INNOVATE Corp.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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FY2025 · Filed Mar 26, 2026
VATE$5.42+3.0%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
(in millions, except shares and per share amounts)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Revenue | $1,246.0 | $1,107.1 |
| Cost of revenue | 1,046.3 | 898.3 |
| Gross profit | 199.7 | 208.8 |
| Operating expenses: | ||
| Selling, general and administrative | 153.1 | 160.2 |
| Depreciation and amortization | 17.5 | 17.6 |
| Other operating loss (income) | 0.4 | (9.0) |
| Income from operations | 28.7 | 40.0 |
| Other (expense) income: | ||
| Interest expense | (89.0) | (74.5) |
| Loss from equity investees | (5.9) | (2.3) |
| Other income, net | 4.7 | 3.4 |
| Loss from operations before income taxes | (61.5) | (33.4) |
| Income tax expense | (2.5) | (6.3) |
| Net loss | (64.0) | (39.7) |
| Net loss attributable to non-controlling interests and redeemable non-controlling interests | 3.4 | 5.1 |
| Net loss attributable to INNOVATE Corp. | (60.6) | (34.6) |
| Less: Preferred stock dividends | 3.4 | 1.2 |
| Net loss attributable to common stockholders and participating preferred stockholders | $(64.0) | $(35.8) |
| Loss per common share - basic and diluted | $(4.84) | $(3.08) |
| Weighted-average common shares outstanding - basic and diluted | 13,217,593 | 10,696,274 |
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