INNOVATE Corp
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
VATE$5.42+3.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
(Unaudited, in millions, except share amounts)
| June 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $80.2 | $80.8 |
| Accounts receivable, net | 178.2 | 278.4 |
| Contract assets | 101.2 | 118.6 |
| Inventory | 20.9 | 22.4 |
| Assets held for sale | — | 3.1 |
| Other current assets | 14.4 | 14.6 |
| Total current assets | 394.9 | 517.9 |
| Investments | 1.8 | 1.8 |
| Deferred tax asset | 1.9 | 2.0 |
| Property, plant and equipment, net | 143.7 | 154.6 |
| Goodwill | 127.0 | 127.1 |
| Intangibles, net | 175.1 | 178.9 |
| Other assets | 54.5 | 61.3 |
| Total assets | $898.9 | $1,043.6 |
| Liabilities, temporary equity and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable | $90.4 | $142.9 |
| Accrued liabilities | 60.1 | 70.8 |
| Current portion of debt obligations | 50.2 | 30.5 |
| Contract liabilities | 72.8 | 153.5 |
| Other current liabilities | 15.8 | 16.1 |
| Total current liabilities | 289.3 | 413.8 |
| Deferred tax liability | 4.3 | 4.1 |
| Debt obligations | 638.3 | 679.3 |
| Other liabilities | 77.2 | 82.7 |
| Total liabilities | 1,009.1 | 1,179.9 |
| Commitments and contingencies | ||
| Temporary equity | ||
| Preferred Stock Series A-3 and Preferred Stock Series A-4, $0.001 par value | 16.1 | 16.4 |
| Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of Series A-4 as of both June 30, 2024 and December 31, 2023 | ||
| Redeemable non-controlling interest | (0.2) | (1.0) |
| Total temporary equity | 15.9 | 15.4 |
| Stockholders’ deficit | ||
| Common stock, $0.001 par value | 0.1 | 0.1 |
| Shares authorized: 250,000,000 and 160,000,000 as of June 30, 2024 and December 31, 2023, respectively | ||
| Shares issued: 132,017,923 and 80,722,983 as of June 30, 2024 and December 31, 2023, respectively | ||
| Shares outstanding: 130,529,931 and 79,234,991 as of June 30, 2024 and December 31, 2023, respectively | ||
| Additional paid-in capital | 348.3 | 328.2 |
| Treasury stock, at cost: 1,487,992 shares as of both June 30, 2024 and December 31, 2023 | (5.4) | (5.4) |
| Accumulated deficit | (490.3) | (487.3) |
| Accumulated other comprehensive loss | (1.7) | (1.1) |
| Total INNOVATE Corp. stockholders’ deficit | (149.0) | (165.5) |
| Non-controlling interest | 22.9 | 13.8 |
| Total stockholders’ deficit | (126.1) | (151.7) |
| Total liabilities, temporary equity and stockholders’ deficit | $898.9 | $1,043.6 |
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