INNOVATE Corp
For the period ended Jun 30, 2025. Filed Aug 5, 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.
Jun 30, 2025 · Filed Aug 5, 2025
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Condensed Consolidated Statements of Stockholders’ Deficit
| 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) (a) · Total INNOVATE Stockholders' (Deficit) Equity · Non-Controlling Interest · Total Stockholders' (Deficit) Equity | ||||||||||
| Shares(thousands) · Amount | ||||||||||
| 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) |
| Share-based compensation | — | — | — | 0.7 | — | — | — | 0.7 | — | 0.7 |
| Taxes paid in lieu of shares issued for share-based compensation | — | — | — | — | (0.1) | — | — | (0.1) | — | (0.1) |
| Dividends | 1.8 | — | — | (2.2) | — | — | — | (2.2) | (0.5) | (2.7) |
| Issuance of common stock, net of forfeitures | — | 52.9 | — | — | — | — | — | — | — | — |
| Net loss | (0.1) | — | — | — | — | (19.8) | — | (19.8) | (1.1) | (20.9) |
| Other comprehensive income | — | — | — | — | — | — | 0.8 | 0.8 | 0.1 | 0.9 |
| Balance as of June 30, 2025 | $17.1 | 13,336.1 | $— | $349.2 | $(5.6) | $(566.2) | $(2.2) | $(224.8) | $18.4 | $(206.4) |
| 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 | — | — | — | 1.5 | — | — | — | 1.5 | — | 1.5 |
| Taxes paid in lieu of shares issued for share-based compensation | — | (15.1) | — | — | (0.2) | — | — | (0.2) | — | (0.2) |
| Dividends | 1.8 | — | — | (2.5) | — | — | — | (2.5) | (0.5) | (3.0) |
| Issuance of common stock, net of forfeitures | — | 89.8 | — | — | — | — | — | — | — | — |
| Transactions with non-controlling interests | — | — | — | 0.1 | — | — | — | 0.1 | (0.1) | — |
| Other | — | — | — | — | — | — | — | — | — | — |
| Net loss | (0.3) | — | — | — | — | (44.3) | — | (44.3) | (2.2) | (46.5) |
| Other comprehensive income | — | — | — | — | — | — | 1.0 | 1.0 | 0.1 | 1.1 |
| Balance as of June 30, 2025 | $17.1 | 13,336.1 | $— | $349.2 | $(5.6) | $(566.2) | $(2.2) | $(224.8) | $18.4 | $(206.4) |
(a) Inclusive of other comprehensive loss, foreign currency cumulative translation adjustments totaled a loss of $3.4 million and $4.5 million as of June 30, 2025 and December 31, 2024, respectively.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
| 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 (a) | ||||||||||||||||||
| 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) | ||||||||
| Share-based compensation | — | — | — | 0.4 | — | — | — | 0.4 | — | 0.4 | ||||||||
| Preferred stock dividends | — | — | — | (0.3) | — | — | — | (0.3) | — | (0.3) | ||||||||
| Issuance of common stock | — | 64.4 | — | — | — | — | — | — | — | — | ||||||||
| Issuance of preferred stock | 6.3 | — | — | — | — | — | — | — | — | — | ||||||||
| Rights offering, net of transaction costs | 1.3 | 530.6 | — | 2.4 | — | — | — | 2.4 | — | 2.4 | ||||||||
| Series C Preferred Share Conversion | (31.3) | 4,469.4 | — | 31.3 | — | — | — | 31.3 | — | 31.3 | ||||||||
| Effect of Series D investment in R2 Technologies | 1.1 | — | — | (13.2) | — | — | — | (13.2) | 12.1 | (1.1) | ||||||||
| Transactions with non-controlling interests | — | — | — | — | — | — | — | — | (0.1) | (0.1) | ||||||||
| Other | 0.1 | — | — | — | — | — | — | — | — | — | ||||||||
| Net (loss) income | (0.2) | — | — | — | — | 14.4 | — | 14.4 | (0.3) | 14.1 | ||||||||
| Other comprehensive income | — | — | — | — | — | — | 0.4 | 0.4 | — | 0.4 | ||||||||
| Balance as of June 30, 2024 | $15.9 | 13,053.0 | $— | $348.4 | $(5.4) | $(490.3) | $(1.7) | $(149.0) | $22.9 | $(126.1) | ||||||||
| 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 | — | — | — | 0.8 | — | — | — | 0.8 | — | 0.8 | ||||||||
| Preferred stock dividends | (0.3) | — | — | (0.6) | — | — | — | (0.6) | — | (0.6) | ||||||||
| Issuance of common stock | — | 129.5 | — | — | — | — | — | — | — | — | ||||||||
| 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 | ||||||||
| Effect of Series D investment in R2 Technologies | 1.1 | — | — | (13.2) | — | — | — | (13.2) | 12.1 | (1.1) | ||||||||
| Transactions with non-controlling interests | — | — | — | — | — | — | — | — | (0.1) | (0.1) | ||||||||
| Other | 0.1 | — | — | (0.1) | — | — | — | (0.1) | — | (0.1) | ||||||||
| Net loss | (0.4) | — | — | — | — | (3.0) | — | (3.0) | (2.8) | (5.8) | ||||||||
| Other comprehensive loss | — | — | — | — | — | — | (0.6) | (0.6) | (0.1) | (0.7) | ||||||||
| Balance as of June 30, 2024 | $15.9 | 13,053.0 | $— | $348.4 | $(5.4) | $(490.3) | $(1.7) | $(149.0) | $22.9 | $(126.1) | ||||||||
(a)The number and amount of shares and Additional Paid-in Capital as of December 31, 2023, and March 31, 2024, and as of and for three and six month periods ended June 30, 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 $3.0 million and $2.4 million as of June 30, 2024 and December 31, 2023, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.