Innventure, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported
- Operating Lease Liability: not reported
Liquid Liquidation Value
- Finance Lease Liability: not reported
- Operating Lease Liability: not reported
Operating Liquidation Value
- Finance Lease Liability: not reported
- Operating Lease Liability: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-11.42M | $-0.14 |
| Liquid Liquidation Value | $-10.58M | $-0.13 |
| Operating Liquidation Value | $-9.02M | $-0.11 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $55.37M |
| Accounts Receivable | $840,000 |
| Inventory | $1.56M |
| Current Liabilities | $59.85M |
| Long-term Debt (?) | $6.94M |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 80.1M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $55.37M | $840,000 | $1.56M | $3.00M | $59.85M | $6.94M | N/A | N/A |
| 2025-12-31 | $60.45M | $1.09M | $1.60M | $2.55M | $76.28M | $8.33M | N/A | N/A |
| 2025-09-30 | $9.06M | $1.57M | $6.40M | $856,000 | $82.48M | $29.51M | N/A | N/A |
| 2025-06-30 | $6.96M | $901,000 | $6.62M | $3.71M | $72.32M | $16.75M | N/A | N/A |
| 2025-03-31 | $1.38M | $237,000 | $5.22M | $5.06M | $47.32M | $12.35M | N/A | N/A |
| 2024-12-31 | $11.12M | $283,000 | $5.18M | $3.25M | $69.35M | $13.65M | N/A | N/A |
| 2024-10-01 | $45,000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2024-09-30 | $16.30M | $210,000 | $2.82M | N/A | $41.60M | $282,000 | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-14 | View |
| 2025-12-31 | 10-K | 2026-03-30 | View |
| 2025-09-30 | 10-Q | 2025-11-13 | View |
| 2025-06-30 | 10-Q | 2025-08-14 | View |
| 2025-03-31 | 10-Q | 2025-05-15 | View |
| 2024-12-31 | 10-K | 2025-04-14 | View |
| 2024-09-30 | 10-Q | 2024-11-14 | View |
AI Insights
Innventure, Inc. (INV) presents a deeply negative liquidation posture as of March 31, 2026. The MFFAIS-computed liquidation values confirm this: cash liquidation value of -$24.2M, liquid liquidation value of -$23.1M, and operating liquidation value of -$21.5M. These figures reflect the fundamental asymmetry of a pre-revenue-scale technology incubator: the balance sheet is dominated by intangible assets ($155.1M net book value of finite-lived intangibles, down from $160.5M at December 31, 2025 due to $5.4M quarterly amortization), which receive a zero recovery haircut under liquidation analysis, against liabilities carried at face value.
The company's material asset categories under the liquidation lens are as follows. Cash and cash equivalents were $55.4M at March 31, 2026, down from $60.4M at December 31, 2025, recovering at 100%. Restricted cash of $5.0M is encumbered and would recover at a discount or zero depending on the restriction terms, which the filing does not fully detail. The $13.3M advance to AeroFlexx (a related party equity method investee with no disclosed independent credit profile) carries meaningful collectability risk; recovery on windup would be highly uncertain, likely well below face value. Intangible assets of $155.1M (gross $187.5M less $32.4M accumulated amortization, primarily Nokia/Accelsius cooling technology patents with remaining amortization schedule extending through 2030+) recover at zero under the standard liquidation haircut. No separate goodwill balance is reported as of March 31, 2026, consistent with the $233.2M impairment charge taken in Q1 2025 that eliminated goodwill from the balance sheet.
On the liability side, total debt obligations per the contractual obligations schedule are $30.0M (all maturing within 18 months: $19.8M in the remaining nine months of 2026 and $10.3M in 2027). The WTI Facility generates liability-classified warrants: 2024 WTI Warrants fair valued at $13.0M and 2025 WTI Warrants at $3.1M, both recorded as warrant liabilities. Private placement warrants add $11.7M of warrant liability. Earnout liability (milestone three Company Earnout Shares) stands at $3.5M. Additionally, the company carries $12.4M in fixed future patent installment payments to Nokia through 2040, which survive a windup and rank as obligations.
The company has a formal going concern qualification. Management disclosed substantial doubt about ability to continue as a going concern within twelve months of the filing date. Operating cash burn was $34.0M for Q1 2026 alone, up 132% from $14.7M in Q1 2025. The company is relying on the SEPA (up to ~$54.9M remaining availability as of May 2026, subject to conditions) and ad hoc equity issuances (raised $40.0M in January 2026 registered offering, $11.9M post-period under SEPA) to bridge operations. Post-period, 2,000,000 earnout shares were issued in April 2026 upon satisfaction of Accelsius milestone one. The TAG_CONTEXT input is empty; no XBRL tags were provided for this filing. All balance sheet figures referenced above are drawn from the narrative and tabular disclosures in the filing body. Filing discusses the $5.0M restricted cash, the AeroFlexx advance, warrant liabilities, and the contractual installment obligation in MD&A and footnotes but does not separately tag these in XBRL per the provided TAG_CONTEXT.
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