Detailed financial statements for Innventure, Inc. (INV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Innventure, Inc. identifies, funds, and operates companies with a focus on sustainable technology solutions acquired or licensed from multinational corporations. Innventure, Inc. was founded in 2015 and is headquartered in Orlando, Florida.
Analysis Summary
Trailing-twelve-month margins: gross margin -6.0%, operating margin -31.9%, net margin -30.2%.
At the current price of $0.71, INV has negative trailing earnings (P/E not meaningful) and an ROE of -54.53%. Market capitalisation stands at $57M.
Balance sheet quality for INV: current ratio of 1.1, net cash position of $27.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9M | $942000 | $1.1M | $1.2M | $2.1M |
| Cost of Revenue | 0 | 0 | 0 | $4.5M | $41.3M |
| Gross Profit | $1.9M | $942000 | $1.1M | -$3.3M | -$39.3M |
| Research & Development | 0 | $15.4M | $4.0M | $11.3M | $25.0M |
| Selling, General & Admin | $5.0M | $10.2M | $20.8M | $62.4M | $76.3M |
| Operating Expenses | $5.0M | $25.6M | $24.8M | $73.8M | $78.9M |
| Operating Income | -$3.2M | -$24.7M | -$23.7M | -$77.1M | -$118.1M |
| EBITDA | $8.0M | -$31.9M | -$29.8M | -$93.1M | -$456.6M |
| Interest Expense | $1.4M | $890000 | $1.2M | $2.4M | $9.7M |
| Pre-tax Income | $6.7M | -$32.8M | -$31.0M | -$101.1M | -$488.8M |
| Income Tax | 0 | 0 | 0 | -$2.9M | -$13.5M |
| Net Income | $6.7M | -$32.8M | -$30.8M | -$78.2M | -$293.3M |
| EPS | $0.16 | $-0.77 | $-0.72 | $-1.75 | $-5.39 |
| EPS (Diluted) | $0.16 | $-0.77 | $-0.72 | $-1.75 | $-5.39 |
| Shares Outstanding (Diluted) | $42.7M | $42.7M | $42.7M | $44.6M | $54.4M |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $237363 | $7.5M | $2.6M | $11.1M | $60.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | $283000 | $1.1M |
| Inventory | 0 | 0 | 0 | $5.2M | $1.6M |
| Total Current Assets | $945058 | $7.8M | $5.7M | $24.3M | $83.2M |
| Property, Plant & Equipment | 0 | 0 | $637000 | $1.4M | $1.9M |
| Goodwill | 0 | 0 | 0 | $667.9M | $323.5M |
| Intangible Assets | 0 | 0 | 0 | $182.2M | $160.5M |
| Total Assets | $233.8M | $28.0M | $21.6M | $905.3M | $599.2M |
| Accounts Payable | 0 | $84000 | $93000 | $3.2M | $2.6M |
| Short-term Debt | 0 | $2.5M | $1.9M | $14.6M | $25.1M |
| Total Current Liabilities | $470368 | $4.3M | $8.2M | $69.3M | $76.3M |
| Long-term Debt | 0 | $3.4M | $5.5M | $13.7M | $8.3M |
| Total Liabilities | $19.8M | $39.2M | $40.0M | $139.0M | $115.5M |
| Retained Earnings | -$18.3M | -$38.6M | -$64.3M | -$78.3M | -$371.6M |
| Total Equity | $214.0M | -$11.8M | -$20.0M | $425.5M | $204.2M |
| Total Debt | 0 | $5.9M | $7.4M | $28.3M | $33.4M |
| Net Debt | -$237363 | -$1.6M | $4.8M | $17.2M | -$27.1M |
| Working Capital | $474690 | $3.5M | -$2.5M | -$45.1M | $6.9M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | $6.7M | -$32.8M | -$31.0M | -$78.2M | -$295.5M |
| Depreciation & Amortization | 0 | 0 | $8000 | $5.6M | $22.5M |
| Stock-based Compensation | $195000 | $815000 | $910000 | $17.4M | $27.9M |
| Change in Working Capital | -$711000 | $675000 | $3.8M | $12.4M | -$10.0M |
| Operating Cash Flow | -$3.9M | -$9.9M | -$19.5M | -$48.1M | -$80.7M |
| Capital Expenditure | 0 | -$4 | -$645000 | -$1.0M | -$1.4M |
| Acquisitions | -$639000 | -$205000 | -$2.1M | $16000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$1.2M | -$1.7M | -$241000 | -$663000 | -$76000 |
| Free Cash Flow | -$3.9M | -$9.9M | -$20.1M | -$49.1M | -$82.1M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | -49.2% | +18.6% | +9.2% | +68.5% | |
| Net Income Growth (YoY) | -591.9% | +5.8% | -153.5% | -275.1% | |
| EPS Growth (YoY) | -581.2% | +6.5% | -143.1% | -208.0% | |
| Shares Change (YoY) | +0.0% | +0.0% | +4.5% | +22.0% | |
| FCF Growth (YoY) | -154.9% | -102.2% | -143.8% | -67.3% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | -271.2% | -1910.5% |
| Operating Margin | -170.2% | -2618.8% | -2119.8% | -6317.5% | -5746.2% |
| EBITDA Margin | 433.1% | -3385.9% | -2663.6% | -7631.8% | -22210.6% |
| Net Margin | 359.4% | -3477.4% | -2761.4% | -6409.0% | -14266.4% |
| FCF Margin | -210.6% | -1056.3% | -1801.3% | -4021.6% | -3993.2% |
| Effective Tax Rate | 0.0% | -0.0% | -0.0% | 2.8% | 2.8% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-0.09 | $-0.23 | $-0.47 | $-1.10 | $-1.51 |
| Dividends Per Share | $0.03 | $0.04 | $0.01 | $0.01 | $0.00 |
| Shares Outstanding (Basic) | $42.7M | $42.7M | $42.7M | $44.6M | $54.4M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -54.53% |
| Return on Invested Capital | -19.32% |
| Return on Assets | -19.72% |
| Gross Margin | -595.92% |
| Operating Margin | -3190.62% |
| Net Margin | -3019.99% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 1.20 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.32 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | 62.44 | -13.12 | -15.00 | -7.91 | -0.78 |
| P/B | 1.99 | -36.39 | -23.00 | 1.45 | 1.11 |
| P/S | 230.19 | 457.78 | 412.82 | 506.29 | 110.64 |
| Gross Margin | 100.0% | 100.0% | 100.0% | -271.2% | -1910.5% |
| Operating Margin | -170.2% | -2618.8% | -2119.8% | -6317.5% | -5746.2% |
| Net Margin | 359.4% | -3477.4% | -2761.4% | -6409.0% | -14266.4% |
Related companies: EARN · ETHM · MCGA · MKLY · NOAH · OXSQ · SOCA
Explore sector: Financial Services · Asset Management
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