Aug 13, 2026 earnings call — Accelsius two-phase cooling adoption and commercialization focus
Innventure reported consolidated revenue for the quarter was $1 million and said Accelsius breakeven timing extends beyond this year.
Revenue $0.0B (est $0.0B) · EPS $-0.32 (est $-0.23)
Key quotes
"Substantially all of our partnership and market adoption work now focuses on four customer segments: chip manufacturers, server OEMs, server ODMs and hyperscalers."
"The results, new cool ran the GPUs 9 to 14 degrees centigrade cooler at the system level, using roughly 1/3 of the coolant flow at the chip."
"Due to these structural constraints, which limit early adopter deployments, we are suspending our revenue targets."
Analyst Q&A 4
Accelsius $50 million order and site change
Q (Aashi Shah · Sidoti): They asked how much of the $50 million Accelsius bookings were tied to DarkNX and whether those bookings automatically transfer to a new site or need a new agreement. They also asked how advanced the hyperscaler statement-of-work discussions are and the typical timeline to deployment and revenue.
A: Management said they do not disclose customer-specific dollar amounts but expect that order to transfer to a new site and that they debooked it because finding a new site will take time and timing is uncertain. They said the original site was lost due to the power envelope. On hyperscaler SoWs they said there are many active conversations and that the cycle from validation to volume deployment can run between two and three years; visibility for 2027 is too early.
"What I can tell you is we expect that order to transfer to a new site" — John Hewitt (CEO)
Third-party test timing, Jacobs, and chip partners
Q (Nehal Chokshi · Northland): He asked when the third-party integrator started the validation work and whether Jacobs was the integrator. He also asked who the integrator serves, whether hyperscaler and chip-maker engagements overlap, and what shifted the company from 'if' to 'when'.
A: They said the third-party work started "about 60 days or so ago" and completed at the end of July. Jacobs was not the integrator; Jacobs did a separate engineering study of data center–level benefits. They said the third party would serve many Neocloud and enterprise customers, that hyperscalers vary in chip strategy (some use "50% or so" custom chips) so there are "three to four major chip makers" to engage, and that the company moved to 'when' early after the first couple of years of operation when the technology proved performance versus single-phase and air cooling; Gregory added that the wider industry conviction and larger two-phase market projections support that view.
"I think it was about 60 days or so ago." — John Hewitt (CEO)
Big cloud customers, server makers, cash and subsidiaries
Q (Alfred Moore · ROTH Capital Partners): He asked about milestones to crack a hyperscaler, the role and timing of server OEMs/ODMs and whether hyperscaler demand can speed that. He also asked about cash runway and any strategic options for AeroFlexx and Refinity.
A: They said they are working with server OEMs and ODMs in parallel and that OEMs/ODMs will move much faster when there is a demand signal from a hyperscaler, so they must work both paths at once. On cash they said "In our consolidated statements there, we have $41.5 million of cash," they have access to multiple fundraising avenues including a standby equity purchase agreement, and there could be a need for additional cash raises in the second half of the year while they aim to minimize dilution. On AeroFlexx and Refinity they said both are raising their own capital to be self-funding, the parent cash need should be very small for the rest of the year, and AeroFlexx is "turning the corner" with a growing pipeline though progress with large CPG customers is slow.
"In our consolidated statements there, we have $41.5 million of cash." — David Yablunosky (CFO)
Fenman cooling design announcement timing
Q (Nehal Chokshi · Northland): He asked when the Fenman cooling architecture announcement will happen and when the design will be locked down ahead of any announcement.
A: John said he did not know the announcement timing and that they are monitoring it very carefully. He agreed the design gets locked before announcements and said he could not be more helpful on timing, even asking the analyst to let him know if they learn more.
"And the direct answer is I don't know." — John Hewitt (CEO)