Innventure Reports Fourth Quarter and Full Year 2024 Results
Accelsius and AeroFlexx started generating revenue with expectations to grow in 2025
Founded fourth company, Refinity, to commercialize cost-effective conversion of mixed plastic wastes to petrochemical feedstocks in collaboration with The Dow Chemical Company
ORLANDO, Fla., April 11, 2025 (GLOBE NEWSWIRE) -- Innventure, Inc. (NASDAQ: INV) ("Innventure"), a technology commercialization platform, today announced financial results for the quarter and year ended December 31, 2024.
"2024 was a seminal year for Innventure, highlighted by commercial delivery of product for both Accelsius and AeroFlexx, the October close of our business combination and subsequent public listing, and the launch of our fourth operating company, Refinity, in mid-December." said Bill Haskell, Innventure's Chief Executive Officer. "Momentum has continued into 2025 and we expect even more exciting developments throughout the year as we continue our journey as a publicly traded technology commercialization platform."
Conference Call and Webcast
A conference call to discuss these results has been scheduled for 11:00 a.m. ET on April 11, 2025. The event will be webcasted live via Innventure's investor relations website https://ir.innventure.com/ or via this link.
Parties interested in joining via teleconference can register using this link: https://register-conf.media-server.com/register/BIf41bc3411b8f4b8c935d6895015728c1
After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.
Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.
About Innventure
Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines "disruptive" as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.
Non-GAAP Financial Measures
We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.
Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.
There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.
Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.
In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Innventure's (the "Company's") future financial or operating performance, expectations regarding new contractual arrangements, anticipated product line expansions and product testing and market acceptance, and these statements may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "will," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company's public filings made with the Securities and Exchange Commission and the following: (a) the Company's and its subsidiaries' ability to execute on strategies and achieve future financial performance, including their respective future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company's and its subsidiaries' ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company's and its subsidiaries' business models and growth strategies; (c) the Company's and its subsidiaries' future capital requirements and sources and uses of cash; (d) the Company's access to funds under the Standby Equity Purchase Agreement with YA II PN, Ltd. ("YA") or the Securities Purchase Agreement and related convertible debentures with YA due to certain conditions, restrictions and limitations set forth therein; (e) certain restrictions and limitations set forth in the Company's debt instruments, which may impair the Company's financial and operating flexibility; (f) the Company and its subsidiaries ability to generate liquidity and maintain sufficient capital to operate as anticipated; (g) the Company's and its subsidiaries' ability to obtain funding for their operations and future growth and to continue as going concerns; (h) the risk that the technology solutions that the Company and its subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated; (i) developments and projections relating to the Company's and its subsidiaries' competitors and industry; (j) the ability of the Company and its subsidiaries to scale the operations of their businesses; (k) the ability of the Company and its subsidiaries to establish substantial commercial sales of their products; (l) the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products; (m) the Company and its subsidiaries' ability to meet, and to continue to meet, applicable regulatory requirements for the use of their respective products and the numerous regulatory requirements generally applicable to their businesses; (m) the outcome of any legal proceedings against the Company or its subsidiaries; (o) the Company's ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations or other third parties ("Technology Solutions Provider") and to satisfy the requirements imposed by or to avoid disagreements with its current and future Technology Solutions Providers; (p) the risk that the launch of new companies
distracts the Company's management from its other subsidiaries and their operations; (q) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (r) the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (s) the risk of a cyber-attack or a failure of the Company's or its subsidiaries' information technology and data security infrastructure; (t) geopolitical risk and changes in applicable laws or regulations; (u) potential adverse effects of other economic, business, and/or competitive factors; (v) operational risks related to the Company and its subsidiaries that have limited or no operating history; and (w) limited liquidity and trading of the Company's securities.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Media Contact: Laurie Steinberg, Solebury Strategic Communications
press@innventure.com
Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
investorrelations@innventure.com
Innventure, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
Successor Predecessor
------------------- ---------------------
December 31, 2024 December 31, 2023
------------------- ---------------------
Assets
Cash, cash equivalents
and restricted cash $ 11,119 $ 2,575
Accounts receivable 283 --
Due from related parties 4,536 2,602
Inventories 5,178 --
Prepaid expenses and
other current assets 3,170 487
-------------- --------------
Total Current Assets 24,286 5,664
Investments 28,734 14,167
Property, plant and
equipment, net 1,414 637
Intangible assets, net 182,153 --
Goodwill 667,936 --
Other assets 766 1,096
-------------- --------------
Total Assets $ 905,289 $ 21,564
Liabilities and
Stockholders' Deficit
Accounts payable $ 3,248 $ 93
Accrued employee benefits 9,273 3,779
Accrued expenses 2,477 1,009
Related party payables -- 347
Related party notes
payable - current 14,000 1,000
Notes payable - current 625 912
Patent installment
payable - current 1,225 775
Obligation to issue
equity 4,158 --
Warrant liability 34,023 --
Other current liabilities 318 253
-------------- --------------
Total Current Liabilities 69,347 8,168
Notes payable, net of
current portion 13,654 999
Convertible promissory
note, net -- 1,120
Convertible promissory
note due to related
party, net -- 3,381
Embedded derivative
liability -- 1,994
Earnout liability 14,752 --
Stock-based compensation
liability 1,160 --
Patent installment
payable, net of current 12,375 13,075
Deferred income taxes 27,893 --
Other liabilities 355 683
-------------- --------------
Total Liabilities 139,536 29,420
Commitments and
Contingencies (Note 19)
Mezzanine Capital
Redeemable Class I Units,
no par value, 1,000,000
units authorized, issued
and outstanding as of
December 31, 2023 -- 2,912
Redeemable Class PCTA
Units, no par value,
3,982,675 units
authorized, issued and
outstanding as of
December 31, 2023 -- 7,718
Stockholders' Equity /
Unitholders' Deficit
Class B Preferred Units,
no par value, 4,639,557
units authorized, and
4,109,961 units issued
and outstanding as of
December 31, 2023 -- 38,122
Class B-1 Preferred
Units, no par value,
2,600,000 units
authorized, and 342,608
units issued and
outstanding as of
December 31, 2023 -- 3,323
Class A Units, no par
value, 10,975,000 units
authorized, and
10,875,000 units issued
and outstanding as of
December 31, 2023 -- 1,950
Class C Units, no par
value, 1,585,125 units
authorized, and
1,570,125 units issued
and outstanding as of
December 31, 2023 -- 844
Preferred Stock, $0.0001
par value, 25,000,000
shares authorized, and
1,102,000 shares issued
and outstanding as of
December 31, 2024 -- --
Common Stock, $0.0001 par
value, 250,000,000 shares
authorized, and
44,597,154 shares issued
and outstanding as of
December 31, 2024 4 --
Additional paid-in
capital 502,865 --
Accumulated other
comprehensive gain
(loss) 909 --
Accumulated deficit (78,802) (64,284)
-------------- --------------
Total Innventure, Inc.,
Stockholders' Equity/
Innventure LLC Unitholders'
Deficit 424,976 (20,045)
Non-controlling interest 340,777 1,559
-------------- --------------
Total Stockholders' Equity/
Unitholders' Deficit 765,753 (18,486)
-------------- --------------
Total Liabilities, Mezzanine
Capital and Equity $ 905,289 $ 21,564
-------------- --------------
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive
Income (Loss)
(in thousands, except share and per share amounts)
Successor Predecessor
------------ ----------------------
January
October 2, 1, 2024
2024 through through Year ended
December 31, October December
2024 1, 2024 31, 2023
------------ --------- -----------
Revenue $ 456 $ 764 $ 1,117
Operating Expenses
Cost of sales 3,752 777 --
General and
administrative 29,652 26,608 17,589
Sales and marketing 2,009 4,178 3,205
Research and
development 5,340 5,978 4,001
---------- ------- -------
Total Operating Expenses 40,753 37,541 24,795
Loss from Operations (40,297) (36,777) (23,678)
Non-operating (Expense)
and Income
Interest expense,
net (1,132) (1,300) (1,224)
Net gain (loss) from
investments -- 11,547 (6,448)
Net (loss) gain on
investments - due
to related parties -- (468) 232
Change in fair value
of financial
liabilities (20,946) (478) 766
Equity method
investment (loss)
income (902) 893 (632)
Loss on conversion
of promissory
notes -- (1,119) --
Write-off of loan
commitment fee
asset (10,041) -- --
Miscellaneous other
expense (57) (64) --
---------- ------- -------
Total Non-operating
(Expense) Income (33,078) 9,011 (7,306)
---------- ------- -------
Loss before Income Taxes (73,375) (27,766) (30,984)
Income tax expense
(benefit) (2,742) 432 --
---------- ------- -------
Net Loss (70,633) (28,198) (30,984)
Less: net loss
attributable to
Non-redeemable
non-controlling
interest (8,339) (11,762) (139)
---------- ------- -------
Net Loss Attributable to
Innventure, Inc.
Stockholders /
Innventure LLC
Unitholders (62,294) (16,436) (30,845)
---------- ------- -------
Basic and diluted
loss per share $ (1.42)
Basic and diluted
weighted average
common shares 43,951,279
Other comprehensive
income, net of taxes:
Unrealized gain on
available-for-sale
debt securities -
related party 909 62 --
---------- ------- -------
Total other
comprehensive loss, net
of taxes 909 62 --
Total comprehensive
loss, net of taxes (69,724) (28,136) (30,984)
Less: comprehensive
income attributable
to
Non-redeemable
non-controlling
interest (8,339) (11,762) (139)
---------- ------- -------
Net Comprehensive Loss
Attributable to
Innventure, Inc.
Stockholders /
Innventure LLC
Unitholders $ (61,385) $(16,374) $(30,845)
---------- ------- -------
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Changes in Mezzanine Capital
(Predecessor)
(in thousands, except share and per share amounts)
Class I Amount Class PCTA Amount Total
------------------ --------------------- ----------
December 31, 2022 $ 2,984 $ 12,882 $15,866
Proceeds from
capital
calls to
unitholders 130 -- 130
Accretion of
redeemable
units to
redemption
value (202) (5,164) (5,366)
---------- --- ------------ ------
December 31, 2023 2,912 7,718 10,630
Accretion of
redeemable
units to
redemption
value 1,565 10,385 11,950
---------- --- ------------ ------
October 1, 2024 $ 4,477 $ 18,103 $22,580
---------- --- ------------ ------
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders'
Equity
(in thousands, except share and per share amounts)
Total
Class B Class B-1 Class Accumulated Accumulated Non-Controlling Unitholders'
Preferred Preferred A Class C Deficit OCI Interest Deficit
----------- ----------- ------ ------- ------------- ------------- ------------------- ----------------
December 31, 2022
(Predecessor) $ 20,803 $ 3,323 $1,950 $ 639 $ (38,564) $ -- $ 656 $ (11,193)
Net loss -- -- -- -- (30,845) -- (139) (30,984)
Non-controlling
interest
acquired -- -- -- -- -- -- 337 337
Issuance of
units, net of
issuance costs 17,319 -- -- -- -- -- -- 17,319
Unit-based
compensation -- -- -- 205 -- -- 705 910
Distributions to
unitholders -- -- -- -- (241) -- -- (241)
Accretion of
redeemable
units to
redemption
value -- -- -- -- 5,366 -- -- 5,366
------- ------- ----- --- -------- ----- ------ -------- ----- --------
December 31, 2023
(Predecessor) 38,122 3,323 1,950 844 (64,284) -- 1,559 (18,486)
Net loss -- -- -- -- (16,436) -- (11,762) (28,198)
Other
comprehensive
loss, net of
taxes -- -- -- -- -- 62 -- 62
Units issued to
non-controlling
interest -- -- -- -- -- -- 13,921 13,921
Issuance of
units, net of
issuance costs 13,561 -- -- -- -- -- -- 13,561
Unit-based
compensation -- -- -- 137 -- -- 919 1,056
Issuance of
units to
non-controlling
interest in
exchange of
convertible
promissory
notes -- -- -- -- -- -- 8,443 8,443
Accretion of
redeemable
units to
redemption
value -- -- -- -- (11,950) -- -- (11,950)
------- ------- ----- --- -------- ----- ------ -------- ----- --------
October 1, 2024
(Predecessor) $ 51,683 $ 3,323 $1,950 $ 981 $ (92,670) $ 62 $ 13,080 $ (21,591)
------- ------- ----- --- -------- ----- ------ -------- ----- --------
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders'
Equity
(in thousands, except share and per share amounts)
Series B Preferred
Stock Common Stock
Additional Total
Paid-In Accumulated Accumulated Non-Controlling Stockholders'
Shares Amount Shares Amount Capital Deficit OCI Interest Equity
--------- -------- ---------- -------- ------------ ------------- ------------- ------------------- -----------------
October 2, 2024
(Successor) -- $ -- -- $ -- $ 11,342 $ (15,845) $ -- $ -- $ (4,503)
Effect of
acquisition of
Innventure LLC -- -- 43,589,850 4 461,064 -- -- 343,030 804,098
Reclassification
of warrants from
liability to
equity -- -- -- -- 1,265 -- -- -- 1,265
Issuance of
common shares,
net of issuance
costs -- -- 160,000 -- 2,083 -- -- -- 2,083
Issuance of
preferred
shares, net of
issuance costs 1,102,000 -- -- -- 9,965 -- -- -- 9,965
Issuance of
common shares
from warrant
exercises -- -- 259,309 -- 2,982 -- -- -- 2,982
Net loss -- -- -- -- -- (62,294) -- (8,339) (70,633)
Other
comprehensive
gain, net of
taxes -- -- -- -- -- -- 909 -- 909
Non-controlling
interest
acquired -- -- -- -- -- -- -- 4,129 4,129
Distributions to
Stockholders -- -- -- -- -- (663) -- -- (663)
Vesting of
contingent at
risk sponsor
shares -- -- 587,995 -- -- -- -- -- --
Stock-based
compensation -- -- -- -- 14,381 -- -- 1,957 16,338
Accrued preferred
dividends -- -- -- -- (217) -- -- -- (217)
--------- ---- ---------- ---- ------- -------- ---- ------- ---- --------- --- --------
December 31, 2024
(Successor) 1,102,000 $ -- 44,597,154 $ 4 $ 502,865 $ (78,802) $ 909 $ 340,777 $ 765,753
--------- ---- ---------- ---- ------- -------- ---- ------- ---- --------- --- --------
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands, except share and per share amounts)
Successor Predecessor
--------------- -------------------------------
October 2, 2024 January 1,
through 2024 through Year ended
December 31, October 1, December 31,
2024 2024 2023
--------------- ------------- ----------------
Cash Flows Used in
Operating
Activities
Net loss $ (70,633) $ (28,198) $ (30,984)
Adjustments to
reconcile net loss
to net cash and
cash equivalents
used in operating
activities:
Stock-based
compensation 16,338 1,056 910
Interest income
on debt
securities -
related party (106) (110) --
Change in fair
value of
financial
liabilities 20,946 478 (766)
Change in fair
value of
payables due to
related
parties -- 468 (232)
Write-off of
loan commitment
fee asset 10,041 -- --
Non-cash
interest
expense on
notes payable 248 351 487
Net (gain) loss
on investments -- (11,547) 6,448
Equity method
investment gain
(loss) 902 (893) 632
Loss on
conversion of
promissory
notes -- 1,119 --
Deferred income
taxes (2,760) 432 --
Depreciation and
amortization 5,455 146 8
Payment of
patent
installment -- (250) --
Non-cash rent
costs 63 185 192
Accrued unpaid
interest on
note payable 69 930 --
Changes in
operating assets
and
liabilities:
Accounts
receivable (166) (117) --
Prepaid
expenses and
other current
assets (1,301) (1,353) (218)
Inventory (2,354) (2,824) --
Accounts
payable (11,211) 6,013 9
Accrued
employee
benefits 1,656 3,838 3,181
Accrued
expenses (484) 674 1,230
Stock-based
compensation
liability 1,160 -- --
Other current
liabilities (77) (146) (155)
Obligation to
issue equity 3,000 10,920 --
Other assets -- (20) (218)
------- -------- --------
Net Cash Used in
Operating
Activities (29,214) (18,848) (19,476)
------- -------- --------
Cash Flows Provided
by (Used in)
Investing
Activities
Purchase of
shares in
equity method
investee -- -- (2,000)
Contributions to
equity method
investee -- -- (130)
Investment in
debt securities
- equity method
investee -- (7,400) (2,600)
Advances to
equity method
investee (4,240) (135) --
Acquisition of
property, plant
and equipment (266) (736) (645)
Acquisition of
intangible
assets (30) -- --
Acquisition of
net assets, net
of cash
acquired,
through business
combination 16 -- --
Proceeds from
sale of
investments -- 2,314 708
Cash withdrawn
from trust as a
result of
business
combination 11,342 -- --
------- -------- --------
Net Cash Provided by
(Used in) Investing
Activities 6,822 (5,957) (4,667)
------- -------- --------
Cash Flows Provided
by Financing
Activities
Proceeds from
issuance of
equity, net of
issuance costs 15,383 13,122 16,009
Proceeds from
the issuance of
equity to
non-controlling
interest, net
of issuance
costs 4,169 13,859 337
Proceeds from
the issuance of
convertible
promissory
note -- -- 2,000
Proceeds from
issuance of debt
securities, net
of issuance
costs 19,455 -- --
Payment of debts (250) $(540.SI)$ (65)
Receipt of
Capital from
Class I
Unitholder -- -- 130
Distributions to
Stockholders (663) -- (241)
Proceeds from
the issuance of
promissory
notes to
related
parties -- 12,000 1,004
Repayment of
promissory
note (4,628) -- --
------- -------- --------
Cash Flows Provided
by Financing
Activities 33,466 38,441 19,174
------- -------- --------
Net Increase
(Decrease) in Cash,
Cash Equivalents
and Restricted
Cash 11,074 13,636 (4,969)
------- -------- --------
Cash, Cash
Equivalents and
Restricted Cash
Beginning of
period 45 2,575 7,544
------- -------- --------
Cash, Cash
Equivalents and
Restricted Cash End
of period $ 11,119 $ 16,211 $ 2,575
------- -------- --------
See accompanying notes to consolidated financial statements.
Successor Predecessor
------------- -------------------------------
October 2, January 1,
2024 through 2024 through Year ended
December 31, October 1, December 31,
2024 2024 2023
------------- -------------- ---------------
Supplemental Cash
Flow Information
Cash paid for
interest $ 991 $ 1,070 $ 297
Supplemental
Disclosure of
Noncash Financing
Information
Accretion of
redeemable
units to
redemption
value -- 11,950 5,366
Debt discount
and embedded
derivative upon
issuance -- -- 1,119
Issuance of -- 7,324 --
units to
non-controlling
interest in
exchange of
convertible
promissory
notes
Conversion of -- 2,600 --
working capital
loans to equity
method
investees into
investments in
debt securities
- related
party
Transfer of 1,265 -- --
liability
warrants to
equity warrants
in the Business
Combination
Initial 16,190 -- --
recognition of
loan commitment
fee
Transfer of loan 6,694 -- --
commitment fee
asset
See accompanying notes to consolidated financial statements.
Innventure, Inc. and Subsidiaries
Non-GAAP Financial Measures
(in thousands, except share and per share amounts)
S/P Combined
Successor Predecessor (Non-GAAP) Predecessor
--------------- --------------- ------------ -------------
Period from
October 2, 2024 Period from
through January 1, 2024 Year ended Year ended
December 31, through October December 31, December 31,
2024 1, 2024 2024 2023
--------------- --------------- ------------ -------------
Net Loss (70,633) (28,198) (98,831) (30,984)
Interest
expense,
net(1) 11,173 1,300 12,473 1,224
Depreciation and
amortization
expense 5,455 146 5,601 8
Provision for
income taxes 2,742 (432) 2,310 --
------- ------ ------- ----- -------- ---------
EBITDA (51,263) (27,184) (78,447) (29,752)
------- ----- ------- ----- -------- ---------
Transaction and
other related
costs(2) 2,309 9,414 11,723 3,452
Change in fair
value of
financial
liabilities(3) 20,946 478 21,424 (766)
Stock based
compensation(4) 16,338 1,056 17,394 910
------- ------ ------- ------ -------- ---------
Adjusted EBITDA (11,670) (16,236) (27,906) (26,156)
======= ===== ======= ===== ======== =========
(1) Interest expense, net -- For the combined twelve months ended December 31, 2024, interest expense, net includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs. Additional debt issuance cost associated with a loan commitment fee asset in the amount of $10,041 was written off in combined twelve months ended December 31, 2024 and has also been included in this adjustment. This amount is representative of the asset associated with the second and third tranches of the WTI facility. When it became known that we would not be able to draw on these subsequent tranches based on certain metrics contained within the WTI Facility agreement, we immediately wrote this asset off. For the Predecessor year ended December 31, 2023, this balance is comprised entirely of interest incurred on our various borrowing facilities.
(2) Transaction and other related costs -- For the combined twelve months ended December 31, 2024 and for the Predecessor year ended December 31, 2023 this is comprised entirely of consulting, legal, and other professional fees related to the business combination with Learn CW Investment Corporation (the "Business Combination").
(3) Change in fair value of financial liabilities -- For the combined twelve months ended December 31, 2024 the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability, change in fair value of the earnout liability, and the change in the fair value of the embedded derivative associated with convertible notes prior to extinguishment. For the Predecessor year ended December 31, 2023, this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.
(4) Stock based compensation -- For the combined twelve months ended December 31, 2024 stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries. For the Predecessor year ended December 31, 2023, stock based compensation was comprised wholly of share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.
(END) Dow Jones Newswires
April 11, 2025 07:00 ET (11:00 GMT)
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