Innventure booked more than $50 million in orders during the first quarter of 2026 while reporting $1.4 million in revenue and a going-concern warning in the same SEC filing. CEO Bill Haskell explains how the company's three-subsidiary model — Accelsius in AI data center cooling, AeroFlexx in sustainable packaging, and Refinity in chemical plastic recycling — is supposed to reach consolidated cash flow break-even by 2028, and what the actual mile markers are between here and there. The timeline is tight, the activist pressure is real but conditionally withdrawn, and the Accelsius revenue ramp is the fulcrum everything else pivots on.

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