0002001557-26-000115 | 10-Q | XBRL Viewer

Borrowings (Tables)

3 Months Ended

Mar. 31, 2026


	Maturities	March 31, 2026		Interest Rates	December 31, 2025		Interest Rates
		(in thousands)
Series 1 Promissory Notes	2025 - 2026	$	—	—	$	122	15.00%

Related party convertible notes	2025 - 2026	4,369		4.00% - 15%	4,331
Convertible debentures	2026	—		—% - 5%	5,572
Term convertible notes	2026	7,956		4.00%	7,890

WTI Facility	2027	17,705		13.50%	19,441		13.50%
Total Notes Payable		30,030			37,356
Less: unamortized debt discount		(3,325)			(3,962)

Less: current portion of related party convertible notes		(4,369)			(4,331)
Less: current portion of notes payable		(7,440)			(12,846)
Less: current portion of convertible notes		(7,956)			(7,890)
Total Long-term Notes		$	6,940		$	8,327

Schedule of Maturity of Borrowings

The Company’s notes payable, excluding debt issuance costs, mature as follows (in thousands):


	Amount
2026 (remaining nine months)	$	19,765
2027	10,265


Total Debt	$	30,030

Schedule of Extensions of Promissory Notes

Extensions on Series 1 promissory notes were as follows (in thousands):



	March 31, 2026		December 31, 2025

Principal amount of 2nd extension promissory notes	$	—	$	122

Schedule of Interest Expense

Interest expense on Series 1 promissory notes was as follows (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Interest attributable to contractual interest		$	1	$	32

Interest expense on this facility was as follows (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Interest attributable to contractual interest		$	637	$	675
Interest attributable to amortization of issuance costs and discounts		638		508
Total interest expense		$	1,275	$	1,183

Interest expense on the Convertible Debentures was as follows (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Interest attributable to contractual interest		$	94	$	—
Interest attributable to amortization of issuance costs		—		—
Total interest expense		$	94	$	—

- 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.

+ References

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+ Details

Fair Value

3 Months Ended

Mar. 31, 2026

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 (in thousands):


March 31, 2026	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:	(in thousands)
Investment in debt security - AFS	$	—	$	—	$	9,426	$	9,426


Liabilities:
Earnout liability	$	—	$	—	$	3,470	$	3,470
2024 WTI Warrant liability	—		—		13,040		13,040
2025 WTI Warrant liability	—		—		3,100		3,100
Private placement warrant liability	—		11,675		—		11,675


December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:	(in thousands)
Investment in debt security - AFS	$	—	$	—	$	9,246	$	9,246

Liabilities:
Earnout liability	$	—	$	—	$	3,890	$	3,890
2024 WTI Warrant liability	$	—	$	—	$	13,080	$	13,080
2025 WTI Warrant liability	$	—	$	—	$	3,230	$	3,230
Private placement warrant liability	$	—	$	11,148	$	—	$	11,148

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).

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):


	Investment in debt securities - AFS		Earnout liability		2024 WTI Warrant liability		2025 WTI Warrant liability
	(in thousands)
Balance as of January 1, 2025	$	11,187	$	14,752	$	17,230	$	—
Additions	6,803		—		—
Settlement	(8,757)		(873)		—		—
Change in fair value	(880)		(6,409)		(3,880)		—
Balance as of March 31, 2025	$	8,353	$	7,470	$	13,350	$	—

Balance as of January 1, 2026	$	9,246	$	3,890	$	13,080	$	3,230
Additions	89		—		—		—

Change in fair value	91		(420)		(40)		(130)
Balance as of March 31, 2026	$	9,426	$	3,470	$	13,040	$	3,100

There were no transfers in or out of levels during the three months ended March 31, 2026 and 2025.

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


	Principal Valuation Techniques	Unobservable Inputs	March 31, 2026			December 31, 2025
Investment in debt securities - AFS:





	Discounted Cash Flows	AeroFlexx yield	20.13		%	17.01		%
Earnout Shares:
	Geometric Brownian Motion	Term	5.5 years			5.8 years
		Stock price	$	3.91		$	4.18
		Volatility	60.00		%	60.00		%
		Risk-free rate	3.93		%	3.77		%
		Revenue risk premium	27.70		%	27.80		%
		Revenue volatility	161.50		%	157.30		%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	3.91		$	4.18
		Stock price volatility	60.00		%	60.00		%
		Credit spread	30.50		%	26.00		%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	3.91		$	4.18
		Stock price volatility	60.00		%	60.00		%
		Credit spread	30.50		%	26.00		%

Outstanding principal and accrued interest of $7.3 million 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%.

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.

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+ Details

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue	$ 1,443,000	$ 224,000
Operating Expenses
Cost of sales	5,253,000	184,000
General and administrative	12,750,000	19,676,000
Sales and marketing	2,897,000	2,096,000
Research and development	7,840,000	6,253,000
Goodwill impairment	0	233,213,000
Total Operating Expenses	28,740,000	261,422,000
Loss from Operations	(27,297,000)	(261,198,000)
Non-operating Income (Expense)
Interest expense, net	(989,000)	(1,538,000)
Net gain on investments	69,000	0
Change in fair value of financial liabilities	63,000	16,429,000
Equity method investment loss	(1,516,000)	(6,756,000)
Realized gain on conversion of available for sale investment	0	1,507,000
Miscellaneous other income (expense), net	(175,000)	21,000
Total Non-operating Income (Expense)	(3,525,000)	6,125,000
Loss before income taxes	(30,822,000)	(255,073,000)
Income tax benefit	(3,039,000)	(1,399,000)
Net Loss	(27,783,000)	(253,674,000)
Less: net loss attributable to
Non-controlling interest	(6,978,000)	(110,677,000)
Net Loss Attributable to Stockholders	$ (20,805,000)	$ (142,997,000)
Basic loss per share (in usd per share)	$ (0.27)	$ (3.10)
Diluted loss per share (in usd per share)	$ (0.27)	$ (3.10)
Basic weighted average common shares (in shares)	77,829,187	46,252,922
Diluted weighted average common shares (in shares)	77,829,187	46,252,922
Other comprehensive income (loss), net of taxes:
Unrealized loss on available for sale debt securities - related party	$ 91,000	$ (880,000)
Reclassification of realized gain on conversion of available for sale investments	0	(1,507,000)
Total other comprehensive income (loss), net of taxes	91,000	(2,387,000)
Total comprehensive loss, net of taxes	(27,692,000)	(256,061,000)
Non-controlling interest	(6,978,000)	(110,677,000)
Net Comprehensive Loss Attributable to Stockholders	(20,714,000)	(145,384,000)
Nonrelated party
Non-operating Income (Expense)
Loss on extinguishment of debt	(977,000)	0
Related party
Non-operating Income (Expense)
Loss on extinguishment of debt	$ 0	$ (3,538,000)

Borrowings - Narrative (Details) $ / shares in Units, $ in Thousands										3 Months Ended		12 Months Ended
	Jan. 27, 2026 USD ($) shares	Nov. 12, 2025 USD ($)	Sep. 15, 2025 USD ($) tranche $ / shares	Sep. 14, 2025 USD ($)	May 15, 2025 USD ($)	Apr. 14, 2025 USD ($) $ / shares shares	Nov. 15, 2024 USD ($)	Oct. 22, 2024 USD ($) tranche	Dec. 31, 2021 USD ($) extension_option	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares	Jul. 01, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 04, 2025 $ / shares	Mar. 25, 2025 USD ($) tranche	Mar. 21, 2025 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Payment of debts										$ 7,412	$ 300
2025 WTI Warrant liability
Debt Instrument [Line Items]
Warrants (in shares) \| shares						2				2		2
Exercise price of warrant (in usd per share) \| $ / shares						$ 0.01
Number of shares issuable for warrants (in shares) \| shares						495,074
Series 1 Promissory Notes \| Notes payable
Debt Instrument [Line Items]
Aggregate principal amount, up to																		$ 35,000
Notes principal									$ 4,900
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 Rates									9.00%
Series 1 Promissory Notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term									48 months
Interest Rates									12.00%
Series 1 Promissory Notes \| Term loan
Debt Instrument [Line Items]
Interest Rates												15.00%
Series 1 Promissory Notes, First Term Extension \| Notes payable
Debt Instrument [Line Items]
Interest Rates									12.00%
Series 1 Promissory Notes, First Term Extension \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term									36 months
Series 1 Promissory Notes, First Term Extension \| 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 Rates									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
WTI Facility \| Term loan
Debt Instrument [Line Items]
Debt term							42 months
Interest Rates								13.50%		13.50%		13.50%
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
Loss on extinguishment of debt												$ 3,500
Interest expense, debt										$ 1,275	1,183
Convertible debentures \| Convertible debt
Debt Instrument [Line Items]
Loss on extinguishment of debt										(1,000)
Payment of debts	$ 1,100									5,500
Interest expense, debt										$ 94	0
Convertible debentures \| Convertible debt \| SEPA with Yorkville
Debt Instrument [Line Items]
Conversion to common stock (in shares) \| shares	304,377
Convertible debentures \| Convertible debt \| Minimum
Debt Instrument [Line Items]
Interest Rates										0.00%
Convertible debentures \| Convertible debt \| Maximum
Debt Instrument [Line Items]
Interest Rates										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		$ 5,000	$ 10,000
Interest Rates		5.00%	5.00%
Number of tranches/draws \| tranche			2
Proceeds from issuance of debt			$ 9,000
Loss on extinguishment of debt										$ (12,600)
Debt, discount percentage		10.00%	10.00%
Proceeds from the issuance of related party convertible promissory notes and term convertible notes		$ 4,500
Term convertible notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal													$ 7,800
Interest Rates										4.00%
Conversion price (in usd per share) \| $ / shares										$ 12.175
Interest expense, debt										$ 100	0
Related Party Term Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal														$ 4,200
Conversion price (in usd per share) \| $ / shares										$ 12.175
Related party convertible notes \| Convertible debt
Debt Instrument [Line Items]
Interest expense, debt										$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	80,094,894	67,743,847
Common Stock, outstanding (in shares)	80,094,894	67,743,847
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)	35,792	33,144
Preferred Stock, outstanding (in shares)	35,792	33,144
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)	159,270	150,000
Preferred Stock, outstanding (in shares)	159,270	150,000

Inventories, net

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories, net

Note 6. Inventories, net


	March 31, 2026		December 31, 2025
	(in thousands)
Raw materials	$	1,047	$	667
Work in process	241		148
Finished goods	274		789
Total inventories	$	1,562	$	1,604

Business Segment Data - Reconciliation of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenues:	$ 1,443	$ 224
Interest Expense:	1,473	1,762
Interest Income:	484	224
Depreciation and Amortization Expense:	5,671	5,548
Net Loss:	(27,783)	(253,674)
Capital Expenditures:	846	917
Other
Segment Reporting Information [Line Items]
Revenues:	264	250
Interest Expense:	1,369	1,635
Interest Income:	203	220
Depreciation and Amortization Expense:	3	0
Net Loss:	(15,065)	(9,365)
Eliminations
Segment Reporting Information [Line Items]
Revenues:	(143)	(27)
Interest Expense:	(67)	0
Interest Income:	(67)	0
Technology
Segment Reporting Information [Line Items]
Revenues:	1,322	1
Interest Expense:	171	127
Interest Income:	348	4
Technology \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	1,322	1
Interest Expense:	171	127
Interest Income:	348	4
Depreciation and Amortization Expense:	5,668	5,548
Net Loss:	(12,718)	(244,309)
Capital Expenditures:	$ 846	$ 917

Investments

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Investments

Note 3. Investments


	March 31, 2026		December 31, 2025
	(in thousands)
Equity-method investments	$	17,979	$	19,495
Investments in equity, at fair value	69		—
Investment in debt securities - AFS	9,426		9,246
Total Investments	$	27,474	$	28,741

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 March 31, 2026 and December 31, 2025. 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 37.1% equity method investment interest in AeroFlexx as of March 31, 2026 and December 31, 2025.

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 $10.0 million 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 $10.0 million limit until the maturity date. The loans bear interest at the applicable federal rate published by the Internal Revenue Service, which 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.

The outstanding principal and unpaid accrued interest with an amount equal to the equity deficit of $7.3 million was automatically converted into Class D preferred units of AeroFlexx (“Class D Units”) at the price of $6.83 per share in accordance with the loan agreement. Upon conversion, a realized gain of $1.5 million was recognized for the year ended December 31, 2025 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 March 31, 2026 was $10.0 million. During the year ended December 31, 2025, $4.4 million was reclassified from Due from related parties under the term loan and $2.7 million 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 current line item Investments of the condensed consolidated balance sheets. The increase of $0.1 million and decrease of $0.9 million in fair value of this investment in debt securities for the three months ended March 31, 2026 and 2025, respectively, is included as Unrealized 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 $13.3 million and $10.8 million as of March 31, 2026 and December 31, 2025, respectively, included in Due from related parties on the condensed consolidated balance sheets.

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.3	$ 0.1

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
2026 (remaining nine months)	$ 16,212
2027	21,234
2028	20,073
2029	18,853
2030	15,173
Thereafter	63,588
Net Carrying Amount	$ 155,133	$ 160,537

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2026
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, Inc., and its consolidated subsidiaries. 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.

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, December 31, 2025	11,240,688	7,146,000	2	2
Exercised	—	—	—	—
Issued	—	—	—	—
Outstanding, March 31, 2026	11,240,688	7,146,000	2	2

Business Segment Data (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reportable Segment Information

The following table presents information about the Company’s Technology segment. 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
		March 31, 2026		March 31, 2025
		(in thousands)
Revenue		$	1,322	$	1
Interest income		348		4

Cost of sales		$	1,026	$	184
Employee costs		8,570		4,287
Facilities, equipment & supplies		1,278		381
General and administrative		644		2,395
Outside services		676		308
Research and development		3,989		4,345
Sales and marketing		588		284
Depreciation expense *		342		145
Interest expense		171		127
Income tax expense (benefit)		(3,152)		(1,459)
Goodwill impairment		—		233,213
Other **		256		104
Total Expenses		$	14,388	$	244,314

Net Loss		$	(12,718)	$	(244,309)

* 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
		March 31, 2026		March 31, 2025
Revenues:		(in thousands)
Technology		$	1,322	$	1
Other		264		250
Elimination of management services provided to Technology		(143)		(27)
Consolidated Revenues		$	1,443	$	224

Interest Expense:
Technology		$	171	$	127
Other		1,369		1,635
Elimination of Intercompany Interest		(67)		—
Consolidated Interest Expense		$	1,473	$	1,762

Interest Income:
Technology		$	348	4
Other		203		$	220
Elimination of Intercompany Interest		(67)		$	—
Consolidated Interest Income		$	484	$	224

Depreciation and Amortization Expense:
Technology		$	5,668	$	5,548
Other		3		—
Consolidated Depreciation and Amortization Expense		$	5,671	$	5,548

Net Loss:
Technology		$	(12,718)	$	(244,309)
Other		(15,065)		(9,365)
Consolidated Net Loss		$	(27,783)	$	(253,674)

Capital Expenditures:
Technology		$	846	$	917

Consolidated Capital Expenditures		$	846	$	917

Fair Value - Changes in Fair Value of Level 3 Assets (Details) - Investment in debt securities - AFS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 9,246	$ 11,187
Additions	89	6,803
Settlement and derecognitions		(8,757)
Change in fair value	91	(880)
Ending balance	$ 9,426	$ 8,353

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

Goodwill

The Company’s Goodwill balance was $323.5 million as of March 31, 2026 and December 31, 2025. 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. 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 during the prior year, the Company performed interim tests as of March 31, 2025 and June 30, 2025. As a result of the interim testing the Company recorded $233.2 million in non-deductible, non-cash goodwill impairment charges, within the condensed consolidated statements of operations and comprehensive income (loss) during the three months ended March 31, 2025. There were no goodwill impairment charges as of the three months ended March 31, 2026. As of March 31, 2026 and December 31, 2025, the Company recognized accumulated impairment losses on goodwill of $346.6 million.

The Company’s 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


	March 31, 2026							December 31, 2025
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in thousands)
Trade names	14.5	$	17,800	$	(1,668)	$	16,132	$	17,800	$	(1,390)	$	16,410
Customer relationships	1.5	4,600		(2,298)		2,302		4,600		(1,915)		2,685
Developed technology	7.8	165,100		(28,418)		136,682		165,100		(23,678)		141,422
Other finite-lived intangible assets	1.7	30		(13)		17		30		(10)		20
Total intangible assets		$	187,530	$	(32,397)	$	155,133	$	187,530	$	(26,993)	$	160,537

Amortization expense of $5.4 million was recognized for the three months ended March 31, 2026 and 2025 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 (in thousands):


	Amortization Expense
	(in thousands)
2026 (remaining nine months)	$	16,212
2027	21,234
2028	20,073
2029	18,853
2030	15,173
Thereafter	63,588
Total	$	155,133

Warrants - Schedule of Warrants (Details)	3 Months Ended
Warrants - Schedule of Warrants (Details)	Mar. 31, 2026 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)	2
Exercised (in shares)	0
Issued (in shares)	0
Outstanding, ending (in shares)	2

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Note 15. Related Party Transactions Transactions with the ESG Fund As more fully described in Note 2. Accounting Policies in our 2025 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 $0.2 million for the three months ended March 31, 2025 which is recorded as Revenue in the consolidated statements of operations and comprehensive income (loss). There were no management fees earned from the ESG Fund for the three months ended March 31, 2026. Transactions with AeroFlexx As of March 31, 2026 and December 31, 2025, the Company had $13.3 million and $10.5 million, respectively, of advances to AeroFlexx which is included in Due from related parties in the 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 $5.8 million which was recorded in Investments on the consolidated balance sheets.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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

+ Details

Commitments and Contingencies - Narrative (Details) € in Millions	3 Months Ended			12 Months Ended	71 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Mar. 31, 2025 USD ($)	Dec. 31, 2022 agreement	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jan. 22, 2025 EUR (€)	Dec. 12, 2024 USD ($)	Apr. 22, 2020 USD ($)
Other Commitments [Line Items]
Guaranty amount									$ 5,000,000.0
Amounts paid under the guaranty					$ 0
Principal outstanding under the guaranty	$ 0				$ 0	$ 0
Number of agreements to purchase in-process research and development \| agreement				2
License agreement, transfer fee								$ 500,000
Payments for royalties	0		$ 0
Research and development	7,840,000		6,253,000
Framework Agreement third party
Other Commitments [Line Items]
Research services, minimum fee due in first 12-month period \| €							€ 2.0
Research services, minimum fee due in second 12-month period \| €							€ 3.0
Payments for research and development	800,000	€ 0.6	$ 0
Research and development	$ 500,000

Borrowings - Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
2026 (remaining nine months)	$ 19,765
2027	10,265
Total Debt	$ 30,030	$ 37,356

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets, Net

Other intangible assets, net


	March 31, 2026							December 31, 2025
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in thousands)
Trade names	14.5	$	17,800	$	(1,668)	$	16,132	$	17,800	$	(1,390)	$	16,410
Customer relationships	1.5	4,600		(2,298)		2,302		4,600		(1,915)		2,685
Developed technology	7.8	165,100		(28,418)		136,682		165,100		(23,678)		141,422
Other finite-lived intangible assets	1.7	30		(13)		17		30		(10)		20
Total intangible assets		$	187,530	$	(32,397)	$	155,133	$	187,530	$	(26,993)	$	160,537

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows (in thousands):


	Amortization Expense
	(in thousands)
2026 (remaining nine months)	$	16,212
2027	21,234
2028	20,073
2029	18,853
2030	15,173
Thereafter	63,588
Total	$	155,133

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Series 1 Promissory Notes \| Notes payable
Debt Instrument [Line Items]
Interest attributable to contractual interest	$ 1	$ 32
WTI Facility \| Term loan
Debt Instrument [Line Items]
Interest attributable to contractual interest	637	675
Interest attributable to amortization of issuance costs and discounts	638	508
Total interest expense	1,275	1,183
Convertible debentures \| Convertible debt
Debt Instrument [Line Items]
Interest attributable to contractual interest	94	0
Interest attributable to amortization of issuance costs and discounts	0	0
Total interest expense	$ 94	$ 0

Warrants

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Warrants

Note 10. Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, December 31, 2025	11,240,688	7,146,000	2	2
Exercised	—	—	—	—
Issued	—	—	—	—
Outstanding, March 31, 2026	11,240,688	7,146,000	2	2

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. The fair value of the private placement warrants was $11.7 million and $11.1 million as of March 31, 2026 and December 31, 2025, respectively, and is included in the warrant liability in the condensed consolidated balance sheets. The Company recognized a gain of $0.5 million and $6.1 million for the three months ended March 31, 2026 and 2025, 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. The fair value of the 2024 WTI Warrants was $13.0 million and $13.1 million as of March 31, 2026 and December 31, 2025, respectively, and are recorded as a warrant liability on the condensed consolidated balance sheets. The Company recognized a loss of $0.1 million and gain of $3.9 million for the three months ended March 31, 2026 and 2025, 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 fair value of the 2025 WTI Warrants was $3.1 million and $3.2 million as of March 31, 2026 and December 31, 2025, respectively, and are recorded as a warrant liability on the condensed consolidated balance sheets. The Company recognized a loss of $0.1 million for the three months ended March 31, 2026 in the change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss). There was no gain or loss recorded during the three months ended March 31, 2025. The 2025 WTI Warrants expire on March 31, 2035. See Note 4. Fair Value for details on the valuation.

Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 01, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jul. 01, 2024
Schedule of Equity Method Investments [Line Items]
Conversion of AFX available-for-sale term loan into equity method investments		$ 0	$ 8,757
Realized gain on conversion of available for sale investment		0	1,507
Reclassification of loans to investments		0	4,375
Additional investment in debt securities - AFS		0	2,337
Due from related parties		$ 14,917		$ 11,840
AeroFlexx, LLC
Schedule of Equity Method Investments [Line Items]
Investment interest percentage		37.10%		37.10%
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	$ 7,300
Conversion of loans to investments (in usd per share)	$ 6.83
Realized gain on conversion of available for sale investment		$ 1,500
Balance drawn		10,000
Reclassification of loans to investments				$ 4,400
Additional investment in debt securities - AFS				2,700
Unrealized loss on available for sale debt securities - related party		(100)	$ 900
Due from related parties		$ 13,300		$ 10,800

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands				1 Months Ended		3 Months Ended
	Jan. 16, 2026 shares	Jan. 12, 2026 USD ($) investor shares	Mar. 20, 2025 USD ($)	May 14, 2026 USD ($) shares	Oct. 31, 2023 USD ($)	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)						25,000,000		25,000,000
Preferred Stock, par value (in usd per share) \| $ / shares						$ 0.0001		$ 0.0001
Common Stock, par value (in usd per share) \| $ / shares						$ 0.0001		$ 0.0001
SEPA with Yorkville
Class of Stock [Line Items]
Right to sell common stock, maximum amount \| $					$ 75,000
Right to sell common stock, term					3 years
Stock issuance (in shares)						67,000	54,600
Amount received from stock issuance \| $						$ 300	$ 700
Right to sell common stock, maximum remaining availability \| $						$ 66,900
SEPA with Yorkville \| Subsequent event
Class of Stock [Line Items]
Stock issuance (in shares)				1,950,000
Amount received from stock issuance \| $				$ 11,900
Private Placement
Class of Stock [Line Items]
Stock issuance (in shares)		11,428,572
Amount received from stock issuance \| $		$ 40,000
Number of institutional investors \| investor		4
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)						3,000,000		3,000,000
Preferred Stock, par value (in usd per share) \| $ / shares						$ 0.0001		$ 0.0001
Preferred stock dividend percentage						8.00%
Preferred stock, original issue price (in usd per share)	2,648
Conversion of convertible securities (in shares)						0
Preferred Stock, outstanding (in shares)						35,792		33,144
Preferred Stock, issued (in shares)						35,792		33,144
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, authorized (in shares)						5,000,000		5,000,000
Preferred Stock, par value (in usd per share) \| $ / shares						$ 0.0001		$ 0.0001
Preferred stock dividend percentage						8.00%
Conversion of convertible securities (in shares)						0
Preferred Stock, outstanding (in shares)						159,270		150,000
Preferred Stock, issued (in shares)						159,270		150,000
Series C Preferred Stock issued during period (in shares)	9,270
Series C Preferred Stock \| Related party note three \| Notes payable
Class of Stock [Line Items]
Extinguishment of debt \| $			$ 14,000
Loss on extinguishment of debt \| $							$ (3,500)

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Schedule of Investments


	March 31, 2026		December 31, 2025
	(in thousands)
Equity-method investments	$	17,979	$	19,495
Investments in equity, at fair value	69		—
Investment in debt securities - AFS	9,426		9,246
Total Investments	$	27,474	$	28,741

Warrants - Narrative (Details) - USD ($)	3 Months Ended
Warrants - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Apr. 14, 2025
Class of Warrant or Right [Line Items]
Warrant liability	$ 27,815,000		$ 27,458,000
Public warrants
Class of Warrant or Right [Line Items]
Exercise price of warrant (in usd per share)	$ 11.50
Private placement warrants
Class of Warrant or Right [Line Items]
Exercise price of warrant (in usd per share)	$ 11.50
Warrant liability	$ 11,675,000		11,148,000
Gain (loss) on change in fair value of warrants	500,000	$ 6,100,000
2024 WTI Warrants
Class of Warrant or Right [Line Items]
Warrant liability	13,040,000		13,080,000
Gain (loss) on change in fair value of warrants	(100,000)	3,900,000
2025 WTI Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrant (in usd per share)				$ 0.01
Warrant liability	3,100,000		$ 3,230,000
Gain (loss) on change in fair value of warrants	$ (100,000)	$ 0
Number of shares issuable for warrants (in shares)				495,074

Net Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Jun. 25, 2025
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,246,000	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
2025 WTI Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	495,074	0
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	80,065	895,047
Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	356,277	3,733,547
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,127,704	1,115,409
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	880,158	2,036,476
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,000,000	4,000,000
Shares issued in period (in shares)			4,000,000

Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Dec. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Subsidiary Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense (income/decrease)		$ 2.8	$ 0.9
Compensation expense remaining to be recognized, awards excluding stock options		$ 17.6
Compensation expense remaining to be recognized, period		1 year 8 months 12 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense (income/decrease)		$ 1.6	3.9
Compensation expense remaining to be recognized, awards excluding stock options		$ 7.3
Compensation expense remaining to be recognized, period		1 year 4 months 24 days
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense (income/decrease)		$ 0.4	1.0
Compensation expense remaining to be recognized, awards excluding stock options		$ 1.7
Compensation expense remaining to be recognized, period		1 year 2 months 12 days
SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense (income/decrease)		$ 0.0	$ (0.4)
Expected volatility rate		70.00%
Expected term		1 year
Risk-free rate of return		3.00%
SARs \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Base price for awards (in usd per share)	$ 12.175
Cash Settled Stock Appreciation Rights (SARs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)	30,000

Accounting Policies	3 Months Ended
Accounting Policies	Mar. 31, 2026
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 8 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. Going Concern As of March 31, 2026, the Company had a cash balance of $55.4 million, a restricted cash balance of $5.0 million, accumulated deficit of $392.4 million and working capital of $22.0 million. The Company incurred a net loss of $27.8 million for the three months ended March 31, 2026. We have experienced recurring losses from operations and negative cash flows from operating activities. In addition, we continue to have an ongoing need to raise significant additional cash from outside sources to sustain our operations and fund our growth plans. In connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about our ability to continue as a going concern within one year after the 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, or otherwise generate sufficient revenues from the Innventure 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 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 adopted ASU 2023-09 for the year ended December 31, 2025. The Company has made the required disclosures related to this ASU within Note 13. Income Taxes. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments but does not anticipate the adoption of the new guidance will have a material impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its condensed consolidated financial statements. 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 condensed 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 condensed consolidated financial statements.

Business Segment Data

3 Months Ended

Mar. 31, 2026

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
		March 31, 2026		March 31, 2025
		(in thousands)
Revenue		$	1,322	$	1
Interest income		348		4

Cost of sales		$	1,026	$	184
Employee costs		8,570		4,287
Facilities, equipment & supplies		1,278		381
General and administrative		644		2,395
Outside services		676		308
Research and development		3,989		4,345
Sales and marketing		588		284
Depreciation expense *		342		145
Interest expense		171		127
Income tax expense (benefit)		(3,152)		(1,459)
Goodwill impairment		—		233,213
Other **		256		104
Total Expenses		$	14,388	$	244,314

Net Loss		$	(12,718)	$	(244,309)

* 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
		March 31, 2026		March 31, 2025
Revenues:		(in thousands)
Technology		$	1,322	$	1
Other		264		250
Elimination of management services provided to Technology		(143)		(27)
Consolidated Revenues		$	1,443	$	224

Interest Expense:
Technology		$	171	$	127
Other		1,369		1,635
Elimination of Intercompany Interest		(67)		—
Consolidated Interest Expense		$	1,473	$	1,762

Interest Income:
Technology		$	348	4
Other		203		$	220
Elimination of Intercompany Interest		(67)		$	—
Consolidated Interest Income		$	484	$	224

Depreciation and Amortization Expense:
Technology		$	5,668	$	5,548
Other		3		—
Consolidated Depreciation and Amortization Expense		$	5,671	$	5,548

Net Loss:
Technology		$	(12,718)	$	(244,309)
Other		(15,065)		(9,365)
Consolidated Net Loss		$	(27,783)	$	(253,674)

Capital Expenditures:
Technology		$	846	$	917

Consolidated Capital Expenditures		$	846	$	917

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

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

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.

Presented in the table below is a reconciliation of the numerator and denominator for the earnings per share calculations (in thousands, except per share amounts):


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$	(20,805)	$	(142,997)
Less: Cumulative earnings to participating securities	38		259
Undistributed loss for participating securities	(20,843)		(143,256)
Less: Undistributed loss attributable to participating securities	—		—
Net loss attributable to common shareholders, basic and diluted	$	(20,843)	$	(143,256)

Denominator:
Weighted average number of units outstanding, basic and diluted	77,829,187		46,252,922
Net loss per share attributable to common shareholders, basic and diluted	$	(0.27)	$	(3.10)

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 March 31, 2026	Three Months Ended March 31, 2025
Public warrants	11,246,000	11,240,688
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000

2025 WTI Warrants	495,074	—
Series B Preferred Stock	80,065	895,047
Series C Preferred Stock	356,277	3,733,547
Share options	1,127,704	1,115,409
RSUs	880,158	2,036,476
SARs(1)	4,000,000	4,000,000
(1)As of June 25, 2025 the SARs Agreement was amended to limit payments made in the form of Common Stock to a maximum number of 4,000,000 shares.

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Note 12. Stock-based Compensation 2024 Equity and Incentive Compensation Plan Restricted Stock Units The Company recognized compensation costs related to restricted stock units(“RSUs”) of $1.6 million and $3.9 million for the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2026, the Company had $7.3 million in stock-based compensation expense related to RSUs remaining to be recognized over approximately 1.4 years. Stock Options The Company recognized compensation costs related to stock options of $0.4 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2026, the Company had $1.7 million in compensation expense related to stock options remaining to be recognized over approximately 1.2 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 March 31, 2026 using the Black-Scholes option-pricing model based on an expected volatility of 70%, an expected term of approximately 1.0 year, and risk-free rate of return of 3%. The Company recognized an immaterial increase in compensation expense and a $0.4 million decrease in compensation expense for the three months ended March 31, 2026 and 2025, respectively, in relation to the change in fair value of the cash-settled SARs. Subsidiary Equity Plan The Company recognized unit-based compensation costs of $2.8 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2026, the Company had $17.6 million in unit-based compensation expense remaining to be recognized over approximately 1.7 years.

Nature of Business (Details) $ in Billions	Mar. 31, 2026 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Target enterprise value	$ 1

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory


	March 31, 2026		December 31, 2025
	(in thousands)
Raw materials	$	1,047	$	667
Work in process	241		148
Finished goods	274		789
Total inventories	$	1,562	$	1,604

Net Loss Per Share - Reconciliation for EPS Calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$ (20,805)	$ (142,997)
Less: Cumulative earnings to participating securities	38	259
Undistributed loss for participating securities	(20,843)	(143,256)
Less: Undistributed loss attributable to participating securities	0	0
Net Loss attributable to common shareholders, basic	(20,843)	(143,256)
Net Loss attributable to common shareholders, diluted	$ (20,843)	$ (143,256)
Denominator:
Weighted average number of units outstanding, basic (in shares)	77,829,187	46,252,922
Weighted average number of units outstanding, diluted (in shares)	77,829,187	46,252,922
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.27)	$ (3.10)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.27)	$ (3.10)

Accounting Policies - Going Concern (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 55,367		$ 60,449
Restricted cash	5,000		5,000
Accumulated deficit	392,408		$ 371,603
Working capital (deficit)	22,000
Net loss	$ 27,783	$ 253,674
Common stock, par value (in usd per share)	$ 0.0001		$ 0.0001

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 55,367	$ 60,449
Restricted cash	5,000	5,000
Accounts receivable, net	840	1,094
Due from related parties	14,917	11,840
Inventories, net	1,562	1,604
Prepaid expenses and other current assets	4,138	3,167
Total Current Assets	81,824	83,154
Investments	27,474	28,741
Property, plant and equipment, net	2,298	1,941
Intangible assets, net	155,133	160,537
Goodwill	323,463	323,463
Other assets	1,291	1,351
Total Assets	591,483	599,187
Liabilities and Stockholders' Equity
Accounts payable	3,001	2,551
Accrued employee benefits	4,480	11,343
Accrued expenses	2,929	7,386
Contract liabilities	275	947
Notes payable - current	7,440	12,846
Term convertible note, current	7,956	7,890
Convertible promissory note, current	4,369	4,331
Patent installment payable - current	825	700
Obligation to issue equity	38	119
Warrant liability	27,815	27,458
Income taxes payable	52	23
Other current liabilities	667	682
Total Current Liabilities	59,847	76,276
Notes payable, net of current portion	6,940	8,327
Earnout liability	3,470	3,890
Stock-based compensation liability	242	239
Patent installment payable, net of current portion	11,550	12,375
Deferred income taxes	10,782	13,848
Other liabilities	503	556
Total Liabilities	93,334	115,511
Commitments and Contingencies (Note 16)
Stockholders' Equity
Common stock	8	7
Additional paid-in capital	617,017	577,070
Accumulated other comprehensive loss	(1,172)	(1,260)
Accumulated deficit	(392,408)	(371,603)
Total Innventure, Inc., Stockholders’ Equity	223,445	204,214
Non-controlling interest	274,704	279,462
Total Stockholders' Equity	498,149	483,676
Total Liabilities and Stockholders' Equity	591,483	599,187
Series B Preferred Stock
Stockholders' Equity
Preferred stock	0	0
Series C Preferred Stock
Stockholders' Equity
Preferred stock	$ 0	$ 0

Borrowings - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Oct. 22, 2024	Dec. 31, 2021
Debt Instrument [Line Items]
Total Notes Payable	$ 30,030	$ 37,356
Less: unamortized debt discount	(3,325)	(3,962)
Total Long-term Notes	6,940	8,327
Nonrelated party
Debt Instrument [Line Items]
Less: current portion of notes	(7,440)	(12,846)
Series 1 Promissory Notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Interest Rates				9.00%
Series 1 Promissory Notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Interest Rates				12.00%
Series 1 Promissory Notes \| Notes payable \| Nonrelated party
Debt Instrument [Line Items]
Total Notes Payable	0	$ 122
Series 1 Promissory Notes \| Term loan
Debt Instrument [Line Items]
Interest Rates		15.00%
Related party convertible notes \| Convertible debt \| Related party
Debt Instrument [Line Items]
Total Notes Payable	4,369	$ 4,331
Less: current portion of notes	$ (4,369)	(4,331)
Related party convertible notes \| Convertible debt \| Related party \| Minimum
Debt Instrument [Line Items]
Interest Rates	4.00%
Related party convertible notes \| Convertible debt \| Related party \| Maximum
Debt Instrument [Line Items]
Interest Rates	15.00%
Convertible debentures \| Convertible debt
Debt Instrument [Line Items]
Total Notes Payable	$ 0	5,572
Convertible debentures \| Convertible debt \| Minimum
Debt Instrument [Line Items]
Interest Rates	0.00%
Convertible debentures \| Convertible debt \| Maximum
Debt Instrument [Line Items]
Interest Rates	5.00%
Term convertible notes \| Convertible debt
Debt Instrument [Line Items]
Interest Rates	4.00%
Total Notes Payable	$ 7,956	$ 7,890
WTI Facility \| Term loan
Debt Instrument [Line Items]
Interest Rates	13.50%	13.50%	13.50%
Total Notes Payable	$ 17,705	$ 19,441
Less: current portion of convertible notes \| Convertible debt
Debt Instrument [Line Items]
Less: current portion of notes	$ (7,956)	$ (7,890)

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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		84,044,748
Entity Central Index Key	0002001557
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	March 31, 2026		December 31, 2025
	(in thousands)
Leasehold improvements	$	981	$	960
Machinery & equipment	1,651		1,922
Computers & office equipment	28		28
Construction in progress	825		—
Property, plant and equipment, gross	3,485		2,910
Less: Accumulated depreciation	(1,187)		(969)
Property, plant and equipment, net	$	2,298	$	1,941

Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

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 (in thousands):


March 31, 2026	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:	(in thousands)
Investment in debt security - AFS	$	—	$	—	$	9,426	$	9,426


Liabilities:
Earnout liability	$	—	$	—	$	3,470	$	3,470
2024 WTI Warrant liability	—		—		13,040		13,040
2025 WTI Warrant liability	—		—		3,100		3,100
Private placement warrant liability	—		11,675		—		11,675


December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:	(in thousands)
Investment in debt security - AFS	$	—	$	—	$	9,246	$	9,246

Liabilities:
Earnout liability	$	—	$	—	$	3,890	$	3,890
2024 WTI Warrant liability	$	—	$	—	$	13,080	$	13,080
2025 WTI Warrant liability	$	—	$	—	$	3,230	$	3,230
Private placement warrant liability	$	—	$	11,148	$	—	$	11,148

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 are as follows (in thousands):


	Investment in debt securities - AFS		Earnout liability		2024 WTI Warrant liability		2025 WTI Warrant liability
	(in thousands)
Balance as of January 1, 2025	$	11,187	$	14,752	$	17,230	$	—
Additions	6,803		—		—
Settlement	(8,757)		(873)		—		—
Change in fair value	(880)		(6,409)		(3,880)		—
Balance as of March 31, 2025	$	8,353	$	7,470	$	13,350	$	—

Balance as of January 1, 2026	$	9,246	$	3,890	$	13,080	$	3,230
Additions	89		—		—		—

Change in fair value	91		(420)		(40)		(130)
Balance as of March 31, 2026	$	9,426	$	3,470	$	13,040	$	3,100

Schedule of Changes in Fair Value of Level 3 Liabilities

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):


	Investment in debt securities - AFS		Earnout liability		2024 WTI Warrant liability		2025 WTI Warrant liability
	(in thousands)
Balance as of January 1, 2025	$	11,187	$	14,752	$	17,230	$	—
Additions	6,803		—		—
Settlement	(8,757)		(873)		—		—
Change in fair value	(880)		(6,409)		(3,880)		—
Balance as of March 31, 2025	$	8,353	$	7,470	$	13,350	$	—

Balance as of January 1, 2026	$	9,246	$	3,890	$	13,080	$	3,230
Additions	89		—		—		—

Change in fair value	91		(420)		(40)		(130)
Balance as of March 31, 2026	$	9,426	$	3,470	$	13,040	$	3,100

Schedule of Significant Unobservable Inputs

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


	Principal Valuation Techniques	Unobservable Inputs	March 31, 2026			December 31, 2025
Investment in debt securities - AFS:





	Discounted Cash Flows	AeroFlexx yield	20.13		%	17.01		%
Earnout Shares:
	Geometric Brownian Motion	Term	5.5 years			5.8 years
		Stock price	$	3.91		$	4.18
		Volatility	60.00		%	60.00		%
		Risk-free rate	3.93		%	3.77		%
		Revenue risk premium	27.70		%	27.80		%
		Revenue volatility	161.50		%	157.30		%
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	3.91		$	4.18
		Stock price volatility	60.00		%	60.00		%
		Credit spread	30.50		%	26.00		%
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	3.91		$	4.18
		Stock price volatility	60.00		%	60.00		%
		Credit spread	30.50		%	26.00		%

- 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

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,485	$ 2,910
Less: Accumulated depreciation	(1,187)	(969)
Property, plant and equipment, net	2,298	1,941
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	981	960
Machinery & equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,651	1,922
Computers & office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28	28
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 825	$ 0

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2026
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 8 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.
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Standards	Recently Adopted Accounting Pronouncements 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 adopted ASU 2023-09 for the year ended December 31, 2025. The Company has made the required disclosures related to this ASU within Note 13. Income Taxes. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments but does not anticipate the adoption of the new guidance will have a material impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its condensed consolidated financial statements. 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 condensed 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 condensed consolidated financial statements.

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 1,047	$ 667
Work in process	241	148
Finished goods	274	789
Total inventories	$ 1,562	$ 1,604

Earnout Shares	3 Months Ended
Earnout Shares	Mar. 31, 2026
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 2025 Annual Report, 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 (as defined and further described in our 2025 Annual Report). 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 $3.5 million and $3.9 million as of March 31, 2026 and December 31, 2025, respectively. The Company recognized a loss of $0.4 million and gain of $6.4 million in Change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025, respectively. On April 2, 2026, the Company’s Board of Directors formally recognized Accelsius entering into a binding contract providing for revenue to the Company and certain affiliates in excess of $15.0 million thereby meeting the milestone one condition for the Company Earnout Shares. Accordingly, 2,000,000 shares of Common Stock were issued on April 17, 2026 as result of the satisfaction of the milestone.

Business Segment Data - Narrative (Details)	3 Months Ended
Business Segment Data - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Fair Value - Significant Unobservable Inputs (Details)	Mar. 31, 2026 yr	Dec. 31, 2025 yr
AeroFlexx yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input	0.2013	0.1701
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	5,500	5,800
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	3.91	4.18
Stock price \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	3.91	4.18
Stock price \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	3.91	4.18
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	0.6000	0.6000
Volatility \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.6000	0.6000
Volatility \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.6000	0.6000
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	0.0393	0.0377
Revenue risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	0.2770	0.2780
Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	1.6150	1.5730
Credit spread \| 2024 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.3050	0.2600
Credit spread \| 2025 WTI Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
WTI warrants, measurement input	0.3050	0.2600

Commitments and Contingencies - Minimum Patent Royalties Payable (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2026 (remaining nine months)	$ 619
2027	825
2028	825
2029	825
2030	825
Thereafter	8,456
Total	$ 12,375

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2026
Equity [Abstract]
Stockholders' Equity	Note 11. Stockholders' Equity Series B Preferred Stock As of March 31, 2026, 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 January 16, 2026, the Company distributed 2,648 shares of Series B Preferred Stock to represent cumulative dividends for Series B Preferred Stock, covering the year ended December 31, 2025, as a payment in kind at the specified rate. During the three months ended March 31, 2026, the holders of Series B Preferred Stock made no conversions of Series B Preferred Stock. The Company had a total of 35,792 shares of Series B Preferred Stock issued and outstanding as of March 31, 2026. As of March 31, 2026, the Company accrued an immaterial amount for the 8% dividend in accrued expenses on the condensed consolidated balance sheets. Series C Preferred Stock As of March 31, 2026, 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”). Series C Preferred Stock is entitled to an 8% annual rate dividend. On January 16, 2026, the Company distributed 9,270 shares of Series C Preferred Stock to represent cumulative dividends for Series C Preferred Stock, covering the year ended December 31, 2025, as payment in kind at the specified rate. During the three months ended March 31, 2026, the holders of Series C Preferred Stock made no conversions of Series C Preferred Stock. The Series C Preferred Stock is subject to similar terms and conditions as the Series B Preferred Stock. The Company had a total of 159,270 shares of Series C Preferred Stock issued and outstanding as of March 31, 2026. As of March 31, 2026, the Company accrued an immaterial amount for the 8% dividend in accrued expenses on the condensed consolidated balance sheets. On March 20, 2025, in connection with the issuance of Series C Preferred Stock, the Company extinguished the outstanding amount of related party notes totaling $14.0 million. The Company recognized a loss $3.5 million in Loss on extinguishment of related party debt on the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2025. Standby Equity Purchase Agreement In October 2023, we entered into the SEPA with Yorkville. Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $75.0 million of Common Stock at the Company’s request any time during the commitment period commencing on October 2, 2024, 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 $75.0 million. The Company’s ability to access the SEPA is subject to certain conditions and limitations described therein. During the three months ended March 31, 2026 and 2025, the Company sold 67,000 and 54,600 shares of Common Stock under the SEPA, respectively, raising $0.3 million and $0.7 million in cash proceeds, respectively, which is classified within Issuance of common shares, net of issuance costs in the condensed consolidated statements of changes in stockholders' equity (deficit). As of March 31, 2026, the maximum remaining availability under the SEPA is approximately $66.9 million. Between April 1, 2026 and May 13 2026, the Company sold an additional 1,950,000 shares of Common Stock under the SEPA, raising $11.9 million in cash proceeds. Registered Issuances On January 12, 2026, the Company entered into securities purchase agreements with four institutional investors for the purchase and sale of 11,428,572 shares of Common Stock for gross proceeds of approximately $40.0 million, before deducting placement agent fees and offering expenses.

- Definition

The entire disclosure for equity.

+ References

+ Details

Borrowings

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings


	Maturities	March 31, 2026		Interest Rates	December 31, 2025		Interest Rates
		(in thousands)
Series 1 Promissory Notes	2025 - 2026	$	—	—	$	122	15.00%

Related party convertible notes	2025 - 2026	4,369		4.00% - 15%	4,331
Convertible debentures	2026	—		—% - 5%	5,572
Term convertible notes	2026	7,956		4.00%	7,890

WTI Facility	2027	17,705		13.50%	19,441		13.50%
Total Notes Payable		30,030			37,356
Less: unamortized debt discount		(3,325)			(3,962)

Less: current portion of related party convertible notes		(4,369)			(4,331)
Less: current portion of notes payable		(7,440)			(12,846)
Less: current portion of convertible notes		(7,956)			(7,890)
Total Long-term Notes		$	6,940		$	8,327

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

The Company’s notes payable, excluding debt issuance costs, mature as follows (in thousands):


	Amount
2026 (remaining nine months)	$	19,765
2027	10,265


Total Debt	$	30,030

Series 1 Promissory Notes

In 2018, the Company authorized the issuance and sale of unsecured promissory notes to investors up to $35.0 million (the “Series 1 promissory notes”). From 2018 to 2021, the Company issued promissory notes with a total principal amount of 4.9 million. 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 (in thousands):



	March 31, 2026		December 31, 2025

Principal amount of 2nd extension promissory notes	$	—	$	122

Interest expense on Series 1 promissory notes was as follows (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Interest attributable to contractual interest		$	1	$	32

In January 2026, the Company repaid the outstanding balance of the Series 1 promissory notes.

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 $50.0 million (the "WTI Facility"). The total aggregate principal was available in three separate tranches subject to the Company meeting certain conditions. The Company received $20.0 million (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 funds under each of the second Tranche and the third Tranche are no longer available to the Company.

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 12 months in the case of the First Tranche in equal monthly installments over a period of 30 months. Obligations are secured by a lien on the majority of the assets of Innventure LLC and Innventure, Inc.

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 $5.0 million 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 issuable to the WTI Lenders; 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 $3.5 million recorded on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025. The legal requirement to maintain at least $5.0 million of cash on deposit is presented as Restricted cash on the consolidated balance sheets.

In connection with the WTI Facility, the Company issued the 2024 WTI Warrants and the 2025 WTI Warrants (collectively the “WTI Warrants”) to the WTI Lenders (as further defined and described in Note 10. Warrants). The Company accounted for each of the WTI Warrants as detachable warrants at their fair value. The fair value of the WTI Warrants was recorded as a liability and as a discount to the WTI Facility on the consolidated balance sheets. The 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.

Interest expense on this facility was as follows (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Interest attributable to contractual interest		$	637	$	675
Interest attributable to amortization of issuance costs and discounts		638		508
Total interest expense		$	1,275	$	1,183

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 $30.0 million. 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 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 $20.0 million, resulting in cash proceeds to the Company of $18.0 million, 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 March 31, 2026 (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 $10.0 million, resulting in cash proceeds to the Company of $9.0 million, 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 months ended March 31, 2026 and 2025.

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 $2.0 million. 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 $15.0 million in convertible debentures (“New Convertible Debentures”), issuable in two tranches. The first tranche of $10.0 million was issued with a 10% original issue discount, yielding $9.0 million 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.

On November 12, 2025, the Company issued the second tranche of the New Convertible Debentures for $5.0 million. The debentures were issued with a 10% original issue discount, yielding $4.5 million in net proceeds, bear 5% annual interest, and mature on September 15, 2026.

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. Under the troubled debt restructuring a loss on extinguishment of debt of $12.6 million was recorded on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025.

On January 27, 2026, the Company issued 304,377 shares of Common Stock due to the exercise of conversion option by Yorkville for a principal amount of $1.1 million of the Convertible Debentures. Additionally, the Company made a cash payment of $5.5 million inclusive of principal, interest and fees, satisfying the Convertible Debentures in full. The repayment of the Convertible Debentures resulted in an aggregate of $1.0 million loss on extinguishment of debt.

Interest expense on the Convertible Debentures was as follows (in thousands):


	Three Months Ended
		March 31, 2026		March 31, 2025
Interest attributable to contractual interest		$	94	$	—
Interest attributable to amortization of issuance costs		—		—
Total interest expense		$	94	$	—

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 $7.8 million. 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.

As of January 2, 2026 the Term Convertible Notes, which are subordinated to the WTI Facility, are convertible at the option of the lenders, 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 the Term Convertible Notes, unless they convert the debt into equity.

The interest expense on the Term Convertible Notes was $0.1 million for the three months ended March 31, 2026. There was no interest expense on the Term Convertible Notes for the three months ended March 31, 2025.

Related Party Convertible Notes

In June of 2025, Accelsius entered into unsecured convertible notes (“Related Party Term 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 $4.2 million. 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 immaterial for the three months ended March 31, 2026. There was no interest expense on Related Party Convertible Notes for the three months ended March 31, 2025.

- 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 7. Property, Plant and Equipment


	March 31, 2026		December 31, 2025
	(in thousands)
Leasehold improvements	$	981	$	960
Machinery & equipment	1,651		1,922
Computers & office equipment	28		28
Construction in progress	825		—
Property, plant and equipment, gross	3,485		2,910
Less: Accumulated depreciation	(1,187)		(969)
Property, plant and equipment, net	$	2,298	$	1,941

Depreciation expense was $0.3 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 323,463,000		$ 323,463,000
Goodwill impairment charge	0	$ 233,213,000
Accumulated impairment loss	346,600,000		$ 346,600,000
Amortization expense	$ 5,400,000	$ 5,400,000

- 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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+ Details

- 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

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+ 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

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

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 (in thousands).


	Amount
2026 (remaining nine months)	$	619
2027	825
2028	825
2029	825
2030	825
Thereafter	8,456
Total	$	12,375

Fair Value - Narrative (Details) $ in Thousands		3 Months Ended
Fair Value - Narrative (Details) $ in Thousands	Jan. 01, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Apr. 14, 2025
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		$ 0	$ 8,757
2025 WTI Warrants \| Stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input				3.65
2025 WTI Warrants \| Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input				0.5700
2025 WTI Warrants \| Credit spread
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
WTI warrants, measurement input				0.2770
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	$ 7,300

Consolidated Statements of Changes in Mezzanine and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	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 C Preferred Stock	Preferred Stock Series C Preferred Stock Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Additional Paid-In Capital Series B Preferred Stock	Additional Paid-In Capital Series C Preferred Stock	Accumulated Deficit	Accumulated OCI	Non-Controlling Interest
Preferred stock, beginning balance (in shares) at Dec. 31, 2024					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
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 and C Preferred Stock issued for paid-in-kind dividends (in shares)					21,808
Series B and C Preferred Stock issued for paid-in-kind dividends	218								218
Issuance of common shares, net of issuance costs (in shares)								73,993
Issuance of common shares, net of issuance costs	931								931
Issuance of common shares for services (in shares)								87,971
Issuance of common shares for services	997								997
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	6,945								(26,304)						33,249
Distributions to stockholders	(26)												(26)
Stock-based compensation	5,841								4,943						898
Accrued preferred dividends	(217)								(217)
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)							0
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity		$ 0								$ 0
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	$ 23,108
Issuance of Series C Preferred Stock (in shares)	275,000
Issuance of Series C Preferred Stock, net	$ 2,663
Issuance of Series C Preferred Stock for services (in shares)	300,000
Issuance of Series C Preferred Stock for services	$ 3,000
Accrued preferred dividends	$ 0
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)		0
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity		$ (45)
Preferred Stock, ending balance (in shares) at Mar. 31, 2025	2,885,848
Preferred Stock, ending balance at Mar. 31, 2025	$ 28,726
Preferred stock, beginning balance (in shares) at Dec. 31, 2025			33,144	150,000	33,144	150,000
Beginning balance at Dec. 31, 2025	$ 483,676				$ 0	$ 0		$ 7	577,070				(371,603)	(1,260)	279,462
Common stock, beginning balance (in shares) at Dec. 31, 2025	67,743,847							67,743,847
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (27,783)												(20,805)		(6,978)
Series B and C Preferred Stock issued for paid-in-kind dividends (in shares)					2,648	9,270
Series B and C Preferred Stock issued for paid-in-kind dividends			$ 27	$ 93							$ 27	$ 93
Stock-based compensation (in shares)								40,957
Issuance of common shares, net of issuance costs (in shares)								11,495,572
Issuance of common shares, net of issuance costs	37,207							$ 1	37,206
Issuance of common shares for services (in shares)								5,000
Issuance of common shares for services	(11)								(11)
Conversion of convertible debentures (in shares)								304,377
Conversion of convertible debentures	1,090								1,090
RSU settlement, net (in shares)								505,141
RSU settlement, net	(1,032)								(1,032)
Other comprehensive gain, net of taxes	88													88
Stock-based compensation	4,832								2,080						2,752
Accrued preferred dividends	(38)								(38)
Non-controlling interest and related transfers	0								532						(532)
Preferred stock, ending balance (in shares) at Mar. 31, 2026			35,792	159,270	35,792	159,270
Ending balance at Mar. 31, 2026	$ 498,149				$ 0	$ 0		$ 8	$ 617,017				$ (392,408)	$ (1,172)	$ 274,704
Common stock, ending balance (in shares) at Mar. 31, 2026	80,094,894							80,094,894
Increase (Decrease) in Temporary Equity [Roll Forward]
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity (in shares)			0	0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Borrowings - Debt Extensions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Principal amount of 2nd extension promissory notes \| Notes payable
Debt Instrument [Line Items]
Principal amount of extension promissory notes	$ 0	$ 122

- 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

Business Segment Data - Technology Segment Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 1,443,000	$ 224,000
Interest income	484,000	224,000
Cost of sales	5,253,000	184,000
General and administrative	12,750,000	19,676,000
Research and development	7,840,000	6,253,000
Sales and marketing	2,897,000	2,096,000
Interest expense	1,473,000	1,762,000
Income tax benefit	(3,039,000)	(1,399,000)
Goodwill impairment	0	233,213,000
Other	175,000	(21,000)
Net Loss Attributable to Stockholders	(20,805,000)	(142,997,000)
Technology
Segment Reporting Information [Line Items]
Revenue	1,322,000	1,000
Interest income	348,000	4,000
Cost of sales	1,026,000	184,000
Employee costs	8,570,000	4,287,000
Facilities, equipment & supplies	1,278,000	381,000
General and administrative	644,000	2,395,000
Outside services	676,000	308,000
Research and development	3,989,000	4,345,000
Sales and marketing	588,000	284,000
Depreciation expense	342,000	145,000
Interest expense	171,000	127,000
Income tax benefit	(3,152,000)	(1,459,000)
Goodwill impairment	0	233,213,000
Other	256,000	104,000
Total Operating Expenses	14,388,000	244,314,000
Net Loss Attributable to Stockholders	$ (12,718,000)	$ (244,309,000)

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 24, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Revenue		$ 1,443	$ 224
Due from related parties		14,917		$ 11,840
Conversion of related party notes (in shares)			2,310,848
Conversion of related party notes			$ 23,108
Transactions with the ESG Fund \| Related party \| Management Fees
Related Party Transaction [Line Items]
Revenue			$ 200
Transactions with AeroFlexx \| Related party
Related Party Transaction [Line Items]
Due from related parties		$ 13,300		$ 10,500
Conversion of related party notes (in shares)	578,294
Conversion of related party notes	$ 5,800
Minimum \| Transactions with the ESG Fund \| Related party
Related Party Transaction [Line Items]
Management fee percentage		1.00%
Maximum \| Transactions with the ESG Fund \| Related party
Related Party Transaction [Line Items]
Management fee percentage		2.00%

Earnout Shares (Details) - Innventure LLC $ / shares in Units, $ in Millions					3 Months Ended
	Apr. 02, 2026 USD ($) shares	Feb. 04, 2025 shares	Jan. 07, 2025 shares	Oct. 02, 2024 day $ / shares shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 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 \| $					$ 3.5		$ 3.9
(Gain) loss on change in fair value of contingent consideration \| $					$ (0.4)	$ 6.4
Milestone One \| Subsequent event
Business Combination, Contingent Consideration [Line Items]
Earnout shares issued (in shares)	2,000,000
Contingent consideration, revenue threshold \| $	$ 15.0
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

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

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 earnings per share calculations (in thousands, except per share amounts):


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Numerator:
Net loss attributable to Innventure, Inc., shareholders	$	(20,805)	$	(142,997)
Less: Cumulative earnings to participating securities	38		259
Undistributed loss for participating securities	(20,843)		(143,256)
Less: Undistributed loss attributable to participating securities	—		—
Net loss attributable to common shareholders, basic and diluted	$	(20,843)	$	(143,256)

Denominator:
Weighted average number of units outstanding, basic and diluted	77,829,187		46,252,922
Net loss per share attributable to common shareholders, basic and diluted	$	(0.27)	$	(3.10)

Schedule of Antidilutive Securities


	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Public warrants	11,246,000	11,240,688
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000

2025 WTI Warrants	495,074	—
Series B Preferred Stock	80,065	895,047
Series C Preferred Stock	356,277	3,733,547
Share options	1,127,704	1,115,409
RSUs	880,158	2,036,476
SARs(1)	4,000,000	4,000,000
(1)As of June 25, 2025 the SARs Agreement was amended to limit payments made in the form of Common Stock to a maximum number of 4,000,000 shares.

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments, All Other Investments [Abstract]
Equity-method investments	$ 17,979	$ 19,495
Investments in equity, at fair value	69	0
Investment in debt securities - AFS	9,426	9,246
Total Investments	$ 27,474	$ 28,741

- Definition

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

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- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

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+ Details

Fair Value - Changes in Fair Value of Level 3 Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnout liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 3,890	$ 14,752
Additions	0	0
Settlement and derecognitions		(873)
Change in fair value	(420)	(6,409)
Ending balance	3,470	7,470
2024 WTI Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	13,080	17,230
Additions	0	0
Settlement and derecognitions		0
Change in fair value	(40)	(3,880)
Ending balance	13,040	13,350
2025 WTI Warrant liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	3,230	0
Additions	0
Settlement and derecognitions		0
Change in fair value	(130)	0
Ending balance	$ 3,100	$ 0

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash Flows Used in Operating Activities
Net loss	$ (27,783,000)	$ (253,674,000)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Stock-based compensation	4,832,000	5,841,000
Interest income on debt securities - related party	(91,000)	(91,000)
Change in fair value of financial liabilities	(63,000)	(16,429,000)
Non-cash interest expense on notes payable	706,000	510,000
Net gain on investments	(69,000)	0
Accrued unpaid interest on note payable	130,000	0
Equity method investment loss (gain)	1,516,000	6,756,000
Realized gain on conversion of available for sale investments	0	(1,507,000)
Deferred income taxes	(3,067,000)	(1,899,000)
Loss on disposal of PPE	223,000	0
Depreciation and amortization	5,671,000	5,548,000
Goodwill impairment	0	233,213,000
Other costs	130,000	61,000
Changes in operating assets and liabilities:
Accounts receivable	254,000	46,000
Prepaid expenses and other current assets	(4,046,000)	(122,000)
Inventory	42,000	(42,000)
Accounts payable	451,000	1,587,000
Accrued employee benefits	(6,863,000)	1,943,000
Accrued expenses	(5,503,000)	565,000
Stock-based compensation liability	3,000	(442,000)
Income taxes payable	29,000	500,000
Other current liabilities	(138,000)	(73,000)
Payment of patent installment	(700,000)	(525,000)
Contract liabilities	(672,000)	0
Net Cash Used in Operating Activities	(34,031,000)	(14,696,000)
Cash Flows Used in Investing Activities
Investment in available-for-sale debt securities - equity method investee	0	(2,337,000)
Acquisition of property, plant and equipment	(846,000)	(917,000)
Net Cash Used in Investing Activities	(846,000)	(3,254,000)
Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs	37,207,000	3,675,000
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs	0	4,907,000
Payment of debts	(7,412,000)	(300,000)
Repurchase of preferred stock	0	(50,000)
Distributions to stockholders and other	0	(26,000)
Net Cash Flows Provided by Financing Activities	29,795,000	8,206,000
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(5,082,000)	(9,744,000)
Cash, Cash Equivalents and Restricted Cash Beginning of period	65,449,000	11,119,000	$ 11,119,000
Cash, Cash Equivalents and Restricted Cash End of period	60,367,000	1,375,000	$ 65,449,000
Supplemental Cash Flow Information
Cash paid for interest	699,000	1,127,000
Supplemental Disclosure of Noncash Financing Information
Conversion of working capital loans to equity method investee into investments in debt securities - related party	0	4,375,000
Unrealized gain on investments in debt Securities - related party through OCI	91,000	909,000
Extinguishment of debt with Series C Preferred Stock	0	14,000,000
Contribution of Series C Preferred Stock to equity method investee	0	5,783,000
Conversion of AFX available-for-sale term loan into equity method investments	0	8,757,000
Issuance of common stock as repayment of convertible debt	1,090,000	0
Issuance of vested RSUs	1,032,000	0
Issuance of stock in exchange for services	11,000	4,002,000
Equity reallocation between non-controlling interest and additional paid-in capital	0	26,304,000
Nonrelated party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Loss on extinguishment of debt	977,000	0
Related party
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Loss on extinguishment of debt	$ 0	$ 3,538,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

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 $5.0 million 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. There were no amounts paid by the Company for both the guaranty and interest. As of March 31, 2026 and December 31, 2025, 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 (in thousands).


	Amount
2026 (remaining nine months)	$	619
2027	825
2028	825
2029	825
2030	825
Thereafter	8,456
Total	$	12,375

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 $0.5 million contingent upon achievement of a commercial milestone, which is not yet probable.

The Company is committed to pay annual royalties based on Refinity-related gross sales and licensing revenue starting in 2025. For the three months ended March 31, 2026 and 2025, 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 €2.0 million for the period beginning January 22, 2025 and ending April 30, 2026 (“Year 1”), and €3.0 million 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. Refinity incurred €0.6 million of service expenses toward the Year 1 minimum fee for the three months ended March 31, 2026. There were no incurred services expenses for the three months ended March 31, 2025. After currency conversion, Refinity incurred $0.8 million toward the Year 1 minimum fee during the three months ended March 31, 2026. Additionally, during the three months ended March 31, 2026, Refinity made payments of $0.5 million on costs incurred as a part of the Year 1 minimum fee.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax benefit	$ (3,039)	$ (1,399)
Effective tax rate	9.86%

- Definition

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

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+ Details

Fair Value - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Investment in debt security - AFS	$ 9,426	$ 9,246
Liabilities:
Earnout liability	3,470	3,890
Warrant liability	27,815	27,458
2024 WTI Warrant liability
Liabilities:
Warrant liability	13,040	13,080
2025 WTI Warrant liability
Liabilities:
Warrant liability	3,100	3,230
Private placement warrants
Liabilities:
Warrant liability	11,675	11,148
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investment in debt security - AFS	0	0
Liabilities:
Earnout liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 2024 WTI Warrant liability
Liabilities:
Warrant liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 2025 WTI Warrant liability
Liabilities:
Warrant liability	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private placement warrants
Liabilities:
Warrant liability	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Investment in debt security - AFS	0	0
Liabilities:
Earnout liability	0	0
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	0
Significant Other Observable Inputs (Level 2) \| Private placement warrants
Liabilities:
Warrant liability	11,675	11,148
Significant Unobservable Inputs (Level 3)
Assets:
Investment in debt security - AFS	9,426	9,246
Liabilities:
Earnout liability	3,470	3,890
Significant Unobservable Inputs (Level 3) \| 2024 WTI Warrant liability
Liabilities:
Warrant liability	13,040	13,080
Significant Unobservable Inputs (Level 3) \| 2025 WTI Warrant liability
Liabilities:
Warrant liability	3,100	3,230
Significant Unobservable Inputs (Level 3) \| Private placement warrants
Liabilities:
Warrant liability	$ 0	$ 0

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes The Company recognized income tax benefits of $3.0 million and $1.4 million, during the three months ended March 31, 2026 and 2025, respectively. 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 was a benefit of 9.86% for the three months ended March 31, 2026, driven primarily by an increase in the valuation allowance as a result of pre-tax book loss activity. 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 phased in over time. The Company has evaluated the impact of OBBBA on its financial statements and does not expect the legislation to result in a material change to its quarterly effective tax rate.

- Definition

The entire disclosure for income tax.

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+ Details

Goodwill and Intangible Assets - Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 187,530	$ 187,530
Accumulated Amortization	(32,397)	(26,993)
Net Carrying Amount	$ 155,133	160,537
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	14 years 6 months
Gross Carrying Amount	$ 17,800	17,800
Accumulated Amortization	(1,668)	(1,390)
Net Carrying Amount	$ 16,132	16,410
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	1 year 6 months
Gross Carrying Amount	$ 4,600	4,600
Accumulated Amortization	(2,298)	(1,915)
Net Carrying Amount	$ 2,302	2,685
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	7 years 9 months 18 days
Gross Carrying Amount	$ 165,100	165,100
Accumulated Amortization	(28,418)	(23,678)
Net Carrying Amount	$ 136,682	141,422
Other finite-lived intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	1 year 8 months 12 days
Gross Carrying Amount	$ 30	30
Accumulated Amortization	(13)	(10)
Net Carrying Amount	$ 17	$ 20

- 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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