Accelsius delivered first revenue generating system during third quarter
ORLANDO, Fla., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Innventure, Inc. (NASDAQ: INV) ("Innventure”), a technology commercialization platform, today announced financial results for the quarter ended September 30, 2024.
"We are incredibly excited about Innventure's accomplishments during the third quarter, which subsequently culminated in early October with the close of our business combination and first day of trading on the Nasdaq,” said Bill Haskell, Innventure's Chief Executive Officer. "Our operating companies continue to outperform our expectations, with both AeroFlexx and Accelsius now delivering commercial product to the marketplace.”
Mr. Haskell continued, "We look forward to sharing more as we scale these companies and launch new companies in the future. I'd like to thank the entire Innventure team for their tireless work making our vision an ever expanding reality. Now as a public company, we can accelerate execution against our mission to bring breakthrough technologies to market and deliver long-term value for our shareholders.”
Conference Call and Webcast
A conference call to discuss these results has been scheduled for 8:30 a.m. ET on Thursday, November 14, 2024. Interested parties can join the call via teleconference by registering at this link: https://register.vevent.com/register/BIc433d3bf08f34d37b56270335fc659fe.
After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance. Webcast information and conference call materials will be made available on Innventure's Investor Relations website here: https://ir.innventure.com/.
About Innventure
Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ''disruptive'' as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements about the Company's business model and its and its operating companies' prospects. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or the Company's future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as "plan,” "believe,” "expect,” "anticipate,” "intend,” "outlook,” "estimate,” "forecast,” "project,” "continue,” "could,” "may,” "might,” "possible,” "will,” "potential,” "predict,” "should,” "would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the Company's management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors discussed and identified in other public filings made with the Securities and Exchange Commission by the Company and the following: (a) expectations regarding the Company's and the Innventure Companies' (as defined below) strategies and future financial performance, including their future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company's ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company's and the Innventure Companies' business models and growth strategies; (c) the Company's future capital requirements and sources and uses of cash; (d) the Company's ability to meet the various conditions, including the available cash and performance targets, and access any of the installments draws under the WTI Line of Credit; (e) the Company's ability to meet the various conditions and satisfy the various limitations under the Standby Equity Purchase Agreement (the "SEPA”) with YA II PN, Ltd., including exchange caps, issuances and subscriptions based on trading volumes, to access the funds available under the SEPA; (f) that the Company will have sufficient capital following the completion of the Business Combination to operate as anticipated; (g) the Company's ability to obtain funding for its operations and future growth; (h) developments and projections relating to the Company's and the Innventure Companies' competitors and industry; (i) the Innventure Companies' ability to meet, and to continue to meet, applicable regulatory requirements for the use of their products and the numerous regulatory requirements generally applicable to their products and facilities; (j) the outcome of any legal proceedings that may be instituted against the Company in connection with the completion of the Business Combination; (k) the Company's ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations ("MNCs”) and to satisfy the requirements imposed by or to avoid disagreements with its current and future MNC partners; (l) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (m) the Company's ability to sufficiently protect the intellectual property rights of itself and its subsidiaries, and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (n) the risk of a cyber-attack or a failure of the Company's information technology and data security infrastructure; (o) the ability to recognize the anticipated benefits of the Business Combination; (p) unexpected costs related to the Business Combination; (q) geopolitical risk and changes in applicable laws or regulations; (r) potential adverse effects of other economic, business, and/or competitive factors; and (s) operational risks related to the Company and its subsidiaries.
Media Contact: Laurie Steinberg, Solebury Strategic Communications
Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
| Innventure LLC and Subsidiaries
Condensed Consolidated Balance Sheets (in thousands, except unit and per unit amounts) (Unaudited) | ||||||||
| September 30,
2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Cash, cash equivalents and restricted cash | $ | 16,297 | $ | 2,575 | ||||
| Prepaid expenses and other current assets | 1,884 | 487 | ||||||
| Inventory | 2,824 | - | ||||||
| Due from related parties | 210 | 2,602 | ||||||
| Total Current Assets | 21,215 | 5,664 | ||||||
| Investments | 32,359 | 14,167 | ||||||
| Property, plant and equipment, net | 1,227 | 637 | ||||||
| Other assets | 930 | 1,096 | ||||||
| Total Assets | 55,731 | 21,564 | ||||||
| Liabilities and Unitholders' Capital | ||||||||
| Accounts payable | 4,932 | 93 | ||||||
| Accrued employee benefits | 7,617 | 3,779 | ||||||
| Accrued expenses | 1,929 | 1,009 | ||||||
| Related party payables | 815 | 347 | ||||||
| Related party notes payable - current | 13,932 | 1,000 | ||||||
| Notes payable - current | 693 | 912 | ||||||
| Patent installment payable - current | 525 | 775 | ||||||
| Liability for future preferred stock issuance | 10,870 | - | ||||||
| Other current liabilities | 288 | 253 | ||||||
| Total Current Liabilities | 41,601 | 8,168 | ||||||
| Notes payable, net of current portion | 282 | 999 | ||||||
| Convertible promissory note, net | - | 1,120 | ||||||
| Convertible promissory note due to related party, net | - | 3,381 | ||||||
| Embedded derivative liability | - | 1,994 | ||||||
| Patent installment payable, net of current | 13,075 | 13,075 | ||||||
| Other liabilities | 501 | 683 | ||||||
| Total Liabilities | 55,459 | 29,420 | ||||||
| Commitments and Contingencies | ||||||||
| Mezzanine Capital | ||||||||
| Redeemable Class I Units, no par value, 1,000,000 units authorized, issued and outstanding | 4,477 | 2,912 | ||||||
| Redeemable Class PCTA Units, no par value, 3,982,675 units authorized, issued and outstanding | 18,103 | 7,718 | ||||||
| Unitholders' Deficit | ||||||||
| Class B Preferred Units, no par value, 6,722,562 and 4,639,557 units authorized, 5,609,951 and 4,109,961 units issued and outstanding | 51,683 | 38,122 | ||||||
| Class B-1 Preferred Units, no par value, 2,600,000 units authorized, 342,608 units issued and outstanding | 3,323 | 3,323 | ||||||
| Class A Units, no par value, 10,975,000 units authorized, 10,875,000 units issued and outstanding | 1,950 | 1,950 | ||||||
| Class C Units, no par value, 1,585,125 units authorized, 1,570,125 units issued and outstanding | 981 | 844 | ||||||
| Accumulated deficit | (90,952 | ) | (64,284 | ) | ||||
| Accumulated other comprehensive loss | (2,373 | ) | - | |||||
| Non-controlling interest | 13,080 | 1,559 | ||||||
| Total Unitholders' Deficit | (22,308 | ) | (18,486 | ) | ||||
| Total Liabilities, Mezzanine Capital, and Unitholders' Deficit | $ | 55,731 | $ | 21,564 | ||||
| Innventure LLC and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except unit and per unit amounts) (Unaudited) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Management fee income - related parties | $ | 222 | $ | 224 | $ | 669 | $ | 668 | ||||||||
| Consulting revenue | - | 50 | - | 225 | ||||||||||||
| Product sales | 95 | - | 95 | - | ||||||||||||
| Total Revenue | 317 | 274 | 764 | 893 | ||||||||||||
| Operating Expenses | ||||||||||||||||
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