Innventure’s Q1 Revenue Rises 600% to $1.4M with $50M Bookings, $20.8M Loss
INV•Innventure Inc reported Q1 revenue jumping from $0.2M to $1.4M and secured over $50M in bookings, while AeroFlex’s pipeline reached $32M and Excelsius nears a pre-inflection phase with validated tech. The company posted a $20.8M net loss and $18.4M adjusted EBITDA deficit, citing supply chain and environmental deployment challenges.
1. Q1 Financial Results
Innventure reported Q1 2026 revenue surged to $1.4M from $0.2M year-over-year, driven by early deployments of its data center technologies. The company recorded a net loss of $20.8M and an adjusted EBITDA deficit of $18.4M, reflecting continued R&D investment and operational expenses.
2. Bookings and Pipeline Growth
The firm secured over $50M in Q1 bookings, with AeroFlex’s commercial pipeline growing to $32M and Excelsius moving into a pre-inflection phase after validating its technology. Refinity is progressing toward commercial scale through ongoing technical validation and integration work, signaling potential revenue contributions ahead.
3. Operational Challenges and Outlook
Innventure faces supply chain constraints and environmental protests impacting data center deployments, and variability in customer payment terms is weighing on its cash conversion cycle. Management remains optimistic about reaching a $100M Excelsius run rate by year-end and leverages channel partners such as Johnson Controls and Legrand to scale rack deployments.




