INNOVATE Corp.

Listed Company

VATECIK 0001006837NYSENon-AcceleratedSmaller ReportingFabricated Structural Metal ProductsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.25B

Net Income

$-60.60M

Total Assets

$950.10M

Equity

$-240.10M

Shares Out

13.65M

Op. Cash Flow

$146.60M

Business

INNOVATE Corp. is a diversified holding company that owns and operates a portfolio of subsidiaries across multiple industries. It offers integrated structural and steel construction services, digital engineering and fabrication, medical and aesthetic device development and commercialization, and over‑the‑air broadcast station operations and spectrum-related services. The company’s principal reportable segments are Infrastructure (DBM Global), Life Sciences (Pansend and its healthcare investments), Spectrum (HC2 Broadcasting) and an Other segment for smaller businesses. INNOVATE conducts operations primarily in North America with international activities in Australia, Canada, India, New Zealand, the Philippines, the United Kingdom, China and various global distributor relationships and OTA distribution channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,246	1,107	1,423	—	—
Cost of revenue	1,046	898	1,207	1,416	1,022
Gross profit	200	209	216	221	184
Selling, general and administrative	153	160	168	180	168
Depreciation and amortization	18	18	20	27	25
Other operating loss (income)	400,000	−9	1	700,000	600,000
Income (loss) from operations	29	40	27	13	−11
Interest expense	−89	−75	−68	—	—
Loss from equity investees	−6	−2	−9	−1	−3
Other income, net	5	3	17	−1	4
Loss from operations before income taxes	−62	−33	−34	−41	−81
Income tax expense	−3	−6	−5	−900,000	−6
Net loss	−64	−40	−39	−42	−236
Net loss attributable to non-controlling interests and redeemable non-controlling interests	3	5	4	6	9
Net loss attributable to INNOVATE Corp.	−61	−35	−35	−36	−228
Less: Preferred stock dividends	3	1	2	5	—
Net loss attributable to common stockholders and participating preferred stockholders, basic	−64	−36	−38	−41	−230
Net loss attributable to common stockholders and participating preferred stockholders, diluted	−64	−36	−38	−41	—
Loss per common share - basic (in usd per share)	−4.84	−3.08	−4.81	−0.53	−2.98
Loss per common share - diluted (in usd per share)	−4.84	−3.08	−4.81	−0.53	−2.98
Weighted-average common shares outstanding - basic (in shares)	13	11	8	78	77
Weighted-average common shares outstanding - diluted (in shares)	13	11	8	78	77

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	112	49	81	80	46
Accounts receivable, net	241	194	278	255	247
Contract assets	64	106	119	165	237
Inventory	16	21	22	19	17
Other current assets	18	21	18	17	11
Total current assets	452	391	518	536	443
Investments	2	4	2	60	56
Deferred tax asset	2	2	2	2	3
Property, plant and equipment, net	142	134	155	165	170
Goodwill	127	127	127	127	127
Intangibles, net	165	172	179	190	208
Other assets	61	62	61	72	73
Total assets	950	891	1,044	1,152	1,081
Accounts payable	141	85	143	203	179
Accrued liabilities	123	110	71	65	93
Current portion of debt obligations	581	162	31	31	70
Contract liabilities	172	109	154	99	79
Other current liabilities	17	17	16	20	18
Total current liabilities	1,034	483	414	417	440
Deferred tax liability	5	4	4	9	9
Debt obligations	80	501	679	684	557
Other liabilities	46	47	83	71	63
Total liabilities	1,165	1,035	1,180	1,181	1,069
Commitments and contingencies (Note 13)	—	—	—	—	—
Redeemable non-controlling interests	2	−500,000	−1	43	—
Total temporary equity	11	16	15	61	68
Common stock, $0.001 par value, Shares authorized: 250,000,000, Shares issued: 13,818,904 and 13,410,179, respectively, Shares outstanding: 13,655,062 and 13,261,379, respectively	0	0	0	100,000	100,000
Additional paid-in capital	350	350	328	330	331
Treasury stock, at cost: 163,842 and 148,800 shares, respectively	−6	−5	−5	−5	−5
Accumulated deficit	−583	−522	−487	−452	−416
Accumulated other comprehensive loss	−2	−3	−1	6	6
Total INNOVATE Corp. stockholders deficit	−240	−180	−166	−121	−84
Non-controlling interests	14	21	14	31	28
Total stockholders deficit	−226	−159	−152	−91	−56
Total liabilities, temporary equity and stockholders deficit	950	891	1,044	1,152	1,081

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	3	3	2	2	2
Depreciation and amortization (including amounts in cost of revenue)	30	33	36	42	38
Amortization of deferred financing costs and debt discount	24	8	—	—	—
Net loss on extinguishment or repurchase of debt	300,000	300,000	0	—	—
Gains on lease modifications	−100,000	−9	0	—	—
(Gains) losses on investments	−5	200,000	—	—	—
Asset impairment expense	0	100,000	2	2	3
Deferred income tax (benefit) expense	−100,000	500,000	−5	1	2
Other operating activities, net	2	−2	2	0	−4
Accounts receivable	−49	92	−26	−6	−38
Contract assets	42	12	47	−47	−19
Other current assets	−3	−100,000	−600,000	−6	−300,000
Inventory	5	2	−4	−2	−1
Other assets	12	8	15	17	12
Accounts payable	57	−57	−60	22	58
Accrued liabilities	38	12	10	−13	9
Contract liabilities	63	−44	55	20	7
Other current liabilities	−300,000	2	−11	−10	−2
Other liabilities	−14	−15	3	4	−11
Cash provided by operating activities	147	9	27	−10	27
Purchase of property, plant and equipment	−26	−19	—	—	—
Proceeds from disposal of property, plant and equipment	1	10	2	2	13
Loans to equity method investee	0	−2	−4	—	—
Purchase of investments	−300,000	−2	0	—	—
Proceeds from sale of investments	3	0	—	—	—
Cash paid for asset acquisitions	−500,000	−1	—	—	—
Other investing activities	0	500,000	700,000	700,000	1
Cash used in investing activities	−23	−14	39	−23	−223
Proceeds from rights offering and private placement, net of issuance costs	0	33	—	—	—
Proceeds from lines of credit, net of deferred financing costs	86	70	87	177	206
Payments on lines of credit	−117	−125	−95	−85	−176
Proceeds from other debt obligations, net of deferred financing costs	21	25	5	—	—
Principal payments for and repurchases of other debt obligations	−49	−28	−37	—	—
Deferred financing costs paid to third parties	−500,000	−200,000	—	—	—
Payments to non-controlling interests related to former sale of equity method investment	0	−300,000	—	—	—
Dividend payments	−2	−1	−2	−5	−3
Other financing activities	−200,000	0	−300,000	−700,000	−1
Cash used in financing activities	−61	−27	−65	68	4
Effects of exchange rate changes on cash, cash equivalents and restricted cash	600,000	−2	−200,000	−1	−1
Net increase (decrease) in cash and cash equivalents, including restricted cash	63	−33	100,000	35	2

Filings

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