Press Release: INNOVATE Corp. Announces First Quarter 2026 Results

Dow Jones05-15

- Infrastructure: Strong first quarter results with revenue of $357.9 million

- Life Sciences: MediBeacon receives the CE mark for the Transdermal GFR Monitor and Reusable Sensor

- Spectrum: More than 60 new license applications filed to expand national footprint and increase population coverage

NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- INNOVATE Corp. ("INNOVATE" or the "Company") $(VATE)$ announced today its consolidated results for the first quarter.

Financial Summary

 
(in millions, 
except per share 
amounts)                       Three Months Ended March 31, 
                   ----------------------------------------------------- 
                        2026           2025       Increase / (Decrease) 
                   ---------------  -----------  ----------------------- 
Revenue             $    364.8       $   274.2               33.0% 
Net loss 
 attributable to 
 common 
 stockholders and 
 participating 
 preferred 
 stockholders       $    (17.2)      $   (24.8)              30.6% 
Basic and Diluted 
 loss per share 
 attributable to 
 common 
 stockholders       $    (1.29)      $   (1.89)              31.7% 
Total Adjusted 
 EBITDA(1)          $     19.7       $     7.2              173.6% 
(1) Reconciliation of GAAP to Non-GAAP measures follows 
 
 

Commentary

"INNOVATE delivered a strong start to the year, with solid execution and improving visibility across the portfolio," said Avie Glazer, Chairman of INNOVATE. "Infrastructure performed well in the first quarter, supported by healthy sales performance, strong backlog and pipeline, and continued opportunities in the technology-related construction markets that are concentrated around AI infrastructure, energy systems, advanced manufacturing, and digital connectivity. In Life Sciences, MediBeacon received CE mark approval for the Transdermal GFR Monitor and Reusable Sensor in Europe, while R2 continued to expand internationally. We also made progress in Spectrum through successful collaborative trials, supporting potential market launches in the second half of 2026."

"We continue to advance our strategic priorities and strengthen the foundation of the Company," said Paul Voigt, Interim CEO of INNOVATE. "DBM Global exited the quarter with strong momentum, supported by a robust pipeline and early progress building 2027 backlog, reinforcing confidence in sustained revenue and potential upside. In Life Sciences, MediBeacon achieved key regulatory and commercial milestones, including CE Mark approval of the Transdermal GFR Monitor and Reusable Sensor in Europe and growing momentum with key academic medical centers, while R2 continued to expand internationally. At Spectrum, despite near--term advertising pressures, we are encouraged by progress on strategic opportunities that position the business for improved performance in 2026."

First Quarter 2026 and Recent Highlights

Infrastructure

   -- DBM Global Inc. ("DBMG") reported first quarter 2026 revenue of $357.9 
      million, an increase of 35.1%, compared to $264.9 million in the prior 
      year quarter. Net income attributable to INNOVATE was $9.3 million, 
      compared to $4.6 million for the prior year quarter. Adjusted EBITDA 
      increased to $23.0 million from $16.7 million in the prior year quarter. 
 
   -- DBMG reported gross margin of 14.2% in the first quarter, a compression 
      of approximately 140 basis points year-over-year and Adjusted EBITDA 
      margin of 6.4% in the first quarter, largely consistent with the prior 
      year quarter. 
 
   -- DBMG's reported backlog and adjusted backlog, which takes into 
      consideration awarded but not yet signed contracts, was $1.6 billion and 
      $1.8 billion respectively, as of March 31, 2026, compared to reported and 
      adjusted backlog of $1.7 billion and $1.8 billion, respectively, as of 
      December 31, 2025. 
 
   -- DBMG delivered a strong first quarter with healthy sales execution, high 
      conversion across active pursuits, and solid backlog visibility 
      supporting the 2026 plan; momentum exiting the quarter, a robust and 
      improving pipeline, and early progress building 2027 backlog underpin 
      confidence in sustained revenue durability and potential upside, with 
      focus now shifting from near--term execution to disciplined 
      capacity--aligned growth. 

Life Sciences

   -- MediBeacon received the CE mark under European Medical Device Regulation 
      for the Transdermal GFR ("TGFRTM") Monitor and TGFRTM Reusable Sensor. 
 
   -- MediBeacon is building momentum in the United States with key academic 
      medical centers who are beginning to bring the TGFR System into the 
      clinic as part of the MediBeacon Centers of Excellence early access 
      program. 
 
   -- R2 Technologies, Inc. ("R2") reported first quarter 2026 revenue of $1.6 
      million. 
 
   -- R2's demand for the first quarter reached $2.2 million, with backlog 
      increasing to nearly 160 systems globally post quarter end. 
 
   -- R2's gross system sales outside North America increased 58.6% over the 
      prior year quarter, reflecting strong demand for R2's technology across 
      international markets. 

Spectrum

   -- Broadcasting reported first quarter 2026 revenue of $5.3 million, 
      compared to $6.2 million in the prior year quarter. Net loss attributable 
      to INNOVATE was $6.5 million compared to $5.4 million in the prior year 
      quarter. Adjusted EBITDA was $0.7 million, compared to $1.4 million in 
      the prior year quarter. 
 
   -- First quarter results reflect continued softness in advertising and 
      network cancellations. 
 
   -- Collaborative project underway with major mobile wireless carrier 
      continues with successful trials and prospective funding for new market 
      launches in the second half of 2026. 
 
   -- March petition filed with the FCC proposing 5G Broadcast conversions for 
      Low Power TV continues to gain support, but still waiting for FCC 
      approvals. 

First Quarter 2026 Financial Highlights

   -- Revenue: For the first quarter of 2026, INNOVATE's consolidated revenue 
      was $364.8 million, an increase of 33.0%, compared to $274.2 million for 
      the prior year quarter. The increase was driven primarily by our 
      Infrastructure segment, which was partially offset by decreases at our 
      Life Sciences and Spectrum segments. The increase at our Infrastructure 
      segment was primarily driven by the timing and size of projects at DBMG's 
      commercial structural steel fabrication and erection business, which had 
      increased activity subsequent to the comparable period on certain large 
      construction projects. This increase was partially offset by a decrease 
      at the industrial maintenance and repair business due to the timing and 
      size of projects, which had increased activity in the comparable period 
      on certain large construction projects that have since been completed. 
      The decrease at our Life Sciences segment was attributable to R2, 
      primarily driven by decreases in Glacial fx and Glacial Rx unit sales in 
      North America, which were partially offset by an increase in Glacial Spa 
      unit sales outside North America. The decrease at our Spectrum segment 
      was primarily driven by the termination of a few networks and individual 
      markets subsequent to the comparable period. 
 
REVENUE by OPERATING SEGMENT 
---------------------------------------------------------------------- 
 
(in millions)                 Three Months Ended March 31, 
                  ---------------------------------------------------- 
                      2026          2025       Increase / (Decrease) 
                  ------------  ------------  ------------------------ 
Infrastructure     $     357.9   $     264.9    $             93.0 
Life Sciences              1.6           3.1                  (1.5) 
Spectrum                   5.3           6.2                  (0.9) 
                      --------      --------  ---  --------------- 
Consolidated 
 INNOVATE          $     364.8   $     274.2    $             90.6 
                      ========      ========  ===  =============== 
 
 
   -- Net Loss: For the first quarter of 2026, INNOVATE reported a Net loss 
      attributable to common stockholders and participating preferred 
      stockholders of $17.2 million, or $1.29 per fully diluted share, compared 
      to $24.8 million, or $1.89 per fully diluted share, for the prior year 
      quarter. The decrease in Net loss was primarily driven by a net increase 
      in gross profit of $8.0 million, a decrease in loss from equity investees 
      of $5.9 million and a $4.2 million decrease in tax expense, which was 
      partially offset by a $4.3 million increase in interest expense, a $3.7 
      million decrease in other income, net and a net increase in selling, and 
      general and administrative ("SG&A") expenses of $1.6 million. The net 
      increase in gross profit was primarily driven by our Infrastructure 
      segment due to timing and size of projects in the current period, which 
      had increased activity subsequent to the comparable period, which was 
      partially offset by our Spectrum and Life Sciences segments due to the 
      decreases in revenue. The decrease in loss from equity investees was due 
      to a decrease in losses recognized from MediBeacon primarily as a result 
      of unrepeated equity changes that resulted from the milestone payments 
      received from Huadong following FDA approval in the comparable period. 
      The decrease in tax expense was primarily driven by the impact of 
      projected pre-tax results on the annual effective tax rate including as 
      limitations on the utilization of net operating losses ("NOL") by 
      INNOVATE's U.S. consolidated group as a result of the Internal Revenue 
      Code Section 382 and the Tax Cuts and Jobs Act's 80 percent limitation on 
      NOLs incurred after 2017. The net increase in interest expense was 
      primarily driven by our Non-Operating Corporate segment, partially offset 
      by our Life Sciences segment, mainly due to the refinancing transactions 
      that closed subsequent to the comparable period. The decrease in other 
      income, net, was primarily driven by the unrepeated step-up gain 
      following MediBeacon's FDA approval in the comparable period. The net 
      increase in SG&A was primarily driven by our Infrastructure segment, 
      primarily due to an increase in compensation-related expenses due to 
      timing, as well as an increase at our Non-Operating Corporate segment 
      primarily driven by expenses in the current period related to potential 
      dispositions. These increases in SG&A were partially offset by a decrease 
      in SG&A at our Life Sciences segment due to a reduction in 
      compensation-related expenses at R2 and Pansend. 
 
NET INCOME (LOSS) by OPERATING SEGMENT 
---------------------------------------------------------------------- 
 
(in millions)                Three Months Ended March 31, 
                 ----------------------------------------------------- 
                       2026          2025      Increase / (Decrease) 
                 ----------------  ---------  ------------------------ 
Infrastructure    $       9.3      $    4.6     $             4.7 
Life Sciences            (3.3)         (7.6)                  4.3 
Spectrum                 (6.5)         (5.4)                 (1.1) 
Non-Operating 
 Corporate              (16.3)        (16.1)                 (0.2) 
Other and 
eliminations               --            --                    -- 
Net loss 
 attributable 
 to INNOVATE 
 Corp.            $     (16.8)     $  (24.5)                  7.7 
Less: Preferred 
 stock 
 dividends                0.4           0.3                   0.1 
                     --------       -------   ---  --------------  --- 
Net loss 
 attributable 
 to common 
 stockholders 
 and 
 participating 
 preferred 
 stockholders     $     (17.2)     $  (24.8)    $             7.6 
                     ========       =======   ===  ==============  === 
 
 
   -- Adjusted EBITDA: For the first quarter of 2026, Total Adjusted EBITDA was 
      $19.7 million compared to Total Adjusted EBITDA of $7.2 million for the 
      prior year quarter. The increase in Adjusted EBITDA was primarily driven 
      by our Life Sciences and Infrastructure segments, which was partially 
      offset by a decrease at our Spectrum segment. The increase at our Life 
      Sciences segment was primarily driven by fewer equity method losses 
      recognized from MediBeacon and a decrease in recurring SG&A due to a 
      reduction in compensation-related expenses at R2 and Pansend, which was 
      partially offset by a decrease in gross profit at R2 due to the decrease 
      in revenue. The increase at our Infrastructure segment was primarily 
      driven by an increase in gross profit at DBMG's commercial structural 
      steel fabrication and erection business which had increased activity 
      subsequent to the comparable period on certain large construction 
      projects. The increase was partially offset by a decrease in revenue and 
      gross profit at our industrial maintenance and repair business due to 
      timing of certain large construction projects in the comparable period 
      that have since been completed and an increase in recurring SG&A expenses, 
      primarily driven by an increase in compensation-related expenses due to 
      timing. The decrease in Adjusted EBITDA at our Spectrum segment was 
      primarily driven by the decrease in revenue. 
 
ADJUSTED EBITDA by OPERATING SEGMENT 
 
(in millions)                  Three Months Ended March 31, 
                  ------------------------------------------------------ 
                       2026           2025       Increase / (Decrease) 
                  ---------------  -----------  ------------------------ 
Infrastructure     $     23.0       $    16.7     $              6.3 
Life Sciences            (2.0)           (8.7)                   6.7 
Spectrum                  0.7             1.4                   (0.7) 
Non-Operating 
 Corporate               (2.0)           (2.2)                   0.2 
Other and 
eliminations               --              --                     -- 
                      -------          ------   ---  --------------- 
Total Adjusted 
 EBITDA            $     19.7       $     7.2     $             12.5 
                      =======          ======   ===  =============== 
 
 
   -- Balance Sheet: As of March 31, 2026, INNOVATE had cash and cash 
      equivalents, excluding restricted cash, of $134.6 million compared to 
      $112.1 million as of December 31, 2025. On a stand-alone basis, as of 
      March 31, 2026, our Non-Operating Corporate segment had cash and cash 
      equivalents of $2.5 million compared to $4.2 million as of December 31, 
      2025. 

Conference Call

INNOVATE will host a live conference call to discuss its first quarter 2026 financial results and operations today at 4:30 p.m. ET. The Company will post an earnings supplemental presentation in the Investor Relations section of the INNOVATE website at innovate-ir.com to accompany the conference call. Dial-in instructions for the conference call and the replay follows.

   -- Live Webcast and Call. A live webcast of the conference call can be 
      accessed by interested parties through the Investor Relations section of 
      the INNOVATE website at innovate-ir.com. 
 
          -- Dial-in: 1-877-704-4453 (Domestic Toll Free) / 1-201-389-0920 
             (Toll/International) 
 
   -- Conference Replay* 
 
          -- Dial-in: 1-844-512-2921 (Domestic Toll Free) / 1-412-317-6671 
             (Toll/International) 
 
          -- Conference Number: 13760214 

*Available approximately three hours after the end of the conference call through May 28, 2026.

About INNOVATE

INNOVATE is a portfolio of best-in-class assets in three key areas of the new economy -- Infrastructure, Life Sciences and Spectrum. Dedicated to stakeholder capitalism, INNOVATE employs approximately 3,700 people across its subsidiaries. For more information, please visit: www.INNOVATECorp.com.

Contacts

Investor Contact:

Anthony Rozmus

ir@innovatecorp.com

(212) 235-2691

Non-GAAP Financial Measures

In this press release, INNOVATE refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), including Total Adjusted EBITDA (excluding discontinued operations, if applicable) and Adjusted EBITDA for its operating segments. In addition, other companies may define Adjusted EBITDA differently than we do, which could limit its usefulness.

Adjusted EBITDA

Management believes that Adjusted EBITDA provides investors with meaningful information for gaining an understanding of our results as it is frequently used by the financial community to provide insight into an organization's operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation, amortization and the other items listed in the definition of Adjusted EBITDA below can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA can also be a useful measure of a company's ability to service debt. While management believes that non-U.S. GAAP measurements are useful supplemental information, such adjusted results are not intended to replace our U.S. GAAP financial results. Using Adjusted EBITDA as a performance measure has inherent limitations as an analytical tool as compared to net income (loss) or other U.S. GAAP financial measures, as this non-U.S. GAAP measure excludes certain items, including items that are recurring in nature, which may be meaningful to investors. As a result of the exclusions, Adjusted EBITDA should not be considered in isolation and does not purport to be an alternative to net income (loss) or other U.S. GAAP financial measures as a measure of our operating performance.

The calculation of Adjusted EBITDA, as defined by us, consists of Net income (loss) attributable to INNOVATE Corp., excluding: discontinued operations, if applicable; depreciation and amortization; other operating (income) loss (which is inclusive of (gain) loss on sale or disposal of assets, lease termination costs, (gains) losses on lease modifications, and asset impairment expense); interest expense; other (income) expense, net; income tax expense (benefit); non-controlling interests; share-based compensation expense; realignment and exit costs; facility commissioning costs and acquisition and disposition costs.

Cautionary Statement Regarding Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, and certain oral statements made by our representatives from time to time may contain, "forward-looking statements." Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. Such forward-looking statements are based on current expectations and inherently involve certain risks, assumptions and uncertainties. The forward-looking statements in this press release include, without limitation, any statements regarding INNOVATE's plans and expectations for future growth and ability to capitalize on potential opportunities, the achievement of INNOVATE's strategic objectives, expectations for performance of new projects and realization of revenue from the backlog at DBMG and the Infrastructure segment, anticipated success from the continued sale of new products in the Life Sciences segment,

expectations for advertising revenue growth, new technologies, networks and stations, and potential commercial opportunities in datacasting in the Spectrum segment. Such statements are based on the beliefs and assumptions of INNOVATE's management and the management of INNOVATE's subsidiaries and portfolio companies.

The Company believes these judgments are reasonable, but these statements are not guarantees of performance, results or the creation of stockholder value and the Company's actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, including those that may be identified in subsequent statements and reports filed with the Securities and Exchange Commission ("SEC"), including in our reports on Forms 10-K, 10-Q, and 8-K. Such important factors include, without limitation: our dependence on distributions from our subsidiaries to fund our operations and payments on our obligations; our ability to continue operating as a going concern; our expectations and timing with respect to any strategic dispositions and sales of our operating subsidiaries, or businesses, including, without limitation, the sales of DBMG and HC2 Broadcasting Holdings Inc.; the possibility of indemnification claims arising out of divestitures of businesses; the impact on our business and financial condition of our substantial indebtedness and any significant additional indebtedness and other financing obligations we may incur; our possible inability to raise additional capital when needed or refinance our existing debt, on attractive terms, or at all; our dependence on the retaining and recruitment of key personnel; volatility in the trading price of our common stock; the impact of potential supply chain disruptions, labor shortages and increases in overall price levels, including in steel and transportation costs; interest rate environment; developments relating to the hostilities in Ukraine, the Middle East and Venezuela; increased competition in the markets in which our operating segments conduct their businesses; our ability to successfully identify any strategic acquisitions or business opportunities; uncertain global economic conditions in the markets in which our operating segments conduct their businesses; changes in regulations and tax laws; covenant noncompliance risk; tax consequences associated with our acquisitions, holding and disposition of target companies and assets; the ability of our operating segments to attract and retain customers; and our expectations regarding the timing, extent and effectiveness of any cost reduction initiatives and management's ability to moderate or control discretionary spending.

Although INNOVATE believes its expectations and assumptions regarding its future operating performance are reasonable, there can be no assurance that the expectations reflected herein will be achieved. These risks and other important factors discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K filed with the SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to INNOVATE or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and unless legally required, INNOVATE undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 
 
                            INNOVATE CORP. 
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
         (Unaudited, in millions, except shares and per share 
                               amounts) 
 
                                       Three Months Ended March 31, 
                                    ---------------------------------- 
                                          2026              2025 
                                    -----------------  --------------- 
Revenue                              $         364.8   $      274.2 
Cost of revenue                                311.3          228.7 
                                        ------------    ----------- 
Gross profit                                    53.5           45.5 
Operating expenses: 
  Selling, general and 
   administrative                               39.4           37.8 
  Depreciation and amortization                  4.2            4.4 
  Other operating income                        (0.1)          (0.1) 
                                        ------------    ----------- 
Income from operations                          10.0            3.4 
                                        ------------    ----------- 
Other (expense) income: 
  Interest expense                             (24.5)         (20.2) 
  Loss from equity investees                      --           (5.9) 
  Other income, net                              0.3            4.0 
                                        ------------    ----------- 
Loss from operations before income 
 taxes                                         (14.2)         (18.7) 
  Income tax expense                            (2.9)          (7.1) 
Net loss                                       (17.1)         (25.8) 
  Net loss attributable to 
   non-controlling interests and 
   redeemable non-controlling 
   interests                                     0.3            1.3 
                                        ------------    ----------- 
Net loss attributable to INNOVATE 
 Corp.                                         (16.8)         (24.5) 
  Less: Preferred stock dividends                0.4            0.3 
                                        ------------    ----------- 
Net loss attributable to common 
 stockholders and participating 
 preferred stockholders              $         (17.2)  $      (24.8) 
                                        ============    =========== 
 
  Loss per common share - basic 
   and diluted                       $         (1.29)  $      (1.89) 
 
  Weighted-average common shares 
   outstanding - basic and 
   diluted                                13,344,976     13,114,804 
 
 
 
 
                            INNOVATE CORP. 
                 CONDENSED CONSOLIDATED BALANCE SHEETS 
            (Unaudited, in millions, except share amounts) 
 
 
                                           March 31,    December 31, 
                                              2026          2025 
                                           ---------  ---------------- 
Assets 
  Current assets 
      Cash and cash equivalents            $  134.6    $      112.1 
      Accounts receivable, net                186.0           241.1 
      Contract assets                          54.5            64.1 
      Inventory                                15.4            16.0 
      Other current assets                     15.4            18.2 
                                            -------       --------- 
    Total current assets                      405.9           451.5 
      Investments                               1.8             1.8 
      Deferred tax asset                        2.0             2.0 
      Property, plant and equipment, net      148.1           141.8 
      Goodwill                                127.1           127.0 
      Intangibles, net                        163.7           165.2 
      Other assets                             88.2            60.8 
                                            -------       --------- 
Total assets                               $  936.8    $      950.1 
Liabilities, temporary equity and 
stockholders' deficit 
  Current liabilities 
    Accounts payable                       $  130.2    $      141.4 
    Accrued liabilities                       103.7           122.5 
    Current portion of debt obligations       610.8           581.4 
    Contract liabilities                      157.3           171.9 
    Other current liabilities                  17.8            16.9 
                                            -------       --------- 
  Total current liabilities                 1,019.8         1,034.1 
    Deferred tax liability                      4.7             4.7 
    Debt obligations                           68.8            80.3 
    Other liabilities                          75.7            46.3 
                                            -------       --------- 
Total liabilities                           1,169.0         1,165.4 
                                            -------       --------- 
Commitments and contingencies 
Temporary equity 
    Preferred Stock Series A-3 and 
     Preferred Stock Series A-4, $0.001 
     par value                                  9.5             9.3 
      Shares authorized: 20,000,000; 
      Shares issued and outstanding: 
      6,125 of Series A-3; 1,937 of 
      Series A-4 
    Redeemable non-controlling interests        1.3             1.6 
                                            -------       --------- 
Total temporary equity                         10.8            10.9 
                                            -------       --------- 
Stockholders' deficit 
    Common stock, $0.001 par value               --              -- 
      Shares authorized: 250,000,000; 
      Shares issued: 13,818,904; Shares 
      outstanding: 13,641,866 and 
      13,655,062, respectively 
    Additional paid-in capital                350.4           350.1 
    Treasury stock, at cost: 177,038 and 
     163,842 shares, respectively              (5.6)           (5.6) 
    Accumulated deficit                      (599.3)         (582.5) 
    Accumulated other comprehensive loss       (1.8)           (2.1) 
                                            -------       --------- 
Total INNOVATE Corp. stockholders' 
 deficit                                     (256.3)         (240.1) 
    Non-controlling interests                  13.3            13.9 
                                            -------       --------- 
Total stockholders' deficit                  (243.0)         (226.2) 
                                            -------       --------- 
Total liabilities, temporary equity and 
 stockholders' deficit                     $  936.8    $      950.1 
                                            =======       ========= 
 
 
 
 
                                                  INNOVATE CORP. 
                               RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA 
                                              (Unaudited, in millions) 
 
(in millions)                                       Three Months Ended March 31, 2026 
                       -------------------------------------------------------------------------------------------- 
                                               Life                    Non-Operating      Other and 
                         Infrastructure      Sciences     Spectrum       Corporate      Eliminations     INNOVATE 
Net income (loss) 
 attributable to 
 INNOVATE Corp.          $     9.3          $  (3.3)      $   (6.5)   $   (16.3)        $          --   $  (16.8) 
Adjustments to 
reconcile net income 
(loss) to Adjusted 
EBITDA: 
-------------------- 
  Depreciation and 
   amortization                2.9              0.1            1.2           --                    --        4.2 
  Depreciation and 
   amortization 
   (included in cost 
   of revenue)                 3.2               --             --           --                    --        3.2 
  Other operating 
   income                       --               --           (0.1)          --                    --       (0.1) 
  Interest expense             1.8              1.9            4.0         16.8                    --       24.5 
  Other (income) 
   expense, net               (0.1)              --            2.5         (2.7)                   --       (0.3) 
  Income tax expense 
   (benefit)                   4.1               --             --         (1.2)                   --        2.9 
  Non-controlling 
   interests                   0.9             (0.8)          (0.4)          --                    --       (0.3) 
  Share-based 
   compensation 
   expense                      --              0.1             --          0.5                    --        0.6 
  Realignment and 
   exit costs                  0.3               --             --           --                    --        0.3 
  Facility 
   commissioning 
   costs                       0.6               --             --           --                    --        0.6 
  Acquisition and 
   disposition costs            --               --             --          0.9                    --        0.9 
                       ---  ------  -----      ----          -----       ------  -----   ------------      ----- 
  Adjusted EBITDA        $    23.0          $  (2.0)      $    0.7    $    (2.0)        $          --   $   19.7 
                       ===  ======  =====      ====          =====       ======   ====   ============      ===== 
 
 
(in millions)                                       Three Months Ended March 31, 2025 
                       -------------------------------------------------------------------------------------------- 
                                               Life                    Non-Operating      Other and 
                         Infrastructure      Sciences     Spectrum       Corporate      Eliminations     INNOVATE 
Net income (loss) 
 attributable to 
 INNOVATE Corp.          $     4.6          $  (7.6)      $   (5.4)   $   (16.1)        $          --   $  (24.5) 
Adjustments to 
reconcile net income 
(loss) to Adjusted 
EBITDA: 
-------------------- 
  Depreciation and 
   amortization                3.1              0.1            1.2           --                    --        4.4 
  Depreciation and 
   amortization 
   (included in cost 
   of revenue)                 3.5               --             --           --                    --        3.5 
  Other operating 
   income                     (0.1)              --             --           --                    --       (0.1) 
  Interest expense             2.1              4.5            3.7          9.9                    --       20.2 
  Other (income) 
   expense, net               (0.3)            (4.5)           2.2         (1.4)                   --       (4.0) 
  Income tax expense           2.3               --             --          4.8                    --        7.1 
  Non-controlling 
   interests                   0.4             (1.4)          (0.3)          --                    --       (1.3) 
  Share-based 
   compensation 
   expense                      --              0.2             --          0.6                    --        0.8 
  Realignment and 
   exit costs                  1.1               --             --           --                    --        1.1 
  Adjusted EBITDA        $    16.7          $  (8.7)      $    1.4    $    (2.2)        $          --   $    7.2 
                       ===  ======  =====      ====          =====       ======   ====   ============      ===== 
 
 

(END) Dow Jones Newswires

May 14, 2026 16:05 ET (20:05 GMT)

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