The adjusted operational beat (revenue and EBITDA above guidance) may support the stock, but the Impulse litigation overhang and Q2 guidance implying a slight step-down warrant caution. Monitor the earnings call for details on litigation and subsea margin trajectory.
Price Chart
Executive Summary
Innovex Q1 2026 revenue of $239M beat guidance ($225-235M) and adjusted EBITDA of $49.3M exceeded the $38-42M range, driven by favorable mix and Eldridge exit benefits. However, GAAP net loss of $16.7M (-$0.24/share) reflected a $48.8M provision for the Impulse litigation, causing a large EPS miss vs consensus of $0.23. Q2 guidance calls for revenue of $235-245M and adjusted EBITDA of $43-48M, implying modest sequential decline.
Key Financial Metrics
Key Facts
- Revenue $239M, down 13% QoQ, down 1% YoY, above guidance high end
- GAAP net loss $16.7M / ($0.24) per share vs consensus $0.23 (miss)
- Adjusted EBITDA $49.3M (21% margin) vs guided $38-42M, up from 19% a year ago
- Free cash flow $14M, cash $201M, no bank debt
- $48.8M provision for Impulse litigation drove GAAP loss
- Closed DIS acquisition for $16M; repurchased $14.1M shares at $24.59
- Q2 2026 guidance: revenue $235-245M, adjusted EBITDA $43-48M
Financial Impact
GAAP loss of ~$17M vs consensus profit, offset by adjusted EBITDA beat of ~$8M vs guidance midpoint
Risk Factors
- Impulse litigation could result in further material payments beyond the $48.8M provision
- Middle East conflict disruptions may impact revenue and costs in Q2
- Subsea margin improvement may take longer than expected, weighing on profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-204105 |
| Document: invx-20260504.htm | 0001193125-26-204105 |
| Document: 0001193125-26-204105-index-headers.html | 0001193125-26-204105 |
| Document: 0001193125-26-204105-index.html | 0001193125-26-204105 |
| Document: 0001193125-26-204105.txt | 0001193125-26-204105 |
| 8-K Data (Synthetic) | 0001193125-26-204105 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | Insider Cluster | $30.14 $29.84 | ▲ +1.00% | ▼ −0.06% | $27.31 (+9.39%) |
Jun 15, 2026 15w ago | 8-K | $28.17 $25.50 | ▼ −9.48% | ▼ −8.73% | $27.31 (−3.05%) |
May 4, 2026 21w ago | 8-K | $26.68 $28.04 | ▲ +5.10% | ▲ +0.14% | $27.31 (+2.36%) |
Mar 27, 2026 27w ago | DEFA14A | $24.25 $28.15 | ▲ +16.08% | ▲ +3.49% | $27.31 (+12.62%) |
Mar 11, 2026 29w ago | 8-K | $24.13 $26.51 | ▲ +9.86% | ▲ +7.89% | $27.31 (+13.18%) |
Feb 24, 2026 31w ago | Insider Cluster | $28.90 $24.73 | ▲ +14.43% | ▲ +9.44% | $27.31 (+5.50%) |
Feb 24, 2026 31w ago | Insider Cluster | $28.90 $24.73 | ▲ +14.43% | ▲ +9.44% | $27.31 (+5.50%) |
US Market Status
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