INNOVATE Corp.

For the period ended Mar 31, 2025. Filed May 6, 2025.

About this filing

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

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Contents

Item 1. Financial Statements (Unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in millions, except shares and per share amounts)

	Three Months Ended March 31,
	2025	2024
Revenue	$274.2	$315.2
Cost of revenue	228.7	266.6
Gross profit	45.5	48.6
Operating expenses:
Selling, general and administrative	37.8	39.5
Depreciation and amortization	4.4	4.4
Other operating (income) loss	(0.1)	1.9
Income from operations	3.4	2.8
Other (expense) income:
Interest expense	(20.2)	(17.2)
Loss from equity investees	(5.9)	(1.2)
Other income (expense), net	4.0	(1.2)
Loss from operations before income taxes	(18.7)	(16.8)
Income tax expense	(7.1)	(3.3)
Net loss	(25.8)	(20.1)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	1.3	2.7
Net loss attributable to INNOVATE Corp.	(24.5)	(17.4)
Less: Preferred dividends	0.3	0.3
Net loss attributable to common stockholders and participating preferred stockholders	$(24.8)	$(17.7)
Loss per common share - basic and diluted (1)	$(1.89)	$(2.21)
Weighted-average common shares outstanding - basic and diluted (1)	13,114,804	7,865,361

(1)Basic and diluted loss per common share and weighted-average common shares outstanding for the three months ended March 31, 2024, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

ContentsView on SEC.gov

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