warrants	Number of WTI Warrants
Outstanding, October 2, 2024 (Successor)	11,499,997	7,146,000	—
Exercised	(259,309)	—	—
Issued	—	—	2
Outstanding, December 31, 2024 (Successor)	11,240,688	7,146,000	2

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

Private Warrants

7,146,000

$11.50

10/2/2029

$16,793

Successor

Number of

Warrants

Exercise

Price

Expiration

Date

December 31, 2024

Balance

WTI Warrants

varies

3/31/2025

$17,230

Goodwill and Intangible Assets - Narrative (Q2) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge	$ 113,344	$ 0	$ 0	$ 346,557	$ 0	$ 0
Amortization expense	$ 5,405	$ 5,377		$ 10,808		$ 0	$ 0

+ References + Details

Stock-based Compensation (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 12. Stock-based Compensation

2024 Equity and Incentive Compensation Plan

Restricted Stock Units

On June 25, 2025, the Company issued 111,525 restricted stock units (“RSUs”) to five directors pursuant to the Innventure Non-Management Director Compensation Plan . The RSUs had a grant date fair value of $600 based on a fair value per unit of $5.38. The fair value of RSUs is determined based on the closing market price of the Company’s Common Stock at the date of the grant.

During the three and six months ended June 30, 2025 (Successor), the Company recognized compensation costs related to the RSUs of $6,979 and $10,895, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2025, the Company had $12,946 in stock-based compensation expense remaining to be recognized over approximately 1.4 years.

Stock Options

On February 26, 2025, the Company issued 140,000 stock options to two independent contractors. The stock options were granted with an exercise price of $8.84. Using the Black-Scholes option pricing model, the estimated grant date fair value of stock options was $4.97 per option based on an expected volatility of 56%, an expected option term of approximately 5.9 years, and risk-free rate of return of 4.06%. The stock options have a maximum contractual life of 10 years from the grant date.

During the three and six months ended June 30, 2025 (Successor), the Company recognized compensation costs related to the stock options of $1,515 and $2,541, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2025, the Company had $4,217 in compensation expense remaining to be recognized over approximately 1.6 years.

Stock Appreciation Rights

In 2024, the Company issued 30,000 cash-settled stock appreciation rights (“SARs”) which were recognized at their fair value as of the date of the grant. These SARs entitle participants to cash equal to the value of the appreciation in Accelsius’ stock price over the base price established of $12.175. These cash-settled SARs are liability classified and are revalued at each reporting period. The SARs were valued as of June 30, 2025 using the Black-Scholes option-pricing model based on an expected volatility of 80%, an expected term of approximately 1.5 years, and risk-free rate of return of 4%. The Company recognized a decrease in compensation expense in the amount of $244 and $693 in relation to the change in fair value of the cash-settled SARs for the three and six months ended June 30, 2025 (Successor), respectively.

On June 25, 2025, the SARs agreements were amended. Under these amendments, any payments by the Company to the participants shall be made in the form of shares of Common Stock and the maximum number of shares of Common Stock that may be issued pursuant to the SAR Agreements shall be 4,000,000.

Subsidiary Equity Plan

Accelsius Subsidiary Equity Plan

During the three and six months ended June 30, 2025 (Successor), there were 133,000 Class C units granted under the Accelsius Subsidiary Equity Plan, with a grant date fair value per share of $20.75. During the three and six months ended June 30, 2024 (Predecessor), there were nil and 110,000 Class C units granted, respectively, with a grant date fair value per unit of $— and $4.41, respectively.

The Company recognized compensation costs related to the Accelsius Subsidiary Equity Plan of $912 and $1,810 for the three and six months ended June 30, 2025 (Successor) and $248 and $593 for the three and six months ended June 30, 2024 (Predecessor), respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2025, the Company had $8,457 in unit-based compensation expense remaining to be recognized over approximately 2.21 years.

Note 14. Stock-based Compensation

Capital Incentive Plan

The Predecessor’s capital incentive plan (the “Capital Incentive Plan”), as amended, permitted the grant of 1,585,125 shares of Class C Units to its employees, directors, and consultants, as designated by the Board of Directors. Upon Closing of the Business Combination, the vesting of all Innventure LLC unvested Class C Capital Incentive Plan units was accelerated, resulting in 203,651 units vested and additional compensation expense of $223. The Class C Capital Incentive Plan units were then immediately exchanged as part of the Business Combination for Common Stock.

The Company recognized compensation costs related to the Capital Incentive Plan as follows:


	Successor	Predecessor
	Period from October 2, 2024 through December 31, 2024	Period from January 1 2024 through October 1, 2024	Year ended December 31, 2023
Compensation expense	$—	$137	$205

2024 Equity and Incentive Compensation Plan

On October 2, 2024, the Company entered into the 2024 Equity and Incentive Compensation Plan (the “Plan”), wherein the Company is permitted to grant awards to employees, directors, consultants, and former service providers of the Company. The Plan provides for the granting of awards including, restricted stock units (“RSUs”), stock options, and stock appreciation rights (“SARs”). The number of shares of Common Stock available under the Plan is initially limited to 11,022,894. The share limit will automatically increase by 3% on the first day of each fiscal year, beginning in 2025, unless a smaller number of shares is determined by the Board of Directors.

On December 9, 2024, the Company granted 975,409 stock options and 2,036,476 restricted stock units (together the “Awards”) to certain directors, employees and consultants. The Awards vest over the service periods defined in each individual grant agreement, which is generally accelerated upon a change in control. All RSUs will be vested by May 1, 2027 and all stock options will be vested by April 30, 2027. The fair value of the Awards issued to employees is recognized as compensation expense on a straight-line basis over the requisite service period.

Restricted Stock Units

Each RSU represents the right to receive one share of Common Stock upon vesting of such RSU. The fair value of RSUs is determined based on the closing market price of the Company’s Common Stock at the date of the grant. If a cash dividend is declared on the Company’s Common Stock before the RSUs have vested, holders of RSUs are entitled to received dividends in the form of a cash credit, and shall be paid in cash at the same time as the RSUs are settled.

The summary of RSU activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Number of Shares	Weighted Average Grant Date air Value (per share)
Granted on December 9, 2024	2,036,476	$12.20
Vested	131,468	12.20
Forfeited	—	—
Non-vested at December 31, 2024	1,905,008	$12.20

During the Successor period from October 2, 2024 through December 31, 2024, the Company recognized compensation costs related to the RSUs of $1,604 within General and administrative expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, the Company had $23,241 in stock-based compensation expense remaining to be recognized over approximately 1.65 years.

Stock Options

The stock options were granted with an exercise price of $12.20, which aligns with the Company’s closing share price on December 9, 2024. Using the Black-Scholes option pricing model, the estimated grant date fair value of stock options was $6,468 based on an expected volatility of 56%, an expected option term of approximately 5.28 - 5.62 years, and risk-free rate of return of 4.0 - 4.1%. The stock options have a maximum contractual life, and a weighted average remaining contractual term, of 10 years from the grant date.

Stock options activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)
Granted on December 9, 2024	975,409	$12.20	$6.63
Vested	61,560	12.20	6.63
Exercised	—	—	—
Forfeited	—	—	—
Outstanding at December 31, 2024	913,849	$12.20	$6.63
Exercisable at December 31, 2024	—	—	—

During the Successor period from October 2, 2024 through December 31, 2024, the Company recognized compensation costs related to the stock options of $405 within General and administrative expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, the Company had $6,063 in compensation expense remaining to be recognized over approximately 1.68 years.

Stock Appreciation Rights

On December 31, 2024 the Company granted 350,000 stock appreciation rights with respect to the equity of Accelsius Holdings LLC. The SARs were awarded to certain Innventure directors, officers, and former service providers of the Company and its affiliates (the “Participants”). The SARs entitle the Participants to shares of

Common Stock, or cash, equal to the value of the appreciation in Accelsius’ stock price over the base price of $12.175. Two Participants, who were considered non-employees, were granted cash-settled SARs and three Participants were granted stock-settled SARs. The cash-settled SARs are considered liability-classified and the stock-settled SARs are considered equity-classified

Both the cash-settled SARs and stock-settled SARs will be automatically exercised upon the two-year anniversary of the date of grant. The weighted average contractual term is 2 years.

The estimated grant date fair value of the cash-settled SARs and the stock-settled SARs was $1,160 and $12,371, respectively. The SARs were valued using the Black-Scholes option-pricing model based on an expected volatility of 70%, an expected term of approximately 2 years, and risk-free rate of return of 4%. The SARs are considered fully vested at the date of grant and compensation cost for both SARs was recognized immediately at the date of grant. During the Successor period from October 2, 2024 through December 31, 2024, the Company recorded $13,531 in compensation expense related to the SARs within General and administrative expense in the consolidated statements of operations and comprehensive income (loss).

The summary of SARs activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Cash-settled SARs			Stock-settled SARs
	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)
Granted on December 9, 2024	30,000	$12.18	$38.66	320,000	$12.18	$38.66
Vested	—	—	—	—	—	—
Exercised	—	—	—	—	—	—
Forfeited	—	—	—	—	—	—
Outstanding at December 31, 2024	30,000	$12.18	$38.66	320,000	$12.18	$38.66
Exercisable at December 31, 2024	—	—	—	—	—	—

Subsidiary Equity Plans

Accelsius Subsidiary Equity Plan

Accelsius, a subsidiary of the Company, adopted an equity incentive plan on March 24, 2022 (the “Accelsius Subsidiary Equity Plan”). In March 2023, the Accelsius Subsidiary Equity Plan was amended to permit the grant of 3,300,000 Class C units of the subsidiary to the subsidiary’s employees, directors, and consultants, as designated by the Board of Directors. The awards vest over the period defined in each individual grant agreement which is generally accelerated upon a change of control event. Accelsius has the option to repurchase all vested units upon an employee’s termination of employment or service.

The summary of Accelsius Subsidiary Equity Plan activity is as follows:


	Successor Period	Predecessor Period
	Period from October 2, 2024 through December 31, 2024	Period from January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Compensation expense	$1,341	$918	$705
Class C units granted	168,500	110,000	365,500
Weighted average grant date fair value per share	$46.38	$4.41	$3.80

Note: The grant date fair value per share for the year ended December 31, 2023 is an average amount.

The Company recognizes compensation costs within General and administrative, Sales and marketing and Research and development expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, the Company had $8,103 in unit-based compensation expense remaining to be recognized over approximately 2.42 years.

The grant date fair value was estimated using an Option Pricing Model to allocate the total equity value of Accelsius to the Class C Units. The total equity value was estimated using the Discounted Cash Flow method and Management’s projections. The resulting values of Class C Units were then discounted for lack of marketability (20%).

Series A Issuance

On October, 18 2024, Accelsius issued 16,427 equity classified Series A Preferred Units to an employee of the Company which was determined to be stock based payment. The grant date fair value of $616 was recognized as compensation cost (within General and administrative expense in the consolidated statements of operations and comprehensive income (loss)), immediately at the date of grant as there is no requisite service period or vesting period. The fair value of the awards was estimated using a Black-Scholes model with a discount for lack of marketability of 20% applied.

Stock-based Compensation (FY) (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Costs

The Company recognized compensation costs related to the Capital Incentive Plan as follows:


	Successor	Predecessor
	Period from October 2, 2024 through December 31, 2024	Period from January 1 2024 through October 1, 2024	Year ended December 31, 2023
Compensation expense	$—	$137	$205

Schedule of RSU Activity

The summary of RSU activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Number of Shares	Weighted Average Grant Date air Value (per share)
Granted on December 9, 2024	2,036,476	$12.20
Vested	131,468	12.20
Forfeited	—	—
Non-vested at December 31, 2024	1,905,008	$12.20

Schedule of Stock Options Activity

Stock options activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)
Granted on December 9, 2024	975,409	$12.20	$6.63
Vested	61,560	12.20	6.63
Exercised	—	—	—
Forfeited	—	—	—
Outstanding at December 31, 2024	913,849	$12.20	$6.63
Exercisable at December 31, 2024	—	—	—

Schedule of SARs Activity

The summary of SARs activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Cash-settled SARs			Stock-settled SARs
	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)
Granted on December 9, 2024	30,000	$12.18	$38.66	320,000	$12.18	$38.66
Vested	—	—	—	—	—	—
Exercised	—	—	—	—	—	—
Forfeited	—	—	—	—	—	—
Outstanding at December 31, 2024	30,000	$12.18	$38.66	320,000	$12.18	$38.66
Exercisable at December 31, 2024	—	—	—	—	—	—

Summary of Accelsius Subsidiary Equity Plan

The summary of Accelsius Subsidiary Equity Plan activity is as follows:


	Successor Period	Predecessor Period
	Period from October 2, 2024 through December 31, 2024	Period from January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Compensation expense	$1,341	$918	$705
Class C units granted	168,500	110,000	365,500
Weighted average grant date fair value per share	$46.38	$4.41	$3.80

Note: The grant date fair value per share for the year ended December 31, 2023 is an average amount.

Inventories (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 3,560	$ 2,974	$ 0
Work in process	26	50	0
Finished goods	3,034	2,154	0
Total inventories	$ 6,620	$ 5,178	$ 0

Business Segment Data - Narrative (Q2) (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1

Borrowings - Interest Expense (FY) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest attributable to amortization of implied discounts		$ 248		$ 2,560	$ 352	$ 351	$ 487
Series 1 promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest attributable to contractual interest	$ 16	29	$ 44	48	99	138	297
Interest attributable to amortization of issuance costs		0				0	32
Total interest expense		29				138	329
Related party notes \| Notes payable
Debt Instrument [Line Items]
Total interest expense	0	611	0	419	0	932	0
Convertible promissory notes \| Convertible debt
Debt Instrument [Line Items]
Interest attributable to contractual interest		0				120	583
Interest attributable to amortization of implied discounts		0				231	456
Total interest expense		0				351	1,039
WTI Facility \| Term loan
Debt Instrument [Line Items]
Interest attributable to contractual interest	683	352	0	1,358	0	0	0
Interest attributable to amortization of issuance costs	348	248	0	856	0	0	0
Total interest expense	$ 1,031	$ 600	$ 0	$ 2,214	$ 0	$ 0	$ 0

Stockholders' Equity (Q2) (Details) $ / shares in Units, $ in Thousands							1 Months Ended		3 Months Ended			6 Months Ended	12 Months Ended	14 Months Ended	18 Months Ended
	Mar. 24, 2025 USD ($) shares	Mar. 19, 2025 USD ($) shares	Dec. 30, 2024 USD ($) shares	Dec. 24, 2024 USD ($) shares	Oct. 22, 2024 USD ($) day $ / shares shares	Oct. 02, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2023 USD ($) $ / shares	Jun. 30, 2025 USD ($) vote $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Feb. 03, 2025 shares	Mar. 24, 2025 shares	Oct. 01, 2024 $ / shares shares
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)									25,000,000		25,000,000	25,000,000	25,000,000			25,000,000
Preferred Stock, par value (in usd per share) \| $ / shares									$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001			$ 0.0001
Shares distributed for dividends, amount \| $										$ 218
Preferred Stock, outstanding (in shares)											1,102,000		1,102,000
Preferred Stock, issued (in shares)											1,102,000		1,102,000
Obligation to issue equity \| $							$ 0		$ 52		$ 4,158	$ 52	$ 4,158
Common Stock, authorized (in shares)									250,000,000		250,000,000	250,000,000	250,000,000			250,000,000
Common Stock, par value (in usd per share) \| $ / shares									$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001			$ 0.0001
Number of votes per share \| vote									1		1	1	1
Common Stock, issued (in shares)									55,221,494		44,597,154	55,221,494	44,597,154			43,589,850
Common Stock, outstanding (in shares)									55,221,494		44,597,154	55,221,494	44,597,154			43,589,850
Financial advisory services, cash success fee \| $								$ 600
Convertible debentures \| Convertible debt
Class of Stock [Line Items]
Conversion of preferred stock to common stock (in shares)									473,825			473,825
Financial Advisor
Class of Stock [Line Items]
Stock issued for services \| $							$ 441
Stock issued for services (in usd per share) \| $ / shares							$ 10.87
Stock issued for services (in shares)							40,552
WTI Lender
Class of Stock [Line Items]
Stock issued for services \| $					$ 500
Stock issued for services (in usd per share) \| $ / shares					$ 11.13
Stock issued for services (in shares)					44,919
Right to sell common stock, stock price, daily volume weighted average price, number of days \| day					5
SEPA with Yorkville
Class of Stock [Line Items]
Common Stock, par value (in usd per share) \| $ / shares								$ 0.0001
Right to sell common stock, maximum amount \| $								$ 75,000
Right to sell common stock, term								3 years
Stock issuance (in shares)			75,000	60,000					0			73,993	135,000
Amount received from stock issuance \| $			$ 965	$ 770					$ 0			$ 931	$ 1,735
Right to sell common stock, maximum remaining availability \| $									$ 70,000			$ 70,000
Common Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock (in shares)											259,309
Common Stock, outstanding (in shares)									55,221,494	47,103,800	44,597,154	55,221,494	44,597,154			0
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)									3,000,000		3,000,000	3,000,000	3,000,000			3,000,000
Preferred Stock, par value (in usd per share) \| $ / shares									$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock dividend percentage											8.00%	8.00%
Shares distributed for dividends (in shares)		21,808
Shares distributed for dividends, amount \| $		$ 218
Conversion of convertible securities (in shares)									1,085,664			1,085,664
Preferred Stock, outstanding (in shares)									33,144		1,102,000	33,144	1,102,000
Preferred Stock, issued (in shares)									33,144		1,102,000	33,144	1,102,000
Obligation to issue equity \| $									$ 20		$ 217	$ 20	$ 217
Stock issuance (in shares)						1,102,000
Amount received from stock issuance \| $						$ 11,020
Preferred stock, original issue price (in usd per share) \| $ / shares											$ 10		$ 10
Series B Preferred Stock \| Common Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock (in shares)									2,164,673			2,164,673
Common Stock
Class of Stock [Line Items]
Stock issued for services (in shares)														85,471
Common Stock \| Financial Advisor
Class of Stock [Line Items]
Stock issued for services (in shares)							40,552
Common Stock \| WTI Lender
Class of Stock [Line Items]
Stock issued for services (in shares)					44,919
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)									5,000,000		5,000,000	5,000,000	5,000,000
Preferred Stock, par value (in usd per share) \| $ / shares								$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock dividend percentage												8.00%
Conversion of convertible securities (in shares)									2,735,848			2,735,848
Preferred Stock, outstanding (in shares)									150,000		0	150,000	0
Preferred Stock, issued (in shares)									150,000		0	150,000	0
Obligation to issue equity \| $									$ 32			$ 32
Series C Preferred Stock issued during period (in shares)	2,885,848
Series C Preferred Stock issued during period \| $	$ 28,858
Stock issued for services (in shares)															300,000
Financial advisory services, equity success fee \| $								$ 3,000
Preferred stock, original issue price (in usd per share) \| $ / shares								$ 10
Series C Preferred Stock \| Common Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock (in shares)									5,471,696			5,471,696

Fair Value - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (Q2) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Apr. 14, 2025	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023
Assets:
Investment in debt security - AFS	$ 9,017		$ 11,187		$ 0
Liabilities:
Earnout liability	4,370		14,752
Warrant liability	22,996		34,023		0
Embedded derivative liability - Convertible Debentures	1,796		0		1,994
2024 WTI Warrant liability
Liabilities:
Warrant liability	12,450		17,230
2025 WTI Warrant liability
Liabilities:
Warrant liability	3,400	$ 3,090
Private placement warrants
Liabilities:
Warrant liability	7,146		16,793	$ 786
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment in debt security - AFS	0		0
Liabilities:
Earnout liability	0		0
Embedded derivative liability - Convertible Debentures	0				0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 2024 WTI Warrant liability
Liabilities:
Warrant liability	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 2025 WTI Warrant liability
Liabilities:
Warrant liability	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private placement warrants
Liabilities:
Warrant liability	0		0
Significant Other Observable Inputs (Level 2)
Assets:
Investment in debt security - AFS	0		0
Liabilities:
Earnout liability	0		0
Embedded derivative liability - Convertible Debentures	0				0
Significant Other Observable Inputs (Level 2) \| 2024 WTI Warrant liability
Liabilities:
Warrant liability	0		0
Significant Other Observable Inputs (Level 2) \| 2025 WTI Warrant liability
Liabilities:
Warrant liability	0
Significant Other Observable Inputs (Level 2) \| Private placement warrants
Liabilities:
Warrant liability	7,146		16,793
Significant Unobservable Inputs (Level 3)
Assets:
Investment in debt security - AFS	9,017		11,187
Liabilities:
Earnout liability	4,370		14,752
Embedded derivative liability - Convertible Debentures	1,796				$ 1,994
Significant Unobservable Inputs (Level 3) \| 2024 WTI Warrant liability
Liabilities:
Warrant liability	12,450		17,230
Significant Unobservable Inputs (Level 3) \| 2025 WTI Warrant liability
Liabilities:
Warrant liability	3,400
Significant Unobservable Inputs (Level 3) \| Private placement warrants
Liabilities:
Warrant liability	$ 0		$ 0

Borrowings - Narrative (FY) (Details) $ / shares in Units, $ in Thousands							3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) extension_option $ / shares	Nov. 30, 2024 USD ($)	Nov. 15, 2024 USD ($)	Oct. 22, 2024 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) extension_option	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($) extension_option $ / shares shares	Jun. 30, 2025 USD ($)	Oct. 01, 2024 USD ($) shares	Dec. 31, 2024 USD ($) extension_option $ / shares	Dec. 31, 2023 USD ($) shares	Aug. 22, 2024 USD ($) instrument	Aug. 20, 2024 USD ($) instrument	May 02, 2024 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Unamortized discount	$ 6,446						$ 9,791	$ 6,446	$ 9,791		$ 6,446	$ 2,133
Write-off of loan commitment fee asset								$ 10,041		$ 0		0
Notes payable \| Series 1 promissory notes
Debt Instrument [Line Items]
Notes principal						$ 4,936										$ 35,000
Number of extension options \| extension_option	2					2		2			2
Debt term, with extension						60 months					60 months
Event of default, conversion multiplier	2							2			2
Event of default, interest rate, first 36 months	12.00%							12.00%			12.00%
Event of default, interest rate, after first 36 months	18.00%							18.00%			18.00%
Principal amount of debt converted								$ 0		$ 396		$ 1,310
Notes payable \| Series 1 promissory notes \| Class B Preferred
Debt Instrument [Line Items]
Unit price for notes converted (in usd per share) \| $ / shares	$ 9.6992							$ 9.6992			$ 9.6992
Number of shares (in shares) \| shares								0		40,829		135,133
Notes payable \| Series 1 promissory notes \| Minimum
Debt Instrument [Line Items]
Debt term						36 months
Interest rate						9.00%						9.00%
Notes payable \| Series 1 promissory notes \| Maximum
Debt Instrument [Line Items]
Debt term						48 months
Interest rate						12.00%						15.00%
Notes payable \| Series 1 promissory notes, first term extension
Debt Instrument [Line Items]
Interest rate	12.00%					12.00%		12.00%			12.00%
Notes payable \| Series 1 promissory notes, first term extension \| Minimum
Debt Instrument [Line Items]
Debt term						36 months
Notes payable \| Series 1 promissory notes, first term extension \| Maximum
Debt Instrument [Line Items]
Debt term						48 months
Notes payable \| Series 1 promissory notes, second term extension
Debt Instrument [Line Items]
Interest rate	15.00%					15.00%		15.00%			15.00%
Notes payable \| Series 1 promissory notes, second term extension \| Minimum
Debt Instrument [Line Items]
Debt term						48 months
Notes payable \| Series 1 promissory notes, second term extension \| Maximum
Debt Instrument [Line Items]
Debt term						60 months
Notes payable \| Related party notes
Debt Instrument [Line Items]
Number of debt instruments \| instrument													2	2
Notes payable \| Related party notes \| Minimum
Debt Instrument [Line Items]
Interest rate	8.00%							8.00%			8.00%
Notes payable \| Related party notes \| Maximum
Debt Instrument [Line Items]
Interest rate	15.99%							15.99%			15.99%
Notes payable \| Related party note one
Debt Instrument [Line Items]
Notes principal														$ 10,000
Loan fee due upon maturity										$ 1,000				1,000
Interest rate on loan fee due upon maturity										15.99%
Notes payable \| Related party note two
Debt Instrument [Line Items]
Notes principal													$ 2,000	$ 2,000
Interest rate										13.50%			11.50%	11.50%
Principal amount due	$ 1,000							$ 1,000		$ 1,000	$ 1,000
Notes payable \| Related party note three
Debt Instrument [Line Items]
Notes principal	1,000							1,000			1,000				$ 1,000
Loan fee due upon maturity	$ 63							$ 63			$ 63				$ 63
Interest rate if not paid at maturity	8.00%							8.00%			8.00%				8.00%
Convertible debt \| Convertible promissory notes
Debt Instrument [Line Items]
Debt term												36 months
Interest rate												8.00%
Unit price for notes converted (in usd per share) \| $ / shares					$ 9.74
Qualified financing event, minimum amount												$ 2,000
Conversion, discount percentage												20.00%
Conversion, numerator for calculation												$ 200,000
Principal amount of debt converted					$ 6,000
Accrued interest of debt converted					$ 755
Number of shares (in shares) \| shares					693,480
Loss on conversion of promissory notes										$ 1,119
Accrued interest	$ 0							$ 0			$ 0	$ 634
Unamortized discount	$ 0							$ 0			$ 0
Term loan \| WTI Facility
Debt Instrument [Line Items]
Interest rate	13.50%			13.50%			13.50%	13.50%	13.50%		13.50%
Loss on conversion of promissory notes							$ 3,462		$ 3,462
Aggregate principal capacity				$ 50,000
Spread on variable interest rate				5.00%
Remaining term after interest only payments period				30 months
Commitment fee asset				$ 16,735
Term loan \| WTI Facility, First Tranche
Debt Instrument [Line Items]
Debt term			42 months
Aggregate principal capacity				$ 20,000
Interest only payments period			12 months	12 months
Proceeds from issuance of debt			$ 20,000
Principal and interest payments period			30 months
Amount of commitment fee reclassified to debt issuance cost			$ 6,694
Term loan \| WTI Facility, Second Tranche
Debt Instrument [Line Items]
Aggregate principal capacity				$ 15,000
Write-off of loan commitment fee asset		$ 5,021
Term loan \| WTI Facility, Third Tranche
Debt Instrument [Line Items]
Aggregate principal capacity				$ 15,000
Interest only payments period				6 months
Write-off of loan commitment fee asset	$ 5,021
Term loan \| WTI Facility, Third Tranche, available until March 31, 2025
Debt Instrument [Line Items]
Aggregate principal capacity				$ 7,500

Fair Value - Changes in Fair Value of Level 3 Assets (Q2) (Details) - Investment in debt securities - AFS - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,172	$ 11,187	$ 0	$ 0
Additions	106	7,278		10,110	$ 0
Settlement	0	(8,757)	0	0
Change in fair value	909	(691)	0	62	0
Ending balance	$ 11,187	$ 9,017	$ 0	$ 10,172	$ 0

Business Combinations - Settlement of Obligations (FY) (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 02, 2024	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Cash withdrawn from trust as a result of business combination	$ 11,342	$ 11,342	$ 0	$ 0
Net cash proceeds from Series B Preferred Stock issuance	10,572
Total Innventure, Inc. cash sources	21,914
Payment of Learn CW accounts payable and accrued expenses	9,233
Payment of Learn CW promissory note due to Sponsor	4,628
Payment of Innventure LLC transaction costs at Closing	6,206
Total cash uses	20,067
Net cash proceeds	$ 1,847

Income Taxes - Deferred Tax Assets and Liabilities (FY) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets:
Deferred lease liabilities	$ 138	$ 189
Capitalized R&D expense	2,562	766
Fixed assets and intangibles	3,113	3,614
Reserves and other accruals	4,873	178
Loss carry-forwards and other tax attributes	15,682	1,663
Total Deferred Tax Assets	26,368	6,410
Less: Valuation allowance	(11,664)	(5,910)
Net Deferred Tax Assets	14,704	500
Deferred Tax Liabilities:
Amortization	(38,443)	(323)
Investment in Partnerships	(3,505)	0
Right of use assets	(109)	(177)
Total Deferred Tax Liabilities	(42,057)	(500)
Net Deferred Tax Liabilities	$ (27,353)	$ 0

Business Combinations (FY) (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Shares of Common Stock Issued and Outstanding at the Closing of the Business Combination

The number of shares of Common Stock issued and outstanding at the Closing of the Business Combination were:


Innventure LLC Units	Immediately Prior to Closing	Common Stock Conversion Ratio	Common Stock Upon Closing
Class B Preferred Units	10,875,000	2.09	22,754,664
Class B-1 Preferred Units	5,609,951	2.09	11,738,165
Class A Units	342,608	2.09	716,867
Class C Units	1,570,125	2.09	3,285,303
Total	18,397,684		38,494,999

Learn CW Shares
Learn CW Public shareholders	1,027,674	1.00	1,027,674
Learn CW Class B Shareholders	5,000,000	1.00	5,000,000
Total	6,027,674		6,027,674

Less: Learn CW shares subject to clawback provisions			(932,823)

Total Common Stock Issued and Outstanding at Closing			43,589,850

Consideration Transferred for the Business Combination

The consideration transferred for the Business Combination is summarized as follows:


Holdco Common Stock transferred to Innventure Members⁽¹⁾			$418,441
Contingent consideration⁽²⁾			53,980
Consideration transferred			472,421
Non-controlling interest⁽³⁾			343,030
Total business enterprise value			$815,451

(1)	Represents the fair value of the 38,494,999 of aggregate consideration paid in shares (excluding the Company Earnout shares) at a Closing share price of $10.87.

(2)	Represents the fair value of the Company Earnout Shares issued and contingently issuable to Innventure Members. Refer to Note 10. Earnout Shares for more details.

(3)

The non-controlling interest represents the fair value of equity in Accelsius held by non-controlling parties. The fair value is calculated using a discounted cash flow methodology to determine the Accelsius equity value which is pro rated by the non-controlling ownership percentage (Level 3). Significant inputs used to measure the fair value of the non-controlling interest include the long-term growth rate of 3%, normalized tax rate of 27.9%, normalized net working capital of 18%, and weighted average cost of capital of 17.6%.

Investing cash flow activity as a result of the Business Combination is summarized as follows:


			Amount
Cash consideration transferred			$—
Add: Cash and cash equivalents acquired			16
Investing cash flow activity as a result of the Business Combination			$16

On the Closing Date, Innventure settled certain obligations using cash from the Learn CW trust account that was released at Closing and financing secured through Series B Preferred Stock. The financing secured through Series B Preferred Stock is discussed in Note 13. Stockholders’ Equity.


			Amount
Cash proceeds from Learn CW trust account			$11,342
Net cash proceeds from Series B Preferred Stock issuance			10,572
Total Innventure, Inc. cash sources			$21,914

Payment of Learn CW accounts payable and accrued expenses			$9,233
Payment of Learn CW promissory note due to Sponsor			4,628
Payment of Innventure LLC transaction costs at Closing			6,206
Total cash uses			$20,067
Net cash proceeds			$1,847

Purchase Consideration Allocation to Assets and Liabilities

The purchase consideration was allocated to the following assets and liabilities:


			Amount
Assets acquired:
Cash and cash equivalents			$16
Accounts receivable			117
Due from related parties			210
Inventory			2,824
Prepaid expenses and other current assets			1,955
Equity method investments			18,449
Investment in debt securities - AFS			10,172
Property, plant, and equipment			1,227
Intangible assets			187,500
Other assets			829
Total assets acquired:			$223,299


			Amount
Liabilities assumed:
Accounts payable			$6,286
Accrued employee benefits			7,617
Accrued expenses			1,972
Related party payable			13,932
Notes payable			975
Patent installment payable			13,600
Deferred tax liability			30,654
Other liabilities			748
Total liabilities assumed:			$75,784
Net identifiable assets acquired			$147,515
Goodwill			$667,936

Fair Value of Definite-Lived Intangible Assets

The fair value of definite-lived intangible assets as of the Closing Date included:


			Amount
Trade names			17,800
Customer relationships			4,600
Developed technology			165,100
Total			$187,500

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Borrowings - Maturity (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 29,234	$ 14,625
2026	8,244	7,295
2027	4,561	8,244
2028		4,561
Total Debt	$ 55,050	$ 34,725	$ 9,545

Stock-based Compensation (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 12. Stock-based Compensation

2024 Equity and Incentive Compensation Plan

Restricted Stock Units

Stock Options

Stock Appreciation Rights

Subsidiary Equity Plan

Accelsius Subsidiary Equity Plan

Note 14. Stock-based Compensation

Capital Incentive Plan

The Company recognized compensation costs related to the Capital Incentive Plan as follows:


	Successor	Predecessor
	Period from October 2, 2024 through December 31, 2024	Period from January 1 2024 through October 1, 2024	Year ended December 31, 2023
Compensation expense	$—	$137	$205

2024 Equity and Incentive Compensation Plan

Restricted Stock Units

The summary of RSU activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Number of Shares	Weighted Average Grant Date air Value (per share)
Granted on December 9, 2024	2,036,476	$12.20
Vested	131,468	12.20
Forfeited	—	—
Non-vested at December 31, 2024	1,905,008	$12.20

Stock Options

Stock options activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)
Granted on December 9, 2024	975,409	$12.20	$6.63
Vested	61,560	12.20	6.63
Exercised	—	—	—
Forfeited	—	—	—
Outstanding at December 31, 2024	913,849	$12.20	$6.63
Exercisable at December 31, 2024	—	—	—

Stock Appreciation Rights

Both the cash-settled SARs and stock-settled SARs will be automatically exercised upon the two-year anniversary of the date of grant. The weighted average contractual term is 2 years.

The summary of SARs activity for the Successor period from October 2, 2024 through December 31, 2024 is as follows:


	Cash-settled SARs			Stock-settled SARs
	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)	Number of Shares	Weighted Average Exercise Price	Weighted Average Grant Date Fair Value (per share)
Granted on December 9, 2024	30,000	$12.18	$38.66	320,000	$12.18	$38.66
Vested	—	—	—	—	—	—
Exercised	—	—	—	—	—	—
Forfeited	—	—	—	—	—	—
Outstanding at December 31, 2024	30,000	$12.18	$38.66	320,000	$12.18	$38.66
Exercisable at December 31, 2024	—	—	—	—	—	—

Subsidiary Equity Plans

Accelsius Subsidiary Equity Plan

The summary of Accelsius Subsidiary Equity Plan activity is as follows:


	Successor Period	Predecessor Period
	Period from October 2, 2024 through December 31, 2024	Period from January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Compensation expense	$1,341	$918	$705
Class C units granted	168,500	110,000	365,500
Weighted average grant date fair value per share	$46.38	$4.41	$3.80

Note: The grant date fair value per share for the year ended December 31, 2023 is an average amount.

Series A Issuance

Investments (Q2)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Investments

Note 3. Investments

Equity-method investments

ESG Fund

AeroFlexx

The Company held a 37% and 34% equity method investment interest in AeroFlexx as of June 30, 2025 and December 31, 2024, respectively.

Investment in debt securities - Available for Sale (“AFS”)

On July 1, 2024, the Company entered into a loan agreement with AeroFlexx under which the Company will lend up to $10,000 to AeroFlexx.

Note 3. Investments


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Equity-method investments	$17,547	$4,482
Exchange-traded investments at fair value	—	9,685
Investment in debt securities - AFS	11,187	—
Total Investments	$28,734	$14,167

Equity-method investments

ESG Fund

AeroFlexx

The Company’s carrying amounts and maximum exposure relating to AeroFlexx, were as follows:


	Successor		Predecessor
	December 31, 2024		December 31, 2023
Asset type	Carrying Amount	Maximum Exposure to Loss	Carrying Amount	Maximum Exposure to Loss
Equity method investment in AeroFlexx	$16,930	$16,930	$1,570	$1,570
Investments in debt securities - AFS	11,187	11,187	—	—
Due from related party	4,472	4,472	2,600	2,600
Total	$32,589	$32,589	$4,170	$4,170

Summarized financial information:

Balance sheets


	ESG Fund		AeroFlexx
	December 31,		December 31,
	2024	2023	2024	2023
Total Assets	$97,445	$58,022	$17,002	$10,780
Total Liabilities	93	107	27,861	8,031
Total Equity (Deficit)	$97,352	$57,915	$(10,859)	$2,749

Statements of operation


	ESG Fund		AeroFlexx
	Years ended December 31,		Years ended December 31,
	2024	2023	2024	2023
Revenue	$202	$320	$38	$16
Gross (Loss) Profit	(735)	(709)	(57)	1
Net Income (Loss)	$39,437	$(4,557)	$(13,663)	$(8,221)

Exchange-traded investments

Investment in debt securities - AFS

The term loans and any unpaid accrued interest are required to be repaid by the maturity date, which is the earlier of (i) December 31, 2026 or (ii) the date of the sale, transfer or other disposition all of AeroFlexx’s assets or AeroFlexx’s stock. After any full or partial repayment of the term loans, AeroFlexx may borrow additional funds up to the $10,000 limit until the maturity date. The loans bear interest at the applicable federal rate published by the Internal Revenue Service and is adjusted on a quarterly basis.

The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities as of December 31, 2024 is represented in the table below:


	Amortized cost	Gross unrealized gains	Fair value
Investment in Debt Securities - AFS	$10,278	$909	$11,187

The amortized cost and fair value of debt securities, by contractual maturity, as of December 31, 2024 is shown below. Expected maturities can differ from contractual maturities.


	Amortized cost	Fair value
Due within one year	$—	$—
Due after one year through five years	10,278	11,187
Due after five years	—	—
	$10,278	$11,187

Inventories (FY)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Note 6. Inventories, net


	June 30, 2025	December 31, 2024
Raw materials	$3,560	$2,974
Work in process	26	50
Finished goods	3,034	2,154
Total inventories	$6,620	$5,178

Note 6. Inventories


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Raw materials	$2,974	$—
Work in process	50	—
Finished goods	2,154	—
Total inventories	$5,178	$—

Property, Plant and Equipment (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


	June 30, 2025	December 31, 2024
Leasehold improvements	$887	$548
Machinery & equipment	1,524	664
Computers & office equipment	14	14
Construction in progress	—	266
Property, plant and equipment, gross	2,425	1,492
Less: Accumulated depreciation	(453)	(78)
Property, plant and equipment, net	$1,972	$1,414


	Successor	Predecessor
	December 31, 2024	December 31, 2023
Leasehold improvements	$548	$38
Machinery & equipment	664	86
Computers & office equipment	14	19
Construction in progress	266	502
Property, Plant and Equipment, Gross	1,492	645
Less: Accumulated depreciation	(78)	(8)
Property, Plant and Equipment, Net	$1,414	$637

Total depreciation expense on property, plant and equipment was as follows:


	Successor	Predecessor
	Period from October 2, 2024 through December 31, 2024	Period from January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Depreciation Expense	$78	$148	$8

Investments - Schedule of Carrying Amounts and Maximum exposure Relating to AeroFlexx (FY) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jul. 01, 2024	Dec. 31, 2023
Carrying Amount
Equity-method investments	$ 23,407	$ 17,547		$ 4,482
Investment in debt securities - AFS	9,017	11,187		0
Due from related parties	4,188	4,536		2,602
AeroFlexx
Carrying Amount
Equity-method investments		16,930		1,570
Investment in debt securities - AFS		11,187	$ 7,635	0
Due from related parties	$ 3,897	4,472		2,600
Total		32,589		4,170
Maximum Exposure to Loss
Equity method investment in AeroFlexx		16,930		1,570
Investments in debt securities - AFS		11,187		0
Due from related party		4,472		2,600
Total		$ 32,589		$ 4,170

Mezzanine Capital (FY) (Details)	12 Months Ended
Mezzanine Capital (FY) (Details)	Dec. 31, 2024 shares
Temporary Equity [Line Items]
Temporary equity, redemption, restriction period	30 days
Temporary equity, redemption, restriction multiplier	0.8
Class B-1 Preferred Units
Temporary Equity [Line Items]
Temporary equity, redemption, maximum number of shares (in shares)	1,000,000

Subsequent Events (Q2) (Details) $ in Thousands						1 Months Ended	3 Months Ended		6 Months Ended
Subsequent Events (Q2) (Details) $ in Thousands	Aug. 14, 2025 USD ($) shares	Aug. 12, 2025 USD ($) lender shares	Jul. 21, 2025 shares	Feb. 03, 2025 shares	Oct. 02, 2024 USD ($) shares	Aug. 14, 2025 USD ($) shares	Jun. 30, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Jun. 30, 2025 USD ($) shares	Jul. 19, 2025 shares	Jul. 01, 2025 USD ($)
Subsequent Event [Line Items]
Conversion of preferred stock to common stock								$ 2,982
Accelerated vesting of stock-based compensation awards (in shares) \| shares					203,651
Accelerated vesting of stock-based compensation awards, expense					$ 223
Convertible debentures \| Convertible debt
Subsequent Event [Line Items]
Conversion of preferred stock to common stock (in shares) \| shares							473,825		473,825
Debt instrument, face amount, converted							$ 2,335		$ 2,335
Debt instrument, payment premium, converted							$ 117		$ 117
Debt, interest rate							0.00%		0.00%
Term Convertible Note with related party \| Convertible debt
Subsequent Event [Line Items]
Notes principal							$ 4,250		$ 4,250
Subsequent event
Subsequent Event [Line Items]
Stock issued for services (in shares) \| shares				85,471		5,000
Subsequent event \| Accelsius Units Warrants
Subsequent Event [Line Items]
Number of units issuable for each warrant issued upon debt conversion (in shares) \| shares		0.5
Exercise price of warrants issuable upon debt conversion, percentage of price of equity funding units		120.00%
Subsequent event \| Accelcius Subsidiary Equity Plan
Subsequent Event [Line Items]
Number of units available to be issued under stock-based compensation plan (in shares) \| shares										4,565,000
Additional shares authorized under stock-based compensation plan (in shares) \| shares			915,000
Accelerated vesting of stock-based compensation awards (in shares) \| shares	46,875
Accelerated vesting of stock-based compensation awards, expense	$ 189
Subsequent event \| Convertible debentures \| Convertible debt
Subsequent Event [Line Items]
Conversion of preferred stock to common stock (in shares) \| shares						471,812
Conversion of preferred stock to common stock						$ 2,500
Debt instrument, face amount, converted						2,381
Debt instrument, payment premium, converted						$ 119
Subsequent event \| Term Convertible Note with related party \| Convertible debt
Subsequent Event [Line Items]
Notes principal											$ 5,000
Subsequent event \| Unsecured convertible promissory notes \| Convertible debt
Subsequent Event [Line Items]
Notes principal		$ 2,100
Debt, number of parties \| lender		2
Debt, interest rate		6.50%
Debt instrument, term after which repayable on demand		2 years
Debt, conversion price basis, minimum funding amount		$ 5,000
Debt, conversion price, percentage of funding round price		80.00%

Business Segment Data - Reconciliation of Segment Information (Q2) (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues:	$ 476		$ 456	$ 223		$ 700	$ 447	$ 764	$ 1,117
Interest Expense:	2,937		1,330	99		4,699	590	1,633	1,367
Interest Income:	290		198	56		514	142	333	143
Depreciation and Amortization Expense:	5,634		5,455	64		11,182	69	146	8
Net Loss:	(141,275)	$ (253,674)	(70,093)	(11,314)	$ (7,526)	(394,949)	(18,840)	(28,198)	(30,984)
Capital Expenditures:	15		266	66		932	706	736	645
Other
Segment Reporting Information [Line Items]
Revenues:	249		250	250		499	501	750	1,198
Interest Expense:	2,747		1,240	44		4,382	99	1,069	328
Interest Income:	290		198	56		510	142	326	129
Depreciation and Amortization Expense:	5		0	0		5	0	0	0
Net Loss:	(18,767)		(61,335)	(7,005)		(28,132)	(8,403)	(11,546)	(20,367)
Capital Expenditures:	0		0	0		0	0	0	0
Elimination of management services provided to Technology
Segment Reporting Information [Line Items]
Revenues:	(27)		(27)	(27)		(54)	(54)	(81)	(81)
Technology
Segment Reporting Information [Line Items]
Revenues:	254		233	0		255	0	95	0
Interest Expense:	190		90	55		317	491	564	1,039
Interest Income:	0		0	0		4	0	7	14
Technology \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	254		233	0		255	0	95	0
Interest Expense:	190		90	55		317	491	564	1,039
Interest Income:	0		0	0		4	0	7	14
Depreciation and Amortization Expense:	5,629		5,455	64		11,177	69	146	8
Net Loss:	(122,508)		(8,758)	(4,309)		(366,817)	(10,437)	(16,652)	(10,617)
Capital Expenditures:	$ 15		$ 266	$ 66		$ 932	$ 706	$ 736	$ 645

Consolidated Statements of Changes in Stockholders' Equity (FY) - USD ($) $ in Thousands	Total	Previously Reported	Class B Preferred	Preferred Units	Preferred Units Class B Preferred	Preferred Units Class B Preferred Previously Reported	Preferred Units Class B-1 Preferred	Preferred Units Class B-1 Preferred Previously Reported	Common Units	Common Units Class A	Common Units Class A Previously Reported	Common Units Class C	Common Units Class C Previously Reported	Accumulated Deficit	Accumulated Deficit Previously Reported	Accumulated OCI	Accumulated OCI Previously Reported	Non-Controlling Interest	Non-Controlling Interest Previously Reported
Beginning balance at Dec. 31, 2022	$ (11,193)				$ 20,803		$ 3,323			$ 1,950		$ 639		$ (38,564)		$ 0		$ 656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,984)													(30,845)				(139)
Other comprehensive loss, net of taxes	0
Non-controlling interest acquired	337																	337
Issuance of shares, net of issuance costs			$ 17,319		17,319
Unit-based compensation	910											205						705
Distributions to unitholders	(241)													(241)
Accretion of redeemable units to redemption value	5,366													5,366
Ending balance at Dec. 31, 2023	(18,486)				38,122		3,323			1,950		844		(64,284)		0		1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,526)													(5,219)				(2,307)
Non-controlling interest acquired	3,503																	3,503
Issuance of shares, net of issuance costs	7,566				7,566
Unit-based compensation	396											51						345
Issuance of units to non-controlling interest in exchange of convertible promissory notes	8,443																	8,443
Accretion of redeemable units to redemption value	(4,415)													(4,415)
Ending balance at Mar. 31, 2024	(10,519)				45,688		3,323			1,950		895		(73,918)				11,543
Beginning balance at Dec. 31, 2023	(18,486)				38,122		3,323			1,950		844		(64,284)		0		1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,840)
Other comprehensive loss, net of taxes	0
Ending balance at Jun. 30, 2024	(11,702)				48,540		3,323			1,950		940		(81,568)				15,113
Beginning balance at Dec. 31, 2023	(18,486)				38,122		3,323			1,950		844		(64,284)		0		1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(28,198)													(16,436)				(11,762)
Other comprehensive loss, net of taxes	62															62
Non-controlling interest acquired	13,921																	13,921
Issuance of shares, net of issuance costs					13,561
Unit-based compensation	1,056											137						919
Issuance of units to non-controlling interest in exchange of convertible promissory notes	8,443																	8,443
Accretion of redeemable units to redemption value	(11,950)													(11,950)
Ending balance at Oct. 01, 2024	(4,503)	$ (21,591)		$ 0		$ 51,683		$ 3,323	$ 0		$ 1,950		$ 981	(15,845)	$ (92,670)	0	$ 62	0	$ 13,080
Beginning balance at Dec. 31, 2023	(18,486)				38,122		3,323			1,950		844		(64,284)		0		1,559
Ending balance at Dec. 31, 2024	766,293			0					4					(78,262)		909		340,777
Beginning balance at Mar. 31, 2024	(10,519)				45,688		3,323			1,950		895		(73,918)				11,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,314)													(7,288)				(4,026)
Other comprehensive loss, net of taxes	0
Non-controlling interest acquired	7,348																	7,348
Issuance of shares, net of issuance costs	2,852				2,852
Unit-based compensation	293											45						248
Accretion of redeemable units to redemption value	(362)													(362)
Ending balance at Jun. 30, 2024	(11,702)				$ 48,540		$ 3,323			$ 1,950		$ 940		(81,568)				15,113
Beginning balance at Oct. 01, 2024	(4,503)	$ (21,591)		0		$ 51,683		$ 3,323	0		$ 1,950		$ 981	(15,845)	$ (92,670)	0	$ 62	0	$ 13,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(70,093)													(61,754)				(8,339)
Other comprehensive loss, net of taxes	909															909
Non-controlling interest acquired	4,129																	4,129
Distributions to unitholders	(663)													(663)
Ending balance at Dec. 31, 2024	766,293			0					4					(78,262)		909		340,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(253,674)													(142,997)				(110,677)
Other comprehensive loss, net of taxes	(2,387)															(2,387)
Issuance of shares, net of issuance costs	1,927
Distributions to unitholders	(26)													(26)
Ending balance at Mar. 31, 2025	525,745								5					(221,285)		(1,478)		264,247
Beginning balance at Dec. 31, 2024	766,293			$ 0					4					(78,262)		909		340,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(394,949)
Other comprehensive loss, net of taxes	(2,198)
Ending balance at Jun. 30, 2025	426,060								6					(305,512)		(1,289)		207,509
Beginning balance at Mar. 31, 2025	525,745								5					(221,285)		(1,478)		264,247
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(141,275)													(84,227)				(57,048)
Other comprehensive loss, net of taxes	189															189
Issuance of shares, net of issuance costs	2,625
Ending balance at Jun. 30, 2025	$ 426,060								$ 6					$ (305,512)		$ (1,289)		$ 207,509

Related Party Transactions (FY) (Details) $ / shares in Units, $ in Thousands															3 Months Ended				6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 25, 2025 USD ($) grantee shares	Feb. 26, 2025 grantee shares	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2024 USD ($) director	Dec. 31, 2024 USD ($) grantee	Dec. 09, 2024 USD ($)	Dec. 09, 2024 shares	Dec. 09, 2024 director	Dec. 09, 2024 grantee	Mar. 22, 2024 USD ($)	Mar. 22, 2024 shares	Mar. 22, 2024 director	Mar. 22, 2024 grantee	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Mar. 31, 2021 $ / shares shares
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares		140,000						975,409
Accounts payable			$ 3,248	$ 3,248	$ 3,248	$ 3,248									$ 3,710	$ 3,248			$ 3,710			$ 3,248
Due from related parties			4,536	4,536	4,536	4,536									4,188	4,536			4,188			$ 4,536	$ 2,602
Revenue															476	456	$ 223		700	$ 447	$ 764		1,117
Non-controlling interest acquired																4,129	7,348	$ 3,503			13,921		337
Management fees - related party
Related Party Transaction [Line Items]
Revenue																223					669		892
RSUs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares	111,525
Grant date fair value	$ 600
Number of grantees \| grantee	5
Stock options
Related Party Transaction [Line Items]
Grant date fair value							$ 6,468
Number of grantees \| grantee		2
SARs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares																						30,000
Related party
Related Party Transaction [Line Items]
Accounts payable			0	$ 0	$ 0	$ 0										0						$ 0	347
Transactions with Directors \| Related party
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares								590,163
Number of grantees					4	4			8	8			1	1
Transactions with Directors \| Related party \| Class C units
Related Party Transaction [Line Items]
Grant date fair value											$ 441
Shares issued in period (in shares) \| shares												100,000
Transactions with Directors \| Related party \| RSUs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares	111,525							1,246,722
Grant date fair value	$ 600						15,210
Number of grantees \| grantee	5
Transactions with Directors \| Related party \| Stock options
Related Party Transaction [Line Items]
Grant date fair value							$ 3,913
Transactions with Directors \| Related party \| SARs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares				200,000
Grant date fair value			7,820
Transactions with Innventure1 \| Related party
Related Party Transaction [Line Items]
Accounts payable																							53
Transactions with the ESG Fund
Related Party Transaction [Line Items]
Related party transaction																105					50		48
Transactions with the ESG Fund \| Related party
Related Party Transaction [Line Items]
Accounts payable																							294
Due from related parties			64	$ 64	$ 64	$ 64										64						$ 64	$ 2
Purchase option (in shares) \| shares																								145,161
Purchase option, price (in usd per share) \| $ / shares																								$ 1
Noncontrolling interest sold (in shares) \| shares																							23,712
Non-controlling interest acquired																							$ 104
Transactions with the ESG Fund \| Related party \| Management fees - related party
Related Party Transaction [Line Items]
Revenue															$ 195	196	$ 196		$ 391	$ 393	588		789
Transactions with the ESG Fund \| Related party \| Minimum
Related Party Transaction [Line Items]
Management fee percentage																			1.00%			1.00%
Transactions with the ESG Fund \| Related party \| Maximum
Related Party Transaction [Line Items]
Management fee percentage																			2.00%			2.00%
Transactions with AeroFlexx \| Related party
Related Party Transaction [Line Items]
Related party transaction																27					$ 84		116
Due from related parties			$ 97	$ 97	$ 97	$ 97										$ 97						$ 97	$ 0

Business Combinations (FY)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

Note 8. Business Combinations

As discussed in Note 1. Nature of Business, the Closing of the Business Combination occurred on October 2, 2024 pursuant to the terms of the Business Combination Agreement. Upon Closing, 250,000,000 shares of the Company’s common stock (“Common Stock”), par value $0.0001 per share, and 25,000,000 shares of the Company’s preferred stock, par value $0.0001 per share, were authorized. Of the 25,000,000 shares of preferred stock authorized, the Company designated 3,000,000 shares as Series B preferred stock (“Series B Preferred Stock”).

As a result of the Business Combination, (a) each Learn CW Class A ordinary share and Class B ordinary share issued and outstanding immediately prior to Closing (and not cancelled or redeemed) was converted into the right to receive one share of Common Stock; (b) each Learn CW public warrant and private placement warrant outstanding immediately prior to Closing was assumed and converted into a Company warrant (“Warrant”); (c) the Innventure LLC equity units (other than the Innventure LLC Class PCTA units (“Class PCTA Units”) and Class I units (“Class I Units”)) issued and outstanding immediately prior to Closing were converted into the right to receive shares of Common Stock; and (d) the Class PCTA Units and the Class I Units of Innventure LLC remained outstanding.

The Business Combination has been accounted for using the acquisition method of accounting. Holdco was determined to be the accounting acquirer as Innventure LLC was determined to be a VIE and Holdco was determined to be the primary beneficiary. In applying the VIE model, the Class I and Class PCTA Units and associated assets and liabilities are considered silos within Innventure LLC for which Holdco is not considered the primary beneficiary; therefore such silos were not acquired and are omitted from the Company’s consolidated financial statements. Accordingly, the Company recorded all assets acquired and liabilities assumed that Holdco was determined to be the primary beneficiary of at their acquisition date fair values, with any excess recognized as goodwill.

Consideration Transferred

The aggregate consideration for the Business Combination (the “Purchase Consideration”) paid to the holders of Innventure LLC’s outstanding equity and profits interests and warrants, other than the Class PCTA Units and the Class I Units (such holders, the “Innventure Members”), consisted of 43,494,999 shares of Common Stock. A portion of this Purchase Consideration to be delivered to Innventure Members consists of a contingent right to receive up to 5,000,000 (the “Company Earnout Shares”) shares of Common Stock. Refer to Note 10. Earnout Shares for more details on the Company Earnout Shares.

Immediately after giving effect to the Business Combination (including as a result of the conversions described above), there were 43,589,850 shares of Common Stock and 18,645,997 Warrants issued and outstanding. As of the Closing, the Innventure Members owned approximately 88.3% of the Company’s outstanding shares of Common Stock and the former shareholders of Learn CW, including (i) Learn CW’s sponsor, CWAM LC Sponsor LLC (the “Sponsor”) and (ii) Learn CW’s independent directors, owned approximately 13.7% of the Company’s outstanding shares of Common Stock.

The number of shares of Common Stock issued and outstanding at the Closing of the Business Combination were:


Innventure LLC Units	Immediately Prior to Closing	Common Stock Conversion Ratio	Common Stock Upon Closing
Class B Preferred Units	10,875,000	2.09	22,754,664
Class B-1 Preferred Units	5,609,951	2.09	11,738,165
Class A Units	342,608	2.09	716,867
Class C Units	1,570,125	2.09	3,285,303
Total	18,397,684		38,494,999

Learn CW Shares
Learn CW Public shareholders	1,027,674	1.00	1,027,674
Learn CW Class B Shareholders	5,000,000	1.00	5,000,000
Total	6,027,674		6,027,674

Less: Learn CW shares subject to clawback provisions			(932,823)

Total Common Stock Issued and Outstanding at Closing			43,589,850

The consideration transferred for the Business Combination is summarized as follows:


Holdco Common Stock transferred to Innventure Members⁽¹⁾			$418,441
Contingent consideration⁽²⁾			53,980
Consideration transferred			472,421
Non-controlling interest⁽³⁾			343,030
Total business enterprise value			$815,451

(1)	Represents the fair value of the 38,494,999 of aggregate consideration paid in shares (excluding the Company Earnout shares) at a Closing share price of $10.87.

(2)	Represents the fair value of the Company Earnout Shares issued and contingently issuable to Innventure Members. Refer to Note 10. Earnout Shares for more details.

(3)

Investing cash flow activity as a result of the Business Combination is summarized as follows:


			Amount
Cash consideration transferred			$—
Add: Cash and cash equivalents acquired			16
Investing cash flow activity as a result of the Business Combination			$16


			Amount
Cash proceeds from Learn CW trust account			$11,342
Net cash proceeds from Series B Preferred Stock issuance			10,572
Total Innventure, Inc. cash sources			$21,914

Payment of Learn CW accounts payable and accrued expenses			$9,233
Payment of Learn CW promissory note due to Sponsor			4,628
Payment of Innventure LLC transaction costs at Closing			6,206
Total cash uses			$20,067
Net cash proceeds			$1,847

The Business Combination has been accounted for as a business combination using the acquisition method of accounting. The total purchase price was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date.

The purchase consideration was allocated to the following assets and liabilities:


			Amount
Assets acquired:
Cash and cash equivalents			$16
Accounts receivable			117
Due from related parties			210
Inventory			2,824
Prepaid expenses and other current assets			1,955
Equity method investments			18,449
Investment in debt securities - AFS			10,172
Property, plant, and equipment			1,227
Intangible assets			187,500
Other assets			829
Total assets acquired:			$223,299


			Amount
Liabilities assumed:
Accounts payable			$6,286
Accrued employee benefits			7,617
Accrued expenses			1,972
Related party payable			13,932
Notes payable			975
Patent installment payable			13,600
Deferred tax liability			30,654
Other liabilities			748
Total liabilities assumed:			$75,784
Net identifiable assets acquired			$147,515
Goodwill			$667,936

The assessment of fair value is preliminary and is based on information that was available to management and through the end of the fiscal year. If additional information of events or circumstances that existed at Closing becomes available to management related to assets acquired or liabilities assumed subsequent to this preliminary assessment of fair value but not later than one year after Closing, measurement period adjustments will be recorded in the period in which they are determined, as if they had been completed at the Closing Date.

Goodwill is recognized as the excess of consideration over the net assets acquired of Innventure LLC and represents the value derived by Innventure LLC’s strong market position and assembled workforce. Goodwill arising from the Business Combination is attributable to the Company’s Technology segment and is not deductible for tax purposes.

The fair value of definite-lived intangible assets as of the Closing Date included:


			Amount
Trade names			17,800
Customer relationships			4,600
Developed technology			165,100
Total			$187,500

Refer to Note 9. Goodwill and Intangible Assets for additional information.

The Predecessor financial statements for the year ended December 31, 2023, include $3,452 transaction costs from Innventure LLC and for the period from January 1, 2024 to October 1, 2024 include $9,627 of transaction costs from Innventure LLC. These transaction costs are recorded within General and administrative expenses within the consolidated statements of operations and comprehensive income (loss). Prior to the Closing Date, Learn CW incurred $9,233 of transaction costs related to the Business Combination, which are not reported in the Predecessor consolidated statements of operations and comprehensive income (loss) since Learn CW is not the Predecessor; these transaction costs are included within Accumulated deficit for the Successor period beginning October 2, 2024. Innventure LLC contributed revenues of $455 and net loss of $18,333 in the consolidated statements of operations and comprehensive income (loss) for the Successor period from October 2, 2024 through December 31, 2024.

Innventure LLC incurred certain acquiree expenses contingent solely upon the consummation of the Business Combination. Such costs consisted of $5,292 in transaction costs and $223 of expense related to share-based award accelerated vesting. Such costs are presented “on the line” and are not reflected in either Predecessor or Successor financial statement periods. “On the line” describes those expenses triggered by the consummation of a business combination that are not recognized in the consolidated statements of operations and comprehensive income (loss) as they are not directly attributable to either period but instead were contingent on the Business Combination.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information summarizes the results of operations for the Company as though the Business Combination had occurred as of the beginning of the comparable prior annual reporting period. The Successor and Predecessor Periods for the year ended December 31, 2024 have been combined. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the Business Combination taken place on the date indicated, or the future consolidated results of operations of the Company.

The unaudited pro forma results reflect the step-up amortization adjustments for the fair value of intangible assets acquired, transaction expenses, public warrant reclass from liabilities to equity, removal of Learn CW investment income, and accelerated vesting of equity-based compensation. The amounts of revenue for the years ended December 31, 2024 and 2023 are $1,219 and $1,117, respectively. The amounts of net loss for the years ended December 31, 2024 and 2023 are $105,972 and $74,165, respectively.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Revenues (FY) (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Breakout of Revenue

The following table represents the breakout of revenue by source:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Product revenue	$233	$95	$—
Management fees - related party	223	669	892
Consulting revenue	—	—	225
Total revenue	$456	$764	$1,117

Schedule of Major Customer Concentration of Revenue

The following table represents major customer concentration of revenue:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Customer A - Related Party	43.0%	77.0%	70.7%
Customer B - Related Party	5.9%	10.6%	9.2%
Customer C	—%	—%	20.1%
Customer D	—%	12.4%	—%
Customer E	48.9%	—%	—%
Total Revenue Concentration of Major Customers	97.8%	100.0%	100.0%

Stock-based Compensation (Q2) (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 25, 2025 USD ($) grantee $ / shares shares	Feb. 26, 2025 grantee $ / shares shares	Dec. 09, 2024 USD ($) $ / shares shares	Mar. 31, 2023 shares	Jun. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Oct. 01, 2024 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in shares) \| shares		140,000	975,409
Options granted, exercise price (in usd per share) \| $ / shares		$ 8.84	$ 12.2
Options granted (in usd per share) \| $ / shares		$ 4.97	$ 6.63
Compensation expense remaining to be recognized, stock options					$ 4,217	$ 6,063		$ 4,217			$ 6,063
Accelcius Subsidiary Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares				3,300,000	133,000		0	133,000	110,000
Awards granted, fair value per unit (in usd per share) \| $ / shares					$ 20.75	$ 46.38	$ 0	$ 20.75	$ 4.41	$ 4.41		$ 3.8
Compensation expense (income/decrease)					$ 912	$ 1,341	$ 248	$ 1,810	$ 593	$ 918		$ 705
Compensation expense remaining to be recognized, awards excluding stock options					8,457	$ 8,103		$ 8,457			8,103
Compensation expense remaining to be recognized, period						2 years 5 months 1 day		2 years 2 months 15 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares	111,525
Number of grantees \| grantee	5
Grant date fair value	$ 600
Awards granted, fair value per unit (in usd per share) \| $ / shares	$ 5.38
Compensation expense (income/decrease)					6,979	$ 1,604		$ 10,895
Compensation expense remaining to be recognized, awards excluding stock options					12,946	$ 23,241		$ 12,946			$ 23,241
Compensation expense remaining to be recognized, period						1 year 7 months 24 days		1 year 4 months 24 days
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of grantees \| grantee		2
Grant date fair value			$ 6,468
Compensation expense (income/decrease)					1,515	$ 405		$ 2,541
Compensation expense remaining to be recognized, period						1 year 8 months 4 days		1 year 7 months 6 days
Expected volatility rate		56.00%	56.00%
Expected term		5 years 10 months 24 days
Risk-free rate of return		4.06%
Contractual term			10 years					10 years
SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares											30,000
Compensation expense (income/decrease)					$ (244)			$ (693)
Expected volatility rate								80.00%
Expected term								1 year 6 months
Risk-free rate of return								4.00%
Base price for awards (in usd per share) \| $ / shares						$ 12.175					$ 12.175
Maximum number of shares that may be issued (in shares) \| shares	4,000,000

Borrowings (Q2) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings


	Maturities	June 30, 2025	Interest Rates	December 31, 2024	Interest Rates
Series 1 promissory notes	2025 - 2026	$425	15%	$725	12% - 15%
Related party notes	—	—	—	14,000	8% - 15.99%
Convertible debentures	2026	28,172	—%	—
Term convertible notes	2026	2,451	3.94%	—
Related party convertible notes	2025 - 2026	4,002	3.94% - 15%	—
WTI Facility	2028	20,000	13.50%	20,000	13.50%
Total Notes Payable		55,050		34,725
Less: unamortized debt discount		(9,791)		(6,446)
Less: current portion of related party notes payable		—		(14,000)
Less: current portion of related party convertible notes		(1,002)		—
Less: current portion of notes payable		(27,502)		(625)
Total Long-term Notes		$16,755		$13,654


		Successor		Predecessor
	Maturities	December 31, 2024	Interest Rates	December 31, 2023	Interest Rates
Series 1 promissory notes	2025 - 2026	$725	12% - 15%	$1,911	9% - 15%
Related party notes	2024 - 2025	14,000	8% - 15.99%	1,000	—%
Convertible promissory notes		—		6,634	8%
WTI Facility	2028	20,000	13.50%	—
Total Notes Payable		34,725		9,545
Less: unamortized debt discount		(6,446)		(2,133)
Less: current portion of related party notes payable		(14,000)		(1,000)
Less: current portion of notes payable		(625)		(912)
Total Long-term Notes		$13,654		$5,500

Schedule of Maturity of Borrowings

The Company’s notes payable, excluding debt issuance costs, mature as follows:


Year Ending December 31,			Amount
2025 (remaining 6 months)			$13,011
2026			29,234
2027			8,244
2028			4,561
Total Debt			$55,050

The Company’s notes payable, excluding debt issuance costs, and notes payable to related parties mature as follows:


Year Ending December 31,			Amount
2025			$14,625
2026			7,295
2027			8,244
2028			4,561
Total Debt			$34,725

Schedule of Extensions of Promissory Notes

Extensions on Series 1 promissory notes were as follows:


		Three months ended		Six months ended
	Interest Rate	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Principal amount of 1st extension promissory notes	12%	$—	$—	$—	$122
Principal amount of 2nd extension promissory notes	15%	$—	$—	$122	$300

Extensions on Series 1 promissory notes were as follow:


		Successor	Predecessor
	Interest Rate	December 31, 2024	December 31, 2023
Principal amount of 1st extension promissory notes	12%	$122	$829
Principal amount of 2nd extension promissory notes	15%	$603	$890

Schedule of Interest Expense

Interest expense on Series 1 promissory notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Interest attributable to contractual interest

$16

$44

$48

$99

Interest expense on the related party notes was as follows:

Three months ended

Six months ended

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

June 30, 2025

(Successor)

June 30, 2024

(Predecessor)

Total interest expense

$—

$419

$—

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to contractual interest	$683	$—	$1,358	$—
Interest attributable to amortization of issuance costs and discounts	348	—	856	—
Total interest expense	$1,031	$—	$2,214	$—

Interest expense on this facility was as follows:


	Three months ended		Six months ended
	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)	June 30, 2025 (Successor)	June 30, 2024 (Predecessor)
Interest attributable to amortization of issuance costs	1,701	—	1,701	—
Total interest expense	$1,701	$—	$1,701	$—

Interest expense on Series 1 promissory notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$29	$138	$297
Interest attributable to amortization of issuance costs	—	—	32
Total interest expense	$29	$138	$329

Interest expense on the related party notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Total interest expense	$611	$932	$—

Interest expense on the 2025 Notes was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$—	$120	$583


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to amortization of implied discounts	—	231	456
Total interest expense	$—	$351	$1,039

Interest expense on this facility was as follows:


	Successor	Predecessor
	October 2, 2024 through December 31, 2024	January 1, 2024 through October 1, 2024	Year ended December 31, 2023
Interest attributable to contractual interest	$352	$—	$—
Interest attributable to amortization of issuance costs	248	—	—
Total interest expense	$600	$—	$—

- Definition

+ References

+ Details

Accounting Policies - Going Concern (FY) (Details) - USD ($) $ in Thousands								1 Months Ended	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Mar. 24, 2025	Mar. 20, 2025	Jan. 30, 2025	Jan. 22, 2025	Jan. 07, 2025	Dec. 30, 2024	Dec. 24, 2024	Jan. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Oct. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Mar. 25, 2025	Dec. 31, 2022
Accounting Policies [Abstract]
Cash, cash equivalents and restricted cash									$ 11,965		$ 11,119	$ 2,081		$ 11,965	$ 2,081	$ 45	$ 11,119	$ 2,575		$ 7,544
Accumulated deficit									305,512		78,262			305,512			78,262	64,284
Working capital (deficit)									(51,188)		(45,061)			(51,188)			(45,061)
Net loss									141,275	$ 253,674	70,093	$ 11,314	$ 7,526	394,949	18,840	28,198		30,984
Subsequent Event [Line Items]
Payment of debts														1,176	$ 590
Standby Equity Purchase Agreement
Subsequent Event [Line Items]
Amount received from stock issuance						$ 965	$ 770		0					931			$ 1,735
Related party
Subsequent Event [Line Items]
Payment of debts											$ 4,628					$ 0		$ 0
Convertible debt \| Convertible Debentures
Subsequent Event [Line Items]
Payment of debts									$ 834					$ 834
Aggregate principal amount, up to																			$ 30,000
Subsequent event \| Standby Equity Purchase Agreement
Subsequent Event [Line Items]
Amount received from stock issuance			$ 235	$ 57	$ 633			$ 925
Subsequent event \| Series C Preferred Stock
Subsequent Event [Line Items]
Amount received from stock issuance	$ 1,500
Stock purchase agreement, maximum amount	$ 2,750
Subsequent event \| Related party
Subsequent Event [Line Items]
Payment of debts		$ 14,000
Subsequent event \| Convertible debt \| Convertible Debentures
Subsequent Event [Line Items]
Aggregate principal amount, up to																			$ 30,000