Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data Innventure, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2025
Revenue
1.12
2.06
Cost of revenue
0
18.8
Gross profit
1.12
-16.8
Research and development
4
25
Selling and marketing
3.21
9.63
General and administrative
17.6
66.7
Operating income
-23.7
-465
Interest expense
1.37
10.2
Interest income
0.14
0.56
Other non-operating income
-7.31
-24.1
Pre-tax income
-31
-489
Income tax
0
-13.5
Net income to minority interests
-0.14
-182
Net income
-30.8
-293
EBITDA
-23.7
-442
EPS, basic
-5.39
EPS, diluted
-5.39
Shares, basic (weighted)
54.4
Shares, diluted (weighted)
54.4
Balance sheet
FY2024
FY2025
Cash and equivalents
2.58
60.4
Receivables
0
1.09
Inventory
0
1.6
Other current assets
0.49
3.17
Total current assets
5.66
83.2
Property, plant and equipment
0.64
1.94
Goodwill
0
323
Intangible assets
0
161
Long-term investments
14.2
28.7
Other non-current assets
1.1
1.35
Total assets
21.6
599
Accounts payable
2.55
Deferred revenue
0.95
Total current liabilities
8.17
76.3
Long-term debt
5.5
8.33
Other non-current liabilities
0.68
0.56
Total liabilities
29.4
116
Total debt
9.55
8.33
Paid-in capital
0
577
Retained earnings
-64.3
-372
Other comprehensive income
0
-1.26
Shareholders' equity
-20
204
Minority interests
1.56
279
Total equity
-18.5
484
Total liabilities and equity
21.6
599
Shares outstanding
67.7
Cash flow statement
FY2024
FY2025
Net income
-31
-475
Depreciation and amortization
0.01
22.5
Stock-based compensation
0.91
27.9
Deferred income tax
0
-13.5
Change in receivables
0
-0.81
Change in inventory
0
3.57
Change in payables
0.01
-1.39
Cash from operations
-19.5
-80.7
Capital expenditures
-0.65
-1.42
Acquisitions
0
0
Purchases of investments
-2.6
Cash from investing
-4.67
-4.13
Dividends paid
-0.24
Cash from financing
19.2
139
Net change in cash
-4.97
54.3
Free cash flow
-20.1
-82.1
Interest paid
0.3
0
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.71 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-595.9%
Gross profit / revenue.
Operating margin
-3,191.0%
Operating income / revenue.
EBITDA margin
-2,587.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-4,198.0%
Pre-tax income / revenue.
Net margin
-3,022.0%
Net income / revenue.
FCF margin
-2,797.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2,756.0%
Cash from operations / revenue.
Return on equity (ROE)
-53.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-19.7%
Net income / average total assets.
Return on invested capital (ROIC)
-53.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
808.2%
Research and development expense / revenue.
Stock-based pay / revenue
611.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
41.6%
Capital expenditures / revenue.
D&A / revenue
603.8%
Depreciation and amortization / revenue.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.20x
Current assets / current liabilities.
Quick ratio
0.73x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.70x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.03x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
1.0%
Total debt / total assets.
Liabilities / assets
16.0%
Total liabilities / total assets.
Net debt
-$35.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.36
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
FCF per share
-$1.26
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.24
Cash from operations / diluted weighted shares.
Book value per share
$2.51
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
16.0x
Market cap / revenue.
P/B
0.28x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
6.51x
Enterprise value / revenue.
FCF yield
-174.8%
Free cash flow / market cap.
Earnings yield
-188.9%
Net income / market cap (the inverse of P/E).
What was Innventure, Inc.'s revenue in fiscal 2025?
Innventure, Inc. reported revenue of $2.1M for fiscal 2025, 84.1% higher than the year before.
Was Innventure, Inc. profitable in fiscal 2025?
No. It reported a net loss of $293.3M.
How much free cash flow did Innventure, Inc. generate in fiscal 2025?
Cash from operations of $80.7M minus capital expenditures of $1.4M left free cash flow of -$82.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.