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Innventure, Inc. (INV)·Q3 2024 Earnings Summary
Executive Summary
- Q3 2024 revenue was $0.317M, up 15.7% year over year, while loss from operations widened to $(13.674)M; net loss improved to $(7.641)M as non‑operating gains offset higher OpEx .
- Accelsius delivered its first revenue‑generating cooling system in the quarter; AeroFlexx began commercial deliveries and an October press release highlighted initial production ramp .
- Liquidity improved to $16.297M cash but working capital was $(20.386)M; management disclosed substantial doubt about going concern without additional financing (SEPA up to $75M; conditional $50M WTI facility) .
- No formal revenue/EPS guidance or consensus estimate comparisons were available; S&P Global consensus was unavailable for Q3 2024. Estimates unavailable (Values retrieved from S&P Global)*.
What Went Well and What Went Wrong
What Went Well
- Accelsius “delivered first revenue generating system during third quarter,” marking initial commercialization within ~30 months of founding .
- “Operating companies continue to outperform our expectations, with both AeroFlexx and Accelsius now delivering commercial product to the marketplace,” said CEO Bill Haskell, pointing to early demand traction .
- Segment disclosures show Technology revenue contribution began (product sales $0.095M) and non‑operating gains (exchange‑traded investments) materially improved bottom line vs prior year .
What Went Wrong
- Revenue ($0.317M) was far below cost of sales ($0.777M), implying negative gross margin at this scale; OpEx rose sharply (G&A $9.052M, R&D $2.533M) due to public readiness and hiring .
- Working capital stood at $(20.386)M and management flagged substantial doubt about ability to continue as a going concern without additional capital .
- Related‑party bridge notes and higher interest burden increased financing risk (e.g., $10M Glockner note at 15.99% post‑amendment; outstanding fees and maturities in Q4/Q1) .
Financial Results
Headline P&L vs Prior Year
Sequential Comparison (Prior Quarter)
Segment Breakdown (Three Months)
KPIs and Balance Sheet Snapshot
Guidance Changes
No formal revenue/EPS or margin guidance ranges were provided in Q3 2024 materials.
Earnings Call Themes & Trends
Public transcript was not available; company provided a webcast and an earnings presentation.
Management Commentary
- “Our operating companies continue to outperform our expectations, with both AeroFlexx and Accelsius now delivering commercial product to the marketplace.” — Bill Haskell, CEO .
- “Now as a public company, we can accelerate execution against our mission to bring breakthrough technologies to market and deliver long‑term value for our shareholders.” — Bill Haskell, CEO .
- Presentation reiterated majority ownership in Accelsius (~55%) and equity‑method holding in AeroFlexx (~31%), with plans to report revenue, Adjusted EBITDA, and cash flow as scaling occurs .
Q&A Highlights
No public Q&A transcript was available; the company hosted a webcast and posted an earnings presentation, but did not publish a transcript in the document set we reviewed –.
Estimates Context
- Wall Street consensus (S&P Global) for Q3 2024 revenue and EPS was unavailable at time of retrieval (SPGI request limit and nascent coverage). Estimates unavailable (Values retrieved from S&P Global)*.
- Without consensus, we cannot assess beat/miss vs estimates; investors should expect estimate formation as coverage initiates post‑listing .
Key Takeaways for Investors
- Initial commercialization achieved: Accelsius recorded first revenue‑generating system; AeroFlexx launched commercial production, de‑risking product market fit and establishing early customer engagement .
- Scaling remains the near‑term challenge: revenue is modest versus cost base (cost of sales>$revenue; G&A and R&D up), implying continued operating losses until volumes ramp .
- Liquidity bridge identified but execution‑dependent: SEPA and conditional WTI facility add capacity; working capital is negative and management disclosed going‑concern risks without further financing .
- Strategic shift to “hold and scale” OpCos could enhance long‑term value capture vs prior exit‑driven model; majority ownership in Accelsius positions Innventure to benefit from operating leverage as units ship .
- Watch catalysts: additional Accelsius deployments and data center wins; AeroFlexx on‑shelf in 2025; drawdown progress on WTI tranches; any new MNC‑sourced DownSelects .
- Risk monitoring: related‑party notes/amendments, interest costs, internal control remediation, and conditional nature of financing facilities .
- With limited historical public quarters and no consensus, price discovery will hinge on visible shipment milestones and financing progress rather than near‑term earnings beats .
Additional references:
- Press release PDF and IR quarterly results hub: .
- Nasdaq summary reflecting revenue and net loss improvements: .