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Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0	$ 346,557,000	$ 0
Amortization expense	$ 5,400,000		$ 21,600,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Business Combination - Settlement of Obligations (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 02, 2024	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Cash withdrawn from trust as a result of business combination	$ 11,342	$ 11,342	$ 0	$ 0
Net cash proceeds from Series B Preferred Stock issuance	10,572
Total Innventure, Inc. cash sources	21,914
Payment of Learn CW accounts payable and accrued expenses	9,233
Payment of Learn CW promissory note due to Sponsor	4,628
Payment of Innventure LLC transaction costs at Closing	6,206
Total cash uses	20,067
Net cash proceeds	$ 1,847

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 7. Property, Plant and Equipment


	Successor
	December 31, 2025		December 31, 2024
	(in thousands)
Leasehold improvements	$	960	$	548
Machinery & equipment	1,922		664
Computers & office equipment	28		14
Construction in progress	—		266
Property, Plant and Equipment, Gross	2,910		1,492
Less: Accumulated depreciation	(969)		(78)
Property, Plant and Equipment, Net	$	1,941	$	1,414

Total depreciation expense on property, plant and equipment was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1 2024 through October 1, 2024
Depreciation Expense	$	891	$	78	$	148

Inventories, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 667	$ 2,974
Work in process	148	50
Finished goods	789	2,154
Total inventories	$ 1,604	$ 5,178

Revenues - Schedules of Major Customer Concentration of Revenue (Details) - Customer Concentration Risk - Revenue Benchmark	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Major Customers
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	97.80%	100.00%	79.20%
Customer A - Related Party
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	43.00%	77.00%	19.00%
Customer B - Related Party
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	5.90%	10.60%	5.30%
Customer C
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	0.00%	0.00%	31.80%
Customer D
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	0.00%	12.40%	0.00%
Customer E
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	48.90%	0.00%	3.00%
Customer F
Disaggregation of Revenue [Line Items]
Total Revenue Concentration of Major Customers	0.00%	0.00%	20.10%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

The Company is subject to federal and state income taxes with respect to any income or loss generated as well as the allocable share of any taxable income or loss of Innventure LLC and other partnership subsidiaries. The partnership subsidiaries within the consolidated group generally do not pay income taxes in most jurisdictions. Instead, taxable income or loss of the partnership subsidiaries is passed through to its members, including the Company. The partnership subsidiaries are liable for income taxes in those states not recognizing its pass-through status and for certain of its subsidiaries not taxed as pass-through entities. Through Innventure LLC, the Company acquired ownership interest in various domestic entities taxed as corporations. Where required or allowed, the corporation subsidiaries file and pay tax in a standalone basis for federal and state income tax purposes. The Company anticipates the US structure to remain in existence for the foreseeable future. In addition, Accelsius Ltd, a UK corporation, began operations in 2025 resulting in income tax return filing requirement for the Company in the UK.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into U.S. tax law. OBBBA includes a broad range of tax reform provisions, such as the permanent extension of certain expiring provisions of the 2017 Tax Cuts and Jobs Act and modifications to the international tax framework. The enactment of OBBBA did not have a material impact on the Company’s results of operations, financial position, or cash flows for the year.

The provision for income before taxes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
United States	$	(488,148)	$	(73,375)	$	(27,766)
Foreign1	(685)		—		—
Total	$	(488,833)	$	(73,375)	(27,766)
1The Company adopted ASU 2023-09 on a prospective basis, and as a result for the year ended December 31, 2025, foreign income is presented on the country of domicile which results in Innventure, Inc’s income before taxes included. For the periods ended December 31, 2024 and October 1,2024, Innventure, Inc’s income was included in the United States based on the country of tax jurisdiction.

The provision for income taxes was as follows:


	Successor		Successor		Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Current Expense:

State	23		18		—

Total Current Expense	23		18		—

Deferred Expense:
Federal	(13,648)		(3,300)		432
State	142		—		—

Total Deferred Expense	(13,506)		(3,300)		432
Total Expense:	$	(13,483)	$	(3,282)	$	432

Beginning with the year ended December 31, 2025, the Company has adopted ASU 2023-09 and, as a result, the reconciliation of income tax expense has been updated on a prospective basis. The Company did not pay income taxes net of refunds during the year ended December 31, 2025. As no income taxes were paid, disaggregation by federal, state, or foreign jurisdiction was not applicable for the period presented. The income tax benefit reflected in the Consolidated Statements of Operations differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income tax expense (Benefit)" was as follows:


	Successor
	December 31, 2025

	In thousands (except percentages)
Income taxes at federal statutory rate	(102,655)		21.0	%
State taxes, net of federal benefit2	(145)		—	%

Warrant liability	(1,379)		0.3	%
Non-deductible expenses	34		—	%
Change in earnout fair value	(2,098)		0.4	%
Other permanent differences	7,224		(1.5)	%
Change in valuation allowance	11,618		(2.4)	%

Goodwill impairment	72,777		(14.9)	%
Officer’s compensation	1,141		(0.2)	%
Total provision (benefit) for income taxes	$	(13,483)	2.7	%
2Arizona, Florida, New York, Oklahoma, and Virginia represent majority of the tax effect in this category.

For the successor period October 2, 2024 through December 31, 2024 and the predecessor period January 1, 2024 through October 1, 2024, income tax expense reflected in the Consolidated Statements of Operations differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Income tax expense (benefit)" was as follows:


	Successor				Predecessor
	October 2, 2024 through December 31, 2024				January 1, 2024 through October 1, 2024

Income taxes at federal statutory rate	(15,405)		21.0	%	—		—	%
State taxes, net of federal benefit	(1,801)		2.5	%	—		—	%
Tax on pre-tax earnings of corporate subsidiaries	—		—	%	(3,022)		10.9	%
Warrant liability	3,685		(5.0)	%	—		—	%
Non-deductible expenses	6		—	%	6		—	%
Change in earnout fair value	(714)		1.0	%	—		—	%
Other permanent differences	(423)		0.6	%	—		—	%
Change in valuation allowance	11,664		(15.9)	%	3,448		(12.4)	%
R&D credit	(294)		0.4	%	—		—


Total provision (benefit) for income taxes	$	(3,282)	4.6	%	$	432	(1.5)	%

Entities within the consolidated group that are considered a corporation for federal income tax purposes, recognize deferred income tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. Significant components of deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:


	December 31, 2025		December 31, 2024
Deferred Tax Assets:
Deferred lease liabilities	$	262	$	138
Reserves and other accruals	8,991		4,873
Capitalized R&D expense	3,740		2,562
Fixed assets and intangibles	2,830		3,113
Unrealized Gain/Loss	1,945		—
Loss carry-forwards and other tax attributes	29,753		15,682
Total Deferred Tax Assets	47,521		26,368
Less: Valuation allowance	(23,130)		(11,664)
Net Deferred Tax Assets	$	24,391	$	14,704

Deferred Tax Liabilities:
Amortization	$	(34,213)	$	(38,443)
Investment in Partnerships	(3,982)		(3,505)
Right of use assets	(44)		(109)
Total Deferred Tax Liabilities	(38,239)		(42,057)
Net Deferred Tax Liabilities	$	(13,848)	$	(27,353)

Deferred tax assets are regularly reviewed for recoverability and a valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the periods in which those temporary differences become deductible. In assessing the need for a valuation allowance, management considers all available positive and negative evidence, including the ability to carryback operating losses to prior periods and the expected future utilization of net operating loss carryforwards, the reversal of deferred tax liabilities, projected taxable income, and tax-planning strategies.

Valuation allowances are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The valuation allowance on deferred tax assets was $23.1 million as of December 31, 2025 and $11.7 million as of December 31, 2024, resulting in a net change of $11.5 million. The increase in valuation allowance of $11.5 million during the period mainly relates to U.S. federal and state operating loss carryforwards and equity based compensation deferred tax assets that were deemed unrealizable. During this period, Accelsius LLC has recognized $39.6 million deferred tax liability balance in acquired intangible assets during 2024 as a result of the Business Combination transaction that is nontaxable in nature. These deferred tax liabilities are expected to reverse over time, typically as the intangible assets are amortized for financial reporting purposes. The Company and the remaining corporate subsidiaries maintained the valuation allowance as the entities have been in a pre-tax loss position, with insufficient projected taxable income (exclusive of reversing taxable temporary differences) to recognize the benefit of net deferred tax assets as of the end of the year.

As of December 31, 2025, the taxable entity had net operating loss carryforwards for income tax purposes of approximately $127.0 million related to US federal taxes and $0.7 million related to the UK, all of which may be carried forward indefinitely. The Company and certain subsidiaries also have state net operating loss (“NOL”) carryforwards in the amount of $40.6 million. The state NOL carryforwards begin to expire in 2039, however, some state NOL’s are able to be carried forward indefinitely.

As of December 31, 2025 and 2024, the Company had no material unrecognized income tax benefits or uncertain tax positions. Also, we do not expect to incur interest charges or penalties related to our tax positions, but if such charges or penalties are incurred, our policy is to account for interest charges as interest expense and penalties as tax expense in the consolidated statements of operations.

As of December 31, 2025, tax years 2023 through 2025 remain open and subject to examination by the Internal Revenue Service and the states where the Company has nexus. The company is also subject to examination for the tax year 2025 in the UK due to Accelsius LTD.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Commitments and Contingencies - Narrative (Details) € in Millions		3 Months Ended	9 Months Ended	12 Months Ended			68 Months Ended
	Dec. 12, 2024 USD ($)	Dec. 31, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2022 agreement	Dec. 31, 2025 USD ($)	Jan. 22, 2025 EUR (€)	Apr. 22, 2020 USD ($)
Other Commitments [Line Items]
Guaranty amount									$ 5,000,000.0
Amounts paid under the guaranty							$ 0
Principal outstanding under the guaranty		$ 0		$ 0			$ 0
Number of agreements to purchase in-process research and development \| agreement						2
License agreement, transfer fee	$ 500,000
License agreement, upfront fee	$ 500,000
Payments for royalties				0
Research and development		$ 5,340,000	$ 5,978,000	25,025,000
Framework Agreement Third Party
Other Commitments [Line Items]
Research services, minimum fee due in first 12-month period \| €								€ 2.0
Research services, minimum fee due in second 12-month period \| €								€ 3.0
Research and development				1,900,000	€ 1.7
Payments for research and development				$ 2,000,000.0

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	Successor
	December 31, 2025		December 31, 2024
	(in thousands)
Leasehold improvements	$	960	$	548
Machinery & equipment	1,922		664
Computers & office equipment	28		14
Construction in progress	—		266
Property, Plant and Equipment, Gross	2,910		1,492
Less: Accumulated depreciation	(969)		(78)
Property, Plant and Equipment, Net	$	1,941	$	1,414

Total depreciation expense on property, plant and equipment was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1 2024 through October 1, 2024
Depreciation Expense	$	891	$	78	$	148

Fair Value - Narrative (Details) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
Fair Value - Narrative (Details) $ in Thousands	Jan. 01, 2025 USD ($)	Dec. 31, 2024 USD ($) yr	Oct. 01, 2024 USD ($)	Dec. 31, 2025 USD ($) yr	Sep. 30, 2025 USD ($) yr	May 15, 2025	Apr. 14, 2025	Oct. 22, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of AFX available-for-sale term loan into equity method investments		$ 0	$ 0	$ 8,757
Convertible debt \| Convertible Promissory Notes Due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rates		8.00%
August 2025 Notes \| Convertible debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded Derivative, Fair Value of Embedded Derivative Liability					$ 1,677
AeroFlexx
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Conversion of AFX available-for-sale term loan into equity method investments	$ 7,300
WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant term								4 years
2024 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash amount warrants may be exchanged for								$ 15,000
Dividend Yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout shares, measurement input				0
Stock price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout shares, measurement input		13.85		4.18
Embedded derivative, measurement input					36.49
Stock price \| 2025 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input							3.65
Stock price \| 2024 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input		13.85		4.18
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout shares, measurement input		0.5600		0.6000
Embedded derivative, measurement input					0.7000
Volatility \| 2025 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input							0.5700
Volatility \| 2024 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input		0.5600		0.6000
Credit spread \| 2025 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input							0.2770
Credit spread \| 2024 WTI Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input		0.1880		0.2600
Risk-free rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout shares, measurement input		0.0442		0.0377
Embedded derivative, measurement input					0.0366
Time to liquidity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout shares, measurement input \| yr		6.8		5.8
Embedded derivative, measurement input \| yr					4.25
Debt yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative, measurement input						0.426	0.445

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 19. Commitments and Contingencies

PCT Guaranty

On April 22, 2020, the Company entered into a guaranty with a counterparty to unconditionally guarantee PCT’s obligation to reimburse a $5.0 million prepayment upon PCT’s failure to meet certain performance thresholds. Performance thresholds include the commission and construction of a plant. The guaranty has no expiration. There was no amounts paid by the Company for both the guaranty or for interest. As of December 31, 2025 and December 31, 2024, there was no principal outstanding under the guaranty.

Patent Agreement Contingent Fees

In 2022, the Company entered into two agreements with an MNC to purchase in-process research and development consisting of patents, technology, and knowledge transfer related to cooling technology for critical electronic equipment in a transaction that was determined to be an asset acquisition.

On June 30, 2025, Accelsius entered into an amended and restated agreement with the MNC. The amended agreement modifies several terms and notably (a) eliminates revenue-based royalty payments, (b) extends the due dates for fixed installment payments, (c) modifies and reduces the buy-out fee payable to the MNC in lieu of future installment payments upon certain events such as an assignment of the agreement or a capital event (including a change of control or initial public offering), at the option of either the MNC or Accelsius, and (d) eliminates Accelsius’s ability to unilaterally terminate the agreement upon the occurrence of certain events (other than a material breach) and provides the MNC with certain limited information rights related to the equity ownership of Accelsius.

Under the terms of the agreements, the Company is required to make fixed installment payments, as disclosed below, for each year of the agreement through December 31, 2040 (in thousands):


	Amount
2026	$	700
2027	825
2028	825
2029	825
2030	825
Thereafter	9,075
Total	$	13,075

License and Royalty Commitments

On December 12, 2024, the Company entered into a license agreement (the “Technology License”) with a third party to obtain exclusive rights to use certain know-how, patents, and data relating to processes for the gasification of plastic waste (the “Technology”). Ownership of the Technology will transfer to the Company for a fee of $0.5 million contingent upon achievement of a commercial milestone.

The Company incurred a nonrefundable upfront fee of $0.5 million under the Technology License, which was immediately expensed as incurred on December 12, 2024 and presented as an expense in the consolidated statements of operations and comprehensive income (loss) for the period ended December 31, 2024. Additionally, the Company committed to pay a semi-annual fee until ownership transfers or the Technology is no longer licensed, which is accrued on a monthly basis. During the year ended December 31, 2025 and 2024, an immaterial amount was recognized within General and administrative expense in the consolidated statements of operations and comprehensive income (loss).

Under the Technology License, the Company is committed to pay annual royalties based on Refinity related gross sales and licensing revenue starting in 2025. As of December 31, 2025, no royalty payments were made or accrued for under the commitment.

Framework Agreement

On January 22, 2025, Refinity entered into the Framework Agreement (“Framework Agreement”) with a third party to obtain research services focusing on the further development and optimization of the Gasification Technology.

Refinity agreed to pay a minimum fee of €2.0 million for the period beginning January 22, 2025 and ending April 30, 2026 (“Year 1”), and €3.0 million for the period beginning May 1, 2026 and ending April 30, 2027 (“Year 2”); provided that, if the third party is unable to provide all of the services contemplated to be provided during Year 1 due to its resource constrains, any unused portion of the minimum fee for Year 1 will be deferred to Year 2 and added to the Year 2 minimum fee. Expenses for services from contracts under the Framework Agreement are recognized as incurred and are applied to the minimum fee. During the year ended December 31, 2025, Refinity incurred €1.7 million of service expenses toward the Year 1 minimum fee. After currency conversion, Refinity incurred $1.9 million toward the Year 1 minimum fee during the year ended December 31, 2025. Additionally, during the year ended December 31, 2025, Refinity made payments of $2.0 million on costs incurred as a part of the Year 1 minimum fee.

Accounting Policies	12 Months Ended
Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Accounting Policies	Note 2. Accounting Policies Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The Successor consolidated financial statements include the accounts of the Company, its wholly owned and majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Predecessor consolidated financial statements include all accounts of Innventure LLC and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. During the year ended December 31, 2025, we identified an error and recorded an immaterial out of period adjustment of $12.4 million to correct an overstatement of Additional paid-in capital, an immaterial out of period adjustment of $4.5 million to correct understatement of Net loss attributable to Innventure, Inc. stockholders and an immaterial out of period adjustment of $16.9 million to correct an understatement of Non-controlling interest. The impact of the adjustments are not material to the consolidated financial statements for any interim or annual periods prior to December 31, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in Non-controlling interest issued and related transfers within the condensed consolidated statements of changes in mezzanine and stockholders' equity (deficit) and the adjustment related to Net loss attributable to Innventure, Inc. within Comprehensive loss attributable to non-controlling interest on the consolidated statements of operations and comprehensive income (loss). Going Concern As of December 31, 2025, the Company had a cash balance of $60.4 million, accumulated deficit of $371.6 million and a working capital deficit of $6.9 million. During the year ended December 31, 2025 the Company incurred a net loss of $475.4 million. Management believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will need additional capital or debt financing to proceed with its business plans. Additionally, the future value of investments held is unpredictable and subject to market events outside of the Company’s control. In connection with the Company’s assessment of going concern considerations, management has determined that in order to maintain its current level of operations, the Company will require additional working capital from cash flows from operations, the sale of its capital and/or issuance of debt. The Company intends to obtain additional financing in the future to proceed with its business plans. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date of the accompanying consolidated financial statements are issued; however, the above conditions raise substantial doubt about the Company’s ability to do so. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will improve our operating results. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Fair Value Measurements The Company measures the fair value of assets and liabilities on a recurring and nonrecurring basis according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Investments Equity Method Investments Equity method investments are investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The carrying value of our equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss, less distributions received. For investments where the specified allocations of income or loss are different from the allocation of cash from operations and on liquidation, the Company utilizes the hypothetical liquidation book value method to allocate income or loss from the equity method investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Cash distributions received as a result of the Company’s share of cumulative earnings are classified as operating activities. Cash distributions, if any, received that are in excess of the Company’s share of cumulative earnings or losses are classified as investing activities. Exchange-traded Investments Exchange-traded equity investments are generally carried at fair value on the consolidated balance sheets with changes in the fair value recorded through net income (“FVTNI”) within non-operating income (expense). Variable Interest and Voting Interest Entities The Company performs an analysis of its investments to determine if they are either a Variable Interest Entity (“VIE”) or a Voting Interest Entity (“VOE”). Factors considered in this analysis include the entity’s legal organization; the entity’s capital structure and sufficiency of equity at risk; the rights of equity investment holders; the Company’s contractual involvement with, and economic interest in, the entity; and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. If the Company is not deemed to be the PB of a VIE, the Company accounts for the investment or other variable interests in a VIE as either an equity method investment or other investment, as applicable. VOEs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as changes in the investment or the governance structure), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or VOE, and when applicable, whether the Company continues to qualify as the PB of a VIE. Refer to Note 3. Investments for further discussion on investments in VIEs. Impairments of Investments Management periodically assesses equity method investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of operations and comprehensive income (loss). Impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. Available-for-Sale Investments Available-for-sale (“AFS”) debt securities are generally reported at estimated fair value, with unrealized gains and losses recorded in other comprehensive income (loss) on our consolidated statements of operations and comprehensive income (loss). AFS debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses on AFS debt securities are recognized as a charge in other loss on our consolidated statements of operations and comprehensive income (loss), and any remaining unrealized losses, net of taxes, are included in other comprehensive income (loss). Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents primarily consist of cash, money market funds and short-term highly liquid investments with original maturities of three months or less. The Company has concentrated credit risk for cash and cash equivalents by maintaining deposits in banks, which may, at times, exceed amounts covered by insurance provided by the US Federal Deposit Insurance Corporation and management continues to monitor the financial condition of the major financial institutions where these funds are held. Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is related to cash received through the Company's Class B Preferred Stock capital raise and held in escrow prior to finalization of the Class B Preferred Stock investment. As of December 31, 2025, the Company had restricted cash related to the capital raise of $5.0 million and, as of December 31, 2024, had no restricted cash. Additionally, the Company maintains certain compensating balances that may be withdrawn, but the availability of short-term lines of credit is dependent upon the maintenance of such compensating balances. As of December 31, 2025 and 2024, the Company had compensating balances of $0.1 million. Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. The Company periodically reviews its inventory and identifies that which is excess, slow moving and obsolete by considering factors such as inventory levels, expected product life and forecasted sales demand. Any identified excess, slow moving and obsolete inventory is written down to its net realizable value through a charge to cost of sales. Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. The Company depreciates the cost of property, plant and equipment using the straight-line method with depreciable lives of 10 years for Machinery & equipment, 3 years for Computers & office equipment and the lesser of useful life or the remaining lease terms for Leasehold improvements. The Company expenses normal maintenance and repair costs as incurred. Impairment of Long-Lived Assets The Company assesses its property, plant and equipment and other long lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. In the event such an asset is considered impaired, the impairment to be recognized is measured by the amount by which the carrying value of the asset exceeds the estimated fair value of the asset. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is depreciated over the revised useful life. Assets to be disposed of are reported at the lower of the carrying value of estimated fair value less estimated costs to sell. Intangible Assets Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or other changes in circumstances indicate that the carrying amount may not be recoverable. If required, recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining estimated useful lives. If such assets are considered to be impaired, the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their estimated fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. Goodwill Goodwill reflects the excess purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is evaluated for impairment annually, or more frequently if circumstances indicate a possible impairment. The Company compares the fair value of its reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of its reporting unit, the Company would record an impairment loss equal to the difference. The Company operates in one operating segment which the Company considers to be its only reporting unit. There was a $346.6 million impairment of goodwill recognized for the year ended December 31, 2025 and no impairment recognized for the year ended December 31, 2024. Stock and Warrants Stock may be classified as a liability, temporary capital (i.e., mezzanine capital) or permanent stockholders' equity. In order to determine the appropriate classification, an evaluation of the cash redemption and other features is required. Where there exists an absolute right of redemption presently or in the future, the units in question would be classified as a liability. If units are contingently redeemable upon the occurrence of an event that is outside of the issuer’s control, the units are classified as mezzanine capital. The probability that the redemption event will occur is irrelevant. If no redemption features exist, or if a contingent redemption feature is within the Company’s control, the capital unit would be considered permanent stockholders' equity. The Company accounts for warrants to acquire stock as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. In order to determine the appropriate classification, consideration is given as to whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions. This assessment requires the use of judgment and is conducted at the time of warrant issuance and as of each reconsideration and balance sheet date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for stockholders' equity classification, the warrants are recorded as a component of additional paid-in capital at fair value at the time of issuance. For issued or modified warrants that do not meet all of the criteria for stockholders' equity classification, the warrants are recorded as a liability at their initial fair value on the date of issuance and remeasured at fair value as of each reconsideration and balance sheet date thereafter. The change in fair value is recognized in the Company’s consolidated statements of operations and comprehensive income (loss). Revenue Recognition The Company’s product sales arrangements contain performance obligations satisfied at a point in time when control of the product transfers to the customer, based on the contractual terms. This typically occurs when title and risk and rewards of ownership have transferred to the customer. Revenue is recorded net of sales taxes, discounts, and expected returns. Sales discounts and other incentives are treated as variable consideration when estimating the revenue to be recognized. The Company earns management fees, consulting revenue and carried interest allocations from investment advisory services it provides to its customers. The Company considers the investment advisory services represent a single performance obligation. Management fees, generally 1-2% of capital committed to the Innventus ESG Fund I, L.P. (the “ESG Fund”), are recognized over time using the time-elapsed method, resulting in straight-line revenue recognition over the performance period. Management fees are considered variable consideration but are typically fully recognized at the end of each reporting period as they are not subject to clawback. Carried interest allocations, typically 10-20%, are recognized based on cumulative fund performance and are subject to achieving minimum return levels, usually 8%. These allocations are considered variable consideration and are recognized when a significant reversal is no longer probable. Stock-Based Compensation The Company participates in multiple stock-based compensation plans which are further discussed in Note 14. Stock-based Compensation. The fair value of stock-based awards is measured on the grant date of the award and recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. Service-based awards vest over the period defined in each individual grant agreement. For equity awards with a graded vesting schedule, compensation cost is recognized on a straight-line basis over the requisite service period of the entire award. Expense related to grants of stock-based awards is included in the respective expense category in which the employee serves in the consolidated statements of operations and comprehensive income (loss). The Company recognizes forfeitures as they occur. Income Taxes Prior to the Business Combination, Innventure LLC qualified as a partnership for federal income tax purposes that consolidated financial results with corporate subsidiaries within the financial statements. Consequently, federal income taxes were not payable or provided by Innventure LLC but various corporate subsidiaries were subject to corporate federal, state, and local taxes. Corporate income taxes were recorded for the period from January 1, 2024 through October 1, 2024. On October 2, 2024, the Business Combination occurred which merged Innventure LLC into Innventure Merger Sub, LLC, a wholly owned subsidiary of the Company. The Company became a publicly traded entity and began being taxed as a corporation. The Company accounts for income taxes pursuant to the asset and liability method of ASC 740, Income Taxes, which requires the recognition of current tax liabilities or receivables for the amount of taxes that are estimated as payable or refundable for the current year, and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The Company follows the provisions of ASC 740-10 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10 prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740-10. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. As of December 31, 2025 and 2024, no liability for unrecognized tax benefits was required to be reported. The Company does not expect any significant changes in unrecognized tax benefits in the next year. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company adopted ASU 2023-09 for the year ended December 31, 2025. The Company has made the required disclosures related to this ASU within Note 16. Income taxes. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which increases the operability of the recognition guidance considering different methods of software development. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which is expected to reduce the cost and complexity of evaluating whether contracts with features are derivatives, better portray the economics of those contracts in the financial statements, reduce diversity from the application of the current guidance and changing business environment, and to clarify Topic 606 applicability to share-based noncash consideration for the transfer of goods or services. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-07 will have on its consolidated financial statements.

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Equity-method investments	$ 19,495	$ 17,547
Investments in debt securities - AFS	9,246	11,187
Total Investments	$ 28,741	$ 28,734

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Related Party Transactions (Details) $ / shares in Units, $ in Thousands									3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 25, 2025 USD ($) grantee shares	Jun. 25, 2025 USD ($) grantee shares	Mar. 24, 2025 USD ($) shares	Mar. 20, 2025 instrument	Feb. 26, 2025 grantee shares	Dec. 31, 2024 USD ($) grantee shares	Dec. 09, 2024 USD ($) grantee shares	Mar. 22, 2024 USD ($) grantee shares	Dec. 31, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2025 USD ($) shares	Mar. 31, 2021 $ / shares shares
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares					140,000						152,295
Revenue									$ 456	$ 764	$ 2,056
Due from related party						$ 4,536			4,536		$ 11,840
Conversion of related party notes (in shares) \| shares											2,310,848
Conversion of related party notes											$ 23,109
Management fees - related party
Related Party Transaction [Line Items]
Revenue									223	669	$ 499
RSUs
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares											653,118
Stock options
Related Party Transaction [Line Items]
Number of grantees \| grantee					2
Related party
Related Party Transaction [Line Items]
Number of notes settled \| instrument				3,000
Related party \| Transactions with Directors
Related Party Transaction [Line Items]
Stock options granted (in shares) \| shares							590,163
Number of grantees \| grantee						4	8	1
Related party \| Transactions with Directors \| Class C units
Related Party Transaction [Line Items]
Grant date fair value								$ 400
Shares issued in period (in shares) \| shares								100,000
Related party \| Transactions with the ESG Fund
Related Party Transaction [Line Items]
Purchase option (in shares) \| shares												145,161
Purchase option, price (in usd per share) \| $ / shares												$ 1
Due from related party						$ 100			100
Related party \| Transactions with the ESG Fund \| Management fees - related party
Related Party Transaction [Line Items]
Fee expense									100	100	$ 100
Revenue									200	$ 600	$ 400
Related party \| Transactions with the ESG Fund \| Minimum
Related Party Transaction [Line Items]
Management fee percentage											1.00%
Related party \| Transactions with the ESG Fund \| Maximum
Related Party Transaction [Line Items]
Management fee percentage											2.00%
Related party \| Transactions with AeroFlexx
Related Party Transaction [Line Items]
Due from related party						$ 4,400			$ 4,400		$ 10,500
Conversion of related party notes (in shares) \| shares			578,294
Conversion of related party notes			$ 5,800
Related party \| RSUs \| Transactions with Directors
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares	338,601	111,525					1,246,722
Grant date fair value	$ 1,500	$ 600					$ 15,200
Number of grantees \| grantee	2	5
Related party \| Stock options \| Transactions with Directors
Related Party Transaction [Line Items]
Grant date fair value							$ 3,900
Related party \| SARs \| Transactions with Directors
Related Party Transaction [Line Items]
Awards granted (in shares) \| shares						200,000
Grant date fair value						$ 7,800

Business Combination - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended	21 Months Ended
	Oct. 02, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Oct. 01, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Oct. 01, 2024 USD ($)	Dec. 31, 2025 $ / shares shares
Business Combination [Line Items]
Common stock, authorized (in shares)	250,000,000	250,000,000		250,000,000		250,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock, authorized (in shares)	25,000,000	25,000,000		25,000,000		25,000,000
Preferred stock, par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Common stock, issued (in shares)	43,589,850	44,597,154		44,597,154		67,743,847
Common stock, outstanding (in shares)	43,589,850	44,597,154		44,597,154		67,743,847
Warrants issued and outstanding (in shares)	18,645,997
Expense related to share-based award accelerated vesting \| $	$ 223
Innventure LLC
Business Combination [Line Items]
Parent ownership percentage	88.30%
Noncontrolling owner percentage	13.70%
Innventure LLC
Business Combination [Line Items]
Share rights ratio	1
Shares issuable for acquisition (in shares)	43,494,999
Contingent consideration (in shares)	5,000,000
Transaction costs \| $	$ 5,300		$ 9,600
Revenue of acquiree \| $		$ 500
Net loss of acquiree \| $		$ 18,300
Pro forma revenue \| $				$ 1,200
Pro forma net loss \| $				$ 106,000
Innventure LLC \| Learn CW
Business Combination [Line Items]
Transaction costs \| $					$ 9,200
Class B Preferred
Business Combination [Line Items]
Preferred stock, authorized (in shares)	3,000,000,000	3,000,000		3,000,000		3,000,000
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001

Consolidated Statements of Cash Flows - USD ($)		3 Months Ended	9 Months Ended	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Oct. 02, 2024	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2024
Cash Flows Used in Operating Activities
Net Loss		$ (70,093,000)	$ (28,198,000)	$ (475,350,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		16,338,000	1,056,000	27,872,000
Interest income on debt securities - related party		(106,000)	(110,000)	(394,000)
Change in fair value of financial liabilities		20,946,000	478,000	(16,146,000)
Write-off of loan commitment fee asset		10,041,000	0	0
Non-cash interest expense on notes payable		248,000	351,000	6,588,000
Accrued unpaid interest on note payable		69,000	930,000	336,000
Equity method investment loss (income)		902,000	(893,000)	12,592,000
Realized gain on conversion of available for sale investments		0	0	(1,507,000)
Loss on conversion of promissory notes		0	1,119,000	0
Deferred income taxes		(3,301,000)	432,000	(13,450,000)
Depreciation and amortization		5,455,000	146,000	22,506,000
Goodwill impairment		0	0	346,557,000	$ 0
Other costs, net		64,000	185,000	195,000
Changes in operating assets and liabilities:
Accounts receivable		(166,000)	(117,000)	(811,000)
Prepaid expenses and other current assets		(1,301,000)	(1,353,000)	(11,676,000)
Inventory		(2,354,000)	(2,824,000)	3,574,000
Accounts payable		(11,211,000)	6,013,000	(1,392,000)
Accrued employee benefits		1,656,000	3,838,000	1,727,000
Accrued expenses		(484,000)	674,000	(480,000)
Stock-based compensation liability		1,160,000	0	(921,000)
Income taxes payable		0	0	23,000
Other current liabilities		(77,000)	(146,000)	(358,000)
Contract liabilities		0	0	947,000
Obligation to issue equity		3,000,000	10,920,000	0
Other assets		0	(20,000)	(61,000)
Patent installment payable		0	(250,000)	(525,000)
Net Cash Used in Operating Activities		(29,214,000)	(18,848,000)	(80,683,000)
Cash Flows (Used in) Provided by Investing Activities
Advances to equity method investee		(4,240,000)	(135,000)	0
Acquisition of property, plant and equipment		(266,000)	(736,000)	(1,417,000)
Acquisition of intangible assets		(30,000)	0	0
Acquisition of net assets, net of cash acquired, through business combination		16,000	0	0
Proceeds from sale of investments		0	2,314,000	0
Cash withdrawn from trust as a result of business combination	$ 11,342,000	11,342,000	0	0
Net Cash (Used in) Provided by Investing Activities		6,822,000	(5,957,000)	(4,125,000)
Cash Flows Provided by Financing Activities
Proceeds from issuance of equity, net of issuance costs		15,383,000	13,122,000	12,654,000
Proceeds from the issuance of equity to non-controlling interest, net of issuance costs		4,169,000	13,859,000	71,377,000
Distributions to Stockholders		(663,000)	0	(76,000)
Cash Flows Provided by Financing Activities		33,466,000	38,441,000	139,138,000
Net Increase in Cash, Cash Equivalents and Restricted Cash		11,074,000	13,636,000	54,330,000
Cash, Cash Equivalents and Restricted Cash Beginning of period	45,000	45,000	2,575,000	11,119,000	2,575,000
Cash, Cash Equivalents and Restricted Cash End of period		11,119,000	45,000	65,449,000	$ 11,119,000
Supplemental Cash Flow Information
Cash paid for interest		991,000	1,070,000	0
Supplemental Disclosure of Noncash Financing Information
Accretion of redeemable units to redemption value		0	11,950,000	0
Debt discount and embedded derivative upon issuance		0	0	0
Issuance of units to non-controlling interest in exchange of convertible promissory notes		0	7,324,000	0
Conversion of working capital loans to equity method investees into investments in debt securities - related party		0	2,600,000	4,375,000
Transfer of liability warrants to equity warrants in the Business Combination		1,265,000	0	0
Initial recognition of loan commitment fee		16,190,000		0
Transfer of loan commitment fee asset		6,694,000	0	0
Recognition of right of use asset and corresponding lease liability		0	0	927,000
Extinguishment of debt with Series C Preferred Stock		0	0	14,000,000
Contribution of Series C Preferred Stock to equity method investee		0	0	5,783,000
Conversion of AFX available-for-sale term loan into equity method investments		0	0	8,757,000
Issuance of common stock as repayment of convertible debt		0	0	47,000,000
Issuance of stock in exchange for services		250,000	0	4,102,000
Conversion of preferred stock into common stock		0	0	36,910,000
Transfer of Series C Preferred Stock from Mezzanine to Stockholders' equity		0	0	1,440,000
Embedded derivative in association with Convertible Debentures		0	0	1,774,000
Equity reallocation between non-controlling interest and additional paid-in capital		0	0	36,963,000
Embedded derivative liability derecognition		0	0	3,297,000
Previously Reported
Cash Flows Provided by Financing Activities
Cash, Cash Equivalents and Restricted Cash Beginning of period	$ 16,211,000	16,211,000
Cash, Cash Equivalents and Restricted Cash End of period			16,211,000
Related party
Adjustments to reconcile net loss to net cash used in operating activities:
Net gain on investments		0	468,000	0
Loss on extinguishment of debt		0	0	3,538,000
Cash Flows (Used in) Provided by Investing Activities
Investment in debt securities		0	(7,400,000)	0
Cash Flows Provided by Financing Activities
Proceeds from the issuance of related party convertible promissory notes and term convertible notes		0	0	4,350,000
Proceeds from issuance of debt securities, net of issuance costs		0	12,000,000	0
Payment of debts		(4,628,000)	0	0
Nonrelated party
Adjustments to reconcile net loss to net cash used in operating activities:
Net gain on investments		0	(11,547,000)	(131,000)
Loss on extinguishment of debt		0	0	16,064,000
Cash Flows (Used in) Provided by Investing Activities
Investment in debt securities		0	0	(2,708,000)
Cash Flows Provided by Financing Activities
Proceeds from the issuance of related party convertible promissory notes and term convertible notes		0	0	14,950,000
Proceeds from issuance of debt securities, net of issuance costs		19,455,000	0	40,500,000
Payment of debts		$ (250,000)	$ (540,000)	$ (4,617,000)

Business Combination - Purchase Consideration Allocation to Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Oct. 02, 2024
Liabilities assumed:
Goodwill	$ 323,463	$ 667,936
Innventure LLC
Assets acquired:
Cash and cash equivalents			$ 16
Inventory			2,824
Prepaid expenses and other current assets			1,955
Equity method investments			18,449
Investment in debt securities - AFS			10,172
Property, plant, and equipment			1,227
Intangible assets			187,500
Other assets			829
Total assets acquired:			223,299
Liabilities assumed:
Accrued employee benefits			7,617
Accrued expenses			1,972
Notes payable			975
Patent installment payable			13,600
Deferred tax liability			30,654
Other liabilities			748
Total liabilities assumed:			75,784
Net identifiable assets acquired			147,515
Goodwill			667,936
Innventure LLC \| Nonrelated party
Assets acquired:
Accounts receivable			117
Liabilities assumed:
Accounts payable			6,286
Innventure LLC \| Related party
Assets acquired:
Accounts receivable			210
Liabilities assumed:
Accounts payable			$ 13,932

Condensed Consolidated Statements of Changes in Mezzanine Capital $ in Thousands	9 Months Ended
	Oct. 01, 2024 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 10,630
Accretion of redeemable units to redemption value	11,950
Ending balance	22,580
Class I Amount
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	2,912
Accretion of redeemable units to redemption value	1,565
Ending balance	4,477
Class PCTA Amount
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	7,718
Accretion of redeemable units to redemption value	10,385
Ending balance	$ 18,103

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Costs

The Company recognized compensation costs related to the Capital Incentive Plan as follows:


	Successor		Successor		Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1 2024 through October 1, 2024
Compensation expense	$	—	$	—	$	137

Schedule of RSU Activity

The summary of RSU activity is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value (per share)
Unvested at January 1, 2025	1,905,008	$	12.20
Granted	653,118	4.60
Vested	(1,382,725)	11.61
Forfeited	(123,562)	9.36
Unvested at December 31, 2025	1,051,839	$	8.68

Schedule of Stock Options Activity

Stock options activity for the year ended December 31, 2025 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value (per share)
Outstanding on December 31, 2024	913,849	$	12.20	$	6.63
Granted	152,295	8.84		4.97
Vested	(640,799)	11.75		6.57

Forfeited	(85,755)	12.20		6.69
Outstanding at December 31, 2025	339,590	$	11.44	$	6.31
Exercisable at December 31, 2025	702,359	12.20		6.63

Schedule of Accelsius Subsidiary Equity Plan

The summary of Accelsius Subsidiary Equity Plan activity is as follows:


	Successor Period				Predecessor Period
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1, 2024 through October 1, 2024
Compensation expense (in thousands)	$	7,411	$	1,341	$	918
Class C units granted	1,048,000		168,500		110,000
Weighted average grant date fair value per share	$	20.37	$	46.38	$	4.41

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of Investments


	December 31, 2025		December 31, 2024
	(in thousands)
Equity-method investments	$	19,495	$	17,547

Investment in debt securities - AFS	9,246		11,187
Total Investments	$	28,741	$	28,734

Schedule of Carrying Amounts and Maximum exposure Relating to AeroFlexx

The Company’s carrying amounts and maximum exposure relating to AeroFlexx, were as follows (in thousands):



	December 31, 2025				December 31, 2024
Asset type	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Equity method investment in AeroFlexx	$	18,957	$	18,957	$	16,930	$	16,930
Investments in debt securities - AFS	9,246		9,246		11,187		11,187
Due from related party	10,754		10,754		4,472		4,472
Total	$	38,957	$	38,957	$	32,589	$	32,589

Schedule of Financial Information of Equity Method Investments

Balance sheets (in thousands)


	ESG Fund				AeroFlexx
	December 31,				December 31,
	2025		2024		2025		2024
Total Assets	$	85,712	$	97,445	$	15,709	$	17,002
Total Liabilities	575		93		29,082		27,861
Total Equity (Deficit)	$	85,137	$	97,352	$	(13,373)	$	(10,859)

Statements of operation (in thousands)


	ESG Fund				AeroFlexx
	Years ended December 31,				Years ended December 31,
	2025		2024		2025		2024
Revenue	$	—	$	202	$	85	$	38
Gross (Loss) Profit	—		(735)		(95)		(57)
Net Income (Loss)	$	(12,263)	$	39,437	$	(15,824)	$	(13,663)

Schedule of Unrealized Gains and Losses, and Fair Value of AFS Debt Securities

The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities is represented in the table below (in thousands):


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
December 31, 2025
Investment in Debt Securities - AFS	$	10,444	$	—	$	(1,198)	$	9,246

December 31, 2024
Investment in Debt Securities - AFS	$	10,278	$	909	$	—	$	11,187

Schedule of Contractual Maturity of Debt Securities

The amortized cost and fair value of debt securities, by contractual maturity, as of December 31, 2025 is shown below (in thousands). Expected maturities can differ from contractual maturities.


	Amortized cost		Fair value
Due within one year	$	10,444	$	9,246


	$	10,444	$	9,246

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Borrowings - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Oct. 22, 2024	Dec. 31, 2021
Debt Instrument [Line Items]
Total Notes Payable	$ 37,356	$ 34,725
Less: unamortized debt discount	(3,962)	(6,446)
Total Long-term Notes	8,327	13,654
Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rates				9.00%
Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rates				12.00%
Convertible debt \| Convertible debentures
Debt Instrument [Line Items]
Total Notes Payable	5,572	0
Convertible debt \| Term convertible notes
Debt Instrument [Line Items]
Total Notes Payable	$ 7,890	0
Interest Rates	3.94%
Less: current portion of notes	$ (7,890)	0
Convertible debt \| Minimum \| Convertible debentures
Debt Instrument [Line Items]
Interest Rates	0.00%
Convertible debt \| Maximum \| Convertible debentures
Debt Instrument [Line Items]
Interest Rates	5.00%
Term loan \| WTI Facility
Debt Instrument [Line Items]
Total Notes Payable	$ 19,441	$ 20,000
Interest Rates	13.50%	13.50%	13.50%
Related party \| Notes payable \| Related Party Notes
Debt Instrument [Line Items]
Total Notes Payable	$ 0	$ 14,000
Less: current portion of notes	0	$ (14,000)
Related party \| Notes payable \| Minimum \| Related Party Notes
Debt Instrument [Line Items]
Interest Rates		8.00%
Related party \| Notes payable \| Maximum \| Related Party Notes
Debt Instrument [Line Items]
Interest Rates		15.99%
Related party \| Convertible debt \| Related party convertible notes
Debt Instrument [Line Items]
Total Notes Payable	4,331	$ 0
Less: current portion of notes	$ (4,331)	0
Related party \| Convertible debt \| Minimum \| Related party convertible notes
Debt Instrument [Line Items]
Interest Rates	3.94%
Related party \| Convertible debt \| Maximum \| Related party convertible notes
Debt Instrument [Line Items]
Interest Rates	15.00%
Nonrelated party
Debt Instrument [Line Items]
Less: current portion of notes	$ (12,846)	(625)
Nonrelated party \| Notes payable \| Series 1 promissory notes
Debt Instrument [Line Items]
Total Notes Payable	$ 122	$ 725
Interest Rates	15.00%
Nonrelated party \| Notes payable \| Minimum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rates		12.00%
Nonrelated party \| Notes payable \| Maximum \| Series 1 promissory notes
Debt Instrument [Line Items]
Interest Rates		15.00%

Stock-based Compensation - Schedule of RSU Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested (in shares) \| shares	1,905,008
Granted (in shares) \| shares	653,118
Vested (in shares) \| shares	(1,382,725)
Forfeited (in shares) \| shares	(123,562)
Unvested (in shares) \| shares	1,051,839
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested (in usd per share) \| $ / shares	$ 12.20
Granted (in usd per share) \| $ / shares	4.60
Vested (in usd per share) \| $ / shares	11.61
Forfeited (in usd per share) \| $ / shares	9.36
Unvested (in usd per share) \| $ / shares	$ 8.68

Borrowings - Narrative (Details)															1 Months Ended		3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
Borrowings - Narrative (Details)	Nov. 12, 2025 USD ($)	Oct. 08, 2025 USD ($)	Oct. 02, 2025 shares	Sep. 15, 2025 USD ($) tranche $ / shares	Sep. 14, 2025 USD ($)	Jul. 24, 2025 USD ($)	Jun. 27, 2025 USD ($)	Jun. 26, 2025 USD ($) tranche	May 15, 2025 USD ($)	Apr. 14, 2025 USD ($) $ / shares shares	Nov. 15, 2024 USD ($)	Oct. 22, 2024 USD ($) tranche	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) extension_option	Jan. 27, 2026 USD ($) shares	Sep. 19, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Oct. 01, 2024 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Jul. 01, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 04, 2025 $ / shares	Mar. 25, 2025 USD ($) tranche	Mar. 21, 2025 USD ($)	Oct. 02, 2024 shares	Aug. 22, 2024 USD ($) instrument	Aug. 20, 2024 USD ($)	May 02, 2024 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Warrants (in shares) \| shares																											18,645,997
Conversion to equity																	$ 2,982,000
2025 WTI Warrants
Debt Instrument [Line Items]
Warrants (in shares) \| shares										2							0	2	0	2
Exercise price of warrant (in usd per share) \| $ / shares										$ 0.01
Number of shares issuable for warrants (in shares) \| shares										495,074
Related party
Debt Instrument [Line Items]
Loss on extinguishment of debt																	$ 0		$ 0	$ (3,538,000)
Proceeds from issuance of debt																	0		0	4,350,000
Payment of debts																	4,628,000		0	0
Series 1 promissory notes \| Notes payable
Debt Instrument [Line Items]
Aggregate principal amount, up to																															$ 35,000,000.0
Notes principal														$ 4,900,000
Number of extension options \| extension_option														2
Debt term, with extension														60 months
Series 1 promissory notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term														36 months
Interest Rates														9.00%
Series 1 promissory notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term														48 months
Interest Rates														12.00%
Principal amount of 1st extension promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest Rates														12.00%
Principal amount of 1st extension promissory notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term														36 months
Principal amount of 1st extension promissory notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term														48 months
Principal amount of 2nd extension promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest Rates														15.00%
Principal amount of 2nd extension promissory notes \| Notes payable \| Minimum
Debt Instrument [Line Items]
Debt term														48 months
Principal amount of 2nd extension promissory notes \| Notes payable \| Maximum
Debt Instrument [Line Items]
Debt term														60 months
Related Party Notes \| Notes payable
Debt Instrument [Line Items]
Number of debt instruments \| instrument																												2
Total interest expense																	$ 611,000		$ 932,000	419,000
Related Party Notes \| Notes payable \| Minimum \| Related party
Debt Instrument [Line Items]
Interest Rates																	8.00%
Related Party Notes \| Notes payable \| Maximum \| Related party
Debt Instrument [Line Items]
Interest Rates																	15.99%
Related party note one \| Notes payable
Debt Instrument [Line Items]
Notes principal																													$ 10,000,000.0
Loan fee due upon maturity																													$ 1,000,000.0
Interest rate on loan fee due upon maturity																			15.99%
Related party note two \| Notes payable
Debt Instrument [Line Items]
Notes principal																												$ 2,000,000.0
Interest Rates																			13.50%									11.50%
Principal amount due																			$ 1,000,000.0
Related party note three \| Notes payable
Debt Instrument [Line Items]
Notes principal																														$ 1,000,000.0
Loan fee due upon maturity																														$ 100,000
Interest rate if not paid at maturity																														8.00%
Loss on extinguishment of debt																				$ (3,500,000)
WTI Facility \| Term loan
Debt Instrument [Line Items]
Debt term											42 months
Interest Rates												13.50%					13.50%	13.50%		13.50%
Loss on extinguishment of debt																				$ (3,500,000)
Aggregate principal capacity												$ 50,000,000.0
Number of tranches/draws \| tranche												3
Proceeds from issuance of debt											$ 20,000,000.0
Principal and interest payments period											30 months
Interest only payments period											12 months	12 months
Spread on variable interest rate												5.00%
Remaining term after interest only payments period												30 months
Required cash on deposit																										$ 5,000,000.0
Total interest expense																	$ 600,000		0	$ 4,849,000
Convertible Debentures \| Convertible debt
Debt Instrument [Line Items]
Issuance of common shares from warrant exercises (in shares) \| shares																				10,005,859
Conversion to equity																				$ 30,700,000
Payment of debts																				5,500,000
Principal repayment																				3,400,000
Payment of loan fee																				100,000
Total interest expense																	$ 0		0	$ 4,510,000
Convertible Debentures \| Convertible debt \| Standby Equity Purchase Agreement
Debt Instrument [Line Items]
Issuance of common shares from warrant exercises (in shares) \| shares																				997,573
Debt instrument, face amount, converted																				$ 4,900,000
Debt premium, converted																				$ 200,000
Convertible Debentures \| Convertible debt \| Subsequent event
Debt Instrument [Line Items]
Payment of debts															$ 1,000,000.0
Convertible Debentures \| Convertible debt \| Subsequent event \| Standby Equity Purchase Agreement
Debt Instrument [Line Items]
Issuance of common shares from warrant exercises (in shares) \| shares															304,377
Convertible Debentures \| Convertible debt \| Minimum
Debt Instrument [Line Items]
Interest Rates																		0.00%		0.00%
Convertible Debentures \| Convertible debt \| Maximum
Debt Instrument [Line Items]
Interest Rates																		5.00%		5.00%
Existing Convertible Debentures \| Convertible debt
Debt Instrument [Line Items]
Aggregate principal amount, up to																									$ 30,000,000.0
Notes principal									$ 10,000,000.0	$ 20,000,000.0
Number of tranches/draws \| tranche																									2
Proceeds from issuance of debt									$ 9,000,000.0	$ 18,000,000.0
Debt discount percentage									10.00%	10.00%
Number of monthly payments									11 months	12 months
Payment premium percentage due monthly									5.00%	5.00%
Unit price for notes converted (in usd per share) \| $ / shares				$ 7.00																				$ 10.00
Floor price (in dollars per share) \| $ / shares				$ 1.59
Monthly payment					$ 2,000,000.0
Periodic payment, under exchange cap, percentage				99.00%
New Convertible Debentures \| Convertible debt
Debt Instrument [Line Items]
Aggregate principal amount, up to				$ 15,000,000.0
Notes principal	$ 5,000,000.0			$ 10,000,000.0
Interest Rates	5.00%			5.00%
Loss on extinguishment of debt																				$ 12,600,000
Number of tranches/draws \| tranche				2
Proceeds from issuance of debt				$ 9,000,000.0
Debt discount percentage	10.00%			10.00%
Proceeds from issuance of debt	$ 4,500,000
Term convertible notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal																						$ 7,800,000
Interest Rates																		3.94%		3.94%
Unit price for notes converted (in usd per share) \| $ / shares																		$ 12.18		$ 12.18
Total interest expense																				$ 200,000
Related Party Convertible Promissory Note \| Convertible debt
Debt Instrument [Line Items]
Notes principal								$ 3,000,000.0
Interest Rates								15.00%
Number of tranches/draws \| tranche								3
Proceeds from issuance of debt						$ 1,000,000.0	$ 1,000,000.0
Payment of debts		$ 2,000,000.0
Payment of loan fee		100,000
Repayments of debt, including interest and fees		$ 2,100,000
Conversion price, percentage of funding round price								80.00%
Conversion price basis, minimum equity funding amount								$ 5,000,000.0
Related Party Term Convertible Notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal																							$ 4,200,000
Unit price for notes converted (in usd per share) \| $ / shares																		$ 12.18		$ 12.18
Related party convertible notes \| Convertible debt
Debt Instrument [Line Items]
Total interest expense																				$ 200,000
Related party convertible notes \| Convertible debt \| Minimum \| Related party
Debt Instrument [Line Items]
Interest Rates																		3.94%		3.94%
Related party convertible notes \| Convertible debt \| Maximum \| Related party
Debt Instrument [Line Items]
Interest Rates																		15.00%		15.00%
August 2025 Notes \| Convertible debt
Debt Instrument [Line Items]
Notes principal																$ 9,200,000
Debt term																2 years
Interest Rates																		6.50%		6.50%
Proceeds from issuance of debt																		$ 7,300,000
Debt conversion terms, minimum offering proceeds																$ 5,000,000.0
Percentage of offering price																80.00%
Number of units in exchange for each warrant (in shares) \| shares																0.5
Number of shares (in shares) \| shares			251,452
Warrants exercise price, percentage of unit price																120.00%
Convertible Promissory Notes Due 2025 \| Convertible debt
Debt Instrument [Line Items]
Debt term																					36 months
Interest Rates																	8.00%
Loss on extinguishment of debt																			(1,100,000)
Unit price for notes converted (in usd per share) \| $ / shares													$ 9.74
Total interest expense																	$ 0		$ 351,000	$ 0
Number of shares (in shares) \| shares													693,480
Qualified financing event, minimum amount																					$ 2,000,000.0
Conversion, discount percentage																					20.00%
Conversion, numerator for calculation																					$ 200,000,000.0
Principal amount of debt converted													$ 6,000,000.0
Accrued interest of debt converted													$ 800,000

Accounting Policies - Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Accounting Policies [Abstract]
Cash, cash equivalents and restricted cash	$ 11,119		$ 60,449
Accumulated deficit	78,262		371,603
Working capital (deficit)			(6,900)
Net loss	$ 70,093	$ 28,198	$ 475,350

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value - Changes in Fair Value of Level 3 Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Forward Contract
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Change in fair value of financial liabilities
Investment in debt securities - AFS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,172	$ 0	$ 11,187
Additions	106	10,110	7,477
Settlement	0	0	(8,756)
Change in fair value	909	62	(662)
Ending balance	11,187	10,172	$ 9,246
Investment in debt securities - AFS \| Previously Reported
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 10,172
Ending balance		$ 10,172

Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2025
Machinery & equipment
Property, Plant and Equipment [Line Items]
Depreciable life (in years)	10 years
Computers & office equipment
Property, Plant and Equipment [Line Items]
Depreciable life (in years)	3 years

Business Combination (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Shares of Common Stock Issued and Outstanding at the Closing of the Business Combination

The number of shares of Common Stock issued and outstanding at the Closing of the Business Combination were:


Innventure LLC Units	Immediately Prior to Closing	Common Stock Conversion Ratio	Common Stock Upon Closing
Class B Preferred Units	10,875,000	2.09	22,754,664
Class B-1 Preferred Units	5,609,951	2.09	11,738,165
Class A Units	342,608	2.09	716,867
Class C Units	1,570,125	2.09	3,285,303
Total	18,397,684		38,494,999

Learn CW Shares
Learn CW Public shareholders	1,027,674	1.00	1,027,674
Learn CW Class B Shareholders	5,000,000	1.00	5,000,000
Total	6,027,674		6,027,674

Less: Learn CW shares subject to clawback provisions			(932,823)

Total Common Stock Issued and Outstanding at Closing			43,589,850

Schedule of Consideration Transferred for the Business Combination

The consideration transferred for the Business Combination is summarized as follows (in thousands):


Holdco Common Stock transferred to Innventure Members(1)	$	418,441
Contingent consideration(2)	53,980
Consideration transferred	472,421
Non-controlling interest(3)	343,030
Total business enterprise value	$	815,451

(1) Represents the fair value of the 38,494,999 of aggregate consideration paid in shares (excluding the Company Earnout shares) at a Closing share price of $10.87.

(2) Represents the fair value of the Company Earnout Shares issued and contingently issuable to Innventure Members. Refer to Note 10. Earnout Shares for more details.

(3) The non-controlling interest represents the fair value of equity in Accelsius held by non-controlling parties. The fair value is calculated using a discounted cash flow methodology to determine the Accelsius equity value which is pro rated by the non-controlling ownership percentage (Level 3). Significant inputs used to measure the fair value of the non-controlling interest include the long-term growth rate of 3.0%, normalized tax rate of 27.9%, normalized net working capital of 18.0%, and weighted average cost of capital of 17.6%.

Investing cash flow activity as a result of the Business Combination is summarized as follows (in thousands):


	Amount
Cash consideration transferred	$	—
Add: Cash and cash equivalents acquired	16
Investing cash flow activity as a result of the Business Combination	$	16

On the Closing Date, Innventure settled certain obligations using cash from the Learn CW trust account that was released at Closing and financing secured through Series B Preferred Stock. The financing secured through Series B Preferred Stock is discussed in Note 13. Stockholders' Equity.


	(in thousands)
	Amount
Cash proceeds from Learn CW trust account	$	11,342
Net cash proceeds from Series B Preferred Stock issuance	10,572
Total Innventure, Inc. cash sources	$	21,914

Payment of Learn CW accounts payable and accrued expenses	$	9,233
Payment of Learn CW promissory note due to Sponsor	4,628
Payment of Innventure LLC transaction costs at Closing	6,206
Total cash uses	$	20,067
Net cash proceeds	$	1,847

Schedule of Purchase Consideration Allocation to Assets and Liabilities

The purchase consideration was allocated to the following assets and liabilities (in thousands):


	Amount
Assets acquired:
Cash and cash equivalents	$	16
Accounts receivable	117
Due from related parties	210
Inventory	2,824
Prepaid expenses and other current assets	1,955
Equity method investments	18,449
Investment in debt securities - AFS	10,172
Property, plant, and equipment	1,227
Intangible assets	187,500
Other assets	829
Total assets acquired:	$	223,299

Liabilities assumed:
Accounts payable	$	6,286
Accrued employee benefits	7,617
Accrued expenses	1,972
Related party payable	13,932
Notes payable	975
Patent installment payable	13,600
Deferred tax liability	30,654
Other liabilities	748
Total liabilities assumed:	$	75,784

Net identifiable assets acquired	$	147,515

Goodwill	$	667,936

Schedule of Fair Value of Definite-Lived Intangible Assets

The fair value of definite-lived intangible assets as of the Closing Date included (in thousands):


	Amount
Trade names	$	17,800
Customer relationships	4,600
Developed technology	165,100
Total	$	187,500

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Share-based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Capital Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 0	$ 137	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Schedule of Provision for Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Income Tax Disclosure [Abstract]
United States	$ (73,375)	$ (27,766)	$ (488,148)
Foreign	0	0	(685)
Loss before Income Taxes	$ (73,375)	$ (27,766)	$ (488,833)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill


	(in thousands)
Balance as of December 31, 2024	$	667,936
Impairment	(346,557)
Other	2,084
Balance as of December 31, 2025	$	323,463

Schedule of Other Intangible Assets, Net

Other intangible assets, net


	December 31, 2025							December 31, 2024
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
		(in thousands)
Trade names	14.8	$	17,800	$	(1,390)	$	16,410	$	17,800	$	(277)	$	17,523
Customer relationships	1.8	4,600		(1,915)		2,685		4,600		(382)		4,218
Developed technology	8.0	165,100		(23,678)		141,422		165,100		(4,718)		160,382
Other finite-lived intangible assets	1.9	30		(10)		20		30		—		$	30
Total intangible assets		$	187,530	$	(26,993)	$	160,537	$	187,530	$	(5,377)	$	182,153

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows (in thousands):


	Amortization Expense
2026	$	21,616
2027	21,234
2028	20,073
2029	18,853
2030	15,173
Thereafter	63,588
Total	$	160,537

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

COVER - USD ($)	12 Months Ended
COVER - USD ($)	Dec. 31, 2025	Mar. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-42303
Registrant Name	INNVENTURE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-4440048
Entity Address, Address Line One	6900 Tavistock Lakes Blvd, Suite 400
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32827
City Area Code	321
Local Phone Number	209-6787
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	INV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 126,807,206
Entity Common Stock, Shares Outstanding		80,069,319
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement (the “Proxy Statement”) for the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0002001557
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Income Statement [Abstract]
Financial Designation, Predecessor and Successor [Fixed List]			Successor
Revenue	$ 456,000	$ 764,000	$ 2,056,000
Operating Expenses
Cost of sales	3,752,000	777,000	18,830,000
General and administrative	29,652,000	26,608,000	66,710,000
Sales and marketing	2,009,000	4,178,000	9,633,000
Research and development	5,340,000	5,978,000	25,025,000
Goodwill impairment	0	0	346,557,000
Total Operating Expenses	40,753,000	37,541,000	466,755,000
Loss from Operations	(40,297,000)	(36,777,000)	(464,699,000)
Non-operating (Expense) and Income
Interest expense, net	(1,132,000)	(1,300,000)	(9,678,000)
Change in fair value of financial liabilities	(20,946,000)	(478,000)	16,146,000
Equity method investment (loss) income	(902,000)	893,000	(12,592,000)
Realized gain on conversion of available for sale investment	0	0	1,507,000
Loss on conversion of promissory notes	0	(1,119,000)	0
Write-off of loan commitment fee asset	(10,041,000)	0	0
Miscellaneous other expense	(57,000)	(64,000)	(46,000)
Total Non-operating (Expense) Income	(33,078,000)	9,011,000	(24,134,000)
Loss before Income Taxes	(73,375,000)	(27,766,000)	(488,833,000)
Income tax expense (benefit)	(3,282,000)	432,000	(13,483,000)
Net Loss	(70,093,000)	(28,198,000)	(475,350,000)
Non-redeemable non-controlling interest	(8,339,000)	(11,762,000)	(182,033,000)
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (61,754,000)	$ (16,436,000)	$ (293,317,000)
Basic loss per unit (in usd per share)	$ (1.41)		$ (5.39)
Diluted loss per share (in usd per share)	$ (1.41)		$ (5.39)
Basic weighted average common shares (in shares)	43,951,279		54,420,978
Diluted weighted average common shares (in shares)	43,951,279		54,420,978
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) on available-for-sale debt securities - related party	$ 909,000	$ 62,000	$ (662,000)
Reclassification of realized gain (loss) on conversion of available for sale investments	0	0	(1,507,000)
Total other comprehensive gain (loss), net of taxes	909,000	62,000	(2,169,000)
Total comprehensive income (loss), net of taxes	(69,184,000)	(28,136,000)	(477,519,000)
Non-redeemable non-controlling interest	(8,339,000)	(11,762,000)	(182,033,000)
Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(60,845,000)	(16,374,000)	(295,486,000)
Nonrelated party
Non-operating (Expense) and Income
Net gain (loss) on investments	0	11,547,000	131,000
Loss on extinguishment of debt	0	0	(16,064,000)
Related party
Non-operating (Expense) and Income
Net gain (loss) on investments	0	(468,000)	0
Loss on extinguishment of debt	$ 0	$ 0	$ (3,538,000)

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Related party
Disaggregation of Revenue [Line Items]
Carried interest allocation amount not yet recognized	$ 9.6	$ 11.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The Successor consolidated financial statements include the accounts of the Company, its wholly owned and majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Predecessor consolidated financial statements include all accounts of Innventure LLC and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. During the year ended December 31, 2025, we identified an error and recorded an immaterial out of period adjustment of $12.4 million to correct an overstatement of Additional paid-in capital, an immaterial out of period adjustment of $4.5 million to correct understatement of Net loss attributable to Innventure, Inc. stockholders and an immaterial out of period adjustment of $16.9 million to correct an understatement of Non-controlling interest. The impact of the adjustments are not material to the consolidated financial statements for any interim or annual periods prior to December 31, 2025 nor the current financial period. The out of period adjustment to Additional paid-in capital is included in Non-controlling interest issued and related transfers within the condensed consolidated statements of changes in mezzanine and stockholders' equity (deficit) and the adjustment related to Net loss attributable to Innventure, Inc. within Comprehensive loss attributable to non-controlling interest on the consolidated statements of operations and comprehensive income (loss).
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements The Company measures the fair value of assets and liabilities on a recurring and nonrecurring basis according to a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
Equity Method Investments	Equity Method Investments Equity method investments are investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The carrying value of our equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss, less distributions received. For investments where the specified allocations of income or loss are different from the allocation of cash from operations and on liquidation, the Company utilizes the hypothetical liquidation book value method to allocate income or loss from the equity method investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Cash distributions received as a result of the Company’s share of cumulative earnings are classified as operating activities. Cash distributions, if any, received that are in excess of the Company’s share of cumulative earnings or losses are classified as investing activities.
Exchange-traded Investments	Exchange-traded Investments Exchange-traded equity investments are generally carried at fair value on the consolidated balance sheets with changes in the fair value recorded through net income (“FVTNI”) within non-operating income (expense).
Variable Interest and Voting Interest Entities	Variable Interest and Voting Interest Entities The Company performs an analysis of its investments to determine if they are either a Variable Interest Entity (“VIE”) or a Voting Interest Entity (“VOE”). Factors considered in this analysis include the entity’s legal organization; the entity’s capital structure and sufficiency of equity at risk; the rights of equity investment holders; the Company’s contractual involvement with, and economic interest in, the entity; and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. If the Company is not deemed to be the PB of a VIE, the Company accounts for the investment or other variable interests in a VIE as either an equity method investment or other investment, as applicable. VOEs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as changes in the investment or the governance structure), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or VOE, and when applicable, whether the Company continues to qualify as the PB of a VIE. Refer to Note 3. Investments for further discussion on investments in VIEs.
Impairment of Investments	Impairments of Investments Management periodically assesses equity method investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of operations and comprehensive income (loss). Impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value.
Available-for-Sale Investments	Available-for-Sale Investments Available-for-sale (“AFS”) debt securities are generally reported at estimated fair value, with unrealized gains and losses recorded in other comprehensive income (loss) on our consolidated statements of operations and comprehensive income (loss). AFS debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses on AFS debt securities are recognized as a charge in other loss on our consolidated statements of operations and comprehensive income (loss), and any remaining unrealized losses, net of taxes, are included in other comprehensive income (loss).
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents primarily consist of cash, money market funds and short-term highly liquid investments with original maturities of three months or less. The Company has concentrated credit risk for cash and cash equivalents by maintaining deposits in banks, which may, at times, exceed amounts covered by insurance provided by the US Federal Deposit Insurance Corporation and management continues to monitor the financial condition of the major financial institutions where these funds are held. Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is related to cash received through the Company's Class B Preferred Stock capital raise and held in escrow prior to finalization of the Class B Preferred Stock investment. As of December 31, 2025, the Company had restricted cash related to the capital raise of $5.0 million and, as of December 31, 2024, had no restricted cash. Additionally, the Company maintains certain compensating balances that may be withdrawn, but the availability of short-term lines of credit is dependent upon the maintenance of such compensating balances. As of December 31, 2025 and 2024, the Company had compensating balances of $0.1 million.
Inventory	Inventory Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. The Company periodically reviews its inventory and identifies that which is excess, slow moving and obsolete by considering factors such as inventory levels, expected product life and forecasted sales demand. Any identified excess, slow moving and obsolete inventory is written down to its net realizable value through a charge to cost of sales.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. The Company depreciates the cost of property, plant and equipment using the straight-line method with depreciable lives of 10 years for Machinery & equipment, 3 years for Computers & office equipment and the lesser of useful life or the remaining lease terms for Leasehold improvements. The Company expenses normal maintenance and repair costs as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses its property, plant and equipment and other long lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. In the event such an asset is considered impaired, the impairment to be recognized is measured by the amount by which the carrying value of the asset exceeds the estimated fair value of the asset. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is depreciated over the revised useful life. Assets to be disposed of are reported at the lower of the carrying value of estimated fair value less estimated costs to sell.
Intangible Assets	Intangible Assets Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever events or other changes in circumstances indicate that the carrying amount may not be recoverable. If required, recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining estimated useful lives. If such assets are considered to be impaired, the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their estimated fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique.
Goodwill	Goodwill Goodwill reflects the excess purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is evaluated for impairment annually, or more frequently if circumstances indicate a possible impairment. The Company compares the fair value of its reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of its reporting unit, the Company would record an impairment loss equal to the difference. The Company operates in one operating segment which the Company considers to be its only reporting unit. There was a $346.6 million impairment of goodwill recognized for the year ended December 31, 2025 and no impairment recognized for the year ended December 31, 2024.
Stock and Warrants	Stock and Warrants Stock may be classified as a liability, temporary capital (i.e., mezzanine capital) or permanent stockholders' equity. In order to determine the appropriate classification, an evaluation of the cash redemption and other features is required. Where there exists an absolute right of redemption presently or in the future, the units in question would be classified as a liability. If units are contingently redeemable upon the occurrence of an event that is outside of the issuer’s control, the units are classified as mezzanine capital. The probability that the redemption event will occur is irrelevant. If no redemption features exist, or if a contingent redemption feature is within the Company’s control, the capital unit would be considered permanent stockholders' equity. The Company accounts for warrants to acquire stock as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. In order to determine the appropriate classification, consideration is given as to whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions. This assessment requires the use of judgment and is conducted at the time of warrant issuance and as of each reconsideration and balance sheet date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for stockholders' equity classification, the warrants are recorded as a component of additional paid-in capital at fair value at the time of issuance. For issued or modified warrants that do not meet all of the criteria for stockholders' equity classification, the warrants are recorded as a liability at their initial fair value on the date of issuance and remeasured at fair value as of each reconsideration and balance sheet date thereafter. The change in fair value is recognized in the Company’s consolidated statements of operations and comprehensive income (loss).
Revenue Recognition	Revenue Recognition The Company’s product sales arrangements contain performance obligations satisfied at a point in time when control of the product transfers to the customer, based on the contractual terms. This typically occurs when title and risk and rewards of ownership have transferred to the customer. Revenue is recorded net of sales taxes, discounts, and expected returns. Sales discounts and other incentives are treated as variable consideration when estimating the revenue to be recognized. The Company earns management fees, consulting revenue and carried interest allocations from investment advisory services it provides to its customers. The Company considers the investment advisory services represent a single performance obligation. Management fees, generally 1-2% of capital committed to the Innventus ESG Fund I, L.P. (the “ESG Fund”), are recognized over time using the time-elapsed method, resulting in straight-line revenue recognition over the performance period. Management fees are considered variable consideration but are typically fully recognized at the end of each reporting period as they are not subject to clawback. Carried interest allocations, typically 10-20%, are recognized based on cumulative fund performance and are subject to achieving minimum return levels, usually 8%. These allocations are considered variable consideration and are recognized when a significant reversal is no longer probable.
Stock-Based Compensation	Stock-Based Compensation The Company participates in multiple stock-based compensation plans which are further discussed in Note 14. Stock-based Compensation. The fair value of stock-based awards is measured on the grant date of the award and recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. Service-based awards vest over the period defined in each individual grant agreement. For equity awards with a graded vesting schedule, compensation cost is recognized on a straight-line basis over the requisite service period of the entire award. Expense related to grants of stock-based awards is included in the respective expense category in which the employee serves in the consolidated statements of operations and comprehensive income (loss). The Company recognizes forfeitures as they occur.
Income Taxes	Income Taxes Prior to the Business Combination, Innventure LLC qualified as a partnership for federal income tax purposes that consolidated financial results with corporate subsidiaries within the financial statements. Consequently, federal income taxes were not payable or provided by Innventure LLC but various corporate subsidiaries were subject to corporate federal, state, and local taxes. Corporate income taxes were recorded for the period from January 1, 2024 through October 1, 2024. On October 2, 2024, the Business Combination occurred which merged Innventure LLC into Innventure Merger Sub, LLC, a wholly owned subsidiary of the Company. The Company became a publicly traded entity and began being taxed as a corporation. The Company accounts for income taxes pursuant to the asset and liability method of ASC 740, Income Taxes, which requires the recognition of current tax liabilities or receivables for the amount of taxes that are estimated as payable or refundable for the current year, and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The Company follows the provisions of ASC 740-10 related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10 prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits”. A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740-10. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. As of December 31, 2025 and 2024, no liability for unrecognized tax benefits was required to be reported. The Company does not expect any significant changes in unrecognized tax benefits in the next year.
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Standards	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024 on a prospective basis. The Company adopted ASU 2023-09 for the year ended December 31, 2025. The Company has made the required disclosures related to this ASU within Note 16. Income taxes. Recently Issued But Not Yet Adopted Accounting Standards In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). This standard modifies the disclosure or presentation requirements of a variety of topics and aligns requirements with the SEC’s existing disclosure requirements. ASU 2023-06 is effective on the date each amendment is removed from Regulation S-X or Regulation S-K with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively, to financial statements issued after the effective date, or retrospectively, to all prior periods presented. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which reduces the diversity in practice and improves the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this ASU are effective for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-05 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which increases the operability of the recognition guidance considering different methods of software development. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which is expected to reduce the cost and complexity of evaluating whether contracts with features are derivatives, better portray the economics of those contracts in the financial statements, reduce diversity from the application of the current guidance and changing business environment, and to clarify Topic 606 applicability to share-based noncash consideration for the transfer of goods or services. The amendments in this ASU are effective for the fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. If elected, the amendments in this ASU should be applied prospectively. The Company is currently evaluating the impact ASU 2025-07 will have on its consolidated financial statements.

Warrants - Schedule of Warrants (Details) - shares	3 Months Ended	12 Months Ended
Warrants - Schedule of Warrants (Details) - shares	Dec. 31, 2024	Dec. 31, 2025
Number of Public Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	11,499,997	11,240,688
Exercised (in shares)	(259,309)	0
Issued (in shares)	0	0
Outstanding, ending (in shares)	11,240,688	11,240,688
Number of Private Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	7,146,000	7,146,000
Exercised (in shares)	0	0
Issued (in shares)	0	0
Outstanding, ending (in shares)	7,146,000	7,146,000
2024 WTI Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	0	2
Exercised (in shares)	0	0
Issued (in shares)	2	0
Outstanding, ending (in shares)	2	2
2025 WTI Warrants
Class of Warrant or Right [Roll Forward]
Outstanding, beginning (in shares)	0	0
Exercised (in shares)	0	0
Issued (in shares)	0	2
Outstanding, ending (in shares)	0	2

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Note 1. Nature of Business Unless the context otherwise requires, references herein to "Innventure", "we", "us", "our" and "the Company" refer to the business and operations of Innventure LLC and its consolidated subsidiaries (the “Predecessor”) for all periods prior to the Closing (as defined below) and to the business and operations of Innventure, Inc. and its consolidated subsidiaries (the “Successor”) for all periods after Closing. Innventure is an industrial growth conglomerate that founds, funds, and operates companies with a focus on commercializing transformative, sustainable technology solutions acquired or licensed from technology innovators, which are typically Multinational Corporations (‘‘MNCs’’), with the intent to maximize value for investors and other stakeholders through positive cash flow generated through long-term ownership of operating subsidiaries. As owner-operators, our goal is to take what we believe to be breakthrough technologies that have advanced beyond proof of concept from evaluation to scaled commercialization utilizing an approach designed to help mitigate risk in collaboration with the MNCs (our channel partner(s)), as we build disruptive companies that we believe have the potential to achieve a target enterprise value of at least $1 billion. We define ‘‘disruptive’’ as innovations that, in our opinion, have the ability to significantly change the way businesses, industries, markets, and/or consumers operate. Innventure, Inc., is headquartered in Orlando, Florida. Business Combination On October 24, 2023, Learn SPAC HoldCo, Inc. (“Holdco”), a Delaware corporation and direct, wholly-owned subsidiary of Learn CW Investment Corporation (“Learn CW”), a Cayman Islands exempted company, LCW Merger Sub, Inc. (“LCW Merger Sub”), a Delaware corporation and direct, wholly-owned subsidiary of Holdco, and Innventure Merger Sub, LLC (“Innventure Merger Sub” and together with LCW Merger Sub, the “Merger Subs”), a Delaware limited liability company and direct, wholly-owned subsidiary of Holdco entered into a Business Combination Agreement (the “Business Combination Agreement”) with Innventure LLC, a Delaware limited liability company. As further discussed below and in Note 8. Business Combinations, on October 2, 2024 (the “Closing Date” or “Closing”), Learn CW and Innventure LLC consummated a business combination (the “Business Combination”) pursuant to the terms of the Business Combination Agreement. Following the Closing, both Learn CW and Innventure LLC became subsidiaries of Holdco, Holdco changed its name to “Innventure, Inc.” and became a publicly traded company. Holdco was determined to be the accounting acquirer. Both Learn CW and Holdco, a direct wholly-owned subsidiary of Learn CW prior to the Business Combination, were created for the purpose of consummating a business combination. Innventure, Inc. and its subsidiaries is the successor to Innventure LLC following the Business Combination and is a Delaware corporation, whose common stock is listed and traded on the Nasdaq Global Market (“Nasdaq”). Following the Business Combination, the Company continues the business of Innventure LLC. The information provided in this Annual Report on Form 10-K reflects two distinct periods, the period up to the Closing Date labeled as the Predecessor and the period including and after that date labeled as the Successor. The Business Combination was accounted for using the acquisition method of accounting and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As a result of the application of the acquisition method of accounting as of the Closing Date, the accompanying Consolidated Financial Statements include a black line division which indicates that the Predecessor and Successor reporting entities shown are presented on a different basis and are therefore, not comparable.

Nature of Business (Details) $ in Billions	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Target enterprise value	$ 1

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 14. Stock-based Compensation

Capital Incentive Plan

The Predecessor’s capital incentive plan (the “Capital Incentive Plan”), as amended, permitted the grant of 1,585,125 shares of Class C Units to its employees, directors, and consultants, as designated by the Board of Directors. Upon Closing of the Business Combination, the vesting of all Innventure LLC unvested Class C Capital Incentive Plan units was accelerated, resulting in 203,651 units vested and additional compensation expense of $223. The Class C Capital Incentive Plan units were then immediately exchanged as part of the Business Combination for Common Stock.

The Company recognized compensation costs related to the Capital Incentive Plan as follows:


	Successor		Successor		Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1 2024 through October 1, 2024
Compensation expense	$	—	$	—	$	137

2024 Equity and Incentive Compensation Plan

On October 2, 2024, the Company entered into the 2024 Equity and Incentive Compensation Plan (the “Plan”), wherein the Company is permitted to grant awards to employees, directors, consultants, and former service providers of the Company. The Plan provides for the granting of awards (“Awards”) including, restricted stock units (“RSUs”), stock options, and stock appreciation rights (“SARs”). The number of shares of Common Stock available under the Plan is initially limited to 11,022,894. The share limit will automatically increase by 3% on the first day of each fiscal year, beginning in 2025, unless a smaller number of shares is determined by the Board of Directors. The Awards vest over the service periods defined in each individual grant agreement. All RSUs will vest at various dates through August 2028. The fair value of the Awards issued to employees is recognized as compensation expense on a straight-line basis over the requisite service period. As of December 31, 2025, 4,629,340 shares remain available under the Plan.

Restricted Stock Units

Each RSU represents the right to receive one share of Common Stock upon vesting of such RSU. The fair value of RSUs is determined based on the closing market price of the Company’s Common Stock at the date of the grant. If a cash dividend is declared on the Company’s Common Stock before the RSUs have vested, holders of RSUs are entitled to received dividends in the form of a cash credit, and shall be paid in cash at the same time as the RSUs are settled.

The summary of RSU activity is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value (per share)
Unvested at January 1, 2025	1,905,008	$	12.20
Granted	653,118	4.60
Vested	(1,382,725)	11.61
Forfeited	(123,562)	9.36
Unvested at December 31, 2025	1,051,839	$	8.68

During the year ended December 31, 2025 and the Successor period from October 2, 2024 through December 31, 2024, the Company recognized compensation costs related to the RSUs of $16.1 million and $1.6 million, respectively, within General and administrative expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, the Company had $8.9 million in stock-based compensation expense remaining to be recognized over approximately 1.58 years.

Stock Options

On February 26, 2025, the Company issued 140,000 stock options to two independent contractors. The stock options were granted with an exercise price of $8.84. Using the Black-Scholes option pricing model, the estimated grant date fair value of stock options was $3.20 per option based on an expected volatility of 56%, an expected option term of approximately 5.9 years, and risk-free rate of return of 4.06%. The stock options have a maximum contractual life of 10 years from the grant date.

On December 9, 2024, stock options were granted with an exercise price of $12.20, which aligns with the Company’s closing share price on December 9, 2024. Using the Black-Scholes option pricing model, the weighted average estimated grant date fair value of stock options was $6.63 per unit based on an expected volatility of 56%, an expected option term of approximately 5.28 - 5.62 years, and risk-free rate of return of 4.0 - 4.1%. The stock options have a maximum contractual life, and a weighted average remaining contractual term, of 10 years from the grant date.

Stock options activity for the year ended December 31, 2025 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value (per share)
Outstanding on December 31, 2024	913,849	$	12.20	$	6.63
Granted	152,295	8.84		4.97
Vested	(640,799)	11.75		6.57

Forfeited	(85,755)	12.20		6.69
Outstanding at December 31, 2025	339,590	$	11.44	$	6.31
Exercisable at December 31, 2025	702,359	12.20		6.63

During the year ended December 31, 2025 and for the Successor period from October 2, 2024 through December 31, 2024, the Company recognized compensation costs related to the stock options of $4.1 million and $0.4 million, respectively, within General and administrative expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, the Company had $2.1 million in compensation expense remaining to be recognized over approximately 1.45 years.

Stock Appreciation Rights

On December 31, 2024 the Company granted 350,000 stock appreciation rights with respect to the equity of Accelsius Holdings LLC. The SARs were awarded to certain Innventure directors, officers, and former service providers of the Company and its affiliates (the “Participants”). The SARs entitle the Participants to shares of Common Stock, or cash, equal to the value of the appreciation in Accelsius’ stock price over the base price of $12.18. Two Participants, who were considered non-employees, were granted 30,000 cash-settled SARs and three Participants were granted 320,000 stock-settled SARs. The cash-settled SARs are considered liability-classified and the stock-settled SARs are considered equity-classified.

Both the cash-settled SARs and stock-settled SARs will be automatically exercised upon the two-year anniversary of the date of grant. The remaining weighted average contractual term is 1 year as of December 31, 2025.

The estimated grant date fair value of the cash-settled SARs and the stock-settled SARs was $1.1 million and $12.4 million, respectively. The SARs were valued using the Black-Scholes option-pricing model based on an expected volatility of 70%, an expected term of approximately two years, and risk-free rate of return of 4%. The SARs are considered fully vested at the date of grant and compensation cost for both SARs was recognized immediately at the date of grant. During the Successor period from October 2, 2024 through December 31, 2024, the Company recorded $13.5 million in compensation expense related to the SARs within General and administrative expense in the consolidated statements of operations and comprehensive income (loss).

These cash-settled SARs are liability classified and are revalued at each reporting period. The SARs were valued as of December 31, 2025 using the Black-Scholes option-pricing model based on an expected volatility of 70%, an expected term of approximately 1.0 year, and risk-free rate of return of 3%. The Company recognized a decrease in compensation expense in the amount of $0.9 million in relation to the change in fair value of the cash-settled SARs for the year ended December 31, 2025.

On June 25, 2025, the SARs agreements were amended. Under these amendments, any payments by the Company to the participants shall be made in the form of shares of Common Stock and the maximum number of shares of Common Stock that may be issued pursuant to the SAR Agreements shall be 4,000,000. There were no new or forfeited grants as of December 31, 2025.

Subsidiary Equity Plans

Accelsius Subsidiary Equity Plan

Accelsius, a subsidiary of the Company, adopted an equity incentive plan on March 24, 2022 (the “Accelsius Subsidiary Equity Plan”). In March 2023, the Accelsius Subsidiary Equity Plan was amended to permit the grant of 4,915,000 Class C units of the subsidiary to the subsidiary’s employees, directors, and consultants, as designated by the Board of Directors. The awards vest over the period defined in each individual grant agreement which is generally accelerated upon a change of control event. Accelsius typically has the option to repurchase all vested units upon an employee’s termination of employment or service.

The summary of Accelsius Subsidiary Equity Plan activity is as follows:


	Successor Period				Predecessor Period
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1, 2024 through October 1, 2024
Compensation expense (in thousands)	$	7,411	$	1,341	$	918
Class C units granted	1,048,000		168,500		110,000
Weighted average grant date fair value per share	$	20.37	$	46.38	$	4.41

The Company recognizes compensation costs within General and administrative, Sales and marketing and Research and development expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, the Company had $20.4 million in unit-based compensation expense remaining to be recognized over approximately 1.92 years.

The grant date fair value was estimated using an Option Pricing Model to allocate the total equity value of Accelsius to the Class C Units. The total equity value was estimated using the Discounted Cash Flow method and Management’s projections. The resulting values of Class C Units were then discounted for lack of marketability (20%).

Series A Issuance

On October, 18 2024, Accelsius issued 16,427 equity classified Series A Preferred Units to an employee of the Company which was determined to be stock based payment. The grant date fair value of $0.6 million was recognized as compensation cost during the Successor period from October 2, 2024 through December 31, 2024,(within General and administrative expense in the consolidated statements of operations and comprehensive income (loss)), immediately at the date of grant as there is no requisite service period or vesting period. The fair value of the awards was estimated using a Black-Scholes model with a discount for lack of marketability of 20% applied.

Investments - Narrative (Details) - USD ($)		3 Months Ended	9 Months Ended	12 Months Ended
Investments - Narrative (Details) - USD ($)	Jan. 01, 2025	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2024	Jul. 01, 2024
Schedule of Equity Method Investments [Line Items]
Conversion of AFX available-for-sale term loan into equity method investments		$ 0	$ 0	$ 8,757,000
Realized gain on conversion of available for sale investment		0	0	1,507,000
Conversion of working capital loans to equity method investees into investments in debt securities - related party		0	2,600,000	4,375,000
Allowance for credit loss related to available for sale debt securities		0		0	$ 0
Unrealized gain (loss) on available-for-sale debt securities - related party		909,000	$ 62,000	(662,000)
Due from related party		$ 4,536,000		$ 11,840,000	$ 4,536,000
AeroFlexx
Schedule of Equity Method Investments [Line Items]
Investment interest percentage		34.10%		37.10%	34.10%
Investment in debt security - AFS, maximum capacity						$ 10,000,000.0
Investment, conversion price percentage						100.00%
Conversion of AFX available-for-sale term loan into equity method investments	$ 7,300,000
Conversion of loans to investments (in usd per share)	$ 6.83
Realized gain on conversion of available for sale investment				$ 1,500,000
Balance drawn				10,000,000.0
Conversion of working capital loans to equity method investees into investments in debt securities - related party				4,400,000
Additional investment in debt securities - AFS				$ 2,700,000
Accrued interest receivable, location				Investments
Accrued interest receivable		$ 200,000		$ 400,000	$ 200,000
Unrealized gain (loss) on available-for-sale debt securities - related party				(700,000)	900,000
Due from related party		$ 4,472,000		$ 10,754,000	$ 4,472,000

Share-based Compensation - Schedule of Stock Options Activity (Details) - $ / shares			12 Months Ended
	Feb. 26, 2025	Dec. 09, 2024	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)			913,849
Granted (in shares)	140,000		152,295
Vested (in shares)			(640,799)
Forfeited (in shares)			(85,755)
Outstanding, ending balance (in shares)			339,590
Exercisable (in shares)			702,359
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in usd per share)			$ 12.20
Granted (in usd per share)	$ 8.84	$ 12.20	8.84
Vested (in usd per share)			11.75
Forfeited (in usd per share)			12.20
Outstanding, ending balance (in usd per share)			11.44
Exercisable (in usd per share)			12.20
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in usd per share)			6.63
Granted (in usd per share)	$ 3.20		4.97
Vested (in usd per share)			6.57
Forfeited (in usd per share)			6.69
Outstanding, ending balance (in usd per share)			6.31
Exercisable (in usd per share)			$ 6.63

Business Segment Data

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Business Segment Data

The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM makes operating decisions, allocates resources and assesses performance based on review of historical and potential future product sales, operating expenses, and net income (loss).

Based on the information utilized by the CODM to operate the Company, there is one operating segment and reportable segment, Technology. The Technology segment includes the business activities of Accelsius, a consolidated subsidiary focused on development and manufacture of data center cooling products. Other components of the Company’s consolidated information primarily include operations relating to the original platform business, service activities, Refinity, and equity method investment activities (“Other”).

The following table presents information about the Company’s Technology segment for the Successor period from October 2, 2024 through December 31, 2024, the Predecessor period from January 1, 2024 through October 1, 2024, and for the Predecessor year ended December 31, 2023. The information includes the significant expense categories and amounts regularly provided to the CODM for the reportable segment, which may reflect a different presentation than amounts presented elsewhere in the consolidated financial statements. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the Technology segment.


	Successor				Predecessor
	December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
	(in thousands)				(in thousands)
Revenue from external customers	$	1,557	$	233	$	95
Interest income	139		—		7

Cost of sales	$	7,831	$	3,752	$	777
Employee costs	26,377		3,933		8,076
Facilities, equipment & supplies	3,117		121		581
General and administrative	5,578		751		398
Outside services	1,589		390		842
Research and development	13,864		3,224		2,711
Sales and marketing	1,073		193		442
Depreciation expense *	1,181		6		99
Interest expense	855		90		564
Income tax expense (benefit)	(13,571)		(3,637)		432
Goodwill Impairment	346,557		—		—
Other **	2,435		168		1,832
Total Expenses	$	396,886	$	8,991	$	16,754

Net Loss	$	(395,190)	$	(8,758)	$	(16,652)

* Represents depreciation not already included in Cost of sales.

** Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.


	Successor				Predecessor
	December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Revenues:
Technology	$	1,557	$	233	$	95
Other	607		250		750
Elimination of management services provided to Technology	(108)		(27)		(81)
Consolidated Revenues	$	2,056	$	456	$	764

Interest Expense:
Technology	$	855	$	90	$	564
Other	9,865		1,240		1,069
Elimination of Intercompany Interest	(486)		—
Consolidated Interest Expense	$	10,234	$	1,330	$	1,633

Interest Income:
Technology	$	139	$	—	$	7
Other	903		198		326
Elimination of Intercompany Interest	(486)		—		—
Consolidated Interest Income	$	556	$	198	$	333

Depreciation and Amortization Expense:
Technology	$	22,497	$	5,455	$	146
Other	9		—
Consolidated Depreciation and Amortization Expense	$	22,506	$	5,455	$	146

Net Loss:
Technology	$	(395,190)	$	(8,758)	$	(16,652)
Other	(80,160)		(61,335)		(11,546)
Consolidated Net Loss	$	(475,350)	$	(70,093)	$	(28,198)

Capital Expenditures:
Technology	$	1,417	$	266	$	736
Other	—		—		—
Consolidated Capital Expenditures	$	1,417	$	266	$	736

All long-lived assets are located entirely in the United States of America (USA). Segment assets are not reviewed by the CODM and therefore are not disclosed.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 26, 2025 grantee $ / shares shares	Dec. 31, 2024 USD ($) extension_option $ / shares shares	Dec. 09, 2024 $ / shares	Oct. 18, 2024 USD ($) shares	Oct. 02, 2024 USD ($) shares	Mar. 31, 2023 shares	Dec. 31, 2024 USD ($) $ / shares	Oct. 01, 2024 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Jun. 25, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accelerated vesting (in shares) \| shares					203,651
Accelerated vesting expense					$ 223
Stock options granted (in shares) \| shares	140,000								152,295
Granted (in usd per share) \| $ / shares	$ 8.84		$ 12.20						$ 8.84
Weighted average grant date fair value per share (in usd per share) \| $ / shares	$ 3.20								$ 4.97
Compensation expense remaining to be recognized, stock options									$ 2,100
Discount percent for lack of marketability									20.00%
Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense				$ 600
Discount percent for lack of marketability				20.00%
Shares issued for stock based payment (in shares) \| shares				16,427
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense							$ 1,600		$ 16,100
Compensation expense remaining to be recognized, awards excluding stock options									$ 8,900
Compensation expense remaining to be recognized, period									1 year 6 months 29 days
Awards granted (in shares) \| shares									653,118
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense							400		$ 4,100
Compensation expense remaining to be recognized, period									1 year 5 months 12 days
Number of grantees \| grantee	2
Weighted average grant date fair value per share (in usd per share) \| $ / shares			$ 6.63
Expected volatility rate	56.00%		56.00%
Expected term	5 years 10 months 24 days
Risk-free rate of return	4.06%		4.10%
Expiration period (in years)			10 years						10 years
Risk-free rate of return, minimum			4.00%
Stock options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term			5 years 3 months 10 days
Stock options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term			5 years 7 months 13 days
SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units available to be issued under stock-based compensation plan (in shares) \| shares										4,000,000
SARs \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense							$ 13,500
Expected volatility rate		70.00%
Expected term		2 years
Risk-free rate of return		4.00%
Awards granted (in shares) \| shares		350,000
Base price for awards (in usd per share) \| $ / shares		$ 12.18					$ 12.18
Award vesting period									2 years
SARs \| Weighted Average \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period									1 year
Cash Settled SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense									$ (900)
Expected volatility rate									70.00%
Expected term									1 year
Risk-free rate of return									3.00%
Awards granted (in shares) \| shares		30,000
Cash Settled SARs \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of participants receiving grants (in shares) \| extension_option		2
Grant date fair value		$ 1,100
Stock Settled SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares		320,000,000
Stock Settled SARs \| Accelsius Holdings LLC
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of participants receiving grants (in shares) \| extension_option		3
Grant date fair value		$ 12,400
Capital Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares								1,585,125
Compensation expense							$ 0	$ 137	$ 0
2024 Equity and Incentive Compensation Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares					11,022,894				4,629,340
Share limit increase percentage					3.00%
Accelcius Subsidiary Equity Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense							$ 1,341	$ 918	$ 7,411
Compensation expense remaining to be recognized, awards excluding stock options									$ 20,400
Compensation expense remaining to be recognized, period							1 year 11 months 1 day
Awards granted (in shares) \| shares						4,915,000

Accounting Policies - Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Decrease to additional paid-in capital	$ (502,865)		$ (577,070)
Non-controlling interest	340,777		279,462
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (61,754)	$ (16,436)	(293,317)
Immaterial Out Of Period Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Decrease to additional paid-in capital			12,400
Non-controlling interest			16,900
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders			$ 4,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

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+ Details

Borrowings

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings


	Maturities	December 31, 2025		Interest Rates	December 31, 2024		Interest Rates
		(in thousands)			(in thousands)
Related Party Notes	2024 - 2025	$	—	—	$	14,000	8% - 15.99%
Series 1 promissory notes	2025 - 2026	122		15%	725		12% - 15%
Related party convertible notes	2025 - 2026	4,331		3.94% - 15%	—
Convertible debentures	2026	5,572		—% - 5%	—
Term convertible notes	2026	7,890		3.94%	—

WTI Facility	2028	19,441		13.50%	20,000		13.50%
Total Notes Payable		37,356			34,725
Less: unamortized debt discount		(3,962)			(6,446)
Less: current portion of related party notes payable		—			(14,000)
Less: current portion of term convertible note		(7,890)			—
Less: current portion of related party term convertible note		(4,331)			—
Less: current portion of notes payable		(12,846)			(625)
Total Long-term Notes		$	8,327		$	13,654

The Company's debt is carried on a historical cost basis net of unamortized discounts and premiums. Costs associated with acquiring debt are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt as a debt discount. Discounts on debt are amortized over the contractual life of the related debt instrument using the effective interest method (unless otherwise specified below) and are included in Interest expense, net in the consolidated statements of operations and comprehensive income (loss).

The Company’s notes payable, excluding debt issuance costs, mature as follows (in thousands):


	Amount
2026	$	12,846
2027	24,510


Total	$	37,356

Series 1 Promissory Notes

In 2018, the Company authorized the issuance and sale of unsecured promissory notes to investors up to $35.0 million (the “Series 1 promissory notes”). From 2018 to 2021, the Company issued promissory notes with a total principal amount of $4.9 million. The notes require monthly interest payments, have an original maturity period of 36-48 months, and bear interest at 9%-12% per annum. The notes contain two term extension options, at the Company’s election, which can extend the notes’ maturity period to 60 months in total. If the Company elects its first term extension option, the note will bear interest at 12% for months 36 through 48. If the Company elects its second term extension option, the notes will bear interest at 15% for months 48 through 60.

Extensions on Series 1 promissory notes were as follows (in thousands):



	December 31, 2025		December 31, 2024
Principal amount of 1st extension promissory notes	$	—	$	122
Principal amount of 2nd extension promissory notes	$	122	$	603

Interest expense on Series 1 promissory notes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Interest attributable to contractual interest	$	71	$	29	$	138

Subsequent to December 31, 2025, in January 2026, the company repaid the outstanding balance of the Series 1 promissory notes.

Related Party Notes

The Company entered into unsecured promissory notes with two related parties, the first on August 20, 2024, for a principal amount of $10.0 million, and the second on August 22, 2024, for a principal amount of $2.0 million. The Company entered into amended and restated agreements to amend the terms of these unsecured promissory notes on October 1, 2024. As per the original agreements, the note with the first party contained a loan fee of $1.0 million which was payable with the repayment of the principal amount of the note and the note with the second party contained interest at the rate of 11.50% per annum.

As per the amended note with the first party, the maturity date was extended to the earlier of (i) January 31, 2025 or (ii) the first business day following the date on which the Company has sufficient capital to be able to repay all amounts outstanding under the note and otherwise meet its expected working capital needs as determined by the Company in its reasonable discretion. The loan fee of $1.0 million, required under the original agreement, became due on or around the amendment date and interest will accrue at the rate of 15.99% per annum until paid. The amendment was accounted for as a troubled debt restructuring as the Company was provided a concession through a decrease in the effective interest rate. However, no gain or loss was recognized as a result.

As per the amended note with the second party, the maturity date was extended to January 31, 2025 and the interest rate was increased to 13.50% per annum. Additionally, $1.0 million of the principal amount became due on or around the amendment date.

Interest expense on the related party notes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Total interest expense	$	419	$	611	$	932

In addition to the related party notes above, the Company also had a related party note for $1.0 million through an unsecured promissory note with an additional related party dated May 2, 2024. As per the terms of the executed agreement, the principal amount became due on December 21, 2024 and interest will accrue at the rate of 8.00% per annum. Upon maturity, the Company is required to repay the outstanding principal amount of $1.0 million and a loan fee equal to approximately $0.1 million.

On March 20, 2025, in connection with the issuance of Series C Preferred Stock (as defined below), the Company extinguished the outstanding amount of related party notes. The Company recognized a loss $3.5 million in Loss on extinguishment of related party debt on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025.

WTI Facility

On October 22, 2024, the Company entered into a term loan with WTI Fund X, Inc. and WTI Fund XI, Inc., (collectively, “WTI Lenders”). The terms of the loan provides for a term loan facility in the aggregate principal amount of up to $50.0 million (the "WTI Facility"). The total aggregate principal was available in three separate tranches subject to the Company meeting certain conditions. The Company received $20.0 million (the “First Tranche”) on November 15, 2024. The First Tranche, principal and interest, shall be repaid over a period of 30 months in equal, monthly installments, commencing after an initial 12-month period of interest-only monthly payments, resulting in a total term of 42 months. The funds under each of the Second Tranche and the Third Tranche are no longer available to the Company.

Borrowings under the WTI Facility will accrue interest at a rate per annum equal to the greater of (i) the “prime rate” of interest, as published by The Wall Street Journal on the date that the WTI Lenders prepare the promissory notes for the borrowings under such tranche, plus 5% and (ii) 13.50% and will amortize, after an interest-only period of twelve months in the case of the First Tranche in equal monthly installments over a period of thirty months. Obligations are secured by a lien on the majority of the assets of Innventure LLC and Innventure, Inc.

On March 21, 2025, in connection with the issuance of the first tranche of Convertible Debentures (as further described below) to Yorkville, the Company and Innventure LLC entered into a consent (the “Consent”) with WTI Fund X, LLC and WTI Fund XI, LLC (the “WTI Holders”) and the WTI Lenders, modifying the WTI Facility. Specifically, under the Consent, the Company and the WTI Lenders and WTI Holders agreed (i) that from and after the date that the Company receives the initial proceeds from the Convertible Debentures and until such time as such obligations have been paid in full, the Company must maintain at least $5.0 million of cash on deposit; (ii) that effective on the date that the Company receives the initial proceeds from the Convertible Debentures, the 2025 WTI Warrants (as further defined and described in Note 11. Warrants) will become payable to the WTI Lenders and their affiliates; and (iii) to certain additional consent provisions. Such provisions from the Consent became effective on April 14, 2025 when the Company received proceeds from the Convertible Debentures. The modification of the WTI Facility was accounted for as an extinguishment of debt though the WTI Facility remains outstanding, resulting in a loss on extinguishment of $3.5 million recorded on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025. The legal requirement to maintain at least $5.0 million of cash on deposit is presented as Restricted cash on the consolidated balance sheets.

In connection with the WTI Facility, the Company issued the 2024 WTI Warrants and the 2025 WTI Warrants (collectively the “WTI Warrants”) to the WTI Lenders (as further defined and described in Note 11. Warrants). The Company accounted for each of the WTI Warrants as detachable warrants at their fair value. The fair value of the WTI Warrants was recorded as a liability and as a discount to the WTI Facility on the consolidated balance sheets. The WTI Warrants are classified as a liability in accordance with ASC 480, as they represent an instrument that is not an outstanding share and may require the issuer to settle the obligation by transferring assets, specifically cash. The Company is amortizing the discount over the term of the WTI Facility using the straight-line method.

Interest expense on the WTI facility was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Interest attributable to contractual interest	$	2,738	$	352	$	—
Interest attributable to amortization of issuance costs and discounts	2,111		248		—
Total interest expense	$	4,849	$	600	$	—

Convertible Debentures

On March 25, 2025, the Company entered into a securities purchase agreement (“Existing Purchase Agreement”) with Yorkville related to the issuance and sale of convertible debentures (“Existing Convertible Debentures” collectively with the New Convertible Debentures defined below, the “Convertible Debentures”) with an aggregate principal amount of up to $30.0 million. The Existing Convertible Debentures are convertible into shares of Common Stock and contain certain features that represent embedded derivatives, which are bifurcated and included within Prepaid expenses and other current assets on the consolidated balance sheets. The Company issued the aggregate principal amount of the Existing Convertible Debentures in two tranches tied to separate reporting and filing requirements.

On April 14, 2025, the Company issued the first tranche of the Existing Convertible Debentures with a principal amount of $20.0 million, resulting in cash proceeds to the Company of $18.0 million, representing an original issue discount of 10%. The first tranche was scheduled to be repaid in twelve monthly payments with a 5% payment premium due to the lender with each payment. Also on April 14, 2025, the Company issued two warrants (the “2025 WTI Warrants”) to purchase, at a price of $0.01 per share (subject to certain limitations and adjustment), up to an aggregate total of 495,074 shares of Common Stock, as of the date of issuance and December 31, 2025 (subject to future adjustments to the number and type of shares pursuant to the 2025 WTI Warrants), to the WTI Holders. Each of the 2025 WTI Warrants is exercisable through March 31, 2035.

On May 15, 2025, the Company issued the second tranche of the Existing Convertible Debentures with a principal amount of $10.0 million, resulting in cash proceeds to the Company of $9.0 million, representing an original issue discount of 10%. The second tranche was scheduled to be repaid in eleven monthly payments with a 5% payment premium due to the lender with each payment. There is no contractual interest associated with amounts outstanding for the Existing Convertible Debentures for the year ended December 31, 2025.

On September 15, 2025, the Company entered into an additional amendment to the Existing Purchase Agreement for the Existing Convertible Debentures (the “September 2025 Amendment”). Pursuant to the September 2025 Amendment, the Company and Yorkville agreed to amend the definition of conversion price so that the fixed price of $10.00 was reduced to $7.00 and a floor price of $1.59 was implemented. Additionally, the monthly payments applicable to the Existing Convertible Debentures were removed and replaced with repayment due upon maturity in connection with the early repayment of the approximately $2.0 million. The payment premium on this payment was waived. However, payments and related payment premiums resume should the Innventure stock price fall below the floor price, the Company issues in excess of 99% of Common Stock under the exchange cap or Yorkville is unable to utilize a registration statement to resell shares of Common Stock.

On September 15, 2025, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Yorkville for up to $15.0 million in convertible debentures (“New Convertible Debentures”), issuable in two tranches. The first tranche of $10.0 million was issued with a 10% original issue discount, yielding $9.0 million in net proceeds, and bears 5% annual interest, with repayment due September 15, 2026. The debentures are convertible into Common Stock and contain certain features that represent embedded derivatives which are bifurcated and included within Prepaid expenses and other current assets on the condensed consolidated balance sheets.

On November 12, 2025, the Company issued the second tranche of the New Convertible Debentures for $5.0 million. The debentures were issued with a 10% original issue discount, yielding $4.5 million in net proceeds, bear 5% annual interest, and mature on September 15, 2026.

The September 2025 Amendment and first and second tranche of the New Convertible Debentures were accounted for collectively as a troubled debt restructuring. The Company determined that a concession was provided based on a decrease in the effective interest rate when compared to the original terms of the Existing Convertible Debentures. Under the troubled debt restructuring a loss on extinguishment of debt of $12.6 million was recorded on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025.

During the year ended December 31, 2025, the Company issued 997,573 shares of its Common Stock pursuant to the SEPA in payment of $4.9 million of principal and $0.2 million of payment premium for the Convertible Debentures. Also, the Company issued 10,005,859 shares of Common Stock due to the exercise of conversion option by Yorkville for a principal amount of $30.7 million of the Convertible Debentures. For further information on this conversion, see Note 13. Stockholders' Equity. During the year ended December 31, 2025 the Company made cash payments toward the Convertible Debentures totaling $3.4 million of principal and $0.1 million of payment premium.

Subsequent to December 31, 2025, on January 27, 2026, the Company issued 304,377 shares of Common Stock due to the exercise of conversion option by Yorkville for a principal amount of $1.0 million of the Convertible Debentures. Additionally, we made a cash payment of $5.5 million inclusive of principal, interest and fees, satisfying the Convertible Debentures in full.

Interest expense on the Convertible Debentures was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1 2024 through October 1, 2024
Interest attributable to contractual interest	$	231	$	—	$	—
Interest attributable to amortization of issuance costs	4,279		—		—
Total interest expense	$	4,510	$	—	$	—

Term Convertible Notes

At various dates in June and July of 2025, Accelsius entered into unsecured convertible notes with various other parties (the “Term Convertible Notes”) for a total principal amount of $7.8 million. The Term Convertible Notes have a stated maturity date of December 31, 2026 and bear interest at the annual applicable federal rate published by the Internal Revenue Service.

The Term Convertible Notes, which are subordinated to the WTI Facility, are convertible at the option of the lenders, starting January 2, 2026, for all amounts due under the notes at the time of conversion, into Accelsius’ Series A Units at a price per unit equal to $12.18. For as long as any portion of the WTI Facility remains outstanding, the lenders will not demand payment related to this Term Convertible Notes, unless they convert the debt into equity.

The interest expense on the Term Convertible Notes was $0.2 million for the year ended December 31, 2025.

Related Party Convertible Notes

On June 26, 2025, Accelsius entered into an unsecured Convertible Promissory Note (“CPN”) with a related party lender. The maximum principal amount under the CPN is $3.0 million, issuable in three equal draws, upon the request of Accelsius and subject to the related party’s sole discretion. On June 27, 2025, Accelsius received the first $1.0 million draw and on July 24, 2025 received the second $1.0 million draw. The CPN had a stated interest rate of 15% and Accelsius was required to pay an immaterial loan fee (“Loan Fee”) upon maturity, repayment or conversion of this note. On October 8, 2025, the Company repaid the CPN in full due to its related party, amounting to $2.0 million in principal and $0.1 million in interest and loan fees, for a total of $2.1 million.

The CPN was convertible at the option of the related party lender for all amounts due under the Convertible Note, including the Loan Fee, into either preferred units of Accelsius at a price equal to 80% of the next funding round price if Accelsius raises at least $5.0 million from unaffiliated investors, or into common units of Accelsius, if no such funding round occurs before the maturity date, with unit pricing of common units determined by an independent valuation firm.

In June of 2025, Accelsius also entered into unsecured convertible notes (“Related Party Term Convertible Notes”, together with the CPN, the “Related Party Convertible Notes”) with certain investors deemed to be Related Parties (as defined in the Company’s Related Party Transactions Policy) for a total principal amount of $4.2 million. The Related Party Term Convertible Notes have a stated maturity date of December 31, 2026 and bear interest at the annual applicable federal rate published by the Internal Revenue Service.

The Related Party Term Convertible Notes, which are subordinated to the WTI Facility, are convertible at the option of the lenders, starting January 2, 2026, for all amounts due under the notes at the time of conversion, into Accelsius’ Series A Units at a price per unit equal to $12.18. For as long as any portion of the WTI Facility remains outstanding, the Related Party Term Convertible Notes lenders will not demand payment related to the Related Party Term Convertible Notes, unless they convert the debt into equity.

The interest expense on Related Party Convertible Notes, including the amortization of the loan fee, was $0.2 million for the year ended December 31, 2025.

August 2025 Notes

Between August 12, 2025 and September 19, 2025, Accelsius issued unsecured convertible promissory notes (the “August 2025 Notes”) totaling $9.2 million in principal, with $7.3 million in proceeds received by December 31, 2025. The notes bear interest at 6.5% annually, are repayable upon demand after two years and are subordinate to existing senior debt. Upon the Company’s next preferred equity round raising at least $5.0 million from unaffiliated investors, the notes will automatically convert into preferred units at 80% of the unit price, with accompanying warrants exercisable for 0.5 units at 120% of the unit price. On October 2, 2025, the August 2025 Notes were converted into 251,452 Series B-2 units. For further information on this conversion, see Note 13. Stockholders' Equity.

The August 2025 Notes are subordinate to the WTI Facility, Convertible Debentures, Term Convertible Notes and indebtedness of Accelsius owed to Innventure LLC and for as long as any portion of these senior debts remains outstanding, the lenders will not demand payment related to this August 2025 Notes, unless they convert the debt into equity.

The interest expense on the August 2025 Notes was immaterial for the December 31, 2025.

Convertible Promissory Notes

Accelsius previously issued 8% convertible promissory notes (the “2025 Notes”) that can be converted into equity units at the later of a qualified financing event or upon maturity, which is 36-months. A qualified financing event is one or more transactions that results in gross proceeds of at least $2.0 million. Upon the occurrence of a qualified financing event, the 2025 Notes convert to the series of stock issued in that financing at the lesser of (a) a 20% discount or (b) $200.0 million divided by the number of fully diluted units outstanding immediately prior to the financing. This conversion option is accounted for as a derivative instrument and the fair value of such is discussed in Note 4. Fair Value.

On March 31, 2024, the 2025 Notes with a $6.0 million principal balance and $0.8 million of accrued interest were converted into 693,480 Accelsius Series A units at a conversion price of $9.74 per share. The conversion was pursuant to the occurrence of a qualified financing event. The related embedded derivative liability was extinguished in connection with the conversion, resulting in a loss on conversion of $1.1 million recorded on the consolidated statements of operations and comprehensive income (loss) in the Predecessor period from January 1, 2024 through October 1, 2024.

Interest expense on the 2025 Notes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1, 2024 through October 1, 2024
Interest attributable to contractual interest	$	—	$	—	$	120
Interest attributable to amortization of implied discounts	—		—		231
Total interest expense	$	—	$	—	$	351

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 187,530	$ 187,530
Accumulated Amortization	(26,993)	(5,377)
Net Carrying Amount	$ 160,537	182,153
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	14 years 9 months 18 days
Gross Carrying Amount	$ 17,800	17,800
Accumulated Amortization	(1,390)	(277)
Net Carrying Amount	$ 16,410	17,523
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	1 year 9 months 18 days
Gross Carrying Amount	$ 4,600	4,600
Accumulated Amortization	(1,915)	(382)
Net Carrying Amount	$ 2,685	4,218
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	8 years
Gross Carrying Amount	$ 165,100	165,100
Accumulated Amortization	(23,678)	(4,718)
Net Carrying Amount	$ 141,422	160,382
Other finite-lived intangible assets
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Amortization Period Remaining (Years)	1 year 10 months 24 days
Gross Carrying Amount	$ 30	30
Accumulated Amortization	(10)	0
Net Carrying Amount	$ 20	$ 30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Combination - Consideration Transferred (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 02, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2025 USD ($)
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Investing cash flow activity as a result of the Business Combination		$ 16	$ 0	$ 0
Innventure LLC
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Holdco Common Stock transferred to Innventure Members	$ 418,441
Contingent consideration	53,980
Consideration transferred	472,421
Non-controlling interest	343,030
Total business enterprise value	$ 815,451
Aggregate consideration paid (in shares) \| shares	38,494,999
Share price (in usd per share) \| $ / shares	$ 10,870
Cash consideration transferred	$ 0
Add: Cash and cash equivalents acquired	16
Investing cash flow activity as a result of the Business Combination	$ 16
Innventure LLC \| Long-term growth rate
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Noncontrolling interest, measurement input	0.030
Innventure LLC \| Normalized tax rate
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Noncontrolling interest, measurement input	0.279
Innventure LLC \| Normalized net working capital
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Noncontrolling interest, measurement input	0.180
Innventure LLC \| Weighted average cost of capital
Business Combination, Consideration Transferred, Equity Interest [Line Items]
Noncontrolling interest, measurement input	0.176

Business Combination

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination

Note 8. Business Combination

As discussed in Note 1. Nature of Business, the Closing of the Business Combination occurred on October 2, 2024 pursuant to the terms of the Business Combination Agreement. Upon Closing, 250,000,000 shares of the Company’s common stock (“Common Stock”), par value $0.0001 per share, and 25,000,000 shares of the Company’s preferred stock, par value $0.0001 per share, were authorized. Of the 25,000,000 shares of preferred stock authorized, the Company designated 3,000,000 shares as Series B preferred stock ("Series B Preferred Stock").

As a result of the Business Combination, (a) each Learn CW Class A ordinary share and Class B ordinary share issued and outstanding immediately prior to Closing (and not cancelled or redeemed) was converted into the right to receive one share of Common Stock; (b) each Learn CW public warrant and private placement warrant outstanding immediately prior to Closing was assumed and converted into a Company warrant ("Warrant"); (c) the Innventure LLC equity units (other than the Innventure LLC Class PCTA units ("Class PCTA Units") and Class I units ("Class I Units")) issued and outstanding immediately prior to Closing were converted into the right to receive shares of Common Stock; and (d) the Class PCTA Units and the Class I Units of Innventure LLC remained outstanding.

The Business Combination has been accounted for using the acquisition method of accounting. Holdco was determined to be the accounting acquirer as Innventure LLC was determined to be a VIE and Holdco was determined to be the primary beneficiary. In applying the VIE model, the Class I and Class PCTA Units and associated assets and liabilities are considered silos within Innventure LLC for which Holdco is not considered the primary beneficiary; therefore such silos were not acquired and are omitted from the Company’s consolidated financial statements. Accordingly, the Company recorded all assets acquired and liabilities assumed that Holdco was determined to be the primary beneficiary of at their acquisition date fair values, with any excess recognized as goodwill.

Consideration Transferred

The aggregate consideration for the Business Combination (the “Purchase Consideration”) paid to the holders of Innventure LLC’s outstanding equity and profits interests and warrants, other than the Class PCTA Units and the Class I Units (such holders, the “Innventure Members”), consisted of 43,494,999 shares of Common Stock. A portion of this Purchase Consideration to be delivered to Innventure Members consists of a contingent right to receive up to 5,000,000 (the “Company Earnout Shares”) shares of Common Stock. Refer to Note 10. Earnout Shares for more details on the Company Earnout Shares.

Immediately after giving effect to the Business Combination (including as a result of the conversions described above), there were 43,589,850 shares of Common Stock and 18,645,997 Warrants issued and outstanding. As of the Closing, the Innventure Members owned approximately 88.3% of the Company’s outstanding shares of Common Stock and the former shareholders of Learn CW, including (i) Learn CW's sponsor, CWAM LC Sponsor LLC (the “Sponsor”) and (ii) Learn CW's independent directors, owned approximately 13.7% of the Company’s outstanding shares of Common Stock.

The number of shares of Common Stock issued and outstanding at the Closing of the Business Combination were:


Innventure LLC Units	Immediately Prior to Closing	Common Stock Conversion Ratio	Common Stock Upon Closing
Class B Preferred Units	10,875,000	2.09	22,754,664
Class B-1 Preferred Units	5,609,951	2.09	11,738,165
Class A Units	342,608	2.09	716,867
Class C Units	1,570,125	2.09	3,285,303
Total	18,397,684		38,494,999

Learn CW Shares
Learn CW Public shareholders	1,027,674	1.00	1,027,674
Learn CW Class B Shareholders	5,000,000	1.00	5,000,000
Total	6,027,674		6,027,674

Less: Learn CW shares subject to clawback provisions			(932,823)

Total Common Stock Issued and Outstanding at Closing			43,589,850

The consideration transferred for the Business Combination is summarized as follows (in thousands):


Holdco Common Stock transferred to Innventure Members(1)	$	418,441
Contingent consideration(2)	53,980
Consideration transferred	472,421
Non-controlling interest(3)	343,030
Total business enterprise value	$	815,451

(1) Represents the fair value of the 38,494,999 of aggregate consideration paid in shares (excluding the Company Earnout shares) at a Closing share price of $10.87.

(2) Represents the fair value of the Company Earnout Shares issued and contingently issuable to Innventure Members. Refer to Note 10. Earnout Shares for more details.

Investing cash flow activity as a result of the Business Combination is summarized as follows (in thousands):


	Amount
Cash consideration transferred	$	—
Add: Cash and cash equivalents acquired	16
Investing cash flow activity as a result of the Business Combination	$	16


	(in thousands)
	Amount
Cash proceeds from Learn CW trust account	$	11,342
Net cash proceeds from Series B Preferred Stock issuance	10,572
Total Innventure, Inc. cash sources	$	21,914

Payment of Learn CW accounts payable and accrued expenses	$	9,233
Payment of Learn CW promissory note due to Sponsor	4,628
Payment of Innventure LLC transaction costs at Closing	6,206
Total cash uses	$	20,067
Net cash proceeds	$	1,847

The Business Combination has been accounted for as a business combination using the acquisition method of accounting. The total purchase price was allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date.

The purchase consideration was allocated to the following assets and liabilities (in thousands):


	Amount
Assets acquired:
Cash and cash equivalents	$	16
Accounts receivable	117
Due from related parties	210
Inventory	2,824
Prepaid expenses and other current assets	1,955
Equity method investments	18,449
Investment in debt securities - AFS	10,172
Property, plant, and equipment	1,227
Intangible assets	187,500
Other assets	829
Total assets acquired:	$	223,299

Liabilities assumed:
Accounts payable	$	6,286
Accrued employee benefits	7,617
Accrued expenses	1,972
Related party payable	13,932
Notes payable	975
Patent installment payable	13,600
Deferred tax liability	30,654
Other liabilities	748
Total liabilities assumed:	$	75,784

Net identifiable assets acquired	$	147,515

Goodwill	$	667,936

The assessment of fair value is based on information that was available to management that existed at Closing but not later than one year after Closing.

Goodwill is recognized as the excess of consideration over the net assets acquired of Innventure LLC and represents the value derived by Innventure LLC’s strong market position and assembled workforce. Goodwill arising from the Business Combination is attributable to the Company’s Technology segment and is not deductible for tax purposes.

The fair value of definite-lived intangible assets as of the Closing Date included (in thousands):


	Amount
Trade names	$	17,800
Customer relationships	4,600
Developed technology	165,100
Total	$	187,500

Refer to Note 9. Goodwill and Intangible Assets for additional information.

The Predecessor financial statements for the period from January 1, 2024 to October 1, 2024 include $9.6 million of transaction costs from Innventure LLC. These transaction costs are recorded within General and administrative expenses within the consolidated statements of operations and comprehensive income (loss). Prior to the Closing Date, Learn CW incurred $9.2 million of transaction costs related to the Business Combination, which are not reported in the Predecessor consolidated statements of operations and comprehensive income (loss) since Learn CW is not the Predecessor; these transaction costs are included within Accumulated deficit for the Successor period beginning October 2, 2024. Innventure LLC contributed revenues of $0.5 million and net loss of $18.3 million in the consolidated statements of operations and comprehensive income (loss) for the Successor period from October 2, 2024 through December 31, 2024.

Innventure LLC incurred certain acquiree expenses contingent solely upon the consummation of the Business Combination. Such costs consisted of $5.3 million in transaction costs and $0.2 million of expense related to share-based award accelerated vesting. Such costs are presented “on the line” and are not reflected in either Predecessor or Successor financial statement periods. “On the line” describes those expenses triggered by the consummation of a business combination that are not recognized in the consolidated statements of operations and comprehensive income (loss) as they are not directly attributable to either period but instead were contingent on the Business Combination.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma financial information summarizes the results of operations for the Company as though the Business Combination had occurred as of the beginning of the comparable prior annual reporting period. The Successor and Predecessor Periods for the year ended December 31, 2024 have been combined. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the Business Combination taken place on the date indicated, or the future consolidated results of operations of the Company.

The unaudited pro forma results reflect the step-up amortization adjustments for the fair value of intangible assets acquired, transaction expenses, public warrant reclass from liabilities to equity, removal of Learn CW investment income, and accelerated vesting of equity-based compensation. The amounts of revenue for the year ended December 31, 2024 was $1.2 million. The amount of net loss for the year ended December 31, 2024 was $106.0 million.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 17. Net Loss Per Share

The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common shares and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of Series B preferred shares, Series C preferred shares and WTI warrants, which are determined to be participating securities, do not have a contractual obligation to fund losses, undistributed net losses are not allocated to them for purposes of the loss per share calculation.

Given the historical structure of the Predecessor, the Company determined that the calculation of earnings per membership unit results in values that are not a valuable metric to users of these consolidated financial statements. Therefore, earnings per share (“EPS”) information is omitted for the Predecessor periods.

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations(in thousands except per share amounts):



	December 31, 2025		October 2, 2024 through December 31, 2024
Numerator:
Net loss attributable to Innventure, Inc. shareholders	$	(293,317)	$	(61,754)
Less: Cumulative earnings to participating securities	120		217

Undistributed loss for participating securities	(293,437)		(61,971)
Less: Undistributed loss attributable to participating securities	—		—
Net Loss attributable to common shareholders, basic and diluted	$	(293,437)	$	(61,971)

Denominator:
Weighted average number of units outstanding, basic and diluted	54,421		43,951
Net loss per share attributable to common shareholders, basic and diluted	$	(5.39)	$	(1.41)

Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common stock outstanding would have been anti-dilutive.

The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive:



	December 31, 2025	December 31, 2024
Public warrants	11,246,000	11,500,000
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000
Convertible Debentures	1,750,726	—
2025 WTI Warrants	495,074	—
Series B Preferred Stock	55,067	1,011,869
Series C Preferred Stock	249,214	—
Share options	1,026,404	975,409
RSUs	1,029,435	2,036,476
SARs	4,000,000	320,000

Investments

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Investments

Note 3. Investments


	December 31, 2025		December 31, 2024
	(in thousands)
Equity-method investments	$	19,495	$	17,547

Investment in debt securities - AFS	9,246		11,187
Total Investments	$	28,741	$	28,734

Equity-method investments

ESG Fund

The ESG Fund is an investment company that follows a specialized basis of accounting established by GAAP. The Company’s general partnership interest in the ESG Fund is substantially illiquid. While the ESG Fund’s holdings are accounted for at fair value, the equity-method investment in the ESG Fund is adjusted to reflect the fair value of the underlying investments of the ESG Fund as of December 31, 2025 and 2024. The fair value of the underlying investments in the ESG Fund is based on the Company’s assessment, which takes into account expected cash flows, earnings multiples and/or comparisons to similar market transactions, among other factors. Valuation adjustments reflecting consideration of credit quality, concentration risk, sales restrictions and other liquidity factors are integral to valuing these instruments.

AeroFlexx

The Company determined that AeroFlexx has insufficient equity at risk to fund its operations, as of December 31, 2025 and 2024, and therefore will meet the definition of a VIE. The Company does not have power to direct AeroFlexx's operations. AeroFlexx’s core operations are not closely associated with the Company and it was not created specifically to provide substantially all benefits to Innventure. Therefore, the Company is not considered the primary beneficiary and does not consolidate AeroFlexx as a VIE. The Company accounts for its investments in

AeroFlexx under the equity method and held a 37.1% and 34.1% interest in AeroFlexx as of December 31, 2025 and 2024, respectively.

The Company’s carrying amounts and maximum exposure relating to AeroFlexx, were as follows (in thousands):



	December 31, 2025				December 31, 2024
Asset type	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
Equity method investment in AeroFlexx	$	18,957	$	18,957	$	16,930	$	16,930
Investments in debt securities - AFS	9,246		9,246		11,187		11,187
Due from related party	10,754		10,754		4,472		4,472
Total	$	38,957	$	38,957	$	32,589	$	32,589

Summarized financial information:

Balance sheets (in thousands)


	ESG Fund				AeroFlexx
	December 31,				December 31,
	2025		2024		2025		2024
Total Assets	$	85,712	$	97,445	$	15,709	$	17,002
Total Liabilities	575		93		29,082		27,861
Total Equity (Deficit)	$	85,137	$	97,352	$	(13,373)	$	(10,859)

Statements of operation (in thousands)


	ESG Fund				AeroFlexx
	Years ended December 31,				Years ended December 31,
	2025		2024		2025		2024
Revenue	$	—	$	202	$	85	$	38
Gross (Loss) Profit	—		(735)		(95)		(57)
Net Income (Loss)	$	(12,263)	$	39,437	$	(15,824)	$	(13,663)

Investment in debt securities - AFS

On July 1, 2024, the Company entered into a loan agreement with AeroFlexx under which the Company will lend up to $10.0 million to AeroFlexx.

The term loans and any unpaid accrued interest are required to be repaid by the maturity date, which is the earlier of (i) December 31, 2026 or (ii) the date of the sale, transfer or other disposition of all AeroFlexx’s assets or AeroFlexx's stock. After any full or partial repayment of the term loans, AeroFlexx may borrow additional funds up to the $10.0 million limit until the maturity date. The loans bear interest at the applicable federal rate published by the Internal Revenue Service and is adjusted on a quarterly basis.

The Company has an option to convert the outstanding principal amount of the term loans and any unpaid accrued interest into shares or units in connection with the next issuance of equity securities by AeroFlexx, at a price equal to 100% of the price per share or unit and on the same terms and conditions as applicable to such issuance.

During 2024, the Company lent AeroFlexx the entire $10.0 million principal balance under this agreement. As of January 1, 2025, AeroFlexx was unable to raise any additional equity financing; therefore, the outstanding principal and unpaid accrued interest with an amount equal to the equity deficit of $7.3 million was automatically converted into Class D preferred units of AeroFlexx (“Class D Units”) at the price of $6.83 per share in accordance with the loan agreement. Upon conversion, a realized gain of $1.5 million was recognized for the year ended December 31, 2025 and is included in non-operating income in the consolidated statements of operations and comprehensive income (loss).

The total principal balance drawn as of December 31, 2025 was $10.0 million. During the year ended December 31, 2025, $4.4 million was reclassified from Due from related parties under the term loan and $2.7 million was drawn down by AeroFlexx under the term loan.

The Company accounted for the loans as an investment in debt securities and classified them as available for sale debt securities. Based on the AFS classification, the Company records this investment at fair value at each reporting date and as such recorded the changes in fair value of these loans (including the adjustment to fair value at inception date) in Other Comprehensive Income ("OCI").

The amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities is represented in the table below (in thousands):


	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
December 31, 2025
Investment in Debt Securities - AFS	$	10,444	$	—	$	(1,198)	$	9,246

December 31, 2024
Investment in Debt Securities - AFS	$	10,278	$	909	$	—	$	11,187

At December 31, 2025 and 2024, there was no allowance for credit loss related to the available for sale securities portfolio. Accrued interest receivable on available for sale debt securities totaled $0.4 million and $0.2 million at December 31, 2025 and 2024, respectively.

The amortized cost and fair value of debt securities, by contractual maturity, as of December 31, 2025 is shown below (in thousands). Expected maturities can differ from contractual maturities.


	Amortized cost		Fair value
Due within one year	$	10,444	$	9,246


	$	10,444	$	9,246

As the contractual maturity of the loan is December 31, 2026, it is included in the current line item Investments of the consolidated balance sheets. The decrease of $0.7 million and an increase of $0.9 million in fair value of this investment in debt securities for the years ended December 31, 2025 and 2024, respectively, is included as Unrealized gain (loss) on available for sale debt securities - related party in the consolidated statements of operations and comprehensive income (loss).

Additionally, the Company’s carrying amount and maximum exposure relating to AeroFlexx advances and other receivables were $10.8 million and $4.5 million as of December 31, 2025 and December 31, 2024, included in Due from related parties on the consolidated balance sheets.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Patent Royalties Payable

Under the terms of the agreements, the Company is required to make fixed installment payments, as disclosed below, for each year of the agreement through December 31, 2040 (in thousands):


	Amount
2026	$	700
2027	825
2028	825
2029	825
2030	825
Thereafter	9,075
Total	$	13,075

Investments - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair value
Fair value	$ 9,246	$ 11,187
AeroFlexx
Amortized cost
Due within one year	10,444
Amortized cost	10,444	10,278
Fair value
Due within one year	9,246
Fair value	$ 9,246	$ 11,187

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	100	243
Auditor Name	WithumSmith+Brown, PC	BDO USA, P.C.
Auditor Location	Orlando, Florida	Raleigh, North Carolina

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):


December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investment in debt security - AFS	$	—	$	—	$	9,246	$	9,246


Liabilities:
Earnout liability	$	—	$	—	$	3,890	$	3,890
2024 WTI Warrant liability	—		—		13,080		13,080
2025 WTI Warrant liability	—		—		3,230		3,230
Private placement warrant liability	—		11,148		—		11,148


December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investment in debt security - AFS	$	—	$	—	$	11,187	$	11,187

Liabilities:
Earnout liability	$	—	$	—	$	14,752	$	14,752
2024 WTI Warrant liability	—		—		17,230		17,230
Private placement warrant liability	—		16,793		—		16,793

Schedule of Changes in Fair Value of Level 3 Assets

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):


	Forward Contract		Embedded derivative liability - convertible promissory notes		Embedded derivative liability - August 2025 Notes		Investment in debt securities - AFS		Earnout liability		2024 WTI Warrant liability		2025 WTI Warrant liability		Embedded derivative liability (asset) - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$	—	$	1,994	$	—	$	—	$	—	$	—	$	—	$	—
Additions	—		—		—		10,110		—		—		—		—
Settlement	—		(2,472)		—		—		—		—		—		—
Change in fair value	—		478		—		62		—		—		—		—
Balance as of October 1, 2024 (Predecessor)	$	—	$	—	$	—	$	10,172	$	—	$	—	$	—	$	—

Balance as of October 2, 2024 Successor)	—		—		—		10,172		11,352		—		—		—
Additions	54		—		—		106		—		15,690		—		—
Settlement	(99)		—		—		—		—		—		—		—
Change in fair value	45		—		—		909		3,400		1,540		—		—
Balance as of December 31, 2024 (Successor)	$	—	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—

Balance as of January 1, 2025 (Successor)	$	—	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—
Additions	—		—		—		7,477		—		—		3,090		1,476
Settlement and derecognitions	—		—		(1,677)		(8,756)		(873)		—		—		(3,297)
Change in fair value	—		—		1,677		(662)		(9,989)		(4,150)		140		1,821
Balance as of December 31, 2025 (Successor)	$	—	$	—	$	—	$	9,246	$	3,890	$	13,080	$	3,230	$	—

Schedule of Changes in Fair Value of Level 3 Liabilities

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):


	Forward Contract		Embedded derivative liability - convertible promissory notes		Embedded derivative liability - August 2025 Notes		Investment in debt securities - AFS		Earnout liability		2024 WTI Warrant liability		2025 WTI Warrant liability		Embedded derivative liability (asset) - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$	—	$	1,994	$	—	$	—	$	—	$	—	$	—	$	—
Additions	—		—		—		10,110		—		—		—		—
Settlement	—		(2,472)		—		—		—		—		—		—
Change in fair value	—		478		—		62		—		—		—		—
Balance as of October 1, 2024 (Predecessor)	$	—	$	—	$	—	$	10,172	$	—	$	—	$	—	$	—

Balance as of October 2, 2024 Successor)	—		—		—		10,172		11,352		—		—		—
Additions	54		—		—		106		—		15,690		—		—
Settlement	(99)		—		—		—		—		—		—		—
Change in fair value	45		—		—		909		3,400		1,540		—		—
Balance as of December 31, 2024 (Successor)	$	—	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—

Balance as of January 1, 2025 (Successor)	$	—	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—
Additions	—		—		—		7,477		—		—		3,090		1,476
Settlement and derecognitions	—		—		(1,677)		(8,756)		(873)		—		—		(3,297)
Change in fair value	—		—		1,677		(662)		(9,989)		(4,150)		140		1,821
Balance as of December 31, 2025 (Successor)	$	—	$	—	$	—	$	9,246	$	3,890	$	13,080	$	3,230	$	—

Schedule of Significant Unobservable Inputs

The investment in debt securities is stated at fair value as described in Note 3. Investments. The terms of the securities are such that they are highly likely to convert into Class D Units of AeroFlexx. The fair value of the debt securities is estimated on an as-converted basis using a discounted cash flow model by discounting the contractual debt cash flows at a rate incorporating the credit risk of AeroFlexx as of December 31, 2025 and using a Black-Scholes model as of December 31, 2024 incorporating breakpoints upon which each tranche of AeroFlexx equity participates in distributions.


	December 31, 2025		December 31, 2024
Volatility	n/a		120	%
Time to liquidity	n/a		2 years
Discount for lack of marketability	n/a		31.00	%
Weighted average cost of capital	n/a		45.00	%
Risk-free rate	n/a		4.23	%
AeroFlexx yield	17.01	%

The following table summarizes the inputs used in simulating the Company’s stock price for purposes of valuing the Earnout Shares:


	December 31, 2025			December 31, 2024
Term	5.8 years			6.8 years
Stock price	$	4.18		$	13.85
Volatility	60.00		%	56.00		%
Risk-free rate	3.77		%	4.42		%
Revenue risk premium	27.80		%	36.10		%
Revenue volatility	157.30		%	176.00		%

The following table summarizes the inputs used in the GBM for purposes of valuing the WTI Warrants as of each year end:


			December 31, 2025			December 31, 2024
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	4.18		N/A
		Stock price volatility	60.00		%	N/A
		Credit spread	26.00		%	N/A
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	4.18		$	13.85
		Stock price volatility	60.00		%	56.00		%
		Credit spread	26.00		%	18.80		%

A summary of the significant unobservable inputs utilized to estimate the fair value at settlement is as follows:


Embedded derivative within 2025 Notes issued August 18, 2022 with a principal balance of $4,000	Settlement
Discount Rate	35	%
Probability of Expected Outcomes
Financing	100	%
Change in control	—	%
Other	—	%

Embedded derivative within 2025 Notes issued June 7 & July 3, 2023 with an aggregate principal balance of 2,000
Discount Rate	71% - 87%
Probability of Expected Outcomes
Financing	100	%
Change in control	—	%
Other	—	%


			September 30, 2025
Embedded derivative asset - Convertible Debentures:
	Binomial Lattice Model	Stock price	$	5.79
		Stock price volatility	60.00		%
		Debt yield	38.70		%
		Debt spread	35.00		%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands											1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 12, 2026 USD ($) shares	Dec. 29, 2025 USD ($) $ / shares shares	Oct. 03, 2025 $ / shares shares	Oct. 02, 2025 USD ($) shares	Mar. 24, 2025 USD ($) shares	Mar. 19, 2025 USD ($) shares	Feb. 03, 2025 shares	Nov. 15, 2024 USD ($) $ / shares shares	Oct. 22, 2024	Oct. 02, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2023 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares shares	Oct. 01, 2024 USD ($)	Dec. 31, 2025 USD ($) day $ / shares shares
Class of Stock [Line Items]
Preferred stock, authorized (in shares)										25,000,000			25,000,000		25,000,000
Preferred stock, par value (in usd per share) \| $ / shares										$ 0.0001			$ 0.0001		$ 0.0001
Obligation to issue equity \| $													$ 4,158		$ 119
Shares distributed for dividends (in shares)						21,808
Shares distributed for dividends \| $						$ 200
Preferred stock, issued (in shares)															33,144
Preferred stock, outstanding (in shares)															33,144
Common stock, par value (in usd per share) \| $ / shares										$ 0.0001			$ 0.0001		$ 0.0001
Issuance of common shares for services \| $															$ 1,102
Stock issued for services (in usd per share) \| $ / shares											$ 36.49
Stock issued for services (in shares)							85,471
Financial advisory services, cash success fee \| $												$ 600
Units issued to non-controlling interest \| $													$ 4,129	$ 13,921
Warrants (in shares)										18,645,997
Advanced funds for future equity issuance \| $															$ 9,800
Series B-2 Warrants
Class of Stock [Line Items]
Warrants (in shares)				125,725
Series A Warrants
Class of Stock [Line Items]
Number of shares issuable for warrants (in shares)			1,625,235
Exercise price of warrant (in usd per share) \| $ / shares			$ 8.00
August 2025 Notes \| Convertible debt
Class of Stock [Line Items]
Number of shares (in shares)				251,452
Accelsius Holdings LLC
Class of Stock [Line Items]
Amount received from stock issuance \| $		$ 10,000
Noncontrolling interest share issuance (in shares)		822,195		685,163
Units issued to non-controlling interest \| $		$ 30,000		$ 25,000
Equity issuance, additional shares (in shares)		274,065
Innventure LLC
Class of Stock [Line Items]
Contingent consideration (in shares)										5,000,000
Sponsor
Class of Stock [Line Items]
Stock issued under Sponsor Support Agreement (in shares)										5,000,000
Issuance of common shares, net of issuance costs (in shares)										2,775,172
Stock issued, subject to forfeiture (in shares)										1,880,000
Stock subject to forfeiture (in shares)															587,995
Stock not subject to forfeiture (in shares)															1,292,005
Sponsor \| Innventure LLC
Class of Stock [Line Items]
Contingent consideration (in shares)										344,828
Financial Advisor
Class of Stock [Line Items]
Issuance of common shares for services \| $											$ 400
Stock issued for services (in usd per share) \| $ / shares											$ 10.87
WTI Lender
Class of Stock [Line Items]
Right to sell common stock, stock price, daily volume weighted average price, period									5 days
Issuance of common shares for services \| $								$ 500
Stock issued for services (in usd per share) \| $ / shares								$ 11.13
Standby Equity Purchase Agreement
Class of Stock [Line Items]
Stock issuance (in shares)													135,000		1,071,566
Amount received from stock issuance \| $													$ 1,700		$ 6,100
Right to sell common stock, maximum amount \| $												$ 75,000
Common stock, par value (in usd per share) \| $ / shares												$ 0.0001
Right to sell common stock, term												3 years
Right to sell common stock, commitment fee \| $												$ 400
Right to sell common stock, advance amount \| $												$ 10,000
Right to sell common stock, trading day period												5 days
Right to sell common stock, stock price, percent of daily volume weighted average price												95.00%
Right to sell common stock, stock price, daily volume weighted average price, period												1 day
Right to sell common stock, stock price, percent of lowest daily volume weighted average price												97.00%
Right to sell common stock, stock price, lowest daily volume weighted average price, period												3 days
Private Placement
Class of Stock [Line Items]
Stock issuance (in shares)			1,625,235
Stock issuance price (in usd per share) \| $ / shares			$ 6.00
Private Placement \| Subsequent event
Class of Stock [Line Items]
Stock issuance (in shares)	11,428,572
Amount received from stock issuance \| $	$ 40,000
Common Stock
Class of Stock [Line Items]
Issuance of common shares from warrant exercises (in shares)													259,309
Issuance of common shares, net of issuance costs (in shares)															1,699,228
Stock issued for services (in shares)															119,971
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)										3,000,000,000			3,000,000		3,000,000
Preferred stock, par value (in usd per share) \| $ / shares													$ 0.0001		$ 0.0001
Stock issuance (in shares)										1,102,000
Stock issuance price (in usd per share) \| $ / shares										$ 10.00
Amount received from stock issuance \| $										$ 11,000
Preferred stock, mandatory conversion, term															5 years
Preferred stock, conversion rate, numerator (in usd per share) \| $ / shares															$ 10.00
Preferred stock, conversion rate, denominator (in usd per share) \| $ / shares															12.50
Preferred stock, conversion rate, reset conversion price (in usd per share) \| $ / shares															5.00
Voting, number of votes, numerator for calculation (in usd per share) \| $ / shares															$ 10.00
Voting power limit percentage															19.99%
Preferred stock dividend percentage													8.00%		8.00%
Preferred stock, original issue price (in usd per share) \| $ / shares															$ 10.00
Obligation to issue equity \| $															$ 200
Conversion of convertible securities (in shares)															(1,085,664)
Preferred stock, issued (in shares)													1,102,000		33,144
Preferred stock, outstanding (in shares)													1,102,000		33,144
Preferred stock, conversion rate, reset conversion price, volume weighted average price, number of consecutive trading days \| day															10
Series B Preferred Stock \| Convertible debt
Class of Stock [Line Items]
Stock issuance price (in usd per share) \| $ / shares		$ 36.49
Series B Preferred Stock \| Common Stock
Class of Stock [Line Items]
Issuance of common shares from warrant exercises (in shares)															2,164,673
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)													5,000,000		5,000,000
Preferred stock, par value (in usd per share) \| $ / shares												$ 0.0001	$ 0.0001		$ 0.0001
Stock issuance (in shares)					300,000
Preferred stock dividend percentage															8.00%
Preferred stock, original issue price (in usd per share) \| $ / shares												$ 10.00
Obligation to issue equity \| $															$ 100
Conversion of convertible securities (in shares)															(2,735,848)
Preferred stock, issued (in shares)													0		150,000
Preferred stock, outstanding (in shares)													0		150,000
Series C preferred stock issued during period (in shares)					2,885,848
Series C preferred stock issued during period \| $					$ 28,800
Financial advisory services, equity success fee \| $												$ 3,000
Series C Preferred Stock \| Common Stock
Class of Stock [Line Items]
Issuance of common shares from warrant exercises (in shares)															5,471,696
Common Stock \| Financial Advisor
Class of Stock [Line Items]
Stock issued for services (in shares)											40,552
Common Stock \| WTI Lender
Class of Stock [Line Items]
Stock issued for services (in shares)								44,919
Common Stock \| Common Stock
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in shares)													160,000

Earnout Shares (Details) - Innventure LLC $ / shares in Units, $ in Millions				3 Months Ended	12 Months Ended
	Feb. 04, 2025 shares	Jan. 07, 2025 shares	Oct. 02, 2024 USD ($) day $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2025 USD ($) shares
Business Combination, Contingent Consideration [Line Items]
Contingent consideration (in shares)			5,000,000
Contingent consideration, vesting provision, VWAP stock price trigger (in usd per share) \| $ / shares			$ 11.50
Contingent consideration, vesting provision, VWAP threshold trading days \| day			20
Contingent consideration, vesting provision, VWAP threshold consecutive trading days \| day			30
Contingent consideration, vesting provision, effective period following Business Combination			6 months
Contingent consideration, equity-classified (in shares)				4,275,862
Contingent consideration, equity-classified, fair value \| $				$ 46.4
Milestone One
Business Combination, Contingent Consideration [Line Items]
Contingent consideration, percent of shares issuable upon milestone completion			40.00%
Contingent consideration, vesting period			7 years
Contingent consideration, revenue threshold \| $			$ 15.0
Contingent consideration, equity-classified (in shares)				2,137,931
Contingent consideration, equity-classified, fair value \| $				$ 23.2
Milestone Two
Business Combination, Contingent Consideration [Line Items]
Contingent consideration, percent of shares issuable upon milestone completion			40.00%
Contingent consideration, equity-classified (in shares)				2,137,931
Contingent consideration, equity-classified, fair value \| $				$ 23.2
Earnout shares issued (in shares)	2,000,000
Milestone Three
Business Combination, Contingent Consideration [Line Items]
Contingent consideration, percent of shares issuable upon milestone completion			20.00%
Contingent consideration, revenue threshold \| $			$ 15.0
Contingent consideration, liability-classified (in shares)				1,068,966	1,000,000
Contingent consideration liability \| $				$ 14.8	$ 3.9
Loss on change in fair value of contingent consideration \| $				$ (3.4)	$ (10.0)
Innventure Members
Business Combination, Contingent Consideration [Line Items]
Contingent consideration (in shares)			5,000,000
Sponsor
Business Combination, Contingent Consideration [Line Items]
Contingent consideration (in shares)			344,828
Earnout shares vested (in shares)		344,828

Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Restricted cash, current	$ 5.0	$ 0.0
Compensating balances
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 0.1	$ 0.1

Investments - Schedule of Carrying Amounts and Maximum exposure Relating to AeroFlexx (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Equity method investment in AeroFlexx	$ 19,495	$ 17,547
Investments in debt securities - AFS	9,246	11,187
Due from related party	11,840	4,536
AeroFlexx
Carrying Amount
Equity method investment in AeroFlexx	18,957	16,930
Investments in debt securities - AFS	9,246	11,187
Due from related party	10,754	4,472
Total	38,957	32,589
Maximum Exposure to Loss
Equity method investment in AeroFlexx	18,957	16,930
Investments in debt securities - AFS	9,246	11,187
Due from related party	10,754	4,472
Total	$ 38,957	$ 32,589

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Information about cybersecurity risks and Innventure’s risk management processes is collected, analyzed and considered as part of Innventure’s overall enterprise risk management program. In connection with Innventure’s risk management process, the Audit Committee of the Board (the “Audit Committee”) discusses with management and independent auditors the Company’s underlying policies and guidelines with respect to risk assessment and risk management, including with respect to cybersecurity. Measures are in place to mitigate potential risks associated with information technology disruptions and cybersecurity threats. Innventure periodically reassesses risks, implements controls, and performs business continuity and disaster recovery planning. Innventure’s current risk management efforts include threat intelligence gathering, vulnerability assessments, and the integration of cybersecurity technologies. These measures are designed to help protect Innventure’s proprietary systems and customer data from internal and external cybersecurity threats, including third-party systems and services. Innventure requires mandatory cybersecurity training for employees and periodically initiates phishing simulations to educate employees on potential threats. Innventure also engages with third-party security experts to conduct periodic cybersecurity services and risk assessments. All findings are reviewed by Innventure, and mitigation steps are taken. As of the date of this Form 10-K, Innventure has had no risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect Innventure’s business strategy, results of operations, or financial condition. However, there can be no assurances that the policies and processes in place will mitigate all future threats. See “Risk Factors—Cyber-attacks or a failure in Innventure’s information technology and data security infrastructure could adversely affect Innventure’s business and operations.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Measures are in place to mitigate potential risks associated with information technology disruptions and cybersecurity threats. Innventure periodically reassesses risks, implements controls, and performs business continuity and disaster recovery planning. Innventure’s current risk management efforts include threat intelligence gathering, vulnerability assessments, and the integration of cybersecurity technologies. These measures are designed to help protect Innventure’s proprietary systems and customer data from internal and external cybersecurity threats, including third-party systems and services.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee is responsible for overseeing the Company’s guidelines and policies with respect to risk assessment and risk management to assess and manage the Company’s exposure to enterprise risk. The Audit Committee periodically reviews and discusses with management the Company’s policies with respect to risk assessment and risk management, including but not limited to cybersecurity and enterprise risk, and steps management has taken to monitor and control such exposures.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is responsible for overseeing the Company’s guidelines and policies with respect to risk assessment and risk management to assess and manage the Company’s exposure to enterprise risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is responsible for overseeing the Company’s guidelines and policies with respect to risk assessment and risk management to assess and manage the Company’s exposure to enterprise risk. The Audit Committee periodically reviews and discusses with management the Company’s policies with respect to risk assessment and risk management, including but not limited to cybersecurity and enterprise risk, and steps management has taken to monitor and control such exposures.
Cybersecurity Risk Role of Management [Text Block]	Our Senior Director of Information Technology (“IT”) is responsible for assessing and managing risks from cybersecurity threats. Innventure’s Senior Director of IT has a Bachelor’s degree in Accounting and a Master of Business Administration degree. Our Senior Director of IT is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents through reports from an external consultant. The external consultant has 20 years of cybersecurity experience. The external consultant also has an Associate’s degree in Database Administration and Network and System Administration. The external consultant also maintains the industry-recognized CompTIA Security+ certification. The Senior Director of IT reports any exposure to risks from cybersecurity threats to our CFO. The CFO is expected to ensure that regular updates are provided to the Audit Committee on risks related to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Senior Director of Information Technology (“IT”) is responsible for assessing and managing risks from cybersecurity threats. Innventure’s Senior Director of IT has a Bachelor’s degree in Accounting and a Master of Business Administration degree. Our Senior Director of IT is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents through reports from an external consultant.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Innventure’s Senior Director of IT has a Bachelor’s degree in Accounting and a Master of Business Administration degree.The external consultant has 20 years of cybersecurity experience. The external consultant also has an Associate’s degree in Database Administration and Network and System Administration. The external consultant also maintains the industry-recognized CompTIA Security+ certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Senior Director of Information Technology (“IT”) is responsible for assessing and managing risks from cybersecurity threats. Innventure’s Senior Director of IT has a Bachelor’s degree in Accounting and a Master of Business Administration degree. Our Senior Director of IT is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents through reports from an external consultant. The external consultant has 20 years of cybersecurity experience. The external consultant also has an Associate’s degree in Database Administration and Network and System Administration. The external consultant also maintains the industry-recognized CompTIA Security+ certification. The Senior Director of IT reports any exposure to risks from cybersecurity threats to our CFO. The CFO is expected to ensure that regular updates are provided to the Audit Committee on risks related to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Mezzanine Capital	12 Months Ended
Mezzanine Capital	Dec. 31, 2025
Temporary Equity Disclosure [Abstract]
Mezzanine Capital	Note 12. Mezzanine Capital Predecessor period The redemption of Class PCTA Units or Class I Units is not solely in control of the Company and, as such, both classes of units are considered redeemable at the option of the holder. The Class PCTA Units were probable of becoming redeemable and the Class I Units are currently redeemable. Valuation Class PCTA Units were valued on a monthly basis to align with the underlying value of the PCT stock. Changes in the redemption value (e.g., fair value) were recognized immediately as they occurred and the carrying value of the instrument was adjusted to equal the redemption value at the end of each reporting period. Class I Units were valued on a quarterly basis based on the underlying fair value of the ESG Fund. Voting Class PCTA Units carry the right to hold, vote and dispose of the Company’s investment in the related shares of PCT common stock. All Class PCTA Units are held by Innventure1 LLC (“Innventure1”). Class I Units carry the right to hold, vote and dispose of the Company’s partnership interest in the ESG Fund with respect to its General Partner (“GP”) affiliated commitment. Class I Units are held by WE-INN LLC. The holders of units of any other class are not permitted to vote on matters specific to the Class PCTA or Class I Units. Liquidation Preference Distributions to Class PCTA and Class I Unit holders are based on their ownership percentage of the respective class. Redemption The Company will distribute the Class I investments held by Innventus ESG Fund I, L.P., to the investor in-kind at the election of WE-INN LLC. There is no maximum amount that the Company could be required to pay if the instrument is redeemed.

Net Loss Per Share - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,246,000	11,500,000
Private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,146,000	7,146,000
2024 WTI Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,000,000	1,000,000
Convertible Debentures
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,750,726	0
2025 WTI Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	495,074	0
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	55,067	1,011,869
Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	249,214	0
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,026,404	975,409
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,029,435	2,036,476
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,000,000	320,000

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,492		$ 2,910
Less: Accumulated depreciation	(78)		(969)
Property, Plant and Equipment, Net	1,414		1,941
Depreciation	78	$ 148	891
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	548		960
Machinery & equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	664		1,922
Computers & office equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	14		28
Construction in progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 266		$ 0

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 22, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Apr. 14, 2025	Oct. 02, 2024	Oct. 01, 2024
Class of Warrant or Right [Line Items]
Warrants (in shares)						18,645,997
Warrant liability		$ 34,023	$ 27,458	$ 34,023
Number of Public Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)		11,240,688	11,240,688	11,240,688		11,499,997	11,499,997
Exercise price of warrant (in usd per share)		$ 11.50		$ 11.50
Warrant liability		$ 1,300		$ 1,300
Exercised (in shares)		259,309	0
Proceeds from warrant exercises				$ 3,000
Number of Private Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)		7,146,000	7,146,000	7,146,000		7,146,000	7,146,000
Exercise price of warrant (in usd per share)		$ 11.50		$ 11.50
Warrant liability		$ 16,793	$ 11,148	$ 16,793
Exercised (in shares)		0	0
Loss on change in fair value of warrants		$ (16,000)	$ (5,600)
Public and private placement warrants
Class of Warrant or Right [Line Items]
Exercise price of warrant (in usd per share)						$ 11.50
2024 WTI Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)		2	2	2			0
Warrant liability	$ 15,700	$ 17,230	$ 13,080	$ 17,230
Exercised (in shares)		0	0
Loss on change in fair value of warrants		$ (1,500)	$ (4,200)
Threshold price of common stock, period	18 months
Cash amount warrants may be exchanged for	$ 15,000
Right to participate in debt offering, maximum amount	$ 5,000
2025 WTI Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)		0	2	0	2		0
Exercise price of warrant (in usd per share)					$ 0.01
Warrant liability			$ 3,230		$ 3,100
Exercised (in shares)		0	0
Loss on change in fair value of warrants			$ (100)
Number of shares issuable for warrants (in shares)					495,074
WTI Warrants
Class of Warrant or Right [Line Items]
Exercise price of warrant (in usd per share)	$ 10.00
Threshold price of common stock (in usd per share)	$ 10.00

Commitments and Contingencies - Schedule of Minimum Patent Royalties Payable (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2026	$ 700
2027	825
2028	825
2029	825
2030	825
Thereafter	9,075
Total	$ 13,075

Fair Value - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Apr. 14, 2025	Dec. 31, 2024	Oct. 22, 2024
Assets:
Investments in debt securities - AFS	$ 9,246		$ 11,187
Liabilities:
Earnout liability	3,890		14,752
Warrant liability	27,458		34,023
2024 WTI Warrants
Liabilities:
Warrant liability	13,080		17,230	$ 15,700
2025 WTI Warrants
Liabilities:
Warrant liability	3,230	$ 3,100
Private placement warrants
Liabilities:
Warrant liability	11,148		16,793
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Investments in debt securities - AFS	0		0
Liabilities:
Earnout liability	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 2024 WTI Warrants
Liabilities:
Warrant liability	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 2025 WTI Warrants
Liabilities:
Warrant liability	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private placement warrants
Liabilities:
Warrant liability	0		0
Significant Other Observable Inputs (Level 2)
Assets:
Investments in debt securities - AFS	0		0
Liabilities:
Earnout liability	0		0
Significant Other Observable Inputs (Level 2) \| 2024 WTI Warrants
Liabilities:
Warrant liability	0		0
Significant Other Observable Inputs (Level 2) \| 2025 WTI Warrants
Liabilities:
Warrant liability	0
Significant Other Observable Inputs (Level 2) \| Private placement warrants
Liabilities:
Warrant liability	11,148		16,793
Significant Unobservable Inputs (Level 3)
Assets:
Investments in debt securities - AFS	9,246		11,187
Liabilities:
Earnout liability	3,890		14,752
Significant Unobservable Inputs (Level 3) \| 2024 WTI Warrants
Liabilities:
Warrant liability	13,080		17,230
Significant Unobservable Inputs (Level 3) \| 2025 WTI Warrants
Liabilities:
Warrant liability	3,230
Significant Unobservable Inputs (Level 3) \| Private placement warrants
Liabilities:
Warrant liability	$ 0		$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Net Loss Per Share - Schedule of Reconciliation for EPS Calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Numerator:
Net loss attributable to Innventure, Inc. shareholders	$ (61,754)	$ (16,436)	$ (293,317)
Less: Cumulative earnings to participating securities	217		120
Undistributed loss for participating securities	(61,971)		(293,437)
Less: Undistributed loss attributable to participating securities	0		0
Net Loss attributable to common shareholders, basic	(61,971)		(293,437)
Net Loss attributable to common shareholders, diluted	$ (61,971)		$ (293,437)
Denominator:
Weighted average number of units outstanding, basic (in shares)	43,951,279		54,420,978
Weighted average number of units outstanding, diluted (in shares)	43,951,279		54,420,978
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (1.41)		$ (5.39)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (1.41)		$ (5.39)

Fair Value - Changes in Fair Value of Level 3 Derivative Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Forward Contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0
Additions	54	0	0
Settlement	(99)	0	0
Change in fair value	45	0	0
Ending balance	0	0	0
Forward Contract \| Previously Reported
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0
Ending balance		0
Embedded Derivative Financial Instruments \| Convertible Promissory Notes Due 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	1,994	0
Additions	0	0	0
Settlement	0	(2,472)	0
Change in fair value	0	478	0
Ending balance	0	0	0
Embedded Derivative Financial Instruments \| Convertible Promissory Notes Due 2025 \| Previously Reported
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0
Ending balance		0
Embedded Derivative Financial Instruments \| August 2025 Notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	0	0
Additions	0	0	0
Settlement	0	0	1,677
Change in fair value	0	0	1,677
Ending balance	0	0	0
Embedded Derivative Financial Instruments \| August 2025 Notes \| Previously Reported
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0
Ending balance		0
Embedded Derivative Financial Instruments \| Convertible Debentures
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0	0	0
Additions	0	0	1,476
Settlement	0	0	(3,297)
Change in fair value	0	0	1,821
Ending balance	0	0	$ 0
Embedded Derivative Financial Instruments \| Convertible Debentures \| Previously Reported
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0
Ending balance		$ 0

Business Segment Data - Narrative (Details)	12 Months Ended
Business Segment Data - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Schedule of Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Balance Sheets
Total Assets	$ 905,289		$ 599,187	$ 905,289
Total Liabilities	138,996		115,511	138,996
Total Equity (Deficit)	766,293	$ (4,503)	483,676	766,293	$ (18,486)
Statements of operations
Net Income (Loss)	(70,093)	$ (28,198)	(475,350)
ESG Fund
Balance Sheets
Total Assets	97,445		85,712	97,445
Total Liabilities	93		575	93
Total Equity (Deficit)	97,352		85,137	97,352
Statements of operations
Revenue			0	202
Gross (Loss) Profit			0	(735)
Net Income (Loss)			(12,263)	39,437
AeroFlexx
Balance Sheets
Total Assets	17,002		15,709	17,002
Total Liabilities	27,861		29,082	27,861
Total Equity (Deficit)	$ (10,859)		(13,373)	(10,859)
Statements of operations
Revenue			85	38
Gross (Loss) Profit			(95)	(57)
Net Income (Loss)			$ (15,824)	$ (13,663)

Fair Value - Changes in Fair Value of Level 3 Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Earnout liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 11,352	$ 0	$ 14,752
Additions	0	0	0
Settlement	0	0	(873)
Change in fair value	3,400	0	(9,989)
Ending balance	14,752	11,352	3,890
Earnout liability \| Previously Reported
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Ending balance		0
2024 WTI Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0	17,230
Additions	15,690	0	0
Settlement	0	0	0
Change in fair value	1,540	0	(4,150)
Ending balance	17,230	0	13,080
2024 WTI Warrants \| Previously Reported
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Ending balance		0
2025 WTI Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0	0
Additions	0	0	3,090
Settlement	0	0	0
Change in fair value	0	0	140
Ending balance	0	0	$ 3,230
2025 WTI Warrants \| Previously Reported
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0
Ending balance		$ 0

Business Segment Data (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segment Information


	Successor				Predecessor
	December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
	(in thousands)				(in thousands)
Revenue from external customers	$	1,557	$	233	$	95
Interest income	139		—		7

Cost of sales	$	7,831	$	3,752	$	777
Employee costs	26,377		3,933		8,076
Facilities, equipment & supplies	3,117		121		581
General and administrative	5,578		751		398
Outside services	1,589		390		842
Research and development	13,864		3,224		2,711
Sales and marketing	1,073		193		442
Depreciation expense *	1,181		6		99
Interest expense	855		90		564
Income tax expense (benefit)	(13,571)		(3,637)		432
Goodwill Impairment	346,557		—		—
Other **	2,435		168		1,832
Total Expenses	$	396,886	$	8,991	$	16,754

Net Loss	$	(395,190)	$	(8,758)	$	(16,652)

* Represents depreciation not already included in Cost of sales.

** Other - change in fair value of financial liabilities, loss on conversion of promissory notes, travel and other miscellaneous expenses.

The following table reconciles the reportable segment to amounts reflected in our consolidated financial statements.


	Successor				Predecessor
	December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Revenues:
Technology	$	1,557	$	233	$	95
Other	607		250		750
Elimination of management services provided to Technology	(108)		(27)		(81)
Consolidated Revenues	$	2,056	$	456	$	764

Interest Expense:
Technology	$	855	$	90	$	564
Other	9,865		1,240		1,069
Elimination of Intercompany Interest	(486)		—
Consolidated Interest Expense	$	10,234	$	1,330	$	1,633

Interest Income:
Technology	$	139	$	—	$	7
Other	903		198		326
Elimination of Intercompany Interest	(486)		—		—
Consolidated Interest Income	$	556	$	198	$	333

Depreciation and Amortization Expense:
Technology	$	22,497	$	5,455	$	146
Other	9		—
Consolidated Depreciation and Amortization Expense	$	22,506	$	5,455	$	146

Net Loss:
Technology	$	(395,190)	$	(8,758)	$	(16,652)
Other	(80,160)		(61,335)		(11,546)
Consolidated Net Loss	$	(475,350)	$	(70,093)	$	(28,198)

Capital Expenditures:
Technology	$	1,417	$	266	$	736
Other	—		—		—
Consolidated Capital Expenditures	$	1,417	$	266	$	736

Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, October 2, 2024 (Successor)	11,499,997	7,146,000	—	—
Exercised	(259,309)	—	—	—
Issued	—	—	2	—
Outstanding, December 31, 2024	11,240,688	7,146,000	2	—
Exercised	—	—	—	—
Issued	—	—	—	2
Outstanding, December 31, 2025	11,240,688	7,146,000	2	2

Revenues - Schedule of Breakout of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 456	$ 764	$ 2,056
Product revenue
Disaggregation of Revenue [Line Items]
Revenue	233	95	1,557
Management fees - related party
Disaggregation of Revenue [Line Items]
Revenue	$ 223	$ 669	$ 499

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' Equity	Note 13. Stockholders' Equity For periods prior to the Closing, the Predecessor had Class B Preferred Units, Class B-1 Preferred Units, Class A Units and Class C Units issued and outstanding. In connection with the Business Combination on October 2, 2024, as described in Note 8. Business Combinations, the Successor acquired all membership interests that were in existence for the Predecessor. Series B Preferred Stock The Company is authorized to issue 25,000,000 shares of preferred stock with a par value of $0.0001 per share. Of which, 3,000,000 of the shares of preferred stock are designated as Series B Preferred Stock. Immediately following the Business Combination, Innventure issued 1,102,000 of Series B Preferred Stock at a purchase price of $10.00 per share (the “Original Issue Price”) for a total amount of $11.0 million. Series B Preferred Stock are subject to: (i) a mandatory conversion on the date that is five years after original issuance (the “Maturity Date”); and (ii) an optional conversion, at the election of the holder, at any time prior to the Maturity Date upon the effectiveness of a registration statement by the Company registering the underlying shares of Common Stock issuable upon conversion. The number of shares of Common Stock that each holder of Series B Preferred Stock will receive upon conversion will be the number of Series B Preferred shares multiplied by the Conversion Rate, subject to a threshold amount. The conversion rate (“Conversion Rate”) will equal a fraction whose numerator is $10.00 and whose denominator is the lesser of: (i) $12.50 and (ii) the Reset Conversion Price, where the “Reset Conversion Price” means the greater of: (a) $5.00 and (b) the 10-trading day volume-weighted average closing price of the Common Stock. Any fractional shares resulting from conversion will be rounded up to the next whole share. Holders of Series B Preferred Stock are entitled to cast the number of votes equal to: (i) $10.00, divided by (ii) the Minimum Price (which shall have the meaning assigned in Nasdaq Listing Rule 5635(d)) of Common Stock as of the initial issue date of the Series B Preferred Stock. Holders of Series B Preferred Stock will vote with the holders of Common Stock as a single class and on an as-converted basis, except as provided by law or applicable to Nasdaq Listing Rules. The voting power of Series B Preferred Stock holders cannot exceed 19.99% of the total outstanding voting power. Series B Preferred Stock will rank senior to the Common Stock, which is junior stock when compared to Series B Preferred Stock. Dividends for Series B Preferred Stock will accrue annually at the rate of 8.0% of the Original Issue Price of $10.00 per share. All dividends are prior to and in preference over any dividend on any junior stock or parity stock and shall be declared and fully paid before any dividends are declared and paid, or any other distributions are made, on any junior stock or parity stock. When dividends are declared by the Company’s board of directors, dividends will be due and payable annually in arrears as payment in kind on the last day of the last quarter in each fiscal year. Holders of Series B Preferred Stock are also eligible to receive dividends and distributions declared on Common Stock, as though their shares were converted into Common Stock, based on the Conversion Rate, using assets legally available for distribution by the Company. The preferred dividends that became due on December 31, 2024, were recorded within Obligation to issue equity on the consolidated balance sheets. As of December 31, 2024, the cumulative dividends on Series B Preferred Stock were $0.2 million. On March 19, 2025, the Company distributed 21,808 shares of Series B Preferred Stock to represent $0.2 million in cumulative dividends for Series B Preferred Stock, covering the period from the initial issue date, as defined in the certificate of designation of Series B Preferred Stock, to December 31, 2024, as a payment in kind at the specified rate. During the year ended December 31, 2025, certain holders of Series B Preferred Stock exercised their conversion right and converted 1,085,664 shares of Series B Preferred Stock for 2,164,673 shares of Common Stock. Upon conversion, all the converted Series B Preferred Stock shares were canceled and retired. As a result, the Company had a total of 33,144 shares of Series B Preferred Stock issued and outstanding as of December 31, 2025. As of December 31, 2025, the Company accrued an immaterial amount for the 8% dividend in the Obligation to issue equity on the consolidated balance sheets. Series C Preferred Stock As of December 31, 2025, 5,000,000 shares of the authorized preferred stock are designated as Series C Preferred Stock, $0.0001 par value per share (the “Series C Preferred Stock”). On March 24, 2025, Innventure issued 2,885,848 shares of Series C Preferred Stock at the original issue price for a total amount of $28.8 million. The consideration received by the Company was in the form of cash, services rendered and the cancellation of related party debt. During the year ended December 31, 2025, certain holders of Series C Preferred Stock exercised their conversion right and converted 2,735,848 shares of Series C Preferred Stock for 5,471,696 shares of Common Stock. Upon conversion, all the converted Series C Preferred Stock shares were canceled and retired. The Series C Preferred Stock is subject to similar terms and conditions as the Series B Preferred Stock. The Company had a total of 150,000 shares of Series C Preferred Stock issued and outstanding as of December 31, 2025. As of December 31, 2025, the Company accrued $0.1 million for the 8% dividend in the Obligation to issue equity on the consolidated balance sheets. Standby Equity Purchase Agreement In October 2023, we entered into the SEPA with YA II PN, LTD., an exempt limited partnership from the Cayman Islands (“Yorkville”). Concurrently with the Business Combination, this agreement became effective. Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $75.0 million of Common Stock, par value $0.0001 per share, at the Company’s request any time during the commitment period commencing on the Closing and continuing for a term of 3 years (“Purchased Put Option”). As consideration, Innventure agreed and paid, to YA Global II SPV, LLC, a subsidiary of Yorkville, (i) a structuring fee and (ii) a commitment fee both totaling $0.4 million. The commitment fee was expensed in full immediately following the consummation of the Business Combination, according to ASC 815, and recorded within the General and administrative expense line item in the consolidated statements of operations and comprehensive income (loss) for the successor period October 2, 2024 through December 31, 2024. Each advance that Innventure issues in writing to Yorkville under the SEPA (each, an “Advance,” and notice of such request, and “Advance Notice”) may be in an amount of Common Stock up to the greater of: (i) $10.0 million or (ii) the aggregate daily trading volume of Common Stock for the five trading days prior to Innventure requesting an Advance. The purchase price for the shares of Common Stock set forth in the Advance is determined by multiplying the market price of Common Stock by either (a) 95% of the daily volume weighted average price (“VWAP”) during the applicable one-day pricing period or (b) 97% of the lowest daily VWAP during the applicable three consecutive trading day pricing period. The applicable pricing period depends on the type of Advance Notice selected by the Company under the SEPA. Additionally, the Company may establish a minimum acceptable price in each Advance Notice below which the Company will not be obligated to make any sales to Yorkville. Once the Company draws on the SEPA, the related number of shares issuable constitutes a forward contract to issue common stock (“Forward Contract”). The SEPA will automatically terminate on the earlier to occur of (i) November 01, 2027 and (ii) the date on which Yorkville shall have made payment of advances pursuant to the SEPA for Common Stock equal to the commitment amount of $75.0 million. For the year ended December 31, 2025 and the successor period October 2, 2024 through December 31, 2024, the Company sold 1,071,566 and 135,000 shares of Common Stock under the SEPA, raising $6.1 million and $1.7 million, respectively, which is classified within Issuance of common shares, net of issuance costs in the consolidated statements of changes in stockholders' equity (deficit). At Risk Sponsor Shares In connection with the Business Combination Agreement, the Company entered into the Sponsor Support Agreement under which 5,000,000 shares were issued to the Sponsor at the Closing, as follows: 2,775,172 Fixed Shares, 344,828 Sponsor Earnout Shares, and 1,880,000 At Risk Sponsor Shares. The Fixed Shares issued to the sponsor are not subject to any contingencies or forfeiture provisions. The Sponsor Earnout Shares are issued until they are deemed forfeited due to non-achievement of the associated Milestones. See Note 10. Earnout Shares for more discussion on the Sponsor Earnout Shares. The At Risk Sponsor Shares are issued, but a portion of such shares are subject to forfeiture in case the Company is not able to secure additional financing based on the calculation within the Sponsor Support Agreement. As per the discussion of additional financing per the Sponsor Support Agreement, the number of shares subject to forfeiture were calculated to be 587,995. The rest of the At-Risk Sponsor Shares, 1,292,005, were free from any forfeiture conditions or contingencies. When the Company received the First Tranche of the WTI Facility on November 15, 2024, the additional financing condition was met and all the remaining At-Risk Sponsor Shares were considered non-forfeitable and free from any contingencies. See Note 5. Borrowings for more discussion over the First Tranche of the WTI Facility. Similar to the Sponsor Earnout Shares, all the At-Risk Sponsor Shares were entitled to non-forfeitable dividends or distributions along with other common stockholders of the Company, from their issuance date. Service Provider Shares In December 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company became liable for $0.4 million of Common Stock divided by the conversion price of $10.87, resulting in 40,552 shares. In connection with the closing of the WTI Facility mentioned in Note 5. Borrowings, the Company became liable for $0.5 million worth of Common Stock calculated as the volume-weighted average price of the Common Stock over the five consecutive trading days ending on the trading day immediately preceding November 15, 2024, $11.13, for a total of 44,919 shares. On February 3, 2025, the Company has issued the aggregate 85,471 shares of Common Stock for services rendered. In October 2023, the Company entered into an agreement to receive financial advisory services in exchange for equity. Upon Closing of the Business Combination, the Company is obligated to pay a success fee in cash in an amount of $0.6 million and equity success fee in $3.0 million of Series C Preferred Stock, par value $0.0001 per share, of the Company (the “Series C Preferred Stock”) at $10.00 per share. On March 24, 2025, the Company issued the 300,000 shares of Series C Preferred Stock for services rendered. Series B Units On October 2, 2025, Accelsius issued and sold 685,163 Accelsius Series B-1 Units (the “Series B-1 Units”) to Johnson Controls, Inc. (“JCI”) for approximately $25.0 million, before deducting financial advisor fees and other estimated offering expenses. JCI is entitled to appoint and remove a director to the board of directors of Accelsius if JCI and its affiliates maintain a significant ownership percentage. As a result of the sale of Series B-1 Units to JCI, the August 2025 Notes converted into 251,452 Series B-2 units and 125,725 B-2 Warrants were issued. On December 29, 2025, Accelsius issued and sold 822,195 Series B-1 Units to Legrand DPC, LLC, (“Legrand”), for approximately $30.0 million, before deducting financial advisor fees and other estimated offering expenses. Additionally, Accelsius issued and sold to JCI an additional 274,065 units of the Series B-1 Units for gross proceeds of approximately $10 million. The Series B-1 Units are convertible at any time and from time to time into Accelsius’ Class A Common Units by dividing the Series B-1 Unit’s Issue Price (as defined below) by the Conversion Price (as defined below) in effect at the time of conversion. The Issue Price means $36.49 per unit, subject to appropriate adjustment in the event of any unit dividend, unit split, combination or other similar recapitalization with respect to the applicable Series B-1 Units. The “Conversion Price” shall initially equal $36.49 and will be subject to certain adjustments. Private Placement Issuances On October 3, 2025, the Company raised approximately $9.8 million through a private placement, issuing 1,625,235 shares of Common Stock at $6.00 per share and Series A warrants to purchase 1,625,235 shares of Common Stock (the “Series A Warrants”). The Series A Warrants, exercisable from April 6, 2026 at $8.00 per share, are redeemable under certain conditions until October 3, 2030. On January 12, 2026, the Company entered into securities purchase agreements with four institutional investors for the purchase and sale of 11,428,572 shares of common stock for gross proceeds of approximately $40.0 million, before deducting placement agent fees and offering expenses.

- Definition

The entire disclosure for equity.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Oct. 02, 2024	Oct. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	25,000,000	25,000,000	25,000,000
Preferred stock, issued (in shares)	33,144
Preferred stock, outstanding (in shares)	33,144
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	250,000,000	250,000,000	250,000,000
Common stock, issued (in shares)	67,743,847	44,597,154	43,589,850
Common stock, outstanding (in shares)	67,743,847	44,597,154	43,589,850
Series B Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	3,000,000	3,000,000	3,000,000,000
Preferred stock, issued (in shares)	33,144	1,102,000
Preferred stock, outstanding (in shares)	33,144	1,102,000
Series C Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	150,000	0
Preferred stock, outstanding (in shares)	150,000	0

Fair Value - Significant Unobservable Inputs Utilized to Estimate Fair Value (Details) $ in Thousands	Dec. 31, 2025 yr	Sep. 30, 2025 yr	May 15, 2025	Apr. 14, 2025	Dec. 31, 2024 yr	Mar. 31, 2024 USD ($)
Notes issued August 2022 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes principal \| $						$ 4,000
Notes issued June and July 2023 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes principal \| $						$ 2,000
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input					1.20
Earnout shares, measurement input	0.6000				0.5600
Embedded derivative, measurement input		0.7000
Embedded derivative asset, measurement input		0.6000
Volatility \| 2025 WTI Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.6000
Volatility \| 2024 WTI Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.6000				0.5600
Time to liquidity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input					2,000
Earnout shares, measurement input	5.8				6.8
Embedded derivative, measurement input		4.25
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input					0.3100
Weighted average cost of capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input					0.4500
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input					0.0423
Earnout shares, measurement input	0.0377				0.0442
Embedded derivative, measurement input		0.0366
AeroFlexx yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in debt securities - AFS, measurement input	0.1701
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	4.18				13.85
Embedded derivative, measurement input		36.49
Embedded derivative asset, measurement input		5.79
Stock price \| 2025 WTI Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	4.18
Stock price \| 2024 WTI Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	4.18				13.85
Revenue risk premium
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	0.2780				0.3610
Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout shares, measurement input	1.5730				1.7600
Credit spread \| 2025 WTI Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.2600
Credit spread \| 2024 WTI Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.2600				0.1880
Discount Rate \| Notes issued August 2022 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0.35
Discount Rate \| Notes issued June and July 2023 due 2025 \| Convertible debt \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0.71
Discount Rate \| Notes issued June and July 2023 due 2025 \| Convertible debt \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0.87
Financing \| Notes issued August 2022 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						1
Financing \| Notes issued June and July 2023 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						1
Change in control \| Notes issued August 2022 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0
Change in control \| Notes issued June and July 2023 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0
Other \| Notes issued August 2022 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0
Other \| Notes issued June and July 2023 due 2025 \| Convertible debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input						0
Debt yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative, measurement input			0.426	0.445
Embedded derivative asset, measurement input		0.3870
Debt spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative asset, measurement input		0.3500

Share-based Compensation - Schedule of Accelsius Subsidiary Equity Plan (Details) - Accelcius Subsidiary Equity Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 1,341	$ 918	$ 7,411
Granted (in shares)	168,500	110,000	1,048,000
Weighted average grant date fair value per share (in usd per share)	$ 46.38	$ 4.41	$ 20.37

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Preferred Stock	Preferred Stock Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Common Stock	Additional Paid-In Capital Preferred Stock	Accumulated Deficit	Accumulated OCI	Non-Controlling Interest
Beginning balance at Dec. 31, 2023	$ (18,486)										$ (64,284)	$ 0	$ 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(28,198)										(16,436)		(11,762)
Other comprehensive gain, net of taxes	62											62
Non-controlling interest acquired	13,921												13,921
Preferred stock, ending balance (in shares) at Oct. 01, 2024				0
Ending balance at Oct. 01, 2024	(4,503)			$ 0		$ 0		$ 11,342			(15,845)	0	0
Common stock, ending balance (in shares) at Oct. 01, 2024						0
Beginning balance at Dec. 31, 2023	(18,486)										(64,284)	0	1,559
Preferred stock, ending balance (in shares) at Dec. 31, 2024				1,102,000
Ending balance at Dec. 31, 2024	$ 766,293			$ 0		$ 4		502,865			(78,262)	909	340,777
Common stock, ending balance (in shares) at Dec. 31, 2024	44,597,154					44,597,154
Preferred stock, beginning balance (in shares) at Oct. 01, 2024				0
Beginning balance at Oct. 01, 2024	$ (4,503)			$ 0		$ 0		11,342			(15,845)	0	0
Common stock, beginning balance (in shares) at Oct. 01, 2024						0
Common stock, ending balance (in shares) at Oct. 02, 2024	43,589,850
Preferred stock, beginning balance (in shares) at Oct. 01, 2024				0
Beginning balance at Oct. 01, 2024	$ (4,503)			$ 0		$ 0		11,342			(15,845)	0	0
Common stock, beginning balance (in shares) at Oct. 01, 2024						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(70,093)										(61,754)		(8,339)
Effect of acquisition of Innventure LLC (in shares)						43,589,850
Effect of acquisition of Innventure LLC	804,098					$ 4		461,064					343,030
Reclassification of warrants from liability to equity	1,265							1,265
Issuance of common shares, net of issuance costs (in shares)					1,102,000		160,000
Issuance of common shares, net of issuance costs		$ 2,083	$ 9,965						$ 2,083	$ 9,965
Issuance of common shares from warrant exercises (in shares)						259,309
Issuance of common shares from warrant exercises	2,982							2,982
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 (in shares)						587,995
Stock-based compensation	16,338							14,381					1,957
Accrued preferred dividends	(217)							(217)
Preferred stock, ending balance (in shares) at Dec. 31, 2024				1,102,000
Ending balance at Dec. 31, 2024	$ 766,293			$ 0		$ 4		502,865			(78,262)	909	340,777
Common stock, ending balance (in shares) at Dec. 31, 2024	44,597,154					44,597,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	$ (475,350)										(293,317)		(182,033)
Issuance of common shares, net of issuance costs (in shares)						1,699,228
Issuance of common shares, net of issuance costs	10,122							10,122
Other comprehensive gain, net of taxes	(2,169)											(2,169)
Distributions to stockholders	(24)										(24)
Stock-based compensation	27,872							20,462					7,410
Accrued preferred dividends	$ (86)							(86)
Preferred stock, ending balance (in shares) at Dec. 31, 2025	33,144
Ending balance at Dec. 31, 2025	$ 483,676					$ 7		$ 577,070			$ (371,603)	$ (1,260)	$ 279,462
Common stock, ending balance (in shares) at Dec. 31, 2025	67,743,847					67,743,847

Business Combination - Shares of Common Stock Issued and Outstanding at the Closing of the Business Combination (Details)	Dec. 31, 2025 shares	Dec. 31, 2024 shares	Oct. 02, 2024 shares	Oct. 01, 2024 shares
Business Combination [Line Items]
Preferred stock, outstanding (in shares)	33,144
Common stock, outstanding (in shares)	67,743,847	44,597,154	43,589,850
Capital units, outstanding (in shares)			38,494,999	18,397,684
Learn CW Shareholders
Business Combination [Line Items]
Common stock, outstanding (in shares)			6,027,674	6,027,674
Less: Learn CW shares subject to clawback provisions			(932,823)
Learn CW Public Shareholders
Business Combination [Line Items]
Common stock, outstanding (in shares)			1,027,674	1,027,674
Share exchange ratio			1.00
Learn CW Class B Shareholders
Business Combination [Line Items]
Common stock, outstanding (in shares)			5,000,000	5,000,000
Share exchange ratio			1.00
Innventure LLC
Business Combination [Line Items]
Share exchange ratio			2.09
Class B Preferred Units
Business Combination [Line Items]
Preferred stock, outstanding (in shares)			22,754,664	10,875,000
Class B-1 Preferred
Business Combination [Line Items]
Preferred stock, outstanding (in shares)			11,738,165	5,609,951
Class A
Business Combination [Line Items]
Common stock, outstanding (in shares)			716,867	342,608
Class C
Business Combination [Line Items]
Common stock, outstanding (in shares)			3,285,303	1,570,125

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Breakout of Revenue

The following table represents the breakout of revenue by source (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Product revenue	$	1,557	$	233	$	95
Management fees - related party	499		223		669

Total revenue	$	2,056	$	456	$	764

Schedule of Major Customer Concentration of Revenue

The following table represents major customer concentration of revenue:


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Customer A - Related Party	19.0	%	43.0	%	77.0	%
Customer B - Related Party	5.3	%	5.9	%	10.6	%
Customer C	31.8	%	—	%	—	%
Customer D	—	%	—	%	12.4	%
Customer E	3.0	%	48.9	%	—	%
Customer F	20.1	%	—	%	—	%
Total Revenue Concentration of Major Customers	79.2	%	97.8	%	100.0	%

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation for EPS Calculations

Presented in the table below is a reconciliation of the numerator and denominator for the EPS calculations(in thousands except per share amounts):



	December 31, 2025		October 2, 2024 through December 31, 2024
Numerator:
Net loss attributable to Innventure, Inc. shareholders	$	(293,317)	$	(61,754)
Less: Cumulative earnings to participating securities	120		217

Undistributed loss for participating securities	(293,437)		(61,971)
Less: Undistributed loss attributable to participating securities	—		—
Net Loss attributable to common shareholders, basic and diluted	$	(293,437)	$	(61,971)

Denominator:
Weighted average number of units outstanding, basic and diluted	54,421		43,951
Net loss per share attributable to common shareholders, basic and diluted	$	(5.39)	$	(1.41)

Schedule of Antidilutive Securities



	December 31, 2025	December 31, 2024
Public warrants	11,246,000	11,500,000
Private placement warrants	7,146,000	7,146,000
2024 WTI Warrants	1,000,000	1,000,000
Convertible Debentures	1,750,726	—
2025 WTI Warrants	495,074	—
Series B Preferred Stock	55,067	1,011,869
Series C Preferred Stock	249,214	—
Share options	1,026,404	975,409
RSUs	1,029,435	2,036,476
SARs	4,000,000	320,000

Business Combination - Fair Value of Definite-Lived Intangible Assets (Details) - Innventure LLC $ in Thousands	Oct. 02, 2024 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived intangible assets acquired	$ 187,500
Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived intangible assets acquired	17,800
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived intangible assets acquired	4,600
Developed technology
Intangible Asset, Acquired, Finite-Lived [Line Items]
Definite-lived intangible assets acquired	$ 165,100

Accounting Policies - Goodwill (Details)	3 Months Ended	9 Months Ended	12 Months Ended
Accounting Policies - Goodwill (Details)	Dec. 31, 2024 USD ($)	Oct. 01, 2024 USD ($)	Dec. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit			1
Goodwill impairment \| $	$ 0	$ 0	$ 346,557,000	$ 0

- Definition

+ References + Details

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Previously Reported	Conversion to Common Stock	Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Series B Preferred Stock	Series C Preferred Stock	Class B Preferred	Class B-1 Preferred	Class A	Class C	Preferred Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series B Preferred Stock Conversion to Common Stock	Preferred Stock Series C Preferred Stock	Preferred Stock Series C Preferred Stock Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Preferred Stock Class B Preferred	Preferred Stock Class B Preferred Previously Reported	Preferred Stock Class B-1 Preferred	Preferred Stock Class B-1 Preferred Previously Reported	Common Stock	Common Stock Conversion to Common Stock	Common Stock Series B Preferred Stock	Common Stock Series C Preferred Stock	Common Stock Class A	Common Stock Class A Previously Reported	Common Stock Class C	Common Stock Class C Previously Reported	Additional Paid-In Capital	Additional Paid-In Capital Conversion to Common Stock	Additional Paid-In Capital Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity	Accumulated Deficit	Accumulated Deficit Previously Reported	Accumulated OCI	Accumulated OCI Previously Reported	Non-Controlling Interest	Non-Controlling Interest Previously Reported
Beginning balance at Dec. 31, 2023	$ (18,486)															$ 38,122		$ 3,323						$ 1,950		$ 844					$ (64,284)		$ 0		$ 1,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(28,198)																														(16,436)				(11,762)
Issuance of common shares, net of issuance costs							$ 13,561									13,561
Other comprehensive gain, net of taxes	62																																62
Units issued to non-controlling interest	13,921																																		13,921
Unit-based compensation	1,056																									137									919
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)
Preferred stock, ending balance (in shares) at Oct. 01, 2024								5,609,951			0
Ending balance at Oct. 01, 2024	(4,503)	$ (21,591)									$ 0						$ 51,683		$ 3,323	$ 0					$ 1,950		$ 981	$ 11,342			(15,845)	$ (92,670)	0	$ 62	0	$ 13,080
Common stock, ending balance (in shares) at Oct. 01, 2024									342,608	1,570,125										0
Beginning balance at Dec. 31, 2023	(18,486)															$ 38,122		$ 3,323						$ 1,950		$ 844					(64,284)		0		1,559
Preferred stock, ending balance (in shares) at Dec. 31, 2024					1,102,000	0					1,102,000	1,102,000		0
Ending balance at Dec. 31, 2024	$ 766,293										$ 0	$ 0		$ 0						$ 4								502,865			(78,262)		909		340,777
Common stock, ending balance (in shares) at Dec. 31, 2024	44,597,154																			44,597,154
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	0
Preferred Stock, ending balance at Dec. 31, 2024	$ 0
Preferred stock, beginning balance (in shares) at Oct. 01, 2024								5,609,951			0
Beginning balance at Oct. 01, 2024	$ (4,503)	(21,591)									$ 0						51,683		3,323	$ 0					1,950		981	11,342			(15,845)	(92,670)	0	62	0	13,080
Common stock, beginning balance (in shares) at Oct. 01, 2024									342,608	1,570,125										0
Preferred stock, ending balance (in shares) at Oct. 02, 2024								11,738,165
Common stock, ending balance (in shares) at Oct. 02, 2024	43,589,850								716,867	3,285,303
Preferred stock, beginning balance (in shares) at Oct. 01, 2024								5,609,951			0
Beginning balance at Oct. 01, 2024	$ (4,503)	$ (21,591)									$ 0						$ 51,683		$ 3,323	$ 0					$ 1,950		$ 981	11,342			(15,845)	$ (92,670)	0	$ 62	0	$ 13,080
Common stock, beginning balance (in shares) at Oct. 01, 2024									342,608	1,570,125										0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(70,093)																														(61,754)				(8,339)
Other comprehensive gain, net of taxes	909																																909
Units issued to non-controlling interest	4,129																																		4,129
Distributions to stockholders	(663)																														(663)
Stock-based compensation	16,338																											14,381							1,957
Accrued preferred dividends	(217)																											(217)
Conversion to equity (in shares)																				259,309
Conversion to equity	2,982																											2,982
Preferred stock, ending balance (in shares) at Dec. 31, 2024					1,102,000	0					1,102,000	1,102,000		0
Ending balance at Dec. 31, 2024	$ 766,293										$ 0	$ 0		$ 0						$ 4								502,865			(78,262)		909		340,777
Common stock, ending balance (in shares) at Dec. 31, 2024	44,597,154																			44,597,154
Preferred Stock, ending balance (in shares) at Dec. 31, 2024	0
Preferred Stock, ending balance at Dec. 31, 2024	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Loss	(475,350)																														(293,317)				(182,033)
Series B Preferred Stock buyback (in shares)												(5,000)
Series B Preferred Stock buyback					$ (50)																							(50)
Series B Preferred Stock issued for paid-in-kind dividends (in shares)												21,808
Series B Preferred Stock issued for paid-in-kind dividends	218																											218
Issuance of common shares, net of issuance costs (in shares)																				1,699,228
Issuance of common shares, net of issuance costs	10,122																											10,122
Issuance of common shares for services (in shares)																				119,971
Issuance of common shares for services	1,102																											1,102
Conversion of convertible debentures (in shares)																				11,003,432
Conversion of convertible debentures	47,000																			$ 1								46,999
RSU settlement, net (in shares)																				343,011
RSU settlement, net	(479)
Vesting of earnout shares (in shares)																				2,344,682
Vesting of earnout shares	874																			$ 1								873
Other comprehensive gain, net of taxes	(2,169)																																(2,169)
Non-controlling interest issued and related transfers	79,615																											(33,693)							113,308
Distributions to stockholders	(24)																														(24)
Stock-based compensation	27,872																											20,462							7,410
Accrued preferred dividends	$ (86)																											(86)
Conversion to equity (in shares)													(1,085,664)		150,000						7,636,369	2,164,673	5,471,696
Conversion to equity			$ 27,270	$ 1,468																	$ 1								$ 27,269	$ 1,468
Preferred stock, ending balance (in shares) at Dec. 31, 2025	33,144				33,144	150,000						33,144		150,000
Ending balance at Dec. 31, 2025	$ 483,676											$ 0		$ 0						$ 7								$ 577,070			$ (371,603)		$ (1,260)		$ 279,462
Common stock, ending balance (in shares) at Dec. 31, 2025	67,743,847																			67,743,847
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of related party notes (in shares)	2,310,848
Conversion of related party notes	$ 23,109
Issuance of Series C Preferred Stock (in shares)	275,000
Issuance of Series C Preferred Stock, net	$ 2,663
Issuance of Series C Preferred Stock for services (in shares)	300,000
Issuance of Series C Preferred Stock for services	$ 3,000
Accrued preferred dividends	$ (34)
Conversion of convertible securities (in shares)			(2,735,848)	(150,000)	(1,085,664)	(2,735,848)
Transfer of Series C Preferred Stock from Mezzanine equity to Stockholders' equity			$ (27,270)	$ (1,468)
Preferred Stock, ending balance (in shares) at Dec. 31, 2025	0
Preferred Stock, ending balance at Dec. 31, 2025	$ 0

Borrowings - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 12,846
2027	24,510
Total	$ 37,356	$ 34,725

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Current Expense:
State	$ 18	$ 0	$ 23
Total Current Expense	18	0	23
Deferred Expense:
Federal	(3,300)	432	(13,648)
State	0	0	142
Total Deferred Expense	(3,300)	432	(13,506)
Total Expense:	$ (3,282)	$ 432	$ (13,483)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (i)
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-Subparagraph (ee)
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
-Subparagraph (h)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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+ Details

Business Segment Data - Reconciliation of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Segment Reporting Information [Line Items]
Revenues:	$ 456	$ 764	$ 2,056
Interest Expense:	1,330	1,633	10,234
Interest Income:	198	333	556
Depreciation and Amortization Expense:	5,455	146	22,506
Net Loss:	(70,093)	(28,198)	(475,350)
Capital Expenditures:	266	736	1,417
Other
Segment Reporting Information [Line Items]
Revenues:	250	750	607
Interest Expense:	1,240	1,069	9,865
Interest Income:	198	326	903
Depreciation and Amortization Expense:	0		9
Net Loss:	(61,335)	(11,546)	(80,160)
Capital Expenditures:	0	0	0
Elimination of management services provided to Technology
Segment Reporting Information [Line Items]
Revenues:	(27)	(81)	(108)
Interest Expense:	0		(486)
Interest Income:	0	0	(486)
Technology
Segment Reporting Information [Line Items]
Revenues:	233	95	1,557
Interest Expense:	90	564	855
Interest Income:	0	7	139
Technology \| Technology
Segment Reporting Information [Line Items]
Revenues:	233	95	1,557
Interest Expense:	90	564	855
Interest Income:	0	7	139
Depreciation and Amortization Expense:	5,455	146	22,497
Net Loss:	(8,758)	(16,652)	(395,190)
Capital Expenditures:	$ 266	$ 736	$ 1,417

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory


	December 31, 2025		December 31, 2024
	(in thousands)
Raw materials	$	667	$	2,974
Work in process	148		50
Finished goods	789		2,154
Total inventories	$	1,604	$	5,178

Earnout Shares	12 Months Ended
Earnout Shares	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Earnout Shares	Note 10. Earnout Shares Upon Closing of the Business Combination, 5,000,000 Company Earnout Shares were contingently issuable to Innventure Members. Additionally, 344,828 earnout shares were issued to the Sponsor who received consideration in the Business Combination. These shares, referred to as "Sponsor Earnout Shares," are subject to clawback. The Company Earnout Shares and the Sponsor Earnout Shares are collectively referred to as the “Earnout Shares”. The Earnout Shares will vest upon the following milestone conditions: •40% of the Earnout Shares will vest upon Accelsius having entered into binding contracts providing for revenue for the Company (as defined in the Business Combination Agreement) within 7 years following the Closing (the “Vesting Period”) in excess of $15.0 million in revenue ("Milestone One"); •40% of the Earnout Shares will vest upon the Company’s formation of a new subsidiary, in partnership with an MNC, as determined using the Innventure LLC's “DownSelect” process, within the Vesting Period ("Milestone Two"); and •20% of the Earnout Shares will vest upon AeroFlexx having received in excess of $15.0 million in revenue within the Vesting Period ("Milestone Three"). The Sponsor Earnout Shares have a vesting provision that occurs upon a change of control event or upon the occurrence of the VWAP of the shares of Innventure, Inc. Common Stock exceeding $11.50 per share for at least twenty days in any immediately preceding thirty day period (the "VWAP Completion Event"). These vesting conditions are not effective on the Company Earnout shares until 6 months following the Business Combination. The Earnout Shares related to Milestone One and Milestone Two were determined to be classified as equity. At Closing, 4,275,862 equity-classified Earnout Shares were fair valued at $46.4 million, inclusive of 2,137,931 Milestone One shares fair valued at $23.2 million and 2,137,931 Milestone Two shares fair valued at $23.2 million which are presented in Additional paid-in capital on the consolidated balance sheets at December 31, 2024. On January 7, 2025, a total of 344,828 Sponsor Earnout Shares fully vested and were no longer subject to contingencies as the Company’s public stock price had surpassed $11.50 for twenty consecutive days, thereby fulfilling the vesting provision for the Sponsor Earnout Shares. These vesting conditions were not effective on the Company Earnout Shares until 6 months following the Business Combination. On January 8, 2025, the Company’s Board of Directors formally recognized the creation of the Refinity subsidiary, thereby meeting the Milestone Two conditions for the Company Earnout Shares. As such, 2,000,000 shares of Common Stock were issued on February 4, 2025 as a result of the satisfaction of the respective milestone. The Earnout Shares related to Milestone Three are classified as a liability. There were 1,000,000 and 1,068,966 liability-classified Earnout Shares fair valued at $3.9 million and $14.8 million as of December 31, 2025 and 2024, respectively. The Company recognized losses of $10.0 million and $3.4 million in Change in fair value of financial liabilities on the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2025 and for the successor period October 2, 2024 through December 31, 2024, respectively.

Borrowings - Debt Extensions (Details) - Notes payable - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Principal amount of 1st extension promissory notes
Debt Instrument [Line Items]
Principal amount of extension promissory notes	$ 0	$ 122
Principal amount of 2nd extension promissory notes
Debt Instrument [Line Items]
Principal amount of extension promissory notes	$ 122	$ 603

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1F
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Note 15. Revenues

The Company provides investment management services to the ESG Fund, a related party, through which it earns revenue from management fees. Management fee revenue is affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem. The Company did not recognize any carried interest allocation during the year ended December 31, 2025, the Successor period from October 2, 2024 through December 31, 2024, and the Predecessor period from January 1, 2024 through October 1, 2024, as the amounts were probable of significant reversal given the consideration is highly susceptible to factors outside the Company's influence. Cumulative carried interest allocation amounts that are subject to restraint and as such are not yet recognized were $9.6 million and $11.3 million as of December 31, 2025 and 2024, respectively. The Company also provides management services to AeroFlexx, which do not have a carried interest feature.

The following table represents the breakout of revenue by source (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Product revenue	$	1,557	$	233	$	95
Management fees - related party	499		223		669

Total revenue	$	2,056	$	456	$	764

The following table represents major customer concentration of revenue:


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Customer A - Related Party	19.0	%	43.0	%	77.0	%
Customer B - Related Party	5.3	%	5.9	%	10.6	%
Customer C	31.8	%	—	%	—	%
Customer D	—	%	—	%	12.4	%
Customer E	3.0	%	48.9	%	—	%
Customer F	20.1	%	—	%	—	%
Total Revenue Concentration of Major Customers	79.2	%	97.8	%	100.0	%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Warrants

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Warrants

Note 11. Warrants


	Number of Public Warrants	Number of Private Warrants	Number of 2024 WTI Warrants	Number of 2025 WTI Warrants
Outstanding, October 2, 2024 (Successor)	11,499,997	7,146,000	—	—
Exercised	(259,309)	—	—	—
Issued	—	—	2	—
Outstanding, December 31, 2024	11,240,688	7,146,000	2	—
Exercised	—	—	—	—
Issued	—	—	—	2
Outstanding, December 31, 2025	11,240,688	7,146,000	2	2

Public and Private Placement Warrants

Upon the consummation of the Business Combination, 11,499,997 Learn CW public warrants and 7,146,000 private placement warrants outstanding immediately prior to Closing was assumed by the Company and each converted into a Company warrant ("Warrant"). All references to “Class A ordinary shares” of Learn CW in Learn CW’s prior agreement were amended to shares of Common Stock of the Company. The Warrants will become exercisable on November 1, 2024 and will expire on October 2, 2029 or earlier upon redemption or liquidation. The Warrants are exercisable for $11.50 per share.

The private placement warrants are identical to the public warrants, except that the private placement warrants and the Common Stock issuable upon the exercise of the private placement warrants will not be transferable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the private placement warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the private placement warrants are held by someone other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable by Learn CW and exercisable by such holders on the same basis as the public warrants.

Public Warrants

The Company determined the public warrants are equity-classified and are presented as permanent equity on the consolidated balance sheets. As such, the public warrants are measured at fair value at Closing using the warrant price at Closing multiplied by the number of public warrants and will not be subsequently re-measured. As of the Closing date the fair value of the equity classified public warrants was $1.3 million and is presented in the consolidated balance sheets. See Note 4. Fair Value for details on valuation. The public warrants expire on October 2, 2029. For the successor period October 2, 2024 through December 31, 2024, 259,309 public warrants were exercised. Each public warrant that was exercised was converted into one share of Common Stock for an exercise price of $11.50, amounting to a total of $3.0 million in cash proceeds.

Private Placement Warrants

The private placement warrants are liability classified and are not eligible for an exception from derivative accounting. The private placement warrants are presented as a current liability on the consolidated balance sheets given their exercisable term, which is 30 days from Closing. The private placement warrants are measured at fair value based on the price of the public warrants (Level 2 fair value measurement).

The private placement warrants will expire on October 2, 2029 or earlier upon redemption or liquidation and are exercisable for $11.50 per share. As of December 31, 2025 and December 31, 2024, the fair value of the private placement warrants is $11.1 million and $16.8 million, respectively, and is presented as a current liability in the consolidated balance sheets. For the years ended December 31, 2025 and for the successor period October 2, 2024 through December 31, 2024, the Company recognized losses of $5.6 million and $16.0 million, respectively, in Change in fair value of financial liabilities on the consolidated statements of operations and comprehensive income (loss).

WTI Warrants

On October 22, 2024, in connection with the WTI Facility, the Company issued warrants (the "2024 WTI Warrants") to the WTI Lenders. The 2024 WTI Warrants are considered freestanding financial instruments and are recorded at fair value on the consolidated balance sheets as a warrant liability in the amount of $13.1 million and $17.2 million as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and for the Successor period October 2, 2024 through December 31, 2024, the Company recognized losses of $4.2 million and $1.5 million, respectively, in change in fair value of financial liabilities on the consolidated statements of operations and comprehensive income (loss). The 2024 WTI Warrants expire on March 31, 2035. See Note 4. Fair Value for details on the valuation.

•If the WTI Lenders choose to exercise the 2024 WTI Warrants for Common Stock, the exercise price is $10.00 per share; however, if the volume-weighted average price (VWAP) of the Company's Common Stock is less than $10.00 per share as of the date which is eighteen months after the Company's Common Stock began trading, then the exercise price shall be reduced to such lower VWAP.

•If the WTI Lenders choose to exercise the 2024 WTI Warrants for Subsequent Round Stock, the exercise price shall be the lowest price per share paid by any person for the Company's equity securities issued in a corresponding subsequent round.

The 2024 WTI Warrants are exercisable at the option of the holders until March 31, 2035, and may be exchanged for a cash amount of $15.0 million (subject to ratable reduction for partial exercises) upon the occurrence of certain liquidity events or at any time from and after October 22, 2028. The holders also have the right to participate in future equity or convertible debt offerings up to an aggregate amount of $5.0 million or to maintain their pro rata ownership, subject to customary exclusions.

The 2024 WTI Warrants are considered freestanding financial instruments and are recorded at fair value on the consolidated balance sheets as a warrant liability. The fair value of the 2024 WTI Warrants upon issuance was $15.7 million.

On April 14, 2025, the Company issued the 2025 WTI Warrants to purchase, at a price of $0.01 per share (subject to certain limitations and adjustment), up to an aggregate total of 495,074 shares of Common Stock, as of the date of issuance and June 30, 2025 (subject to future adjustments to the number and type of shares pursuant to the 2025 WTI Warrants), to the WTI Holders. Each of the 2025 WTI Warrants is exercisable through March 31, 2035, with additional customary rights and protections. The 2025 WTI Warrants were issued to the WTI Holders in conjunction with the first issuance of the Convertible Debentures. The 2025 WTI Warrants serve as consideration for certain provisions under the Consent. The Company recognized the related warrant liability at fair value at an amount of $3.1 million at the time of issuance. The 2025 WTI Warrants are recorded at fair value on the consolidated balance sheets in the amount of $3.2 million as of December 31, 2025. For the year ended December 31, 2025, the Company recognized a loss of $0.1 million, in the change in fair value of financial liabilities on the consolidated statements of operations and comprehensive income (loss). The 2025 WTI Warrants expire on March 31, 2035. See Note 4. Fair Value for details on the valuation.

Investments - Schedule of Unrealized Gains and Losses, and Fair Value Debt Securities, Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Fair value	$ 9,246	$ 11,187
AeroFlexx
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	10,444	10,278
Gross unrealized gains	0	909
Gross unrealized losses	(1,198)	0
Fair value	$ 9,246	$ 11,187

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Paragraph 3
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Inventories, net

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories, net

Note 6. Inventories, net


	December 31, 2025		December 31, 2024
	(in thousands)
Raw materials	$	667	$	2,974
Work in process	148		50
Finished goods	789		2,154
Total inventories	$	1,604	$	5,178

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

Note 4. Fair Value

Fair Value Hierarchy

The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands):


December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investment in debt security - AFS	$	—	$	—	$	9,246	$	9,246


Liabilities:
Earnout liability	$	—	$	—	$	3,890	$	3,890
2024 WTI Warrant liability	—		—		13,080		13,080
2025 WTI Warrant liability	—		—		3,230		3,230
Private placement warrant liability	—		11,148		—		11,148


December 31, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Investment in debt security - AFS	$	—	$	—	$	11,187	$	11,187

Liabilities:
Earnout liability	$	—	$	—	$	14,752	$	14,752
2024 WTI Warrant liability	—		—		17,230		17,230
Private placement warrant liability	—		16,793		—		16,793

Gains and losses for such assets and liabilities categorized within the Level 3 table set forth may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):


	Forward Contract		Embedded derivative liability - convertible promissory notes		Embedded derivative liability - August 2025 Notes		Investment in debt securities - AFS		Earnout liability		2024 WTI Warrant liability		2025 WTI Warrant liability		Embedded derivative liability (asset) - Convertible Debentures
Balance as of January 1, 2024 (Predecessor)	$	—	$	1,994	$	—	$	—	$	—	$	—	$	—	$	—
Additions	—		—		—		10,110		—		—		—		—
Settlement	—		(2,472)		—		—		—		—		—		—
Change in fair value	—		478		—		62		—		—		—		—
Balance as of October 1, 2024 (Predecessor)	$	—	$	—	$	—	$	10,172	$	—	$	—	$	—	$	—

Balance as of October 2, 2024 Successor)	—		—		—		10,172		11,352		—		—		—
Additions	54		—		—		106		—		15,690		—		—
Settlement	(99)		—		—		—		—		—		—		—
Change in fair value	45		—		—		909		3,400		1,540		—		—
Balance as of December 31, 2024 (Successor)	$	—	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—

Balance as of January 1, 2025 (Successor)	$	—	$	—	$	—	$	11,187	$	14,752	$	17,230	$	—	$	—
Additions	—		—		—		7,477		—		—		3,090		1,476
Settlement and derecognitions	—		—		(1,677)		(8,756)		(873)		—		—		(3,297)
Change in fair value	—		—		1,677		(662)		(9,989)		(4,150)		140		1,821
Balance as of December 31, 2025 (Successor)	$	—	$	—	$	—	$	9,246	$	3,890	$	13,080	$	3,230	$	—

There were no transfers in or out of levels during the Successor period for the year ended December 31, 2025, the Successor period from October 2, 2024 through December 31, 2024, or the Predecessor period from January 1, 2024 through October 1, 2024.

Standby Equity Purchase Agreement

On October 24, 2023, the Company entered into the Standby Equity Purchase Agreement (“SEPA”) with Yorkville (as defined below), as further described in Note 13. Stockholders' Equity with applicable terms defined. The SEPA became effective concurrently with the Business Combination. The SEPA includes two components subject to fair value

measurement: the Purchased Put Option and Forward Contract. These are considered freestanding financial instruments not indexed to the Company’s stock.

The Purchased Put Option is accounted for as a derivative asset, initially measured at fair value upon Closing and subsequently measured at fair value each reporting period with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). The Purchased Put Option fair value is considered de minimis upon Closing due to the exercise price being at a discount to market prices and remains nominal as of December 31, 2025 and 2024.

The Forward Contract is initially measured at fair value upon any Advance Notice (as defined below) and subsequently remeasured with changes in fair value recorded in the consolidated statements of operations and comprehensive income (loss). A derivative liability or asset will be recorded when there is an Advance Notice outstanding as of a reporting period. There were no outstanding Advance Notices as of December 31, 2025 and 2024.

Investment in debt securities - AFS


	December 31, 2025		December 31, 2024
Volatility	n/a		120	%
Time to liquidity	n/a		2 years
Discount for lack of marketability	n/a		31.00	%
Weighted average cost of capital	n/a		45.00	%
Risk-free rate	n/a		4.23	%
AeroFlexx yield	17.01	%

As further discussed in Note 3. Investments, outstanding principal and accrued interest of $7.3 million for the investment in debt securities - AFS was automatically converted into Class D Units in accordance with the loan agreement. Prior to the conversion, the fair value was estimated using a Black Scholes model. Post conversion, the fair value is estimated using a discounted cash flow model by discounting the contractual debt cash flows at a rate incorporating the credit risk of AeroFlexx.

Earnout Shares

Upon Closing of the Business Combination, Earnout Shares were issued to previous Innventure Members and contingently issued to Sponsors (as defined and further described in Note 10. Earnout Shares). The fair value of the Earnout Shares was determined using a Monte Carlo valuation model that utilizes significant assumptions, including expected volatility, expected term, and risk-free rate, to determine the probability of achieving common share price and revenue milestones. The shares may vest upon either the achievement of the common share price milestone or revenue or event-based milestones specific to each of three tranches. Specifically, the future stock price of the Company and revenues of Accelsius and AeroFlexx are simulated assuming a Geometric Brownian Motion (GBM) in a risk-neutral framework. The Earnout Share payoff is calculated based on the contractual terms, and then discounted at the term-matched risk-free rate. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the Earnout Shares. Discounting conventions of revenue-based milestones are mid-period assuming annual revenue forecasts are earned on average at the mid-period of the forecast period. The value of the Earnout Shares is calculated as the average present value over all future modeled payoffs.

The inputs used in simulating the Company’s stock price include, the term, stock price, volatility, risk-free rate and dividend yield. Prior to the Business Combination, the Company never paid or declared dividends, thus the dividend yield is based on our history and expectation of dividend payouts and is estimated to be 0% as of December 31, 2025 and 2024. The following table summarizes the inputs used in simulating the Company’s stock price for purposes of valuing the Earnout Shares:


	December 31, 2025			December 31, 2024
Term	5.8 years			6.8 years
Stock price	$	4.18		$	13.85
Volatility	60.00		%	56.00		%
Risk-free rate	3.77		%	4.42		%
Revenue risk premium	27.80		%	36.10		%
Revenue volatility	157.30		%	176.00		%

The Earnout Shares related to Milestone Three are liability classified, and the Earnout Shares related to Milestone One and Two are equity classified as further described in Note 10. Earnout Shares. The assumptions used in measuring fair value of Milestone Three Earnout Shares are considered Level 3 inputs, which include weighted average cost of capital risk premium, operational leverage ratio, revenue risk premium and revenue volatility.

For further information on the Earnout Shares, refer to Note 10. Earnout Shares.

Warrants

In October 2024, The Company issued freestanding warrants (the “2024 WTI Warrants”) to the WTI Lenders in connection with the WTI Facility (as defined and further described in Note 5. Borrowings and Note 11. Warrants). The fair value measurement of 2024 WTI Warrants is based on unobservable inputs (Level 3 fair value measurement).

The fair value of the 2024 WTI Warrants was determined using a Monte Carlo valuation model in which the future stock price is simulated assuming a GBM in a risk-neutral framework. The model utilizes significant assumptions including stock price, stock price volatility, and credit spread. The credit spread relates to estimated counterparty credit risk of Innventure being able to make payments related to the WTI Lenders’ put right, in which the 2024 WTI Lenders may exchange the WTI Warrants for a total cash payment of $15.0 million after the four-year anniversary of issuance. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve.

In April 2025, the Company issued freestanding warrants (the 2025 “WTI Warrants”) to the WTI Lenders in connection with the WTI Facility (as defined and further described in Note 5. Borrowings and Note 11. Warrants). The fair value measurement of 2025 WTI Warrants is based on unobservable inputs (Level 3 fair value measurement).

The initial fair value of the 2025 WTI Warrants was determined using a Monte Carlo valuation model in which the future stock price is simulated assuming a GBM in a risk-neutral framework. The model utilizes significant assumptions including stock price, stock price volatility and credit spread. Specifically, the initial valuation as of the April 14, 2025 issuance date considered a stock price of $3.65, stock price volatility of 57.00%, and credit spread of 27.70%. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve. The following table summarizes the inputs used in the GBM for purposes of valuing the WTI Warrants as of each year end:


			December 31, 2025			December 31, 2024
2025 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	4.18		N/A
		Stock price volatility	60.00		%	N/A
		Credit spread	26.00		%	N/A
2024 WTI Warrants:
	Geometric Brownian Motion	Stock price	$	4.18		$	13.85
		Stock price volatility	60.00		%	56.00		%
		Credit spread	26.00		%	18.80		%

Significant increases or decreases to any of these inputs would result in a significantly higher or lower liability. For further information on the 2024 WTI Warrants (as defined below), and 2025 WTI Warrants, refer to Note 11. Warrants.

Derivative Liabilities

Embedded derivative liabilities contained within the previously issued 8% convertible promissory notes (the “2025 Notes”) were stated at fair value. Fair value was determined utilizing discounted cash flows, using unobservable market data inputs, and an option pricing model based on a probability-weighted expected outcome with respect to a financing or a change of control. The derivatives associated with the 2025 Notes were settled in March 2024 due to conversion of the 2025 Notes in a qualified financing. A summary of the significant unobservable inputs utilized to estimate the fair value at settlement is as follows:


Embedded derivative within 2025 Notes issued August 18, 2022 with a principal balance of $4,000	Settlement
Discount Rate	35	%
Probability of Expected Outcomes
Financing	100	%
Change in control	—	%
Other	—	%

Embedded derivative within 2025 Notes issued June 7 & July 3, 2023 with an aggregate principal balance of 2,000
Discount Rate	71% - 87%
Probability of Expected Outcomes
Financing	100	%
Change in control	—	%
Other	—	%

As further discussed and defined in Note 5. Borrowings, the Company issued Convertible Debentures (as defined below) which contain certain features which qualify as embedded derivates requiring bifurcation. The fair value of the embedded derivative is determined utilizing a “with and without” method, in which the fair value is calculated as the difference in the fair value of the entire hybrid instrument and the fair value of the instrument excluding the bifurcated derivative features. The initial fair value of the embedded derivative was determined using a discounted cash flow model as of April 14, 2025 and May 15, 2025 which is reflective of the dates of the Convertible Debenture issuances. The model uses a significant assumption of a debt yield of 44.5% for the April 14, 2025 issuance and 42.6% for the May 15, 2025 issuance.


			September 30, 2025
Embedded derivative asset - Convertible Debentures:
	Binomial Lattice Model	Stock price	$	5.79
		Stock price volatility	60.00		%
		Debt yield	38.70		%
		Debt spread	35.00		%

At the time of issuance of the August 2025 Notes (defined below), the related embedded derivative liability had a de minimis fair value. On September 30, 2025, the Company recognized $1,677 for the embedded derivative liability related to the contingent exchange feature. The fair value was determined using a Black-Scholes valuation model, utilizing inputs related to the risk-free rate, volatility, time to liquidity, and the Accelsius Series B-1 issuance price. Specifically, the September 30, 2025 valuation considered a risk-free rate of 3.66%, volatility of 70.00%, time to liquidity of 4.25 years, and an Accelsius Series B-1 unit issuance price of $36.49. The derivative associated with the August 2025 notes were settled in October 2025 due to the conversion of the August 2025 Notes in a qualified financing.

Other

Our financial instruments that are not re-measured at fair value include prepaid expenses and other current assets, due from related parties, other assets, accounts payable, accrued expenses, accrued employee benefits, other current liabilities and other liabilities as the carrying amounts approximate fair value due to the short maturity terms of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segment Data - Technology Segment Information (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 456,000	$ 764,000	$ 2,056,000
Interest income	198,000	333,000	556,000
Cost of sales	3,752,000	777,000	18,830,000
General and administrative	29,652,000	26,608,000	66,710,000
Research and development	5,340,000	5,978,000	25,025,000
Sales and marketing	2,009,000	4,178,000	9,633,000
Interest expense	1,330,000	1,633,000	10,234,000
Income tax expense (benefit)	(3,282,000)	432,000	(13,483,000)
Goodwill impairment	0	0	346,557,000	$ 0
Other	57,000	64,000	46,000
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	(61,754,000)	(16,436,000)	(293,317,000)
Technology
Segment Reporting Information [Line Items]
Revenue	233,000	95,000	1,557,000
Interest income	0	7,000	139,000
Cost of sales	3,752,000	777,000	7,831,000
Employee costs	3,933,000	8,076,000	26,377,000
Facilities, equipment & supplies	121,000	581,000	3,117,000
General and administrative	751,000	398,000	5,578,000
Outside services	390,000	842,000	1,589,000
Research and development	3,224,000	2,711,000	13,864,000
Sales and marketing	193,000	442,000	1,073,000
Depreciation expense	6,000	99,000	1,181,000
Interest expense	90,000	564,000	855,000
Income tax expense (benefit)	(3,637,000)	432,000	(13,571,000)
Goodwill impairment	0	0	346,557,000
Other	168,000	1,832,000	2,435,000
Total Operating Expenses	8,991,000	16,754,000	396,886,000
Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders	$ (8,758,000)	$ (16,652,000)	$ (395,190,000)

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 21,616
2027	21,234
2028	20,073
2029	18,853
2030	15,173
Thereafter	63,588
Net Carrying Amount	$ 160,537	$ 182,153

Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings


	Maturities	December 31, 2025		Interest Rates	December 31, 2024		Interest Rates
		(in thousands)			(in thousands)
Related Party Notes	2024 - 2025	$	—	—	$	14,000	8% - 15.99%
Series 1 promissory notes	2025 - 2026	122		15%	725		12% - 15%
Related party convertible notes	2025 - 2026	4,331		3.94% - 15%	—
Convertible debentures	2026	5,572		—% - 5%	—
Term convertible notes	2026	7,890		3.94%	—

WTI Facility	2028	19,441		13.50%	20,000		13.50%
Total Notes Payable		37,356			34,725
Less: unamortized debt discount		(3,962)			(6,446)
Less: current portion of related party notes payable		—			(14,000)
Less: current portion of term convertible note		(7,890)			—
Less: current portion of related party term convertible note		(4,331)			—
Less: current portion of notes payable		(12,846)			(625)
Total Long-term Notes		$	8,327		$	13,654

Schedule of Maturity of Borrowings

The Company’s notes payable, excluding debt issuance costs, mature as follows (in thousands):


	Amount
2026	$	12,846
2027	24,510


Total	$	37,356

Schedule of Extensions of Promissory Notes

Extensions on Series 1 promissory notes were as follows (in thousands):



	December 31, 2025		December 31, 2024
Principal amount of 1st extension promissory notes	$	—	$	122
Principal amount of 2nd extension promissory notes	$	122	$	603

Schedule of Interest Expense

Interest expense on Series 1 promissory notes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Interest attributable to contractual interest	$	71	$	29	$	138

Interest expense on the related party notes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Total interest expense	$	419	$	611	$	932

Interest expense on the WTI facility was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Interest attributable to contractual interest	$	2,738	$	352	$	—
Interest attributable to amortization of issuance costs and discounts	2,111		248		—
Total interest expense	$	4,849	$	600	$	—

Interest expense on the Convertible Debentures was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1 2024 through October 1, 2024
Interest attributable to contractual interest	$	231	$	—	$	—
Interest attributable to amortization of issuance costs	4,279		—		—
Total interest expense	$	4,510	$	—	$	—

Interest expense on the 2025 Notes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		Period from October 2, 2024 through December 31, 2024		Period from January 1, 2024 through October 1, 2024
Interest attributable to contractual interest	$	—	$	—	$	120
Interest attributable to amortization of implied discounts	—		—		231
Total interest expense	$	—	$	—	$	351

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets [Abstract]
Cash, cash equivalents and restricted cash	$ 60,449	$ 11,119
Restricted cash	5,000	0
Accounts receivable	1,094	283
Due from related party	11,840	4,536
Inventories	1,604	5,178
Prepaid expenses and other current assets	3,167	3,170
Total Current Assets	83,154	24,286
Investments	28,741	28,734
Property, plant and equipment, net	1,941	1,414
Intangible assets, net	160,537	182,153
Goodwill	323,463	667,936
Other assets	1,351	766
Total Assets	599,187	905,289
Liabilities and Stockholders' Deficit
Accounts payable	2,551	3,248
Accrued employee benefits	11,343	9,273
Accrued expenses	7,386	2,478
Contract liabilities	947	0
Patent installment payable - current	700	1,225
Obligation to issue equity	119	4,158
Warrant liability	27,458	34,023
Income taxes payable	23	0
Other current liabilities	682	317
Total Current Liabilities	76,276	69,347
Notes payable, net of current portion	8,327	13,654
Earnout liability	3,890	14,752
Stock-based compensation liability	239	1,160
Patent installment payable, net of current	12,375	12,375
Deferred income taxes	13,848	27,353
Other liabilities	556	355
Total Liabilities	115,511	138,996
Commitments and Contingencies (Note 19)
Stockholders' Equity
Common stock	7	4
Additional paid-in capital	577,070	502,865
Accumulated other comprehensive gain (loss)	(1,260)	909
Accumulated deficit	(371,603)	(78,262)
Total Innventure, Inc., Stockholders’ Equity	204,214	425,516
Non-controlling interest	279,462	340,777
Total Stockholders' Equity	483,676	766,293
Total Liabilities and Stockholder’s Equity	599,187	905,289
Series B Preferred Stock
Liabilities and Stockholders' Deficit
Obligation to issue equity	200
Stockholders' Equity
Preferred stock	0	0
Series C Preferred Stock
Liabilities and Stockholders' Deficit
Obligation to issue equity	100
Stockholders' Equity
Preferred stock	0	0
Related party
Liabilities and Stockholders' Deficit
Notes payable - current	0	14,000
Convertible note - current	4,331	0
Nonrelated party
Liabilities and Stockholders' Deficit
Notes payable - current	12,846	625
Convertible note - current	$ 7,890	$ 0

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Note 18. Related Party Transactions As more fully described in Note 5. Borrowings, the Company has various notes with affiliates, including short-term notes with three separate related parties which were settled on March 20, 2025. In addition, the Company issued a convertible note to the ESG Fund pursuant to the Amended and Restated Series I Convertible Note Purchase Agreement, dated as of June 2, 2023, by and among Accelsius, ESG Fund, and the other parties thereto, which were converted during the Predecessor period January 1, 2024 to October 1, 2024. During the year ended December 31, 2025 (Successor), the Company entered into the Related Party Convertible Notes with various related parties, including other lenders. Transactions with Directors As more fully described in Note 12. Stock-based Compensation, the Company issued various equity awards to related parties throughout 2024. On December 9, 2024, the Company issued 1,246,722 RSUs with a grant date fair value of $15.2 million and 590,163 stock options with a grant date fair value of $3.9 million to a cumulative of eight directors. On December 31, 2024, the Company issued 200,000 SARs with a grant date fair value of $7.8 million to four directors and former directors. On March 22, 2024, Accelsius issued 100,000 Class C Units with a grant date fair value of $0.4 million to one director under the Accelsius Subsidiary Equity Plan. Additionally, on June 25, 2025, the Company issued 111,525 RSUs with a grant date fair value of $0.6 million to five directors pursuant to the Innventure Non-Management Director Compensation Plan. On August 25, 2025, the Company issued 338,601 RSUs with a grant date fair value of $1.5 million to two directors, pursuant to the 2024 Plan. Transactions with the ESG Fund In the normal course of business, the Company advances certain expenses on behalf of the ESG Fund. Certain expenses paid by the Company, which meet certain criteria, are reimbursed to the Company by the ESG Fund. Amounts paid by the Company and reimbursable by the ESG Fund were $0.1 million for the year ended December 31, 2025 (Successor), $0.1 million for the Successor period from October 2, 2024 through December 31, 2024, and $0.1 million for the Predecessor period from January 1, 2024 through October 1, 2024. There was an immaterial receivable related to those expenses included in Due from related parties in the consolidated balance sheet as of December 31, 2025 and a $0.1 million receivable due from related parties in the consolidated balance sheet as of December 31, 2024. As more fully described in Note 2. Accounting Policies, the Company earns a 1-2% management fee for administrative, finance and accounting, and other back-office functions from the ESG Fund. Management fees earned from the ESG Fund were $0.4 million for the year ended December 31, 2025 (Successor), $0.2 million for the Successor period from October 2, 2024 through December 31, 2024, and $0.6 million for the Predecessor period from January 1, 2024 through October 1, 2024, which is recorded as Revenue in the consolidated statements of operations and comprehensive income (loss). In March 2021, the Company entered into a purchase option agreement with the ESG Fund to sell 145,161 shares of PureCycle Technologies, Inc. (“PCT”) common stock with an exercise price of $1. The option period would have expired on July 22, 2024 and the Company measured the derivative liability at fair value. The option was exercised in March 2022 and the shares are subject to the lock-up provisions. The liability due to the ESG Fund was derecognized as a result of the Business Combination. Transactions with AeroFlexx As of December 31, 2025 and December 31, 2024, the Company had $10.5 million and $4.4 million, respectively, of advances to AeroFlexx which is included in Due from related parties in the consolidated balance sheets. The advances have no stated interest or maturity date but are expected to be repaid within a year. On March 24, 2025, the Company issued 578,294 shares of Series C Preferred Stock to settle AeroFlexx’s debt with a related party. The Company considers the stock issuance to be an investment in AeroFlexx of $5.8 million which was recorded in Investments on the consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-Topic 946
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-URI https://asc.fasb.org/850/tableOfContent

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-Topic 850
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets:
Deferred lease liabilities	$ 262	$ 138
Reserves and other accruals	8,991	4,873
Capitalized R&D expense	3,740	2,562
Fixed assets and intangibles	2,830	3,113
Unrealized Gain/Loss	1,945	0
Loss carry-forwards and other tax attributes	29,753	15,682
Total Deferred Tax Assets	47,521	26,368
Less: Valuation allowance	(23,130)	(11,664)
Net Deferred Tax Assets	24,391	14,704
Deferred Tax Liabilities:
Amortization	(34,213)	(38,443)
Investment in Partnerships	(3,982)	(3,505)
Right of use assets	(44)	(109)
Total Deferred Tax Liabilities	(38,239)	(42,057)
Net Deferred Tax Liabilities	$ (13,848)	$ (27,353)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Income taxes paid	$ 0
Valuation allowance on deferred tax assets	23,130,000	$ 11,664,000
Increase in valuation allowance on deferred tax assets	(11,500,000)
Net increase in valuation allowance on deferred tax assets	11,500,000
Deferred tax liabilities, other finite-lived assets	39,600,000
United States
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	127,000,000.0
United Kingdom
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	700,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 40,600,000

Goodwill and Intangible Assets - Goodwill (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 667,936,000
Impairment	$ 0	$ 0	(346,557,000)	$ 0
Other			2,084,000
Goodwill, ending balance	$ 667,936,000		$ 323,463,000	$ 667,936,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

+ References + Details

Accounting Policies - Revenue Recognition (Details) - Related party	12 Months Ended
	Dec. 31, 2025
Transactions with the ESG Fund \| Minimum
Related Party Transaction [Line Items]
Management fee percentage	1.00%
Transactions with the ESG Fund \| Maximum
Related Party Transaction [Line Items]
Management fee percentage	2.00%
Transactions with the Fund, carried interest allocation
Related Party Transaction [Line Items]
Minimum return percentage	8.00%
Transactions with the Fund, carried interest allocation \| Minimum
Related Party Transaction [Line Items]
Management fee percentage	10.00%
Transactions with the Fund, carried interest allocation \| Maximum
Related Party Transaction [Line Items]
Management fee percentage	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Before Taxes

The provision for income before taxes was as follows (in thousands):


	Successor				Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
United States	$	(488,148)	$	(73,375)	$	(27,766)
Foreign1	(685)		—		—
Total	$	(488,833)	$	(73,375)	(27,766)
1The Company adopted ASU 2023-09 on a prospective basis, and as a result for the year ended December 31, 2025, foreign income is presented on the country of domicile which results in Innventure, Inc’s income before taxes included. For the periods ended December 31, 2024 and October 1,2024, Innventure, Inc’s income was included in the United States based on the country of tax jurisdiction.

Schedule of Provision for Income Taxes

The provision for income taxes was as follows:


	Successor		Successor		Predecessor
	Year Ended December 31, 2025		October 2, 2024 through December 31, 2024		January 1, 2024 through October 1, 2024
Current Expense:

State	23		18		—

Total Current Expense	23		18		—

Deferred Expense:
Federal	(13,648)		(3,300)		432
State	142		—		—

Total Deferred Expense	(13,506)		(3,300)		432
Total Expense:	$	(13,483)	$	(3,282)	$	432

Schedule of Reconciliation of the Income Tax Provision


	Successor
	December 31, 2025

	In thousands (except percentages)
Income taxes at federal statutory rate	(102,655)		21.0	%
State taxes, net of federal benefit2	(145)		—	%

Warrant liability	(1,379)		0.3	%
Non-deductible expenses	34		—	%
Change in earnout fair value	(2,098)		0.4	%
Other permanent differences	7,224		(1.5)	%
Change in valuation allowance	11,618		(2.4)	%

Goodwill impairment	72,777		(14.9)	%
Officer’s compensation	1,141		(0.2)	%
Total provision (benefit) for income taxes	$	(13,483)	2.7	%
2Arizona, Florida, New York, Oklahoma, and Virginia represent majority of the tax effect in this category.


	Successor				Predecessor
	October 2, 2024 through December 31, 2024				January 1, 2024 through October 1, 2024

Income taxes at federal statutory rate	(15,405)		21.0	%	—		—	%
State taxes, net of federal benefit	(1,801)		2.5	%	—		—	%
Tax on pre-tax earnings of corporate subsidiaries	—		—	%	(3,022)		10.9	%
Warrant liability	3,685		(5.0)	%	—		—	%
Non-deductible expenses	6		—	%	6		—	%
Change in earnout fair value	(714)		1.0	%	—		—	%
Other permanent differences	(423)		0.6	%	—		—	%
Change in valuation allowance	11,664		(15.9)	%	3,448		(12.4)	%
R&D credit	(294)		0.4	%	—		—


Total provision (benefit) for income taxes	$	(3,282)	4.6	%	$	432	(1.5)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:


	December 31, 2025		December 31, 2024
Deferred Tax Assets:
Deferred lease liabilities	$	262	$	138
Reserves and other accruals	8,991		4,873
Capitalized R&D expense	3,740		2,562
Fixed assets and intangibles	2,830		3,113
Unrealized Gain/Loss	1,945		—
Loss carry-forwards and other tax attributes	29,753		15,682
Total Deferred Tax Assets	47,521		26,368
Less: Valuation allowance	(23,130)		(11,664)
Net Deferred Tax Assets	$	24,391	$	14,704

Deferred Tax Liabilities:
Amortization	$	(34,213)	$	(38,443)
Investment in Partnerships	(3,982)		(3,505)
Right of use assets	(44)		(109)
Total Deferred Tax Liabilities	(38,239)		(42,057)
Net Deferred Tax Liabilities	$	(13,848)	$	(27,353)

Income Taxes - Schedule of Reconciliation of the Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes at federal statutory rate	$ (15,405)	$ 0	$ (102,655)
State taxes, net of federal benefit	(1,801)	0	(145)
Tax on pre-tax earnings of corporate subsidiaries	0	(3,022)
Warrant liability	3,685	0	(1,379)
Non-deductible expenses	6	6	34
Change in earnout fair value	(714)	0	(2,098)
Other permanent differences	(423)	0	7,224
Change in valuation allowance	11,664	3,448	11,618
Goodwill impairment			72,777
Officer’s compensation			1,141
R&D credit	(294)	0
Total Expense:	$ (3,282)	$ 432	$ (13,483)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at federal statutory rate	21.00%	0.00%	21.00%
State taxes, net of federal benefit	2.50%	0.00%	0.00%
Tax on pre-tax earnings of corporate subsidiaries	0.00%	10.90%
Warrant liability	(5.00%)	0.00%	0.30%
Non-deductible expenses	0.00%	0.00%	0.00%
Change in earnout fair value	1.00%	0.00%	0.40%
Other permanent differences	0.60%	0.00%	(1.50%)
Change in valuation allowance	(15.90%)	(12.40%)	(2.40%)
Goodwill impairment			(14.90%)
Officer’s compensation			(0.20%)
R&D credit	0.40%
Total provision (benefit) for income taxes	4.60%	(1.50%)	2.70%

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 9. Goodwill and Intangible Assets

Goodwill


	(in thousands)
Balance as of December 31, 2024	$	667,936
Impairment	(346,557)
Other	2,084
Balance as of December 31, 2025	$	323,463

In addition to annual impairment testing of goodwill, which is performed in the fourth quarter of each fiscal year, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions used in determining fair value and therefore would require interim impairment testing, including long-term revenue growth projections, profitability, discount rates, volatility in the Company's market capitalization and general industry, market and macroeconomic conditions. During the year ended December 31, 2025, the Company recorded $346.6 million in non-deductible, non-cash goodwill impairment charges, within the consolidated statements of operations and comprehensive income (loss) due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market in late February 2025 through April 2025.

The Company’s annual fourth quarter, June 30, 2025 and March 31, 2025 goodwill impairment testing was performed using the income approach via a discounted cash flow model. The income approach estimates fair value by converting future cash flows to a current amount on the measurement date after taking into consideration marketplace conditions. Assumptions including discount rate and estimated future cash flows had a significant impact to the estimated fair value of the reporting unit. These fair values are Level 3 assets in the fair value hierarchy.

In the event there are further adverse changes in the Company’s projected cash flows or further changes in key assumptions, including but not limited to an increase in the discount rate and further decline in the Company’s stock price, the Company may be required to record additional non-cash impairment charges to goodwill. Such non-cash charges could have a material adverse effect on the Company’s consolidated statements of operations and comprehensive income (loss) and consolidated balance sheets in the reporting period of the charge.

Other intangible assets, net


	December 31, 2025							December 31, 2024
Intangible Asset	Weighted-Average Amortization Period Remaining (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
		(in thousands)
Trade names	14.8	$	17,800	$	(1,390)	$	16,410	$	17,800	$	(277)	$	17,523
Customer relationships	1.8	4,600		(1,915)		2,685		4,600		(382)		4,218
Developed technology	8.0	165,100		(23,678)		141,422		165,100		(4,718)		160,382
Other finite-lived intangible assets	1.9	30		(10)		20		30		—		$	30
Total intangible assets		$	187,530	$	(26,993)	$	160,537	$	187,530	$	(5,377)	$	182,153

Amortization expense of $21.6 million and $5.4 million was recognized for the years ended December 31, 2025 and for the successor period October, 2 2024 through December 31, 2024, respectively, and is recorded within Cost of sales, General and administrative and Research and development on the consolidated statements of operations and comprehensive income (loss).

Estimated future amortization expense is as follows (in thousands):


	Amortization Expense
2026	$	21,616
2027	21,234
2028	20,073
2029	18,853
2030	15,173
Thereafter	63,588
Total	$	160,537

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2025
Debt Instrument [Line Items]
Interest attributable to amortization of implied discounts	$ 248	$ 351	$ 6,588
Series 1 promissory notes \| Notes payable
Debt Instrument [Line Items]
Interest attributable to contractual interest	29	138	71
Related Party Notes \| Notes payable
Debt Instrument [Line Items]
Total interest expense	611	932	419
WTI Facility \| Term loan
Debt Instrument [Line Items]
Interest attributable to contractual interest	352	0	2,738
Interest attributable to amortization of issuance costs	248	0	2,111
Total interest expense	600	0	4,849
Convertible Debentures \| Convertible debt
Debt Instrument [Line Items]
Interest attributable to contractual interest	0	0	231
Interest attributable to amortization of issuance costs	0	0	4,279
Total interest expense	0	0	4,510
Convertible Promissory Notes Due 2025 \| Convertible debt
Debt Instrument [Line Items]
Interest attributable to contractual interest	0	120	0
Interest attributable to amortization of implied discounts	0	231	0
Total interest expense	$ 0	$ 351	$ 0