Innventure, Inc.

Good afternoon and welcome to InVenture's second quarter 2026 earnings conference call. All participants will be in listen only mode until the question and answer session begins. If you'd like to ask a question, you may raise your hand at any time by clicking on the raise hand button, which can be found on the black bar at the bottom of your screen. As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to Kyle Nagarkar, Investor Relations. Please go ahead.

Thanks, Mariana, and good afternoon, everyone. Welcome to InVenture's second quarter 2026 earnings call. With me today are Bill Haskell, Chief Executive Officer, Dave Yablunosky, Chief Financial Officer, Dr. Bill Grieco, our incoming Chief Executive Officer, and John Hewitt, Chief Executive Officer of Excelsius. Earlier today, we issued a press release announcing our financial results, which is available on our investor relations website, along with the supplemental slide presentation. As referenced on slide six, 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 on 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, TenQ for the period ended June 30th, 2026, 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. With that, I'll turn the call over to Bill Haskell.

Thank you, Kyle. Good afternoon, everyone, and thanks for joining us. We're going to run today's call a little differently by focusing a majority of our time on Excelsius. You'll hear from four executives today. Dave will take you through the financials, then I'll say a brief word about the leadership transition we announced in June, followed by Bill Grieco to share what to expect under his new leadership. And finally, John Hewitt, who took over as CEO of Excelsius in July, will walk you through where the business is headed and where the industry is headed with it. Let me give you the headline for Excelsius before we get into it. First, we believe the market is now debating when two-phase will be adopted, not if. Second, allocation of GPUs and memory, difficulties accessing power and two-phase enabled servers are impacting smaller, earlier adopters. That has consequences for near-term revenue expectations, which Dave will address directly in his remarks. But here's the more important point. We believe those same forces have made the long-term picture for two-phase cooling better, not worse. John will walk you through exactly what changed and why. Before Dave addresses the numbers, let me give quick updates on Aeroflex and Raffinity. At Aeroflex, the commercial pipeline continues to build and is now close to $35 million, up 9% since last quarter. The company's global reach continues to expand with new partnerships in Latin America and Europe. In addition, following the May 11th announcement of the co-manufacturing partnership with Packaging MLS, Periflex filling equipment has been installed and is operational at the Italian facility with product qualification underway. At Raffinity, engineering design on the 10-kiloton demonstration plant is on track for delivery of a plan by the end of this year. You'll hear Bill Grieco come back to that in a few minutes. Now let me pass it to Dave to take us through the financials.