Innventure, Inc.

Good day and thank you for standing by. Welcome to the InVenture third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today,

lucas harper please go ahead sir thank you operator and thank you all for joining us for inventors third quarter 2025 earnings call my name is lucas harper inventors chief investment officer and joining me from the company are bill haskell chief executive officer and dave yablonowski chief financial officer earlier today we issued a press release announcing our financial results which is available on our investor regulations website along with a supplemental slide presentation As referenced on slide five, we will be discussing non-GAAP financial measures during this call. The most directly comparable GAAP financial measures and a reconciliation of the differences between the GAAP and non-GAAP financial measures are available in our earnings release and supplemental slide presentation on our website. In addition, certain statements being made today are forward-looking statements that are based on management's current assumptions, beliefs, and expectations concerning future events impacting the company. These forward-looking statements involve a number of uncertainties and risks, including but not limited to those described in our earnings release form 10Q for the period ended September 30, 2025, and other filings with the SEC. The actual results of operations and financial condition of the company could differ materially from those expressed or implied in our forward-looking statements. And now, I'd like to turn the call over to Bill Haskell. Bill?

Thanks, Lucas, and thanks to everyone joining us today. I want to start by revisiting the momentum we discussed on our last earnings call, where we highlighted Excelsior's rapid progress in the data center liquid cooling market and the early traction with hyperscalers, OEMs, and collocation providers. I'm pleased to report that this momentum has not only continued, but has accelerated in Q3. Our opportunity pipeline for Excelsius grew an impressive 79% quarter over quarter, now exceeding $1 billion. This opportunity is hard to overstate and is a testament to Excelsis' cutting-edge technology and market leading position within two-phase direct-to-chip liquid cooling. This rapid growth is not just volume. Over 75% of the pipeline now represents production opportunities for 2026, marking a clear shift from proof of concept to large-scale deployments. During the second quarter, Josh spoke to the incredible momentum Excelsis is seeing in bookings, which has continued. Q3 order bookings surpassed all previous quarters combined, and we expect our growth trend to continue into Q4 and beyond. This validates the inflection point in commercial bookings we anticipated last quarter. Excelsis also remains at the forefront of technology innovations. At the OCP Global Summit in early October, the company debuted the MR250 solution, which is a purpose built to deliver 250 kilowatts of liquid cooling capacity. This is the company's first in a series of multi-rack solutions for production-scale deployments. Our expectation is that the company will announce its third advanced cooling product within the next quarter, ensuring its product suite keeps up with the rapidly evolving needs of data center operators. Excelsior has also expanded its manufacturing footprint with a dedicated facility in Austin. Additionally, Excelsior has installed demonstration sites across the Bay Area, Miami, Virginia, and London, providing opportunities for customers to witness the technology firsthand. These investments are enabling us to scale efficiently and meet growing demand. All these achievements build directly on the foundation we discussed in Q2, where we saw early proof-of-concept engagements and the start of production orders. Today, the shift to production is real, and the market's adoption of two-phase direct-to-chip cooling is accelerating. We remain selective in our deployments, ensuring each engagement has a multiplier effect and positions Excelsior for significant follow-on opportunities. Excelsius continues to make measurable operational progress, and our confidence in its ability to create long-term value has never been greater. That confidence is underscored by Johnson Control's $25 million strategic investment in Excelsius announced in early October. This commitment from a global leader validates the progress Excelsius has made and the strength of its trajectory, further reinforcing our position and expanding our resources. We believe this investment signals confidence, not only in the technology, but in our ability to lead the next generation of data center cooling solutions. Now shifting to Aeroflex, which continues to deliver strong performance and innovation in sustainable packaging solutions. The third quarter marked the company's fifth consecutive quarter of revenue recognition, now spanning across pet, baby, industrial, personal care, and household market categories. This diversification highlights the strength of our growing customer pipeline in both the U.S. and the EU. An example of Aeroflex's expanding partner network is our recent announcement in the baby care category with Elio Brands to launch the Boogie Bubbling Vapor Bath product. This collaboration demonstrates our ability to expand into new segments and meet evolving consumer needs. Operationally, Aeroflex continues to set the highest standards for quality and compliance. For the fifth consecutive year, our Westchester manufacturing site achieved a perfect rating in its BRC audit under the BRCGS global standard. This certification is widely recognized as the benchmark for safety and quality in packaging and distribution. It reflects our robust systems and processes to ensure product safety, traceability, and regulatory compliance, critical for food grade packaging and trusted by manufacturers, retailers, and brand owners worldwide. Aeroflex's commitment to excellence is further validated by recent industry recognition. In Q3, the company received two prestigious awards, the Cosmopet Best Packaging Award and the Gold Winner of the German Packaging Award. These accolades underscore Aeroflex's leadership in delivering innovative, sustainable, and high-quality packaging solutions. Looking ahead, Aeroflex is well-positioned to capitalize on the growing demand for sustainable packaging supported by a strong pipeline, industry validation, and continued operational excellence. That reflects its progress and exemplifies InVenture's strategy of building market-changing companies that deliver tangible value for shareholders. Now moving to our newest operating company, Raffinity, which continues to make significant progress toward commercializing its breakthrough technology. Raffinity started the year with three strategic priorities for 2025, and we are proud to say it is successfully executing its roadmap. In collaboration with VTT, Refinity has successfully demonstrated fluidized bed conversion of real plastic waste to hydrocarbon liquid and gas products at both bench and pilot scale. This achievement validates the core process and sets the stage for commercial deployments. Building on this technical foundation, Raffinity is progressing through engineering design for its first commercial demonstration and full-scale plant, working closely with leading engineering and equipment provider partners. These efforts reflect the company's commitment to rapid and responsible scale-up. Raffinity has also refined its commercialization strategy the company is planning a mid-scale demonstration, approximately 2.5 kilotons or 5 million pounds per year at a partner location in 2026. This will be followed by larger commercial demonstrations at around 10 kilotons per year and ultimately full commercial scale deployments reaching approximately 150 kilotons per year. While still early in the company's life, we are proud of its recent progress and look forward to the future. Taken together, these operating company updates illustrate how InVenture's model is driving tangible value creation for our shareholders. So before passing the call to Dave, I'd like to take a moment to provide additional context on InVenture's value creation model. Since InVenture's inception about 10 years ago, we've deployed approximately $160 million into our family of operating companies from InVenture's own balance sheet. That capital has produced net assets for InVenture shareholders with an estimated value of $860 million, with approximately $460 million distributed in pure cycle shares alone. We expect the model to continue to increase asset value as demonstrated by the growth of Excelsius. The model is working exactly as designed. We've built a disciplined, data-driven model that pairs transformative technologies with proven operators, institutional processes, and capital discipline. Each success builds confidence, not just in a single company, but in the InVenture platform itself, a platform designed to turn technological breakthroughs into significant value for our shareholders. Now, I recognize our share price doesn't currently reflect the underlying values we've created, but the facts are clear. Our disciplined approach, our focus on launching companies with billion-dollar potential, and our ability to scale market-changing businesses are producing tangible results. Excelsior is a prime example. Its momentum and operational progress are real, and it's just one of several companies in the InVenture family demonstrating the power of our model. We believe InVenture shares are undervalued compared to the strength of our underlying assets. Our commitment to shareholders has always been a priority, as demonstrated by the PCT distribution I just spoke about. We make every decision with an eye toward creating real and measurable value for the people who put their trust in capital behind us. InVenture has a proven history of delivering value for investors, and we continue to execute our strategy, expand our pipeline, and scale our operating companies we intend to build on that track record. With that, I'll turn the call over to Dave.