10-K · March 26, 2026
INNOVATE reported a strong Q4 2025 revenue rebound to $383.0M (vs $237.0M in Q4 2024), driving FY2025 revenue of approximately $1,246.0M (vs ~$1,107.0M in FY2024). Management has commenced sales processes for the…
Earnings analysis · 10-Q
VATE earnings analysis
Filed May 14, 2026 · Our reading of the company's report
The latest report
INNOVATE Corp. reported a substantial revenue increase of $90.6 million year-over-year in Q1 2026, reaching $364.8 million, primarily driven by their Infrastructure segment. Although the EPS loss narrowed to -$0.58 from…
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INNOVATE Corp. reported a substantial revenue increase of $90.6 million year-over-year in Q1 2026, reaching $364.8 million, primarily driven by their Infrastructure segment. Although the EPS loss narrowed to -$0.58 from -$0.71 in the previous quarter, management highlighted ongoing challenges, particularly in the Life Sciences and Spectrum segments. The company continues to navigate a complex debt landscape and initiate strategic asset sales to improve liquidity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.58
What stood out
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Revenue Growth of $90.6 Million
Total revenue increased to $364.8 million in Q1 2026, up from $274.2 million a year ago.
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Infrastructure Segment Success
The Infrastructure segment revenue rose by $93 million to $357.9 million, largely due to heightened project activity.
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Narrowed EPS Loss
EPS loss improved to -$0.58, compared to -$0.71 from the prior quarter.
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Significant Cash Flow Improvement
Operating cash flow surged to $45.5 million from a cash outflow of $14.1 million year-over-year.
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Reduced Losses from Equity Investees
Loss from equity investees decreased to $0 from $5.9 million in the previous year.
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Adjusted EBITDA Surge
Adjusted EBITDA more than doubled to $19.7 million compared to $7.2 million in Q1 2025.
What to watch
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Going Concern Doubts
Management noted substantial doubt about the company's ability to continue as a going concern.
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Increased Debt Obligations
Total consolidated debt rose to $699.0 million, up from $687.2 million, raising liquidity concerns.
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Compliance with Debt Covenants
Risk of default due to failure to meet milestone requirements under the 10.50% Senior Secured Notes.
Management's outlook
Guidance expectations deferred to future earnings announcements.
Earlier filings 4
10-Q · August 5, 2025
INNOVATE Corp. reported Q2 revenue of $242.0 million and GAAP diluted EPS of $(1.67). Revenue, gross profit and operating income all declined versus the prior-year quarter, while management discloses substantial doubt…
10-Q · August 7, 2024
INNOVATE Corp. reported Q2 revenue of $313.1M, down $55.7M vs. Q2 2023 ($368.8M) but roughly flat sequentially. Gross profit improved to $65.6M (≈21.0% of revenue) from $52.6M (≈14.3%) in the prior year quarter, driving…
10-K · March 6, 2024
The 10-K positions INNOVATE as a diversified holding company focused on three operating platforms — Infrastructure, Life Sciences and Spectrum — and highlights DBM Global (Infrastructure) as a scale business with…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.