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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Item 1. Financial Statements (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except shares and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $242.0 | $313.1 | $516.2 | $628.3 |
| Cost of revenue | 196.4 | 247.5 | 425.1 | 514.1 |
| Gross profit | 45.6 | 65.6 | 91.1 | 114.2 |
| Operating expenses: | ||||
| Selling, general and administrative | 35.1 | 42.9 | 72.9 | 82.4 |
| Depreciation and amortization | 4.4 | 4.4 | 8.8 | 8.8 |
| Other operating loss (income) | 1.2 | (10.5) | 1.1 | (8.6) |
| Income from operations | 4.9 | 28.8 | 8.3 | 31.6 |
| Other (expense) income: | ||||
| Interest expense | (21.4) | (16.5) | (41.6) | (33.7) |
| Loss from equity investees | — | (1.1) | (5.9) | (2.3) |
| Other (expense) income, net | (0.3) | 0.2 | 3.7 | (1.0) |
| (Loss) income from operations before income taxes | (16.8) | 11.4 | (35.5) | (5.4) |
| Income tax (expense) benefit | (4.2) | 2.5 | (11.3) | (0.8) |
| Net (loss) income | (21.0) | 13.9 | (46.8) | (6.2) |
| Net loss attributable to non-controlling interests and redeemable non-controlling interests | 1.2 | 0.5 | 2.5 | 3.2 |
| Net (loss) income attributable to INNOVATE Corp. | (19.8) | 14.4 | (44.3) | (3.0) |
| Less: Preferred dividends | 2.2 | 0.3 | 2.5 | 0.6 |
| Net (loss) income attributable to common stockholders and participating preferred stockholders | $(22.0) | $14.1 | $(46.8) | $(3.6) |
| (Loss) earnings per common share (1) | ||||
| Basic | $(1.67) | $1.11 | $(3.56) | $(0.35) |
| Diluted | $(1.67) | $1.03 | $(3.56) | $(0.35) |
| Weighted-average common shares outstanding (1) | ||||
| Basic | 13,146,750 | 8,920,485 | 13,130,930 | 8,392,923 |
| Diluted | 13,146,750 | 14,425,756 | 13,130,930 | 8,392,923 |
(1)Basic and diluted (loss) earnings per common share and basic and diluted weighted-average common shares outstanding for the three and six months ended June 30, 2024, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.
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