Innventure, Inc. Q4 FY2025 earnings call

• Roland Ostrup noted the company has reached a decisive inflection point with all operating companies firing simultaneously. Mentioned hosting an InVenture CEO call in April with deep dive commentary from other CEOs. - Bill Haskell walked through each operating company: Excelsior is scaling in the AI data center thermal problem market with over 50 million in contracted backlog in Q1 2026, recognized as a leader in direct-to-chip two-phase cooling with strategic investor validation. Aeroflex is in the packaging market, transitioning to large-scale adoption with global partnerships like Aveda. Raffinity is solving plastic waste and petrochemical feedstock issues, rapidly validating core technology and establishing a commercial roadmap. - Dave Yavlunovsky discussed financials, noting structural changes in cost structure with G&A expenses decreasing, consolidated G&A down 61% from Q4 2024 to Q4 2025, and cash and liquidity improvements with $65.4 million in cash, etc., at end of 2025, and repaid convertible debt.

Excelsior: In Q1 2026, generated over $50 million in contracted backlog. Revenue expected to be heavily back-end weighted in 2026, with expectation to exit 2026 with positive operating cash flow and an annual revenue run rate of approx $100 million. Aeroflex: Transitioning from early market validation to large-scale adoption and volume production. Near-term commercial pipeline stands at just under $30 million, including approx one-third in final negotiations. Raffinity: Formed in Dec 2024, produced first metric ton of circular product from real-world mixed plastic waste in less than a year, with yields typically above 60-70% and minimal char. Filed multiple patents, advanced engineering toward a 10 kiloton per year demonstration plant targeted for completion in 2028, with a commercial-scale plant planned for early next decade.

• Excelsior expected to exit 2026 with positive operating cash flow, implying an annual revenue run rate of approx $100 million. - Expectation that revenue will be heavily weighted to the back end of 2026. - InVenture's 2026 capital needs expected to be materially less as operating companies become self-funded.

• Data center construction experiencing real global supply chain constraints which can affect timing of delivery and revenue recognition for Excelsior. - Uncertainty around the exact cadence of revenue recognition for Excelsior due to supply chain constraints. - Uncertainty around the timing of revenue conversion for Aeroflex from its near-term commercial pipeline. - Risks associated with the development and commercialization of Raffinity's technology and its ability to scale as planned.

Q: About Excelsior's customers, types and delivery phase, A: Most purchase orders are seven to nine figures in scale, moved past pilot phase.

Q: On Excelsior's revenue cadence prediction, A: Revenue expected to be heavily back-end weighted in 2026 but still expect to reach cash flow positivity by year-end.

Q: On Aeroflex's pipeline and strategics, A: Aveda is a significant framework deal, with potential to grow and broaden packaging solutions.

Q: On G&A optimization, A: Always focused on G&A, looking for ways to be more efficient, with G&A down for five consecutive quarters since going public.

Q: On COGS to revenue ratio and inventory, A: COGS has fixed and variable elements, with inventory changes related to product transition, obsolescence, and new manufacturing facilities.

Q: On Dark NX funding sources, A: Funded and qualified by Excelsior and Johnson Control, but source not disclosed.

Q: On operating companies raising capital independently and dilution, A: Operating companies maturing, taking some dilution now to save permanent dilution later, with Excelsior already having sufficient capital.

Q: On Excelsior's brownfield deployments traction, A: Tricky to answer, but expect some blend of new and existing data center retrofits.

Q: On Aveda partnership annual volume, A: Don't have exact ballpark, but it's a global commercial launch.

Q: On corporate governance and independent directors, A: Targeting seven independent directors and two executive directors by AGM in June.

Q: On Excelsior's pipeline in terms of megawatts, A: Will get more granularity on CEO call, but part of bookings is a smaller fraction of Dark NX's prospective buildout