INNOVATE Corp
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 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
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $51.0 | $80.8 |
| Accounts receivable, net | 190.8 | 278.4 |
| Contract assets | 113.8 | 118.6 |
| Inventory | 21.0 | 22.4 |
| Assets held for sale | 7.3 | 3.1 |
| Other current assets | 16.0 | 14.6 |
| Total current assets | 399.9 | 517.9 |
| Investments | 1.8 | 1.8 |
| Deferred tax asset | 2.0 | 2.0 |
| Property, plant and equipment, net | 132.6 | 154.6 |
| Goodwill | 127.1 | 127.1 |
| Intangibles, net | 173.4 | 178.9 |
| Other assets | 60.4 | 61.3 |
| Total assets | $897.2 | $1,043.6 |
| Liabilities, temporary equity and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable | $83.7 | $142.9 |
| Accrued liabilities | 93.3 | 70.8 |
| Current portion of debt obligations | 189.2 | 30.5 |
| Contract liabilities | 85.5 | 153.5 |
| Other current liabilities | 16.3 | 16.1 |
| Total current liabilities | 468.0 | 413.8 |
| Deferred tax liability | 4.3 | 4.1 |
| Debt obligations | 502.4 | 679.3 |
| Other liabilities | 47.8 | 82.7 |
| Total liabilities | 1,022.5 | 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 September 30, 2024, and December 31, 2023 | ||
| Redeemable non-controlling interest | (0.3) | (1.0) |
| Total temporary equity | 15.8 | 15.4 |
| Stockholders’ deficit | ||
| Common stock, $0.001 par value | — | 0.1 |
| Shares authorized: 250,000,000 and 160,000,000 as of September 30, 2024, and December 31, 2023, respectively | ||
| Shares issued: 13,314,857 and 8,072,300 as of September 30, 2024, and December 31, 2023, respectively (1) | ||
| Shares outstanding: 13,166,057 and 7,923,500 as of September 30, 2024, and December 31, 2023, respectively (1) | ||
| Additional paid-in capital | 348.4 | 328.2 |
| Treasury stock, at cost: 148,800 shares as of both September 30, 2024, and December 31, 2023 (1) | (5.4) | (5.4) |
| Accumulated deficit | (505.3) | (487.3) |
| Accumulated other comprehensive loss | (0.8) | (1.1) |
| Total INNOVATE Corp. stockholders’ deficit | (163.1) | (165.5) |
| Non-controlling interest | 22.0 | 13.8 |
| Total stockholders’ deficit | (141.1) | (151.7) |
| Total liabilities, temporary equity and stockholders’ deficit | $897.2 | $1,043.6 |
(1)Shares issued and shares outstanding as of December 31, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.
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