INNOVATE Corp.

For the period ended Sep 30, 2025. Filed Nov 12, 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.

Sep 30, 2025 · Filed Nov 12, 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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenue	$347.1	$242.2	$863.3	$870.5
Cost of revenue	297.4	194.0	722.5	708.1
Gross profit	49.7	48.2	140.8	162.4
Operating expenses:
Selling, general and administrative	39.6	37.4	112.5	119.8
Depreciation and amortization	4.3	4.4	13.1	13.2
Other operating (income) loss	(0.3)	0.5	0.8	(8.1)
Income from operations	6.1	5.9	14.4	37.5
Other (expense) income:
Interest expense	(23.4)	(21.2)	(65.0)	(54.9)
Loss from equity investees	—	—	(5.9)	(2.3)
Other income, net	0.6	2.2	4.3	1.2
Loss from operations before income taxes	(16.7)	(13.1)	(52.2)	(18.5)
Income tax benefit (expense)	7.1	(3.1)	(4.2)	(3.9)
Net loss	(9.6)	(16.2)	(56.4)	(22.4)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	0.7	1.2	3.2	4.4
Net loss attributable to INNOVATE Corp.	(8.9)	(15.0)	(53.2)	(18.0)
Less: Preferred dividends	0.5	0.3	3.0	0.9
Net loss attributable to common stockholders and participating preferred stockholders	$(9.4)	$(15.3)	$(56.2)	$(18.9)
Loss per common share - basic and diluted	$(0.71)	$(1.18)	$(4.27)	$(1.69)
Weighted-average common shares outstanding - basic and diluted	13,264,799	12,966,322	13,176,043	9,928,679

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.