0001628280-25-052035 | 10-Q | XBRL Viewer

Fair Value - Significant Unobservable Inputs (Details)	Sep. 30, 2025 yr	May 15, 2025	Apr. 14, 2025	Dec. 31, 2024 yr
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				2,000
Earnout shares, measurement input	6			6.8
Embedded derivative liability - Convertible Debentures, measurement input	4.25
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	5.79			13.85
Embedded derivative asset, measurement input	5.79
Embedded derivative liability - Convertible Debentures, measurement input	36.49
Stock price \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	5.79			13.85
Stock price \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	5.79
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				1.20
Earnout shares, measurement input	0.5800			0.5600
Embedded derivative asset, measurement input	0.6000
Embedded derivative liability - Convertible Debentures, measurement input	0.7000
Volatility \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.5900			0.5600
Volatility \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.5800
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				0.3100
Weighted average cost of capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				0.4500
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input				0.0423
Earnout shares, measurement input	0.0380			0.0442
Embedded derivative liability - Convertible Debentures, measurement input	0.0366
AeroFlexx yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input	0.1117
Revenue risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	0.2620			0.3610
Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	1.4800			1.7600
Credit spread \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.2790			0.1880
Credit spread \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.2790
Debt yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative asset, measurement input	0.3870
Embedded derivative liability - Convertible Debentures, measurement input		0.426	0.445
Debt spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative asset, measurement input	0.3500

Earnout Shares	9 Months Ended
Earnout Shares	Sep. 30, 2025
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 $5,460 and $14,752 as of September 30, 2025 and December 31, 2024, respectively. The Company recognized a loss of $1,090 and gain of $8,419 in Change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2025 (Successor), respectively.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 9,061	$ 11,119
Restricted cash	5,000	0
Accounts receivable, net	1,569	283
Due from related parties	7,511	4,536
Inventories, net	6,404	5,178
Prepaid expenses and other current assets	2,705	3,170
Total Current Assets	32,250	24,286
Investments	31,207	28,734
Property, plant and equipment, net	2,176	1,414
Intangible assets, net	165,941	182,153
Goodwill	323,463	667,936
Other assets	1,478	766
Total Assets	556,515	905,289
Liabilities and Stockholders' Equity
Accounts payable	856	3,248
Accrued employee benefits	12,189	9,273
Accrued expenses	3,225	2,478
Contract liabilities	776	0
Embedded derivative liability	1,677	0
Patent installment payable - current	700	1,225
Obligation to issue equity	2,239	4,158
Warrant liability	22,742	34,023
Income taxes payable	930	0
Related party convertible promissory notes - current	2,085	0
Other current liabilities	660	317
Total Current Liabilities	82,477	69,347
Notes payable, net of current portion	10,101	13,654
Earnout liability	5,460	14,752
Stock-based compensation liability	237	1,160
Patent installment payable, net of current portion	12,375	12,375
Deferred income taxes	19,213	27,353
Other liabilities	660	355
Total Liabilities	149,936	138,996
Commitments and Contingencies (Note 16)
Stockholders' Equity
Common Stock, $0.0001 par value, 250,000,000 shares authorized, 56,220,158 and 44,597,154 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	6	4
Additional paid-in capital	525,615	502,865
Accumulated other comprehensive (loss) gain	(1,008)	909
Accumulated deficit	(333,844)	(78,262)
Total Innventure, Inc., Stockholders’ Equity	190,769	425,516
Non-controlling interest	215,810	340,777
Total Stockholders' Equity	406,579	766,293
Total Liabilities and Stockholders' Equity	556,515	905,289
Series B Preferred Stock, $0.0001 par value, 3,000,000 shares designated, 33,144 and 1,102,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
Liabilities and Stockholders' Equity
Obligation to issue equity	20
Stockholders' Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized;	0	0
Series C Preferred Stock, $0.0001 par value, 5,000,000 shares designated, 150,000 and — shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively
Liabilities and Stockholders' Equity
Obligation to issue equity	60
Stockholders' Equity
Preferred stock, $0.0001 par value, 25,000,000 shares authorized;	0	0
Related party
Liabilities and Stockholders' Equity
Notes payable - current	0	14,000
Convertible notes, net of current portion	4,389	0
Nonrelated party
Liabilities and Stockholders' Equity
Notes payable - current	34,398	625
Convertible notes, net of current portion	$ 15,024	$ 0

Borrowings - Debt Extensions (Details) - Notes payable - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2021
Principal amount of 1st extension promissory notes
Debt Instrument [Line Items]
Interest Rate					12.00%
Principal amount of extension promissory notes	$ 0	$ 0	$ 0	$ 122
Principal amount of 2nd extension promissory notes
Debt Instrument [Line Items]
Interest Rate					15.00%
Principal amount of extension promissory notes	$ 0	$ 0	$ 122	$ 421

- 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.

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Preferred Stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred Stock, authorized (in shares)	25,000,000	25,000,000
Common Stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common Stock, authorized (in shares)	250,000,000	250,000,000
Common Stock, issued (in shares)	56,220,158	44,597,154
Common Stock, outstanding (in shares)	56,220,158	44,597,154
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
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
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

Warrants - Schedule of Warrants (Details)	9 Months Ended
Warrants - Schedule of Warrants (Details)	Sep. 30, 2025 shares
Public Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	11,240,688
Exercised (in shares)	0
Issued (in shares)	0
Outstanding, ending (in shares)	11,240,688
Private Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	7,146,000
Exercised (in shares)	0
Issued (in shares)	0
Outstanding, ending (in shares)	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
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)	2

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Schedule of Investments


	September 30, 2025		December 31, 2024
Equity-method investments	$	21,805	$	17,547
Investment in debt securities - AFS	9,402		11,187
Total Investments	$	31,207	$	28,734

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Apr. 14, 2025	Dec. 31, 2024	Sep. 30, 2024
Class of Warrant or Right [Line Items]
Warrants (in shares)					0
Warrant liability	$ 22,742	$ 22,742		$ 34,023
Public warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	11,240,688	11,240,688		11,240,688
Exercise price of warrant (in usd per share)	$ 11.50	$ 11.50
Private placement warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	7,146,000	7,146,000		7,146,000
Exercise price of warrant (in usd per share)	$ 11.50	$ 11.50
Warrant liability	$ 6,392	$ 6,392		$ 16,793
Gain (loss) on change in fair value of warrants	$ (754)	$ (10,401)
2024 WTI Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	2	2		2
Warrant liability	$ 12,720	$ 12,720		$ 17,230
Gain (loss) on change in fair value of warrants	$ 270	$ (4,510)
2025 WTI Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)	2	2	2	0
Exercise price of warrant (in usd per share)			$ 0.01
Warrant liability	$ 3,630	$ 3,630	$ 3,090
Gain (loss) on change in fair value of warrants	$ 230	$ 540
Number of shares issuable for warrants (in shares)			495,074

Net Loss Per Share - Reconciliation for EPS Calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$ (28,332)	$ (2,211)	$ (255,556)	$ (14,719)
Less: Cumulative earnings to participating securities	28		80
Undistributed loss for participating securities	(28,360)		(255,636)
Less: Undistributed loss attributable to participating securities	0		0
Net Loss attributable to common shareholders, basic	(28,360)		(255,636)
Net Loss attributable to common shareholders, diluted	$ (28,360)		$ (255,636)
Denominator:
Weighted average number of units outstanding, basic (in shares)	55,846,721	10,875,000	51,583,853	10,875,000
Weighted average number of units outstanding, diluted (in shares)	55,846,721	10,875,000	51,583,853	10,875,000
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.51)	$ (0.94)	$ (4.96)	$ (2.67)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.51)	$ (0.94)	$ (4.96)	$ (2.67)

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

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 nine months of fiscal year 2025)	$	700
2026	825
2027	825
2028	825
2029	825
Thereafter	9,075
Total	$	13,075

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charge	$ 0	$ 0	$ 346,557	$ 0
Amortization expense	$ 5,404		$ 16,212

- 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.

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-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ 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

Fair Value - Changes in Fair Value of Level 3 Derivative Liabilities (Details) - Embedded derivative liability - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Convertible Promissory Notes Due 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0	$ 1,994
Settlement and derecognitions	0	(2,472)
Additions	0
Change in fair value	0	478
Ending balance	0	0
August 2025 notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	0
Settlement and derecognitions	0	0
Additions	0
Change in fair value	1,677	0
Ending balance	1,677	0
Convertible debentures
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	0
Settlement and derecognitions	(3,297)	0
Additions	1,476
Change in fair value	1,617	0
Ending balance	$ (204)	$ 0

Investments

9 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Investments

Note 3. Investments


	September 30, 2025		December 31, 2024
Equity-method investments	$	21,805	$	17,547
Investment in debt securities - AFS	9,402		11,187
Total Investments	$	31,207	$	28,734

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 September 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 September 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 nine months ended September 30, 2025 (Successor) and is included in non-operating income in the condensed consolidated statements of operations and comprehensive income (loss).

The total principal balance drawn as of September 30, 2025 was $10,000. During the nine months ended September 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 Company accounted for the loans as an investment in debt securities and classified them as available for sale (“AFS”) 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 $281 and decrease of $410 in fair value of this investment in debt securities for the three and nine months ended September 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 $7,071 and $4,472 as of September 30, 2025 and December 31, 2024, included in Due from related parties on the condensed consolidated balance sheets.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025	$	323,463

Schedule of Other Intangible Assets, Net

Other intangible assets, net


	September 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	15.0	17,800		(1,111)		16,689		17,800		$	(277)	$	17,523
Customer relationships	2.0	4,600		(1,532)		3,068		4,600		$	(382)	$	4,218
Developed technology	8.3	165,100		(18,938)		146,162		165,100		$	(4,718)	$	160,382
Other finite-lived intangible assets	2.2	30		(8)		22		30		—		$	30
Total intangible assets		$	187,530	$	(21,589)	$	165,941	$	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 nine months of fiscal year 2025)	$	5,404
2026	21,616
2027	21,234
2028	20,073
2029	18,853
2030 and thereafter	78,761
Total	$	165,941

- 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

Stock-based Compensation	9 Months Ended
Stock-based Compensation	Sep. 30, 2025
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. On July 15, 2025, the Company issued 327,248 shares of Common Stock to settle 412,156 vested RSUs net of taxes that were originally issued as part of the 2024 Equity and Incentive Compensation Plan. On August 25, 2025, the Company issued 519,189 RSUs to five key employees. The RSUs had a grant date fair value of $2,303 based on a fair value per unit of $4.44. 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 nine months ended September 30, 2025 (Successor), the Company recognized compensation costs related to the RSUs of $3,534 and $14,429, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of September 30, 2025, the Company had $11,168 in stock-based compensation expense remaining to be recognized over approximately 1.8 years. Stock Options On February 26, 2025, the Company issued 90,000 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 nine months ended September 30, 2025 (Successor), the Company recognized compensation costs related to the stock options of $1,192 and $3,733, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of September 30, 2025, the Company had $2,633 in compensation expense remaining to be recognized over approximately 1.7 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 September 30, 2025 using the Black-Scholes option-pricing model based on an expected volatility of 70%, an expected term of approximately 1.3 years, and risk-free rate of return of 4%. The Company recognized a decrease in compensation expense in the amount of $237 and $931 in relation to the change in fair value of the cash-settled SARs for the three and nine months ended September 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 During the three and nine months ended September 30, 2025 (Successor), there were 915,000 and 1,048,000 Class C units granted, respectively with a grant date fair value per share of $20.31 and $20.60, respectively. During the three and nine months ended September 30, 2024 (Predecessor), there were $— 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 of $2,747 and $4,557 for the three and nine months ended September 30, 2025 (Successor) and $326 and $919 for the three and nine months ended September 30, 2024 (Predecessor), respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of September 30, 2025, the Company had $24,179 in unit-based compensation expense remaining to be recognized over approximately 2.2 years.

Warrants

9 Months Ended

Sep. 30, 2025

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, September 30, 2025 (Successor)	11,240,688	7,146,000	2	2

There were no warrants outstanding during the three and nine months ended September 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 September 30, 2025 (Successor) and December 31, 2024 (Predecessor), the fair value of the private placement warrants is $6,392 and $16,793, respectively, and is presented as a current liability in the condensed consolidated balance sheets. For the three and nine months ended September 30, 2025 (Successor), the Company recognized a gain of $754 and $10,401, 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 $12,720 and $17,230 as of September 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively. For the three and nine months ended September 30, 2025 (Successor), the Company recognized a loss of $270 and gain of $4,510, 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 $3,630 as of September 30, 2025 (Successor). For the three and nine months ended September 30, 2025 (Successor), the Company recognized a loss of $230 and $540, respectively, 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.

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,863	$ 1,492
Less: Accumulated depreciation	(687)	(78)
Property, plant and equipment, net	2,176	1,414
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	944	548
Machinery & equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,905	664
Computers & office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14	14
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 0	$ 266

Borrowings - Narrative (Details) $ / shares in Units, $ in Thousands											1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Sep. 15, 2025 USD ($) tranche $ / shares	Sep. 14, 2025 USD ($)	Jul. 24, 2025 USD ($)	Jun. 27, 2025 USD ($)	Jun. 26, 2025 USD ($) tranche	May 15, 2025 USD ($)	Apr. 14, 2025 USD ($) $ / shares shares	Nov. 15, 2024 USD ($)	Oct. 22, 2024 USD ($) tranche	Dec. 31, 2021 USD ($) extension_option	Sep. 19, 2025 USD ($) shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) shares	Jul. 01, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 04, 2025 $ / shares	Mar. 25, 2025 USD ($) tranche	Mar. 21, 2025 USD ($)	Dec. 31, 2024 shares	Oct. 01, 2024 USD ($)	Aug. 22, 2024 USD ($) instrument	Aug. 20, 2024 USD ($)	May 02, 2024 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Warrants (in shares) \| shares														0		0
Payment of debts															$ 3,877	$ 790
Embedded derivative liability - August 2025 Notes												$ 1,677	$ 1,677		$ 1,677
2025 WTI Warrant liability
Debt Instrument [Line Items]
Warrants (in shares) \| shares							2					2	2		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
Proceeds from issuance of debt															6,350	0
Convertible debt \| August 2025 notes
Debt Instrument [Line Items]
Embedded derivative liability - August 2025 Notes												$ 1,677	1,677		1,677
Series 1 promissory notes \| Notes payable
Debt Instrument [Line Items]
Aggregate principal amount, up to																											$ 35,000
Notes principal										$ 4,936
Number of extension options \| extension_option										2
Debt term, with extension										60 months
Series 1 promissory notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term										36 months
Interest Rate										9.00%
Series 1 promissory notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term										48 months
Interest Rate										12.00%
Principal amount of 1st extension promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest Rate										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%
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
Interest expense, debt													$ 0	0	$ 419	0
Related party notes \| Notes payable \| Minimum \| Related party
Debt Instrument [Line Items]
Interest Rate																						8.00%
Related party notes \| Notes payable \| Maximum \| Related party
Debt Instrument [Line Items]
Interest Rate																						15.99%
Related party note one \| Notes payable
Debt Instrument [Line Items]
Notes principal																									$ 10,000
Loan fee due upon maturity																									$ 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
Interest Rate																							13.50%	11.50%
Principal amount due																							$ 1,000
Related party note three \| Notes payable
Debt Instrument [Line Items]
Notes principal																										$ 1,000
Loan fee due upon maturity																										$ 63
Interest rate if not paid at maturity																										8.00%
WTI Facility \| Term loan
Debt Instrument [Line Items]
Debt term								42 months
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
Proceeds from issuance of debt								$ 20,000
Principal and interest payments period								30 months
Interest only payments period								12 months	12 months
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													$ 1,291	0	$ 3,505	0
Convertible debentures \| Convertible debt
Debt Instrument [Line Items]
Conversion to common stock (in shares) \| shares													140,168		140,168
Conversion to equity															$ 776
Payment of debts													$ 552		1,386
Payment of loan fee													28		69
Interest expense, debt													$ 2,004	$ 0	$ 3,705	$ 0
Convertible debentures \| Convertible debt \| SEPA with Yorkville
Debt Instrument [Line Items]
Conversion to common stock (in shares) \| shares													523,748		997,573
Debt instrument, face amount, converted													$ 2,602		$ 4,937
Debt premium, converted													$ 130		$ 247
Convertible debentures \| Convertible debt \| Minimum
Debt Instrument [Line Items]
Interest Rate												0.00%	0.00%		0.00%
Convertible debentures \| Convertible debt \| Maximum
Debt Instrument [Line Items]
Interest Rate												5.00%	5.00%		5.00%
Existing Convertible Debentures \| Convertible debt
Debt Instrument [Line Items]
Aggregate principal amount, up to																				$ 30,000
Notes principal						$ 10,000	$ 20,000
Number of tranches/draws \| tranche																				2
Proceeds from issuance of debt						$ 9,000	$ 18,000
Debt, discount percentage						10.00%	10.00%
Number of monthly payments						11 months	12 months
Payment premium percentage due monthly						5.00%	5.00%
Conversion price (in usd per share) \| $ / shares	$ 7.00																		$ 10.00
Floor price (in usd per share) \| $ / shares	$ 1.59
Monthly payment		$ 2,000
Periodic payment, under exchange cap, percentage	99.00%
New Convertible Debentures \| Convertible debt
Debt Instrument [Line Items]
Aggregate principal amount, up to	$ 15,000
Notes principal	$ 10,000											$ 5,000	$ 5,000		$ 5,000
Interest Rate	5.00%
Number of tranches/draws \| tranche	2
Proceeds from issuance of debt	$ 9,000
Debt, discount percentage	10.00%
Term convertible notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal																	$ 7,750
Interest Rate												3.94%	3.94%		3.94%
Conversion price (in usd per share) \| $ / shares												$ 12.175	$ 12.175		$ 12.175
Interest expense, debt													$ 85		$ 88
Related Party Convertible Promissory Note \| Convertible debt
Debt Instrument [Line Items]
Notes principal					$ 3,000							$ 2,000	$ 2,000		$ 2,000
Interest Rate					15.00%
Loan fee due upon maturity					$ 35
Number of tranches/draws \| tranche					3
Proceeds from issuance of debt			$ 1,000	$ 1,000
Conversion price, percentage of funding round price					80.00%
Conversion price basis, minimum equity funding amount					$ 5,000
Related Party Term Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal																		$ 4,250
Conversion price (in usd per share) \| $ / shares												$ 12.175	$ 12.175		$ 12.175
Related party convertible notes \| Convertible debt
Debt Instrument [Line Items]
Interest expense, debt													$ 97		$ 99
Related party convertible notes \| Convertible debt \| Minimum \| Related party
Debt Instrument [Line Items]
Interest Rate												3.94%	3.94%		3.94%
Related party convertible notes \| Convertible debt \| Maximum \| Related party
Debt Instrument [Line Items]
Interest Rate												15.00%	15.00%		15.00%
August 2025 notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal											$ 9,150
Debt term											2 years
Interest Rate												6.50%	6.50%		6.50%
Interest expense, debt													$ 37		$ 37
Proceeds from issuance of debt												$ 7,300
Debt conversion terms, minimum offering proceeds											$ 5,000
Percentage of offering price											80.00%
Number of units in exchange for each warrant (in shares) \| shares											0.5
Warrants exercise price, percentage of unit price											120.00%

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

Nature of Business (Details) $ in Billions	Sep. 30, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Target enterprise value	$ 1

Fair Value - Changes in Fair Value of Level 3 Assets (Details) - Investment in debt securities - AFS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 11,187	$ 0
Additions	7,382
Settlement and derecognitions	(8,757)	0
Change in fair value	(410)	0
Ending balance	$ 9,402	$ 0

Business Segment Data (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segment Information

The following table presents information about the Company’s Technology segment for the three and nine months ended September 30, 2025 (Successor) and the three and nine months ended September 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				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Revenue	$	507	$	95	$	762	$	95
Interest income	—		7		4		7

Cost of sales	$	4,147	$	777	$	7,192	$	777
Employee costs	5,183		2,746		12,987		8,076
Facilities, equipment & supplies	206		182		667		582
General and administrative	870		113		4,105		398
Outside services	427		431		1,236		842
Research and development	3,268		1,368		11,291		2,711
Sales and marketing	230		84		662		442
Depreciation expense *	162		30		463		99
Interest expense	297		73		614		564
Income tax expense (benefit)	(3,289)		—		(7,394)		—
Goodwill impairment	—		—		346,557		—
Other **	1,824		81		2,019		1,831
Total Expenses	$	13,325	$	5,885	$	380,399	$	16,322

Net Loss	$	(12,818)	$	(5,783)	$	(379,633)	$	(16,220)

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

** Other - change in fair value of embedded derivative liability, loss on conversion of promissory note, travel and other miscellaneous expenses.

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


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Revenues:
Technology	$	507	$	95	$	762	$	95
Other	54		249		553		750
Elimination of management services provided to Technology	(27)		(27)		(81)		(81)
Consolidated Revenues	$	534	$	317	$	1,234	$	764

Interest Expense:
Technology	$	297	$	73	$	614	$	564
Other	3,310		971		7,693		1,070
Elimination of Intercompany Interest	(101)		(73)		(415)		(213)
Consolidated Interest Expense	$	3,506	$	971	$	7,892	$	1,421

Interest Income:
Technology	$	—	$	7	$	4	7
Other	206		185		717		$	327
Elimination of Intercompany Interest	(101)		(73)		(415)		$	(213)
Consolidated Interest Income	$	105	$	119	$	306	$	121

Depreciation and Amortization Expense:
Technology	$	5,636	$	77	$	16,813	$	146
Other	2		—		8		—
Consolidated Depreciation and Amortization Expense	$	5,638	$	77	$	16,821	$	146

Net Loss:
Technology	$	(12,818)	$	(5,784)	$	(379,633)	$	(16,221)
Other	(21,917)		(1,857)		(50,051)		(10,260)
Consolidated Net Loss	$	(34,735)	$	(7,641)	$	(429,684)	$	(26,481)

Capital Expenditures:
Technology	$	438	$	96	$	1,371	$	736
Other	—		—		—		—
Consolidated Capital Expenditures	$	438	$	96	$	1,371	$	736

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory


	September 30, 2025		December 31, 2024
Raw materials	$	3,490	$	2,974
Work in process	4		50
Finished goods	2,910		2,154
Total inventories	$	6,404	$	5,178

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Series 1 promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest attributable to contractual interest	$ 15	$ 39	$ 63	$ 138
Related party notes \| Notes payable
Debt Instrument [Line Items]
Total interest expense	0	0	419	0
WTI Facility \| Term loan
Debt Instrument [Line Items]
Interest attributable to contractual interest	690	0	2,048	0
Interest attributable to amortization of issuance costs and discounts	601	0	1,457	0
Total interest expense	1,291	0	3,505	0
Convertible debentures \| Convertible debt
Debt Instrument [Line Items]
Interest attributable to contractual interest	21	0	21	0
Interest attributable to amortization of issuance costs and discounts	1,983	0	3,684	0
Total interest expense	$ 2,004	$ 0	$ 3,705	$ 0

Consolidated Statements of Changes in Stockholders' Deficit - 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 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, 2023	$ (18,486)																$ (64,284)	$ 0	$ 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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)	0	11,543
Beginning balance at Dec. 31, 2023	(18,486)																(64,284)	0	1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26,481)
Other comprehensive gain, net of taxes	(2,373)
Ending balance at Sep. 30, 2024	(22,308)																(90,952)	(2,373)	13,080
Beginning balance at Mar. 31, 2024	(10,519)																(73,918)	0	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
Ending balance at Jun. 30, 2024	(11,702)																(81,568)	0	15,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,641)																(2,211)	0	(5,430)
Issuance of common shares, net of issuance costs	3,143
Other comprehensive gain, net of taxes	(2,373)																	(2,373)
Ending balance at Sep. 30, 2024	(22,308)																(90,952)	(2,373)	13,080
Preferred Stock, beginning balance (in shares) at Dec. 31, 2024				1,102,000	0	1,102,000		0
Beginning balance at Dec. 31, 2024	$ 766,293					$ 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	$ (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
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]
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	0	1,102,000		0
Beginning balance at Dec. 31, 2024	$ 766,293					$ 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	$ (429,684)
Other comprehensive gain, net of taxes	(1,917)
Conversion to equity (in shares)												2,164,673	5,471,696
Preferred Stock, ending balance (in shares) at Sep. 30, 2025				33,144	150,000	33,144		150,000
Ending balance at Sep. 30, 2025	$ 406,579					$ 0		$ 0		$ 6				525,615			(333,844)	(1,008)	215,810
Common Stock, ending balance (in shares) at Sep. 30, 2025	56,220,158									56,220,158
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 Sep. 30, 2025	0
Preferred Stock, ending balance at Sep. 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 equity (in shares)							(1,085,664)		150,000		7,636,369
Conversion to equity		$ 27,270	$ 1,468								$ 1				$ 27,269	$ 1,468
Preferred Stock, ending balance (in shares) at Jun. 30, 2025						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
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)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(34,735)																(28,332)		(6,403)
Issuance of common shares, net of issuance costs (in shares)										998,664
Issuance of common shares, net of issuance costs	3,095													3,095
Other comprehensive gain, net of taxes	281																	281
Non-controlling interest issued and related transfers	4,181													(7,776)					11,957
Stock-based compensation	7,725													4,978					2,747
Accrued preferred dividends	(28)													(28)
Conversion to equity (in shares)													5,471,696
Preferred Stock, ending balance (in shares) at Sep. 30, 2025				33,144	150,000	33,144		150,000
Ending balance at Sep. 30, 2025	$ 406,579					$ 0		$ 0		$ 6				$ 525,615			$ (333,844)	$ (1,008)	$ 215,810
Common Stock, ending balance (in shares) at Sep. 30, 2025	56,220,158									56,220,158
Increase (Decrease) in Temporary Equity [Roll Forward]
Accrued preferred dividends	$ 0
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)					2,735,848
Preferred Stock, ending balance (in shares) at Sep. 30, 2025	0
Preferred Stock, ending balance at Sep. 30, 2025	$ 0

Nature of Business	9 Months Ended
Nature of Business	Sep. 30, 2025
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 the 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.

Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 and December 31, 2024:


September 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	$	—	$	—	$	9,402	$	9,402
Embedded derivative asset - Convertible Debentures	—		—		204		204

Liabilities:
Earnout liability	$	—	$	—	$	5,460	$	5,460
2024 WTI Warrant liability	—		—		12,720		12,720
2025 WTI Warrant liability	—		—		3,630		3,630
Private placement warrant liability	—		6,392		—		6,392
Embedded derivative liability - August 2025 Notes	—		—		1,677		1,677


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

Schedule of 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 nine months ended September 30, 2025 (Successor) and the nine months ended September 30, 2024 (Predecessor), respectively, are as follows:


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

Balance as of January 1, 2025 (Successor)	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—
Additions	—		—		7,382		—		—		3,090		1,476
Settlement and derecognitions	—		—		(8,757)		(873)		—		—		(3,297)
Change in fair value	—		1,677		(410)		(8,419)		(4,510)		540		1,617
Balance as of September 30, 2025 (Successor)	$	—	$	1,677	$	9,402	$	5,460	$	12,720	$	3,630	$	(204)

Schedule of Changes in Fair Value of Level 3 Liabilities


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

Balance as of January 1, 2025 (Successor)	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—
Additions	—		—		7,382		—		—		3,090		1,476
Settlement and derecognitions	—		—		(8,757)		(873)		—		—		(3,297)
Change in fair value	—		1,677		(410)		(8,419)		(4,510)		540		1,617
Balance as of September 30, 2025 (Successor)	$	—	$	1,677	$	9,402	$	5,460	$	12,720	$	3,630	$	(204)

Schedule of Significant Unobservable Inputs

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


	Principal Valuation Techniques	Unobservable Inputs	September 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	11.17		%
Earnout Shares:
	Geometric Brownian Motion	Term	6.0 years			6.8 years
		Stock price	$	5.79		$	13.85
		Volatility	58.00		%	56.00		%
		Risk-free rate	3.80		%	4.42		%
		Revenue risk premium	26.20		%	36.10		%
		Revenue volatility	148.00		%	176.00		%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	5.79		$	13.85
		Stock price volatility	59.00		%	56.00		%
		Credit spread	27.90		%	18.80		%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	5.79
		Stock price volatility	58.00		%
		Credit spread	27.90		%
Embedded derivative asset - Convertible Debentures:
	Binomial Lattice Model	Stock price	$	5.79
		Stock price volatility	60.00		%
		Debt yield	38.70		%
		Debt spread	35.00		%
Embedded derivative liability - August 2025 Notes:
	Black-Scholes Model	Risk-free rate	3.66		%
		Volatility	70.00		%
		Time to liquidity	4.25 years
		Accelsius Series B-1 issuance price	$	36.49

- 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

Warrants (Tables)

9 Months Ended

Sep. 30, 2025

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, September 30, 2025 (Successor)	11,240,688	7,146,000	2	2

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 14. 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 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 nine months ended September 30, 2025 (Successor):


	Three months ended September 30, 2025		Nine months ended September 30, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$	(28,332)	$	(255,556)
Less: Cumulative earnings to participating securities	28		80
Undistributed loss for participating securities	(28,360)		(255,636)
Less: Undistributed loss attributable to participating securities	—		—
Net loss attributable to common shareholders, basic and diluted	$	(28,360)	$	(255,636)

Denominator:
Weighted average number of units outstanding, basic and diluted	55,846,721		51,583,853
Net loss per share attributable to common shareholders, basic and diluted	$	(0.51)	$	(4.96)

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 September 30, 2025	Nine months ended September 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	6,409,815	8,102,531
2025 WTI Warrants	495,074	495,074
Series B Preferred Stock	61,808	26,516
Series C Preferred Stock	279,723	194,062
Share options	1,041,667	1,041,667
RSUs	2,210,225	2,210,225
SARs	4,000,000	4,000,000

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (excluding the first nine months of fiscal year 2025)	$ 5,404
2026	21,616
2027	21,234
2028	20,073
2029	18,853
2030 and thereafter	78,761
Net Carrying Amount	$ 165,941	$ 182,153

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income tax benefit	$ (3,603)	$ 0	$ (7,222)	$ 0
Effective tax rate	9.40%		1.65%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

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 September 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 nine months ended September 30, 2025 (Successor), the Company recorded $346,557 in non-deductible, non-cash goodwill impairment charges, 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 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


	September 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	15.0	17,800		(1,111)		16,689		17,800		$	(277)	$	17,523
Customer relationships	2.0	4,600		(1,532)		3,068		4,600		$	(382)	$	4,218
Developed technology	8.3	165,100		(18,938)		146,162		165,100		$	(4,718)	$	160,382
Other finite-lived intangible assets	2.2	30		(8)		22		30		—		$	30
Total intangible assets		$	187,530	$	(21,589)	$	165,941	$	187,530	$	(5,377)	$	182,153

Amortization expense of $5,404 and $16,212 was recognized for the three and nine months ended September 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 nine months of fiscal year 2025)	$	5,404
2026	21,616
2027	21,234
2028	20,073
2029	18,853
2030 and thereafter	78,761
Total	$	165,941

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Note 18. Subsequent Events Events occurring after September 30, 2025 are: In October and November 2025, the Company issued a total of 4,596,315 shares of Common Stock to Yorkville for a total principal amount of $12,900 of the Convertible Debentures, due to the exercise of conversion option by Yorkville as referenced in Note 5. Borrowings. On October 2, 2025, Accelsius issued and sold 685,163 Series B-1 Units (the “Series B-1 Units”) to Johnson Controls, Inc. (“JCI”) for approximately $25,000, before deducting financial advisor fees and other estimated offering expenses. JCI is entitled to appoint and remove a director to the board of directors of Accelsius if JCI and its affiliates maintain a significant ownership percentage. As a result of the sale of Series B-1 Units to JCI, the August 2025 Notes converted into 251,452 Series B-2 units and 125,725 B-2 Warrants were issued. On October 3, 2025, the Company raised approximately $9,751 through a private placement, issuing 1,625,235 shares of Common Stock at $6.00 per share and Series A warrants to purchase 1,625,235 shares of Common Stock (the “Series A Warrants”). The Series A Warrants, exercisable from April 6, 2026 at $8.00 per share, are redeemable under certain conditions until October 3, 2030. On October 8, 2025, the Company repaid the CPN in full due to its related party, amounting to $2,000 in principal, $74 in interest, and $35 for the loan fee, for a total of $2,109. On November 12, 2025, the Company issued the second tranche of the New Convertible Debentures for $5,000, as referenced in Note 5. Borrowings. The debentures were issued with a 10% original issue discount, yielding $4,500 in net proceeds, bear 5% annual interest, and mature on September 15, 2026.

Fair Value - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Apr. 14, 2025	Dec. 31, 2024
Assets:
Investment in debt security - AFS	$ 9,402		$ 11,187
Embedded derivative asset - Convertible Debentures	204
Liabilities:
Earnout liability	5,460		14,752
Warrant liability	22,742		34,023
Embedded derivative liability - August 2025 Notes	1,677
2024 WTI Warrant liability
Liabilities:
Warrant liability	12,720		17,230
2025 WTI Warrant liability
Liabilities:
Warrant liability	3,630	$ 3,090
Private placement warrants
Liabilities:
Warrant liability	6,392		16,793
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment in debt security - AFS	0		0
Embedded derivative asset - Convertible Debentures	0
Liabilities:
Earnout liability	0		0
Embedded derivative liability - August 2025 Notes	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
Embedded derivative asset - Convertible Debentures	0
Liabilities:
Earnout liability	0		0
Embedded derivative liability - August 2025 Notes	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	6,392		16,793
Significant Unobservable Inputs (Level 3)
Assets:
Investment in debt security - AFS	9,402		11,187
Embedded derivative asset - Convertible Debentures	204
Liabilities:
Earnout liability	5,460		14,752
Embedded derivative liability - August 2025 Notes	1,677
Significant Unobservable Inputs (Level 3) \| 2024 WTI Warrant liability
Liabilities:
Warrant liability	12,720		17,230
Significant Unobservable Inputs (Level 3) \| 2025 WTI Warrant liability
Liabilities:
Warrant liability	3,630
Significant Unobservable Inputs (Level 3) \| Private placement warrants
Liabilities:
Warrant liability	$ 0		$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,240,688	11,240,688
Private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	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)	6,409,815	8,102,531
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)	61,808	26,516
Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	279,723	194,062
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,041,667	1,041,667
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,210,225	2,210,225
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,000,000	4,000,000

Fair Value - Narrative (Details) $ in Thousands		9 Months Ended
Fair Value - Narrative (Details) $ in Thousands	Jan. 01, 2025 USD ($)	Sep. 30, 2025 USD ($) yr	Sep. 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
Embedded derivative liability - August 2025 Notes		1,677
August 2025 notes \| Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability - August 2025 Notes		$ 1,677
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
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
Debt yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability - Convertible Debentures, measurement input				0.426	0.445
Stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability - Convertible Debentures, measurement input		36.49
Stock price \| 2025 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input					3.65
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability - Convertible Debentures, measurement input		0.7000
Volatility \| 2025 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input					0.5700
Credit spread \| 2025 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input					0.2770
Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability - Convertible Debentures, measurement input		0.0366
Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability - Convertible Debentures, measurement input \| yr		4.25

Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings


	Maturities	September 30, 2025		Interest Rates	December 31, 2024		Interest Rates
Related party notes	2024 - 2025	$	—	—	$	14,000	8% - 15.99%
Series 1 promissory notes	2025 - 2026	304		15%	725		12% - 15%
Related party convertible notes	2025 - 2026	6,474		3.94% - 15%	—
Convertible debentures	2026	32,104		—% - 5%	—
Term convertible notes	2026	7,787		3.94%	—
August 2025 notes	2027	7,237		6.50%	—
WTI Facility	2028	20,000		13.50%	20,000		13.50%
Total Notes Payable		73,906			34,725
Less: unamortized debt discount		(7,909)			(6,446)
Less: current portion of related party notes payable		—			(14,000)
Less: current portion of related party convertible notes		(2,085)			—
Less: current portion of notes payable		(34,398)			(625)
Total Long-term Notes		$	29,514		$	13,654

Schedule of Maturity of Borrowings

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


Year Ending December 31,	Amount
2025 (remaining 3 months)	$	2,266
2026	58,835
2027	8,244
2028	4,561
Total Debt	$	73,906

Schedule of Extensions of Promissory Notes

Extensions on Series 1 promissory notes were as follows:


		Three months ended				Nine months ended
	Interest Rate	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Principal amount of 1st extension promissory notes	12%	$	—	$	—	$	—	$	122
Principal amount of 2nd extension promissory notes	15%	$	—	$	—	$	122	$	421

Schedule of Interest Expense

Interest expense on Series 1 promissory notes was as follows:


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Interest attributable to contractual interest	$	15	$	39	$	63	$	138

Interest expense on the related party notes was as follows:


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Total interest expense	$	—	$	—	$	419	$	—

Interest expense on this facility was as follows:


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Interest attributable to contractual interest	$	690	$	—	$	2,048	$	—
Interest attributable to amortization of issuance costs and discounts	601		—		1,457		—
Total interest expense	$	1,291	$	—	$	3,505	$	—

Interest expense on the Convertible Debentures was as follows:


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Interest attributable to contractual interest	21		—		21		—
Interest attributable to amortization of issuance costs	1,983		—		3,684		—
Total interest expense	$	2,004	$	—	$	3,705	$	—

- 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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-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

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-Topic 505
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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2025
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 nine months ended September 30, 2024 (Predecessor). During the nine months ended September 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, Accelsius 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. On August 25, 2025, the Company issued 338,601 RSUs with a grant date fair value of $1,502 to two directors, pursuant to the 2024 Equity and Incentive 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 $— and $391 for the three and nine months ended September 30, 2025 (Successor), respectively, and $195 and $588 for the three and nine months ended September 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 As of September 30, 2025 and December 31, 2024, the Company had $6,870 and $4,375, respectively, of advances to AeroFlexx which is included in Due from related parties in the condensed consolidated balance sheets. The advances have no stated interest or maturity date but are expected to be repaid within a year. 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.

- 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
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+ Details

Inventories, net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 3,490	$ 2,974
Work in process	4	50
Finished goods	2,910	2,154
Total inventories	$ 6,404	$ 5,178

Fair Value

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 and December 31, 2024:


September 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	$	—	$	—	$	9,402	$	9,402
Embedded derivative asset - Convertible Debentures	—		—		204		204

Liabilities:
Earnout liability	$	—	$	—	$	5,460	$	5,460
2024 WTI Warrant liability	—		—		12,720		12,720
2025 WTI Warrant liability	—		—		3,630		3,630
Private placement warrant liability	—		6,392		—		6,392
Embedded derivative liability - August 2025 Notes	—		—		1,677		1,677


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

Balance as of January 1, 2025 (Successor)	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—
Additions	—		—		7,382		—		—		3,090		1,476
Settlement and derecognitions	—		—		(8,757)		(873)		—		—		(3,297)
Change in fair value	—		1,677		(410)		(8,419)		(4,510)		540		1,617
Balance as of September 30, 2025 (Successor)	$	—	$	1,677	$	9,402	$	5,460	$	12,720	$	3,630	$	(204)

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

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


	Principal Valuation Techniques	Unobservable Inputs	September 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	11.17		%
Earnout Shares:
	Geometric Brownian Motion	Term	6.0 years			6.8 years
		Stock price	$	5.79		$	13.85
		Volatility	58.00		%	56.00		%
		Risk-free rate	3.80		%	4.42		%
		Revenue risk premium	26.20		%	36.10		%
		Revenue volatility	148.00		%	176.00		%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	5.79		$	13.85
		Stock price volatility	59.00		%	56.00		%
		Credit spread	27.90		%	18.80		%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	5.79
		Stock price volatility	58.00		%
		Credit spread	27.90		%
Embedded derivative asset - Convertible Debentures:
	Binomial Lattice Model	Stock price	$	5.79
		Stock price volatility	60.00		%
		Debt yield	38.70		%
		Debt spread	35.00		%
Embedded derivative liability - August 2025 Notes:
	Black-Scholes Model	Risk-free rate	3.66		%
		Volatility	70.00		%
		Time to liquidity	4.25 years
		Accelsius Series B-1 issuance price	$	36.49

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 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.

At the time of issuance of the August 2025 Notes, the related embedded derivative liability had a de minimis fair value. As of September 30, 2025, the Company recognized $1,677 for the embedded derivative liability related to the contingent exchange feature. The fair value was determined using a Black-Scholes valuation model, utilizing inputs related to the risk-free rate, volatility, time to liquidity, and the Accelsius Series B-1 issuance price, as further defined in Note 18. Subsequent Events. Specifically, the September 30, 2025 valuation considered a risk-free rate of 3.66%, volatility of 70.00%, time to liquidity of 4.25 years, and an Accelsius Series B-1 unit issuance price of $36.49.

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.

- 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

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+ Details

Goodwill and Intangible Assets - Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 187,530	$ 187,530
Accumulated Amortization	(21,589)	(5,377)
Net Carrying Amount	$ 165,941	182,153
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	15 years
Gross Carrying Amount	$ 17,800	17,800
Accumulated Amortization	(1,111)	(277)
Net Carrying Amount	$ 16,689	17,523
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	2 years
Gross Carrying Amount	$ 4,600	4,600
Accumulated Amortization	(1,532)	(382)
Net Carrying Amount	$ 3,068	4,218
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	8 years 3 months 18 days
Gross Carrying Amount	$ 165,100	165,100
Accumulated Amortization	(18,938)	(4,718)
Net Carrying Amount	$ 146,162	160,382
Other finite-lived intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	2 years 2 months 12 days
Gross Carrying Amount	$ 30	30
Accumulated Amortization	(8)	0
Net Carrying Amount	$ 22	$ 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.

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+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended				9 Months Ended
	Nov. 12, 2025	Oct. 08, 2025	Oct. 03, 2025	Oct. 02, 2025	Nov. 13, 2025	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 15, 2025	Jun. 26, 2025
Subsequent Event [Line Items]
Units issued to non-controlling interest							$ 3,071	$ 7,348	$ 3,503
Warrants (in shares)							0				0
Payment of debts										$ 3,877	$ 790
Payment of interest										$ 2,551	$ 1,070
Subsequent event
Subsequent Event [Line Items]
Converted instrument issued (in shares)				251,452
Subsequent event \| Private Placement
Subsequent Event [Line Items]
Amount received from stock issuance			$ 9,751
Stock issuance (in shares)			1,625,235
Sale of stock, price (in usd per share)			$ 6.00
Subsequent event \| Series B-2 Warrants
Subsequent Event [Line Items]
Warrants (in shares)				125,725
Subsequent event \| Series A Warrants
Subsequent Event [Line Items]
Number of shares issuable for warrants (in shares)			1,625,235
Exercise price of warrant (in usd per share)			$ 8.00
Subsequent event \| Accelsius Holdings LLC
Subsequent Event [Line Items]
Sale of noncontrolling interest (in shares)				685,163
Units issued to non-controlling interest				$ 25,000
Convertible debentures \| Convertible debt
Subsequent Event [Line Items]
Conversion to common stock (in shares)						140,168				140,168
Payment of debts						$ 552				$ 1,386
Payment of loan fee						28				69
Convertible debentures \| Convertible debt \| Subsequent event
Subsequent Event [Line Items]
Conversion to common stock (in shares)					4,596,315
Debt instrument, face amount, converted					$ 12,900
New Convertible Debentures \| Convertible debt
Subsequent Event [Line Items]
Notes principal						5,000				5,000		$ 10,000
Debt, discount percentage												10.00%
Interest rate												5.00%
New Convertible Debentures \| Convertible debt \| Subsequent event
Subsequent Event [Line Items]
Notes principal	$ 5,000
Debt, discount percentage	10.00%
Proceeds from issuance of debt	$ 4,500
Interest rate	5.00%
Related Party Convertible Promissory Note \| Convertible debt
Subsequent Event [Line Items]
Notes principal						$ 2,000				$ 2,000			$ 3,000
Interest rate													15.00%
Related Party Convertible Promissory Note \| Convertible debt \| Subsequent event
Subsequent Event [Line Items]
Payment of debts		$ 2,000
Payment of interest		74
Payment of loan fee		35
Payments of debt, including interest and fees		$ 2,109

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands				1 Months Ended		3 Months Ended		9 Months Ended	14 Months Ended	18 Months Ended
	Mar. 24, 2025 USD ($) shares	Mar. 19, 2025 USD ($) shares	Oct. 22, 2024 USD ($) day $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2023 USD ($) $ / shares	Sep. 30, 2025 USD ($) vote $ / shares shares	Mar. 31, 2025 USD ($) shares	Sep. 30, 2025 USD ($) vote $ / shares shares	Feb. 03, 2025 shares	Mar. 24, 2025 shares	Jun. 30, 2025 shares	Dec. 31, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)						25,000,000		25,000,000				25,000,000
Preferred Stock, par value (in usd per share) \| $ / shares						$ 0.0001		$ 0.0001				$ 0.0001
Shares distributed for dividends, amount \| $							$ 218
Obligation to issue equity \| $						$ 2,239		$ 2,239				$ 4,158
Common Stock, authorized (in shares)						250,000,000		250,000,000				250,000,000
Common Stock, par value (in usd per share) \| $ / shares						$ 0.0001		$ 0.0001				$ 0.0001
Number of votes per share \| vote						1		1
Common Stock, issued (in shares)						56,220,158		56,220,158				44,597,154
Common Stock, outstanding (in shares)						56,220,158		56,220,158				44,597,154
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)						140,168		140,168
Financial Advisor
Class of Stock [Line Items]
Stock issued for services \| $				$ 441
Stock issued for services (in usd per share) \| $ / shares				$ 10.87
WTI Lender
Class of Stock [Line Items]
Stock issued for services \| $			$ 500
Stock issued for services (in usd per share) \| $ / shares			$ 11.13
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)						0		73,993
Amount received from stock issuance \| $						$ 0		$ 931
Right to sell common stock, maximum remaining availability \| $						$ 67,000		$ 67,000
SEPA with Yorkville \| Convertible debentures \| Convertible debt
Class of Stock [Line Items]
Conversion of preferred stock to common stock (in shares)						523,748		997,573
Common Stock
Class of Stock [Line Items]
Common Stock, outstanding (in shares)						56,220,158	47,103,800	56,220,158			55,221,494	44,597,154
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)						3,000,000		3,000,000				3,000,000
Preferred Stock, par value (in usd per share) \| $ / shares						$ 0.0001		$ 0.0001				$ 0.0001
Preferred stock dividend percentage								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
Preferred Stock, outstanding (in shares)						33,144		33,144				1,102,000
Preferred Stock, issued (in shares)						33,144		33,144				1,102,000
Obligation to issue equity \| $						$ 20		$ 20
Series B Preferred Stock \| Common Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock (in shares)								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
Preferred Stock, par value (in usd per share) \| $ / shares						$ 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		150,000				0
Preferred Stock, issued (in shares)						150,000		150,000				0
Obligation to issue equity \| $						$ 60		$ 60
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					$ 10.00
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

Business Segment Data

9 Months Ended

Sep. 30, 2025

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				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Revenue	$	507	$	95	$	762	$	95
Interest income	—		7		4		7

Cost of sales	$	4,147	$	777	$	7,192	$	777
Employee costs	5,183		2,746		12,987		8,076
Facilities, equipment & supplies	206		182		667		582
General and administrative	870		113		4,105		398
Outside services	427		431		1,236		842
Research and development	3,268		1,368		11,291		2,711
Sales and marketing	230		84		662		442
Depreciation expense *	162		30		463		99
Interest expense	297		73		614		564
Income tax expense (benefit)	(3,289)		—		(7,394)		—
Goodwill impairment	—		—		346,557		—
Other **	1,824		81		2,019		1,831
Total Expenses	$	13,325	$	5,885	$	380,399	$	16,322

Net Loss	$	(12,818)	$	(5,783)	$	(379,633)	$	(16,220)

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

** Other - change in fair value of embedded derivative liability, loss on conversion of promissory note, travel and other miscellaneous expenses.

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


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Revenues:
Technology	$	507	$	95	$	762	$	95
Other	54		249		553		750
Elimination of management services provided to Technology	(27)		(27)		(81)		(81)
Consolidated Revenues	$	534	$	317	$	1,234	$	764

Interest Expense:
Technology	$	297	$	73	$	614	$	564
Other	3,310		971		7,693		1,070
Elimination of Intercompany Interest	(101)		(73)		(415)		(213)
Consolidated Interest Expense	$	3,506	$	971	$	7,892	$	1,421

Interest Income:
Technology	$	—	$	7	$	4	7
Other	206		185		717		$	327
Elimination of Intercompany Interest	(101)		(73)		(415)		$	(213)
Consolidated Interest Income	$	105	$	119	$	306	$	121

Depreciation and Amortization Expense:
Technology	$	5,636	$	77	$	16,813	$	146
Other	2		—		8		—
Consolidated Depreciation and Amortization Expense	$	5,638	$	77	$	16,821	$	146

Net Loss:
Technology	$	(12,818)	$	(5,784)	$	(379,633)	$	(16,221)
Other	(21,917)		(1,857)		(50,051)		(10,260)
Consolidated Net Loss	$	(34,735)	$	(7,641)	$	(429,684)	$	(26,481)

Capital Expenditures:
Technology	$	438	$	96	$	1,371	$	736
Other	—		—		—		—
Consolidated Capital Expenditures	$	438	$	96	$	1,371	$	736

All long-lived assets are located entirely in the United States. 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

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+ Details

Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	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
Reclassification of loans to investments				4,375	2,600
Unrealized gain (loss) on available for sale debt securities - related party		281	$ (2,373)	(410)	$ (2,373)
Due from related parties		$ 7,511		$ 7,511		$ 4,536
AeroFlexx, LLC
Schedule of Equity Method Investments [Line Items]
Investment interest percentage		37.00%		37.00%		34.00%
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
Balance drawn		$ 10,000		10,000
Reclassification of loans to investments				4,375
Additional investment in debt securities - AFS				2,708
Unrealized gain (loss) on available for sale debt securities - related party		281		(410)
Due from related parties		$ 7,071		$ 7,071		$ 4,472

Inventories, net

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventories, net

Note 6. Inventories, net


	September 30, 2025		December 31, 2024
Raw materials	$	3,490	$	2,974
Work in process	4		50
Finished goods	2,910		2,154
Total inventories	$	6,404	$	5,178

Investments - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Equity-method investments	$ 21,805	$ 17,547
Investment in debt securities - AFS	9,402	11,187
Total Investments	$ 31,207	$ 28,734

- 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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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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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 - Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2025 (remaining 3 months)	$ 2,266
2026	58,835
2027	8,244
2028	4,561
Total Debt	$ 73,906	$ 34,725

Commitments and Contingencies - Narrative (Details) € in Thousands, $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended	65 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2025 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2025 EUR (€)	Sep. 30, 2024 USD ($)	Dec. 31, 2022 agreement	Sep. 30, 2025 USD ($)	Jan. 22, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 12, 2024 USD ($)	Apr. 22, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guaranty amount												$ 5,000
Amounts paid under the guaranty								$ 0
Interest paid under the guaranty								0
Principal outstanding under the guaranty	$ 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	98			33
Other Commitments [Line Items]
Research and development	6,151		$ 2,533	18,472		$ 5,978
Advanced funds for future equity issuance	2,159			2,159
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	445	€ 379		1,064	€ 960
Payments for research and development	$ 784			$ 1,086

Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Additional paid-in capital	$ (525,615)						$ (525,615)		$ (502,865)
Net loss	28,332			$ 2,211			255,556	$ 14,719
Non-controlling interest	215,810						215,810		340,777
Cash and cash equivalents	9,061						9,061		11,119
Restricted cash	5,000						5,000		0
Accumulated deficit	333,844						333,844		$ 78,262
Working capital (deficit)	(50,227)						(50,227)
Net loss	$ 34,735	$ 141,275	$ 253,674	$ 7,641	$ 11,314	$ 7,526	$ 429,684	$ 26,481
Common Stock, par value (in usd per share)	$ 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	$ 16,916						$ 16,916

Fair Value - Changes in Fair Value of Level 3 Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Earnout liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 14,752	$ 0
Additions	0
Settlement and derecognitions	(873)	0
Change in fair value	(8,419)	0
Ending balance	5,460	0
2024 WTI Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	17,230	0
Additions	0
Settlement and derecognitions	0	0
Change in fair value	(4,510)	0
Ending balance	12,720	0
2025 WTI Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Additions	3,090
Settlement and derecognitions	0	0
Change in fair value	540	0
Ending balance	$ 3,630	$ 0

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 667,936
Impairment	$ 0	$ 0	(346,557)	$ 0
Other			2,084
Goodwill, ending balance	$ 323,463		$ 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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-Section S99
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

+ References + Details

Stock-based Compensation (Details) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 25, 2025 USD ($) grantee $ / shares shares	Jul. 15, 2025 shares	Jun. 25, 2025 USD ($) grantee $ / shares shares	Feb. 26, 2025 grantee $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Issued to settle (in shares) \| shares		327,248
Stock options granted (in shares) \| shares				90,000
Options granted, exercise price (in usd per share) \| $ / shares				$ 8.84
Options granted (in usd per share) \| $ / shares				$ 4.97
Compensation expense remaining to be recognized, stock options					$ 2,633		$ 2,633
Subsidiary Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares					915,000	0	1,048,000	110,000
Awards granted, fair value per unit (in usd per share) \| $ / shares					$ 20.31	$ 0	$ 20.60	$ 4.41
Compensation expense (income/decrease)					$ 2,747	$ 326	$ 4,557	$ 919
Compensation expense remaining to be recognized, awards excluding stock options					24,179		$ 24,179
Compensation expense remaining to be recognized, period							2 years 2 months 12 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares	519,189		111,525
Number of grantees \| grantee	5		5
Grant date fair value	$ 2,303		$ 600
Awards granted, fair value per unit (in usd per share) \| $ / shares	$ 4.44		$ 5.38
Awards settled in period (in shares) \| shares		412,156
Compensation expense (income/decrease)					3,534		$ 14,429
Compensation expense remaining to be recognized, awards excluding stock options					11,168		$ 11,168
Compensation expense remaining to be recognized, period							1 year 9 months 18 days
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of grantees \| grantee				2
Compensation expense (income/decrease)					1,192		$ 3,733
Compensation expense remaining to be recognized, period							1 year 8 months 12 days
Expected volatility rate				56.00%
Expected term				5 years 10 months 24 days
Risk-free rate of return				4.06%
Contractual term							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)					$ (237)		$ (931)
Expected volatility rate							70.00%
Expected term							1 year 3 months 18 days
Risk-free rate of return							4.00%
Base price for awards (in usd per share) \| $ / shares									$ 12.175
Number of units available to be issued under stock-based compensation plan (in shares) \| shares			4,000,000

Borrowings - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Oct. 22, 2024	Dec. 31, 2021
Debt Instrument [Line Items]
Total Notes Payable	$ 73,906	$ 34,725
Less: unamortized debt discount	(7,909)	(6,446)
Total Long-term Notes	29,514	13,654
Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate				9.00%
Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate				12.00%
Convertible debt \| Convertible debentures
Debt Instrument [Line Items]
Total Notes Payable	$ 32,104	0
Convertible debt \| Term convertible notes
Debt Instrument [Line Items]
Interest Rate	3.94%
Total Notes Payable	$ 7,787	0
Convertible debt \| August 2025 notes
Debt Instrument [Line Items]
Interest Rate	6.50%
Total Notes Payable	$ 7,237	$ 0
Convertible debt \| Minimum \| Convertible debentures
Debt Instrument [Line Items]
Interest Rate	0.00%
Convertible debt \| Maximum \| Convertible debentures
Debt Instrument [Line Items]
Interest Rate	5.00%
Term loan \| WTI Facility
Debt Instrument [Line Items]
Interest Rate	13.50%	13.50%	13.50%
Total Notes Payable	$ 20,000	$ 20,000
Nonrelated party
Debt Instrument [Line Items]
Less: current portion of notes	$ (34,398)	(625)
Nonrelated party \| Notes payable \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate	15.00%
Total Notes Payable	$ 304	$ 725
Nonrelated party \| Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate		12.00%
Nonrelated party \| Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rate		15.00%
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	6,474	$ 0
Less: current portion of notes	$ (2,085)	$ 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	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes During the three and nine months ended September 30, 2025 (Successor), the Company recognized income tax benefits of $3,603 and $7,222, respectively. During the three and nine months ended September 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 months ended September 30, 2025 (Successor) was a benefit of 9.40%, driven primarily by an increase in the valuation allowance as a result of pre-tax book loss activity. For the nine months ended September 30, 2025 (Successor), the effective tax rate was a benefit of 1.65% 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.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Changes in Unitholders' Deficit - USD ($) $ in Thousands	Total	Preferred Units Class B Preferred	Preferred Units Class B-1 Preferred	Common Units	Common Units Class A	Common Units Class C	Accumulated Deficit	Accumulated OCI	Non-Controlling Interest
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	(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)	0	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	(26,481)
Other comprehensive loss, net of taxes	(2,373)
Ending balance at Sep. 30, 2024	(22,308)	51,683	3,323		1,950	981	(90,952)	(2,373)	13,080
Beginning balance at Mar. 31, 2024	(10,519)	45,688	3,323		1,950	895	(73,918)	0	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)	0	15,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,641)						(2,211)	0	(5,430)
Other comprehensive loss, net of taxes	(2,373)							(2,373)
Units issued to non-controlling interest	3,071								3,071
Issuance of preferred units, net of issuance costs	3,143	3,143
Unit-based compensation	367					41			326
Accretion of redeemable units to redemption value	(7,173)						(7,173)
Ending balance at Sep. 30, 2024	(22,308)	$ 51,683	$ 3,323		$ 1,950	$ 981	(90,952)	(2,373)	13,080
Beginning balance at Dec. 31, 2024	766,293			$ 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 preferred units, net of issuance costs	1,927
Ending balance at Mar. 31, 2025	525,745			5			(221,285)	(1,478)	264,247
Beginning balance at Dec. 31, 2024	766,293			4			(78,262)	909	340,777
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(429,684)
Other comprehensive loss, net of taxes	(1,917)
Ending balance at Sep. 30, 2025	406,579			6			(333,844)	(1,008)	215,810
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 preferred units, net of issuance costs	2,625
Ending balance at Jun. 30, 2025	426,060			6			(305,512)	(1,289)	207,509
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(34,735)						(28,332)		(6,403)
Other comprehensive loss, net of taxes	281							281
Issuance of preferred units, net of issuance costs	3,095
Ending balance at Sep. 30, 2025	$ 406,579			$ 6			$ (333,844)	$ (1,008)	$ 215,810

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

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

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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.

+ References

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+ Details

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	September 30, 2025		December 31, 2024
Leasehold improvements	$	944	$	548
Machinery & equipment	1,905		664
Computers & office equipment	14		14
Construction in progress	—		266
Property, plant and equipment, gross	2,863		1,492
Less: Accumulated depreciation	(687)		(78)
Property, plant and equipment, net	$	2,176	$	1,414

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows Used in Operating Activities
Net loss	$ (429,684)	$ (26,481)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation	22,972	1,056
Interest income on debt securities - related party	(299)	(110)
Change in fair value of financial liabilities	(19,496)	478
Non-cash interest expense on notes payable	5,142	351
Accrued unpaid interest on note payable	220	931
Equity method investment loss (gain)	10,282	(893)
Realized gain on conversion of available for sale investments	(1,507)	0
Loss on conversion of promissory notes	0	1,119
Deferred income taxes	(8,141)	0
Depreciation and amortization	16,821	146
Goodwill impairment	346,557	0
Payment of patent installment	(525)	0
Other costs	233	186
Changes in operating assets and liabilities:
Accounts receivable	(1,286)	0
Prepaid expenses and other current assets	(6,461)	(1,605)
Inventory	(1,226)	(2,824)
Accounts payable	(2,448)	4,863
Accrued employee benefits	2,491	3,838
Accrued expenses	376	674
Stock-based compensation liability	(923)	0
Income taxes payable	930	0
Liability for future stock issuance	2,158	10,870
Other current liabilities	(230)	(147)
Other assets	(60)	(20)
Contract liabilities	776	0
Net Cash Used in Operating Activities	(56,328)	(18,647)
Cash Flows Used in Investing Activities
Acquisition of property, plant and equipment	(1,371)	(736)
Proceeds received related to PCT stock sale	0	2,314
Net Cash Used in Investing Activities	(4,079)	(5,822)
Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs	3,675	13,122
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs	6,327	13,859
Proceeds from issuance of debt securities, net of issuance costs	36,000	0
Payment of debts	(3,877)	(790)
Proceeds of related party notes payable	0	12,000
Distributions to stockholders and other	(76)	0
Net Cash Flows Provided by Financing Activities	63,349	38,191
Net Increase in Cash, Cash Equivalents and Restricted Cash	2,942	13,722
Cash, Cash Equivalents and Restricted Cash Beginning of period	11,119	2,575
Cash, Cash Equivalents and Restricted Cash End of period	14,061	16,297
Supplemental Cash Flow Information
Cash paid for interest	2,551	1,070
Supplemental Disclosure of Noncash Financing Information
Accretion of redeemable units to redemption value	0	11,950
Issuance of units to non-controlling interest in exchange of convertible promissory notes	0	7,324
Conversion of working capital loans to equity method investee into investments in debt securities - related party	4,375	2,600
Unrealized gain on investments in debt Securities - related party through OCI	410	2,373
Recognition of right of use asset and corresponding lease liability	879	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	5,961	0
Issuance of stock in exchange for services	4,187	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	36,313	0
Embedded derivative liability derecognition	3,297	0
Related party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Net gain on investments	0	468
Loss on extinguishment of debt	3,538	0
Cash Flows Used in Investing Activities
Investment in debt securities	0	(7,400)
Cash Flows Provided by Financing Activities
Proceeds from the issuance of related party convertible promissory notes and term convertible notes	6,350	0
Nonrelated party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Net gain on investments	0	(11,547)
Loss on extinguishment of debt	3,462	0
Cash Flows Used in Investing Activities
Investment in debt securities	(2,708)	0
Cash Flows Provided by Financing Activities
Proceeds from the issuance of related party convertible promissory notes and term convertible notes	$ 14,950	$ 0

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2025
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 September 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 nine months ended September 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 September 30, 2025. As of September 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 September 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 nine months ended September 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 September 30, 2025. As of September 30, 2025, the Company accrued $60 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 September 30, 2025 there were 56,220,158 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 523,748 and 997,573 shares of Common Stock to the investors as repayments under the Convertible Debentures referenced in Note 5. Borrowings during the three and nine months ended September 30, 2025 (Successor), respectively. For the three and nine months ended September 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 — 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 September 30, 2025, the maximum remaining availability under the SEPA is approximately $67,000. The Company’s ability to access the SEPA is subject to certain conditions and limitations in the SEPA and the Purchase Agreements, which impose further limitations and conditions upon the Company’s ability to access the SEPA. Convertible Debentures Pursuant to the Convertible Debentures (further defined in Note 5. Borrowings), the Company issued 140,168 shares of Common Stock to Yorkville as repayments under the Convertible Debentures during the three and nine months ended September 30, 2025 (Successor). 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.

- Definition

The entire disclosure for equity.

+ References

+ Details

Business Segment Data - Reconciliation of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenues:	$ 534			$ 317			$ 1,234	$ 764
Interest Expense:	3,506			971			7,892	1,421
Interest Income:	105			119			306	121
Depreciation and Amortization Expense:	5,638			77			16,821	146
Net Loss:	(34,735)	$ (141,275)	$ (253,674)	(7,641)	$ (11,314)	$ (7,526)	(429,684)	(26,481)
Capital Expenditures:	438			96			1,371	736
Other
Segment Reporting Information [Line Items]
Revenues:	54			249			553	750
Interest Expense:	3,310			971			7,693	1,070
Interest Income:	206			185			717	327
Depreciation and Amortization Expense:	2			0			8	0
Net Loss:	(21,917)			(1,857)			(50,051)	(10,260)
Capital Expenditures:	0			0			0	0
Eliminations
Segment Reporting Information [Line Items]
Revenues:	(27)			(27)			(81)	(81)
Interest Expense:	(101)			(73)			(415)	(213)
Interest Income:	(101)			(73)			(415)	(213)
Technology
Segment Reporting Information [Line Items]
Revenues:	507			95			762	95
Interest Expense:	297			73			614	564
Interest Income:	0			7			4	7
Technology \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	507			95			762	95
Interest Expense:	297			73			614	564
Interest Income:	0			7			4	7
Depreciation and Amortization Expense:	5,636			77			16,813	146
Net Loss:	(12,818)			(5,784)			(379,633)	(16,221)
Capital Expenditures:	$ 438			$ 96			$ 1,371	$ 736

Business Segment Data - Technology Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 534	$ 317	$ 1,234	$ 764
Interest income	105	119	306	121
Cost of sales	4,147	777	7,192	777
General and administrative	16,927	9,052	55,172	25,323
Research and development	6,151	2,533	18,472	5,978
Sales and marketing	2,514	1,629	6,818	4,178
Interest expense	3,506	971	7,892	1,421
Income tax benefit	(3,603)	0	(7,222)	0
Goodwill impairment	0	0	346,557	0
Other	21	64	64	64
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(28,332)	(2,211)	(255,556)	(14,719)
Technology
Segment Reporting Information [Line Items]
Revenue	507	95	762	95
Interest income	0	7	4	7
Cost of sales	4,147	777	7,192	777
Employee costs	5,183	2,746	12,987	8,076
Facilities, equipment & supplies	206	182	667	582
General and administrative	870	113	4,105	398
Outside services	427	431	1,236	842
Research and development	3,268	1,368	11,291	2,711
Sales and marketing	230	84	662	442
Depreciation expense	162	30	463	99
Interest expense	297	73	614	564
Income tax benefit	(3,289)	0	(7,394)	0
Goodwill impairment	0	0	346,557	0
Other	1,824	81	2,019	1,831
Total Operating Expenses	13,325	5,885	380,399	16,322
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (12,818)	$ (5,783)	$ (379,633)	$ (16,220)

Earnout Shares (Details) - Innventure LLC $ / shares in Units, $ in Thousands				3 Months Ended	9 Months Ended
	Feb. 04, 2025 shares	Jan. 07, 2025 shares	Oct. 02, 2024 day $ / shares shares	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Business Combination, Contingent Consideration [Line Items]
Contingent consideration, vesting provision, VWAP stock price trigger (in usd per share) \| $ / shares			$ 11.50
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 \| $				$ 5,460	$ 5,460	$ 14,752
(Gain) loss on change in fair value of contingent consideration \| $				$ 1,090	$ (8,419)
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

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 30, 2025
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 nine months ended September 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 $16,916 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 September 30, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in 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-controlling interest on the condensed consolidated statements of operations and comprehensive income (loss). Going Concern As of September 30, 2025, the Company had a cash balance of $9,061, a restricted cash balance of $5,000, accumulated deficit of $333,844 and a working capital deficit of $50,227. During the three and nine months ended September 30, 2025 (Successor), the Company incurred a net loss of $34,735 and $429,684, 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. Refer to Note 18. Subsequent Events for details of equity raised after the quarter end. 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 filing 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”). 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 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. 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 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 consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which increases the operability of the recognition guidance considering different methods of software development. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which is expected to reduce the cost and complexity of evaluating whether contracts with features are derivatives, better portray the economics of those contracts in the financial statements, reduce diversity from the application of the current guidance and changing business environment, and to clarify Topic 606 applicability to share-based noncash consideration for the transfer of goods or services. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2026, 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 2025-07 will have on its consolidated financial statements.

Related Party Transactions (Details) $ / shares in Units, $ in Thousands									3 Months Ended			9 Months Ended		12 Months Ended
	Aug. 25, 2025 USD ($) grantee shares	Jun. 25, 2025 USD ($) grantee shares	Mar. 24, 2025 USD ($) shares	Mar. 20, 2025 instrument	Feb. 26, 2025 grantee shares	Dec. 31, 2024 USD ($) grantee shares	Dec. 09, 2024 USD ($) grantee shares	Mar. 22, 2024 USD ($) grantee shares	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Mar. 31, 2021 $ / shares shares
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares					90,000
Revenue									$ 534		$ 317	$ 1,234	$ 764
Due from related parties						$ 4,536			7,511			7,511		$ 4,536
Conversion of related party notes (in shares) \| shares										2,310,848
Conversion of related party notes										$ 23,109
RSUs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares	519,189	111,525
Grant date fair value	$ 2,303	$ 600
Number of grantees \| grantee	5	5
Stock options
Related Party Transaction [Line Items]
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]
Number of notes settled \| instrument				3
Related party \| Transactions with Directors
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares							590,163
Number of grantees \| grantee						4	8	1
Related party \| Transactions with Directors \| Class C units
Related Party Transaction [Line Items]
Grant date fair value								$ 441
Shares issued in period (in shares) \| shares								100,000
Related party \| Transactions with the ESG Fund
Related Party Transaction [Line Items]
Purchase option (in shares) \| shares															145,161
Purchase option, price (in usd per share) \| $ / shares															$ 1
Related party \| Transactions with the ESG Fund \| Management Fees
Related Party Transaction [Line Items]
Revenue									0		$ 195	$ 391	$ 588
Related party \| Transactions with the ESG Fund \| Minimum
Related Party Transaction [Line Items]
Management fee percentage												1.00%
Related party \| Transactions with the ESG Fund \| Maximum
Related Party Transaction [Line Items]
Management fee percentage												2.00%
Related party \| Transactions with AeroFlexx
Related Party Transaction [Line Items]
Due from related parties						$ 4,375			$ 6,870			$ 6,870		$ 4,375
Conversion of related party notes (in shares) \| shares			578,294
Conversion of related party notes			$ 5,783
Related party \| RSUs \| Transactions with Directors
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares	338,601	111,525					1,246,722
Grant date fair value	$ 1,502	$ 600					$ 15,210
Number of grantees \| grantee	2	5
Related party \| Stock options \| Transactions with Directors
Related Party Transaction [Line Items]
Grant date fair value							$ 3,913
Related party \| SARs \| Transactions with Directors
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares						200,000
Grant date fair value						$ 7,820

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

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 nine months ended September 30, 2025 (Successor):


	Three months ended September 30, 2025		Nine months ended September 30, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$	(28,332)	$	(255,556)
Less: Cumulative earnings to participating securities	28		80
Undistributed loss for participating securities	(28,360)		(255,636)
Less: Undistributed loss attributable to participating securities	—		—
Net loss attributable to common shareholders, basic and diluted	$	(28,360)	$	(255,636)

Denominator:
Weighted average number of units outstanding, basic and diluted	55,846,721		51,583,853
Net loss per share attributable to common shareholders, basic and diluted	$	(0.51)	$	(4.96)

Schedule of Antidilutive Securities


	Three months ended September 30, 2025	Nine months ended September 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	6,409,815	8,102,531
2025 WTI Warrants	495,074	495,074
Series B Preferred Stock	61,808	26,516
Series C Preferred Stock	279,723	194,062
Share options	1,041,667	1,041,667
RSUs	2,210,225	2,210,225
SARs	4,000,000	4,000,000

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue	$ 534	$ 317	$ 1,234	$ 764
Operating Expenses
Cost of sales	4,147	777	7,192	777
General and administrative	16,927	9,052	55,172	25,323
Sales and marketing	2,514	1,629	6,818	4,178
Research and development	6,151	2,533	18,472	5,978
Goodwill impairment	0	0	346,557	0
Total Operating Expenses	29,739	13,991	434,211	36,256
Loss from Operations	(29,205)	(13,674)	(432,977)	(35,492)
Non-operating (Expense) and Income
Interest expense, net	(3,401)	(852)	(7,586)	(1,300)
Change in fair value of financial liabilities	(4,109)	0	19,496	(478)
Equity method investment (loss) income	(1,602)	109	(10,282)	893
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	(21)	(64)	(64)	(64)
Total Non-operating (Expense) Income	(9,133)	6,033	(3,929)	9,011
Loss before income taxes	(38,338)	(7,641)	(436,906)	(26,481)
Income tax benefit	(3,603)	0	(7,222)	0
Net Loss	(34,735)	(7,641)	(429,684)	(26,481)
Less: net loss attributable to
Non-controlling interest	(6,403)	(5,430)	(174,128)	(11,762)
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (28,332)	$ (2,211)	$ (255,556)	$ (14,719)
Basic loss per share (in usd per share)	$ (0.51)	$ (0.94)	$ (4.96)	$ (2.67)
Diluted loss per share (in usd per share)	$ (0.51)	$ (0.94)	$ (4.96)	$ (2.67)
Basic weighted average common shares (in shares)	55,846,721	10,875,000	51,583,853	10,875,000
Diluted weighted average common shares (in shares)	55,846,721	10,875,000	51,583,853	10,875,000
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) on available for sale debt securities - related party	$ 281	$ (2,373)	$ (410)	$ (2,373)
Reclassification of realized gain on conversion of available for sale investments	0	0	(1,507)	0
Total other comprehensive income (loss), net of taxes	281	(2,373)	(1,917)	(2,373)
Total comprehensive loss, net of taxes	(34,454)	(10,014)	(431,601)	(28,854)
Less: comprehensive loss attributable to
Non-controlling interest	(6,403)	(5,430)	(174,128)	(11,762)
Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(28,051)	(4,584)	(257,473)	(17,092)
Nonrelated party
Non-operating (Expense) and Income
Net gain (loss) on investments	0	7,148	0	11,547
Loss on extinguishment of debt	0	0	(3,462)	0
Related party
Non-operating (Expense) and Income
Net gain (loss) on investments	0	(308)	0	(468)
Loss on extinguishment of debt	$ 0	$ 0	$ (3,538)	$ 0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

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 $— and total interest paid is $—. As of September 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 the 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 nine 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 nine months ended September 30, 2025 (Successor), $98 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 nine months ended September 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 nine months ended September 30, 2025 (Successor), Refinity incurred €379 and €960, respectively, of service expenses toward the Year 1 minimum fee. After currency conversion, Refinity incurred $445 and $1,064, respectively, toward the Year 1 minimum fee during the three and nine months ended September 30, 2025 (Successor). Additionally, during the three and nine months ended September 30, 2025 (Successor), Refinity made payments of $784 and $1,086, respectively, on costs incurred as a part of the Year 1 minimum fee.

Common Stock Advance Funds

During the three and nine months ended September 30, 2025, the Company received $2,159 of advance funds for future equity issuance of the Company. This amount is shown within 'Obligation to issue equity' of the condensed consolidated balance sheets.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 12, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42303
Registrant Name	INNVENTURE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-4440048
Entity Address, Address Line One	6900 Tavistock Lakes Blvd, Suite 400
Entity Address, Postal Zip Code	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32827
City Area Code	321
Local Phone Number	209-6787
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	INV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,471,971
Entity Central Index Key	0002001557
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Borrowings

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings


	Maturities	September 30, 2025		Interest Rates	December 31, 2024		Interest Rates
Related party notes	2024 - 2025	$	—	—	$	14,000	8% - 15.99%
Series 1 promissory notes	2025 - 2026	304		15%	725		12% - 15%
Related party convertible notes	2025 - 2026	6,474		3.94% - 15%	—
Convertible debentures	2026	32,104		—% - 5%	—
Term convertible notes	2026	7,787		3.94%	—
August 2025 notes	2027	7,237		6.50%	—
WTI Facility	2028	20,000		13.50%	20,000		13.50%
Total Notes Payable		73,906			34,725
Less: unamortized debt discount		(7,909)			(6,446)
Less: current portion of related party notes payable		—			(14,000)
Less: current portion of related party convertible notes		(2,085)			—
Less: current portion of notes payable		(34,398)			(625)
Total Long-term Notes		$	29,514		$	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 3 months)	$	2,266
2026	58,835
2027	8,244
2028	4,561
Total Debt	$	73,906

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				Nine months ended
	Interest Rate	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Principal amount of 1st extension promissory notes	12%	$	—	$	—	$	—	$	122
Principal amount of 2nd extension promissory notes	15%	$	—	$	—	$	122	$	421

Interest expense on Series 1 promissory notes was as follows:


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Interest attributable to contractual interest	$	15	$	39	$	63	$	138

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 or (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				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 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 nine months ended September 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 nine months ended September 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 2024 WTI Warrants are classified as a liability in accordance with ASC 480, as they represent an instrument that is not an outstanding share and may

require the issuer to settle the obligation by transferring assets, specifically cash. 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 nine months ended September 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				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Interest attributable to contractual interest	$	690	$	—	$	2,048	$	—
Interest attributable to amortization of issuance costs and discounts	601		—		1,457		—
Total interest expense	$	1,291	$	—	$	3,505	$	—

Convertible Debentures

On March 25, 2025, the Company entered into a securities purchase agreement (“Existing Purchase Agreement”) with Yorkville related to the issuance and sale of convertible debentures (“Existing Convertible Debentures” collectively with the New Convertible Debentures defined below, the “Convertible Debentures”) with an aggregate principal amount of up to $30,000. The Existing Convertible Debentures are convertible into shares of Common Stock and contain certain features that represent embedded derivatives, which are bifurcated and included within Prepaid expenses and other current assets on the condensed consolidated balance sheets. The Company issued the aggregate principal amount of the Existing Convertible Debentures in two tranches tied to separate reporting and filing requirements.

On April 14, 2025, the Company issued the first tranche of the Existing Convertible Debentures with a principal amount of $20,000, resulting in cash proceeds to the Company of $18,000, representing an original issue discount of 10%. The first tranche was 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 September 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 the Existing Convertible Debentures with a principal amount of $10,000, resulting in cash proceeds to the Company of $9,000, representing an original issue discount of 10%. The second tranche was 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 Existing Convertible Debentures for the three and nine months ended September 30, 2025 (Successor).

On September 15, 2025, the Company entered into an additional amendment to the Existing Purchase Agreement for the Existing Convertible Debentures (the “September 2025 Amendment”). Pursuant to the September 2025 Amendment, the Company and Yorkville agreed to amend the definition of conversion price so that the fixed price of $10.00 was reduced to $7.00 and a floor price of $1.59 was implemented. Additionally, the monthly payments applicable to the Existing Convertible Debentures were removed and replaced with repayment due upon maturity in connection with the early repayment of the approximately $2,000. The payment premium on this payment was waived. However, payments and related payment premiums resume should the Innventure stock price fall below the floor price, the Company issues in excess of 99% of Common Shares under the exchange cap or Yorkville is unable to utilize a registration statement to resell Common Shares.

On September 15, 2025, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Yorkville for up to $15,000 in convertible debentures (“New Convertible Debentures”), issuable in two tranches. The first tranche of $10,000 was issued with a 10% original issue discount, yielding $9,000 in net proceeds, and bears 5% annual interest, with repayment due September 15, 2026. The debentures are convertible into Common Stock and contain certain features that represent embedded derivatives which are bifurcated and included within Prepaid expenses and other current assets on the condensed consolidated balance sheets. As of September 30, 2025, the second tranche of $5,000 had not been issued due to unmet requirements.

The September 2025 Amendment and first tranche of the New Convertible Debentures were accounted for collectively as a troubled debt restructuring. The Company determined that a concession was provided based on a decrease in the effective interest rate when compared to the original terms of the Existing Convertible Debentures. No gain or loss was recognized under the troubled debt restructuring accounting.

During the three and nine months ended September 30, 2025 (Successor), the Company issued 523,748 and 997,573 shares, respectively, of its Common Stock pursuant to the SEPA in payment of $2,602 and $4,937 of principal, respectively, and $130 and $247 of payment premium, respectively, for the Convertible Debentures. Also, the Company issued 140,168 shares of Common Stock due to the exercise of conversion option by Yorkville for a principal amount of $776 of the Convertible Debentures. For further information on this conversion, see Note 11. Stockholders' Equity. During the three months ended September 30, 2025 (Successor) and nine months ended September 30, 2025 (Successor), the Company made cash payments toward the Convertible Debentures totaling $552 and $1,386 of principal and $28 and $69 of payment premium, respectively.

Interest expense on the Convertible Debentures was as follows:


	Three months ended				Nine months ended
	September 30, 2025 (Successor)		September 30, 2024 (Predecessor)		September 30, 2025 (Successor)		September 30, 2024 (Predecessor)
Interest attributable to contractual interest	21		—		21		—
Interest attributable to amortization of issuance costs	1,983		—		3,684		—
Total interest expense	$	2,004	$	—	$	3,705	$	—

Term Convertible Notes

At various dates in June and July of 2025, Accelsius entered into unsecured convertible notes with various other parties (the “Term Convertible Notes”) for a total principal amount of $7,750. 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 $85 and $88 for the three and nine months ended September 30, 2025 (Successor), respectively.

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. On June 27, 2025, Accelsius received the first $1,000 draw and on July 24, 2025 received the second $1,000 draw, with a total outstanding principal of $2,000 as of September 30, 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).

In June of 2025, 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. 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 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 $97 and $99 for the three and nine months ended September 30, 2025 (Successor), respectively.

August 2025 Notes

Between August 12, 2025 and September 19, 2025, Accelsius issued unsecured convertible promissory notes (the “August 2025 Notes”) totaling $9,150 in principal, with $7,300 in proceeds received by September 30, 2025. The notes bear interest at 6.5% annually, are repayable upon demand after two years and are subordinate to existing senior debt. Upon the Company’s next preferred equity round raising at least $5,000 from unaffiliated investors, the

notes will automatically convert into preferred units at 80% of the unit price, with accompanying warrants exercisable for 0.5 units at 120% of the unit price. During the three and nine months ended September 30, 2025 (Successor), the Company recognized $1,677 related to the change in fair value of the embedded derivative liability tied to the contingent conversion feature.

The August 2025 Notes are subordinate to the WTI Facility, Convertible Debentures, Term Convertible Notes and indebtedness of Accelsius owed to Innventure LLC and for as long as any portion of these senior debts remains outstanding, the lenders will not demand payment related to this August 2025 Notes, unless they convert the debt into equity.

The interest expense on the August 2025 Notes was $37 for the three and nine months ended September 30, 2025 (Successor).

- 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
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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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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 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
-Topic 405
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
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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

Business Segment Data - Narrative (Details)	9 Months Ended
Business Segment Data - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2025
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 nine months ended September 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 $16,916 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 September 30, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in 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-controlling interest on the condensed consolidated statements of operations and comprehensive income (loss).
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 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. 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 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 consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which increases the operability of the recognition guidance considering different methods of software development. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which is expected to reduce the cost and complexity of evaluating whether contracts with features are derivatives, better portray the economics of those contracts in the financial statements, reduce diversity from the application of the current guidance and changing business environment, and to clarify Topic 606 applicability to share-based noncash consideration for the transfer of goods or services. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2026, 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 2025-07 will have on its consolidated financial statements.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 7. Property, Plant and Equipment


	September 30, 2025		December 31, 2024
Leasehold improvements	$	944	$	548
Machinery & equipment	1,905		664
Computers & office equipment	14		14
Construction in progress	—		266
Property, plant and equipment, gross	2,863		1,492
Less: Accumulated depreciation	(687)		(78)
Property, plant and equipment, net	$	2,176	$	1,414