Innventure, Inc. reported financial results for the quarter and year ended December 31, 2025. The company is at a commercial inflection point, with over $50 million in bookings in early 2026. Operating companies are advancing independent capital formation, aiming to materially reduce reliance on Innventure's balance sheet. Consolidated General and Administrative (G&A) expenses declined 61% in 4Q25 compared to 4Q24, reflecting sustained cost discipline. Accelsius is scaling toward cashflow positivity in 2026, AeroFlexx is entering anchor customer adoption, and Refinity is validating its technology rapidly. Net Loss Attributable to Innventure, Inc. Stockholders was $(293,317) thousand for the year ended December 31, 2025. A goodwill impairment of $346,557 thousand was recognized for the year ended December 31, 2025.