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
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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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $242.2 | $375.3 | $870.5 | $1,062.0 |
| Cost of revenue | 194.0 | 316.6 | 708.1 | 907.1 |
| Gross profit | 48.2 | 58.7 | 162.4 | 154.9 |
| Operating expenses: | ||||
| Selling, general and administrative | 37.4 | 43.8 | 119.8 | 126.6 |
| Depreciation and amortization | 4.4 | 4.0 | 13.2 | 15.9 |
| Other operating loss (income) | 0.5 | 0.2 | (8.1) | (0.1) |
| Income from operations | 5.9 | 10.7 | 37.5 | 12.5 |
| Other (expense) income: | ||||
| Interest expense | (21.2) | (17.1) | (54.9) | (49.0) |
| Loss from equity investees | — | (1.5) | (2.3) | (5.8) |
| Other income, net | 2.2 | 0.4 | 1.2 | 17.2 |
| Loss from operations before income taxes | (13.1) | (7.5) | (18.5) | (25.1) |
| Income tax expense | (3.1) | (1.1) | (3.9) | (3.2) |
| Net loss | (16.2) | (8.6) | (22.4) | (28.3) |
| Net loss attributable to non-controlling interests and redeemable non-controlling interests | 1.2 | 1.6 | 4.4 | 2.4 |
| Net loss attributable to INNOVATE Corp. | (15.0) | (7.0) | (18.0) | (25.9) |
| Less: Preferred dividends | 0.3 | 0.3 | 0.9 | 2.1 |
| Net loss attributable to common stockholders and participating preferred stockholders | $(15.3) | $(7.3) | $(18.9) | $(28.0) |
| Loss per common share - basic and diluted (1) | $(1.18) | $(0.93) | $(1.69) | $(3.59) |
| Weighted average common shares outstanding - basic and diluted (1) | 12,966,322 | 7,841,847 | 9,928,679 | 7,801,240 |
(1)Basic and diluted loss per common share and weighted average common shares outstanding for the three and nine months ended September 30, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.
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