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
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Stockholders’ Deficit
(Unaudited, 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, 2024 | $15.6 | 13,261.4 | $— | $350.1 | $(5.4) | $(521.9) | $(3.2) | $(180.4) | $21.1 | $(159.3) |
| Share-based compensation | — | — | — | 0.8 | — | — | — | 0.8 | — | 0.8 |
| Shares received for taxes paid for share-based compensation | — | (15.1) | — | — | (0.1) | — | — | (0.1) | — | (0.1) |
| Preferred stock dividends | — | — | — | (0.3) | — | — | — | (0.3) | — | (0.3) |
| Issuance of common stock | — | 36.9 | — | — | — | — | — | — | — | — |
| Transactions with non-controlling interests | — | — | — | 0.1 | — | — | — | 0.1 | (0.1) | — |
| Net loss | (0.2) | — | — | — | — | (24.5) | — | (24.5) | (1.1) | (25.6) |
| Other comprehensive income | — | — | — | — | — | — | 0.2 | 0.2 | — | 0.2 |
| Balance as of March 31, 2025 | $15.4 | 13,283.2 | $— | $350.7 | $(5.5) | $(546.4) | $(3.0) | $(204.2) | $19.9 | $(184.3) |
| Temporary Equity · Stockholders' (Deficit) Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock and Redeemable Non-Controlling Interest · Common Stock · Additional Paid-In Capital (a) · 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 (a) | ||||||||||
| 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 | — | — | — | 0.4 | — | — | — | 0.4 | — | 0.4 |
| Preferred stock dividends | (0.3) | — | — | (0.3) | — | — | — | (0.3) | — | (0.3) |
| Issuance of common stock | — | 65.1 | — | — | — | — | — | — | — | — |
| Issuance of preferred stock in private placement | 25.0 | — | — | — | — | — | — | — | — | — |
| Rights offering and private placement transaction costs | (1.3) | — | — | (0.5) | — | — | — | (0.5) | — | (0.5) |
| Other | — | — | — | (0.1) | — | — | — | (0.1) | — | (0.1) |
| Net loss | (0.2) | — | — | — | — | (17.4) | — | (17.4) | (2.5) | (19.9) |
| Other comprehensive loss | — | — | — | — | — | — | (1.0) | (1.0) | (0.1) | (1.1) |
| Balance as of March 31, 2024 | $38.6 | 7,988.6 | $— | $327.8 | $(5.4) | $(504.7) | $(2.1) | $(184.4) | $11.2 | $(173.2) |
(a)The number and amount of shares and Additional Paid-in Capital as of December 31, 2023, and as of and for three month period ended March 31, 2024, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Refer to Note 15. Equity and Temporary Equity.
(b)Inclusive of other comprehensive loss, foreign currency cumulative translation adjustments totaled a loss of $4.2 million and $4.5 million as of March 31, 2025 and December 31, 2024, respectively.
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