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INNOVATE Corp.

For the period ended Mar 31, 2026. Filed May 14, 2026.

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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.

Mar 31, 2026 · Filed May 14, 2026

VATE$5.42+3.0%Stored close · as of Nov 9, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2026

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File No.001-35210

INNOVATE CORP.(Exact name of registrant as specified in its charter)

Delaware54-1708481
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
295 Madison Ave., 12th Floor, New York, NY10017
(Address of principal executive offices)(Zip Code)

(212)235-2691

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareVATENew York Stock Exchange
Preferred Stock Purchase RightsN/ANew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

As of May 11, 2026,13,641,866 shares of common stock, par value $0.001, were outstanding.

INDEX TO FORM 10-Q

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)2
Condensed Consolidated Statements of Operations2
Condensed Consolidated Statements of Comprehensive Loss3
Condensed Consolidated Balance Sheets4
Condensed Consolidated Statements of Stockholders’ Deficit5
Condensed Consolidated Statements of Cash Flows6
Notes to Condensed Consolidated Financial Statements7
(1) Organization and Business7
(2) Summary of Significant Accounting Policies8
(3) Revenue and Contracts in Process10
(4) Accounts Receivable, Net12
(5) Inventory12
(6) Investments13
(7) Property, Plant and Equipment, Net14
(8) Goodwill and Intangibles, Net14
(9) Leases15
(10) Other Assets, Accrued Liabilities and Other Liabilities16
(11) Debt Obligations18
(12) Income Taxes24
(13) Commitments and Contingencies25
(14) Share-Based Compensation26
(15) Equity and Temporary Equity27
(16) Related Parties30
(17) Operating Segments and Related Information31
(18) Basic and Diluted Loss Per Common Share32
(19) Fair Value of Financial Instruments32
(20) Supplementary Financial Information34
(21) Subsequent Events34
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations34
Item 4.Controls and Procedures54
PART II. OTHER INFORMATION
Item 1.Legal Proceedings54
Item 1A.Risk Factors54
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds55
Item 5.Other Information55
Item 6.Exhibits55
SIGNATURES
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