INNOVATE Corp.
For the period ended Mar 31, 2025. Filed May 6, 2025.
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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.
Mar 31, 2025 · Filed May 6, 2025
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)
| March 31,2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $33.3 | $48.8 |
| Accounts receivable, net | 164.5 | 194.0 |
| Contract assets | 135.3 | 106.3 |
| Inventory | 19.7 | 20.8 |
| Other current assets | 18.7 | 21.0 |
| Total current assets | 371.5 | 390.9 |
| Investments | 4.1 | 3.6 |
| Deferred tax asset | 1.6 | 1.6 |
| Property, plant and equipment, net | 132.6 | 133.6 |
| Goodwill | 126.7 | 126.7 |
| Intangibles, net | 170.4 | 172.4 |
| Other assets | 61.1 | 62.3 |
| Total assets | $868.0 | $891.1 |
| Liabilities, temporary equity and stockholders’ deficit | ||
| Current liabilities | ||
| Accounts payable | $104.7 | $84.8 |
| Accrued liabilities | 106.8 | 109.7 |
| Current portion of debt obligations | 523.5 | 162.2 |
| Contract liabilities | 95.3 | 109.1 |
| Other current liabilities | 17.3 | 17.2 |
| Total current liabilities | 847.6 | 483.0 |
| Deferred tax liability | 4.5 | 4.4 |
| Debt obligations | 139.9 | 500.6 |
| Other liabilities | 44.9 | 46.8 |
| Total liabilities | 1,036.9 | 1,034.8 |
| Commitments and contingencies (Note 13) | ||
| Temporary equity | ||
| Preferred Stock Series A-3 and Preferred Stock Series A-4, $0.001 par value | 16.1 | 16.1 |
| Shares authorized: 20,000,000; Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of Series A-4 | ||
| Redeemable non-controlling interest | (0.7) | (0.5) |
| Total temporary equity | 15.4 | 15.6 |
| Stockholders’ deficit | ||
| Common stock, $0.001 par value | — | — |
| Shares issued: 13,447,060 and 13,410,179, respectively | ||
| Shares outstanding: 13,283,218 and 13,261,379, respectively | ||
| Additional paid-in capital | 350.7 | 350.1 |
| Treasury stock, at cost: 163,842 and 148,800 shares, respectively | (5.5) | (5.4) |
| Accumulated deficit | (546.4) | (521.9) |
| Accumulated other comprehensive loss | (3.0) | (3.2) |
| Total INNOVATE Corp. stockholders’ deficit | (204.2) | (180.4) |
| Non-controlling interest | 19.9 | 21.1 |
| Total stockholders’ deficit | (184.3) | (159.3) |
| Total liabilities, temporary equity and stockholders’ deficit | $868.0 | $891.1 |
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