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Innventure, Inc. (NASDAQ:INV) announced that its Audit Committee approved the dismissal of BDO USA, PC as its independent registered public accounting firm, effective Monday. The company notified BDO of the decision on Tuesday. According to InvestingPro data, the company faces significant financial challenges, with a weak financial health score and a current ratio of 0.29, indicating potential liquidity concerns.
BDO had served as Innventure’s auditor since October 2, 2024, and had previously audited the company’s predecessor, Innventure LLC, since June 2022. According to the press release statement, BDO’s reports on Innventure’s consolidated financial statements for the fiscal year ended December 31, 2024, and on Innventure LLC for the year ended December 31, 2023, did not contain any adverse opinion or disclaimer of opinion. The reports were not qualified or modified as to uncertainty, audit scope, or accounting principles, except for an explanatory paragraph expressing substantial doubt about the company’s ability to continue as a going concern.
The company stated there were no disagreements with BDO regarding accounting principles, financial statement disclosures, or audit procedures during the relevant periods, and no reportable events except for identified material weaknesses in internal control over financial reporting. These weaknesses included insufficient accounting personnel, lack of information technology controls, issues with inventory review, segregation of duties, and a change in accounting treatment related to a previous business combination. These control issues come amid challenging financial performance, with EBITDA at -$100.47M and revenue at $1.47M, despite showing 55.87% growth.
Innventure’s Audit Committee discussed these material weaknesses with BDO and authorized BDO to respond to inquiries from the successor auditor.
Also on Monday, the Audit Committee approved the engagement of WithumSmith+Brown, PC as Innventure’s new independent registered public accounting firm for the fiscal year ending December 31, 2025, and applicable interim periods. The company reported that it had not previously consulted WithumSmith+Brown regarding accounting principles, audit opinions, or any disagreements or reportable events.
This information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.
In other recent news, Innventure Inc. reported its second-quarter 2025 earnings, showcasing notable revenue growth. The company’s revenue increase was primarily attributed to the performance of its Excelsius division and its ESG fund management. Despite facing a challenging financial environment, these segments contributed positively to the company’s financial results. The earnings call highlighted strategic initiatives aimed at further expansion. These recent developments underscore the company’s ongoing efforts to strengthen its market position. There were no reports of mergers or acquisitions during this period. Analyst ratings or upgrades were not mentioned in the latest updates. Investors may find these earnings and strategic efforts significant as they reflect Innventure’s adaptability and growth in the current market.
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