Financial Performance - Revenue for the year ended December 31, 2023, was $1,117 million, a decrease from $1,117 million in the previous period[21] - The net loss attributable to Innventure, Inc. stockholders was $62,294 million for the year ended December 31, 2023, compared to a net loss of $16,436 million in the previous period[21] - The company reported a total comprehensive loss of $69,724 million for the year ended December 31, 2023, compared to a comprehensive loss of $28,136 million in the previous period[21] - The company reported a net loss of $70,633 thousand for the year ended December 31, 2024, compared to a net loss of $30,984 thousand for the previous year, indicating a significant increase in losses[32] - Basic and diluted loss per share for the year was $1.42, with a weighted average of 43,951,279 common shares outstanding[21] - The adjusted EBITDA for the year ended December 31, 2024 was $(11,670) thousand, compared to $(26,156) thousand for the predecessor year, showing an improvement in operational performance[32] Assets and Liabilities - Innventure reported total assets of $905.3 million as of December 31, 2024, compared to $21.6 million in the previous year[19] - Total current assets rose to $24.3 million from $5.7 million in 2023, reflecting significant growth[19] - Total liabilities increased to $139.5 million from $29.4 million in the previous year[19] - The accumulated deficit grew to $78.8 million as of December 31, 2024, compared to $64.3 million in 2023[19] - Innventure's total stockholders' equity reached $765.8 million, up from a deficit of $18.5 million in 2023[19] Cash Flow and Financing - Cash and cash equivalents increased to $11.1 million from $2.6 million year-over-year[19] - Cash flows used in operating activities totaled $29,214 thousand for the year ended December 31, 2024, compared to $19,476 thousand in the previous year, indicating higher cash outflows[30] - The company generated $33,466 thousand in cash flows from financing activities for the year ended December 31, 2024, compared to $19,174 thousand in the previous year, reflecting increased capital raising efforts[30] - The company had a net cash increase of $11,074 thousand for the year ended December 31, 2024, compared to a decrease of $4,969 thousand in the previous year, indicating improved liquidity[30] - Cash paid for interest was $991 thousand for the year ended December 31, 2024, compared to $297 thousand in the previous year, indicating higher borrowing costs[30] Operating Expenses - Total operating expenses increased to $40,753 million from $37,541 million, primarily driven by higher general and administrative expenses of $29,652 million compared to $26,608 million[21] - Research and development expenses were $5,340 million, slightly down from $5,978 million in the previous period[21] - The company experienced a significant increase in interest expense, netting $1,132 million compared to $1,300 million in the previous period[21] - The total non-operating expense was $33,078 million, a stark contrast to the non-operating income of $9,011 million in the previous period[21] Strategic Initiatives - The company launched its fourth operating company, Refinity, in December 2024, aimed at converting mixed plastic wastes to petrochemical feedstocks[1] - Accelsius and AeroFlexx began generating revenue, with expectations for growth in 2025[1] - The company plans to expand its market presence and invest in new product development, although specific figures were not disclosed during the call[21] - The company is exploring potential mergers and acquisitions to enhance its growth strategy moving forward[21] - The company emphasizes the importance of non-GAAP financial measures like Adjusted EBITDA for assessing operational performance[6] Tax and Financial Instruments - The company reported a provision for income taxes of $2,742 thousand for the year ended December 31, 2024, compared to no tax provision in the previous year, reflecting changes in tax obligations[32] - The company reported a change in fair value of financial liabilities of $20,946 thousand for the year ended December 31, 2024, compared to a loss of $766 thousand in the previous year, highlighting volatility in financial instruments[32] - Stock-based compensation expenses amounted to $16,338 thousand for the year ended December 31, 2024, up from $910 thousand in the previous year, reflecting increased employee incentives[32]
Innventure, Inc.(INV) - 2025 Q1 - Quarterly Results