INNOVATE Corp.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Consolidated Statements of Stockholders’ Deficit
(in millions, except share amounts)
| Temporary Equity · Stockholders' (Deficit) Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock and Redeemable Non-Controlling Interest · Common Stock · Additional Paid-In Capital · Treasury Stock · Accumulated Deficit · Accumulated Comprehensive Income (Loss) (b) · Total INNOVATE Stockholders' (Deficit) Equity · Non-controlling Interest · Total Stockholders' (Deficit) Equity | ||||||||||
| Shares (a)(thousands) · Amount | ||||||||||
| Balance as of December 31, 2022 | $61.0 | 7,878.8 | $— | $330.2 | $(5.3) | $(452.1) | $5.9 | $(121.3) | $30.7 | $(90.6) |
| Share-based compensation | — | — | — | 2.2 | — | — | — | 2.2 | — | 2.2 |
| Taxes paid in lieu of shares issued for share-based compensation | — | (6.0) | — | — | (0.1) | — | — | (0.1) | — | (0.1) |
| Preferred stock dividends | (1.3) | — | — | (1.3) | — | — | — | (1.3) | — | (1.3) |
| Issuance of common stock | — | 50.7 | — | — | — | — | — | — | — | — |
| Distributions to non-controlling interests | (5.2) | — | — | — | — | — | — | — | (10.7) | (10.7) |
| Transactions with non-controlling interests | — | — | — | (2.8) | — | — | — | (2.8) | 2.9 | 0.1 |
| Other | 9.0 | — | — | — | — | — | — | — | (9.0) | (9.0) |
| DBMGi preferred stock repurchase | (41.8) | — | — | — | — | — | — | — | — | — |
| Net (loss) income | (5.9) | — | — | — | — | (35.2) | — | (35.2) | 2.2 | (33.0) |
| Other comprehensive loss | (0.4) | — | — | — | — | — | (7.0) | (7.0) | (2.3) | (9.3) |
| Balance as of December 31, 2023 | $15.4 | 7,923.5 | $— | $328.3 | $(5.4) | $(487.3) | $(1.1) | $(165.5) | $13.8 | $(151.7) |
| Share-based compensation | — | — | — | 3.4 | — | — | — | 3.4 | — | 3.4 |
| Preferred stock dividends | (0.3) | — | — | (1.2) | — | — | — | (1.2) | — | (1.2) |
| Issuance of common stock | — | 224.8 | — | — | — | — | — | — | — | — |
| Issuance of preferred stock in private placement | 31.3 | — | — | — | — | — | — | — | — | — |
| Rights offering, net of transaction costs | — | 530.6 | — | 1.9 | — | — | — | 1.9 | — | 1.9 |
| Series C Preferred Share Conversion | (31.3) | 4,469.4 | — | 31.3 | — | — | — | 31.3 | — | 31.3 |
| Reverse stock split | — | 113.1 | — | — | — | — | — | — | — | — |
| Effect of Series D investment in R2 Technologies | 1.1 | — | — | (13.2) | — | — | — | (13.2) | 12.1 | (1.1) |
| Distributions to non-controlling interests | — | — | — | — | — | — | — | — | (0.3) | (0.3) |
| Transactions with non-controlling interests | — | — | — | (0.4) | — | — | — | (0.4) | 0.2 | (0.2) |
| Net loss | (0.6) | — | — | — | — | (34.6) | — | (34.6) | (4.5) | (39.1) |
| Other comprehensive loss | — | — | — | — | — | — | (2.1) | (2.1) | (0.2) | (2.3) |
| Balance as of December 31, 2024 | $15.6 | 13,261.4 | $— | $350.1 | $(5.4) | $(521.9) | $(3.2) | $(180.4) | $21.1 | $(159.3) |
(a)The number and amount of shares and Additional Paid-in Capital as of December 31, 2022, and as of and for the year ended December 31, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Refer to Note 2. Summary of Significant Accounting Policies.
(b)Inclusive of other comprehensive loss, foreign currency cumulative translation adjustments totaled a loss of $4.5 million and $2.4 million as of December 31, 2024 and 2023, respectively.
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