Innventure Inc has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including total revenue of $764,000 for the nine months ended September 30, 2024, a decrease from $893,000 in the same period the previous year. This decrease was primarily due to a reduction in consulting revenue.
Cost of sales for the period was $777,000, reflecting the company's transition from pre-revenue to revenue-generating operations within its Technology segment.
General and administrative expenses increased to $25,323,000 from $9,878,000, attributed to professional services and legal fees related to the business combination.
Sales and marketing expenses rose to $4,178,000 from $1,901,000, driven by increased compensation costs and marketing efforts.
Research and development expenses were $5,978,000, up from $2,822,000, primarily due to increased employee costs in the Technology segment.
Net loss for the nine months was $26,481,000, compared to $17,951,000 in the previous year, with a significant portion of the loss attributable to non-controlling interests.
Cash used in operating activities was $18,647,000, an increase from $12,136,000, reflecting higher costs associated with the business combination and increased inventory expenditures.
Cash provided by financing activities was $38,191,000, up from $10,325,000, due to proceeds from the issuance of securities and related party notes payable.
The report highlights Innventure's reliance on its subsidiaries for future revenue and cash flow, emphasizing the need for additional financing to support operations and growth.
Innventure's management has identified material weaknesses in internal controls over financial reporting, which it is actively working to remediate.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional capital from financing or operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innventure Inc Wt Exp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.