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$5.11-5.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(Unaudited, in millions)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(25.8) | $(20.1) |
| Adjustments to reconcile net loss to cash used in operating activities | ||
| Share-based compensation expense | 0.8 | 0.4 |
| Depreciation and amortization (including amounts in cost of revenue) | 7.9 | 8.4 |
| Amortization of deferred financing costs and debt discount | 5.6 | 1.7 |
| Net loss on extinguishment of debt | — | 2.2 |
| Loss from equity investees | 5.9 | 1.2 |
| Step-up of equity method investments and unrealized gains on marketable securities | (4.6) | — |
| Deferred income tax expense | 0.1 | 0.1 |
| Other operating activities, net | 0.3 | 1.2 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 29.2 | 9.0 |
| Contract assets | (29.0) | 36.4 |
| Other current assets | 1.4 | 0.6 |
| Inventory | 1.1 | 0.6 |
| Other assets | 2.4 | 2.8 |
| Accounts payable | 19.3 | (20.0) |
| Accrued liabilities | (10.9) | (20.6) |
| Contract liabilities | (13.8) | (28.1) |
| Other current liabilities | — | 0.3 |
| Other liabilities | (4.0) | (1.5) |
| Cash used in operating activities | (14.1) | (25.4) |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (4.7) | (5.6) |
| Proceeds from disposal of property, plant and equipment | 1.1 | 3.1 |
| Loans to equity method investee | — | (1.2) |
| Purchase of investments | (0.3) | — |
| Other investing activities | — | 0.4 |
| Cash used in investing activities | (3.9) | (3.3) |
| Cash flows from financing activities | ||
| Proceeds from issuance of preferred stock | — | 25.0 |
| Proceeds from lines of credit | 20.0 | — |
| Payments on lines of credit | (15.0) | (30.0) |
| Principal payments for other debt obligations | (2.2) | (7.6) |
| Dividend payments | (0.3) | (0.3) |
| Other financing activities | (0.1) | — |
| Cash provided by (used in) financing activities | 2.4 | (12.9) |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | 0.2 | (0.8) |
| Net decrease in cash and cash equivalents, including restricted cash | (15.4) | (42.4) |
| Cash, cash equivalents and restricted cash, beginning of period | 49.3 | 82.3 |
| Cash, cash equivalents and restricted cash, end of period | $33.9 | $39.9 |
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