Innventure Inc. (INV) reported 2Q:25 revenue of $476,000, up 150% year-over-year and well above our estimate of $250,000. Accelsius' Hyperscaler pipeline is advancing with its first proof-of-concept delivery in 3Q:25. The evaluation will run about 6 months, with two more hyperscaler discussions underway and initial OEM orders providing early validation. Accelsius' manufacturing capacity is in place; the Austin site can expand to 30,000 sq. ft., which would cover 2026 demand. Accelsius' new Thermal Test Vehicle racks have also launched, adding incremental revenue and engagement opportunities. As of June 31 Innventure has $7.0 million in Cash; $5.0 million in restricted cash and $38 million in notes payable. Innventure has near-term liquidity needs, estimated at least $50M to sustain operations and another $25M to support growth over the next 12 months. We view Innventure as a high-risk, high-reward investment as the company's success hinges on its ability to repeatedly commercialize high-potential technologies and scale ventures efficiently.