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$5.11-5.7%Stored close · as of Nov 10, 2026
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Item 1. Financial Statements (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except shares and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $313.1 | $368.8 | $628.3 | $686.7 |
| Cost of revenue | 247.5 | 316.2 | 514.1 | 590.5 |
| Gross profit | 65.6 | 52.6 | 114.2 | 96.2 |
| Operating expenses: | ||||
| Selling, general and administrative | 42.9 | 41.1 | 82.4 | 82.8 |
| Depreciation and amortization | 4.4 | 5.6 | 8.8 | 11.9 |
| Other operating (income) loss | (10.5) | 0.1 | (8.6) | (0.3) |
| Income from operations | 28.8 | 5.8 | 31.6 | 1.8 |
| Other (expense) income: | ||||
| Interest expense | (16.5) | (16.3) | (33.7) | (31.9) |
| Loss from equity investees | (1.1) | (0.3) | (2.3) | (4.3) |
| Other income (expense), net | 0.2 | 0.3 | (1.0) | 16.8 |
| Income (loss) from operations before income taxes | 11.4 | (10.5) | (5.4) | (17.6) |
| Income tax benefit (expense) | 2.5 | (1.2) | (0.8) | (2.1) |
| Net income (loss) | 13.9 | (11.7) | (6.2) | (19.7) |
| Net loss attributable to non-controlling interests and redeemable non-controlling interests | 0.5 | 1.8 | 3.2 | 0.8 |
| Net income (loss) attributable to INNOVATE Corp. | 14.4 | (9.9) | (3.0) | (18.9) |
| Less: Preferred dividends | 0.3 | 0.6 | 0.6 | 1.8 |
| Net income (loss) attributable to common stockholders and participating preferred stockholders | $14.1 | $(10.5) | $(3.6) | $(20.7) |
| Earnings (loss) per common share | ||||
| Basic | $0.11 | $(0.13) | $(0.03) | $(0.27) |
| Diluted | $0.10 | $(0.13) | $(0.03) | $(0.27) |
| Weighted average common shares outstanding | ||||
| Basic | 89,204,850 | 77,922,241 | 83,929,228 | 77,806,010 |
| Diluted | 144,257,552 | 77,922,241 | 83,929,228 | 77,806,010 |
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