INNOVATE Corp.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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FY2025 · Filed Mar 26, 2026
VATE$5.11-5.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(in millions)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(64.0) | $(39.7) |
| Adjustments to reconcile net loss to cash provided by operating activities | ||
| Share-based compensation expense | 2.7 | 3.4 |
| Depreciation and amortization (including amounts in cost of revenue) | 30.4 | 32.9 |
| Amortization of deferred financing costs and debt discount | 23.7 | 7.7 |
| Net loss on extinguishment or repurchase of debt | 0.3 | 0.3 |
| Loss from equity investees | 5.9 | 2.3 |
| Gains on lease modifications | (0.1) | (8.7) |
| (Gains) losses on investments | (5.2) | 0.2 |
| Asset impairment expense | — | 0.1 |
| Deferred income tax (benefit) expense | (0.1) | 0.5 |
| Other operating activities, net | 1.8 | (2.0) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (48.7) | 91.8 |
| Contract assets | 42.2 | 12.3 |
| Other current assets | (2.9) | (0.1) |
| Inventory | 4.8 | 1.9 |
| Other assets | 12.3 | 8.4 |
| Accounts payable | 57.1 | (57.2) |
| Accrued liabilities | 37.6 | 12.2 |
| Contract liabilities | 62.8 | (44.4) |
| Other current liabilities | (0.3) | 2.1 |
| Other liabilities | (13.7) | (14.9) |
| Cash provided by operating activities | 146.6 | 9.1 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (26.1) | (19.0) |
| Proceeds from disposal of property, plant and equipment | 1.4 | 10.1 |
| Loans to equity method investee | — | (2.3) |
| Purchase of investments | (0.3) | (2.0) |
| Proceeds from sale of investments | 2.9 | — |
| Cash paid for asset acquisitions | (0.5) | (1.2) |
| Other investing activities | — | 0.5 |
| Cash used in investing activities | (22.6) | (13.9) |
| Cash flows from financing activities | ||
| Proceeds from rights offering and private placement, net of issuance costs | — | 33.2 |
| Proceeds from lines of credit, net of deferred financing costs | 85.9 | 70.0 |
| Payments on lines of credit | (116.8) | (125.0) |
| Proceeds from other debt obligations, net of deferred financing costs | 21.3 | 25.0 |
| Principal payments for and repurchases of other debt obligations | (48.7) | (28.0) |
| Deferred financing costs paid to third parties | (0.5) | (0.2) |
| Payments to non-controlling interests related to former sale of equity method investment | — | (0.3) |
| Dividend payments | (2.2) | (1.2) |
| Other financing activities | (0.2) | — |
| Cash used in financing activities | (61.2) | (26.5) |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | 0.6 | (1.7) |
| Net increase (decrease) in cash and cash equivalents, including restricted cash | 63.4 | (33.0) |
| Cash, cash equivalents and restricted cash, beginning of year | 49.3 | 82.3 |
| Cash, cash equivalents and restricted cash, end of year | $112.7 | $49.3 |
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