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- Infrastructure: Improved financial flexibility with recent refinancing transactions -
- Life Sciences: R2 continuing to see significant year over year growth in system unit sales -
- Spectrum: Launched fourth ATSC 3.0 station in collaboration with large mobile carrier -
NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) -- INNOVATE Corp. (“INNOVATE” or the “Company”) (NYSE: VATE) announced today its consolidated results for the second quarter.
Financial Summary
| (in millions, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| 2025 | 2024 | Increase / (Decrease) | 2025 | 2024 | Increase / (Decrease) | |||||||||||||||
| Revenue | $ | 242.0 | $ | 313.1 | (22.7 | )% | $ | 516.2 | $ | 628.3 | (17.8 | )% | ||||||||
| Net (loss) income attributable to common stockholders and participating preferred stockholders | $ | (22.0 | ) | $ | 14.1 | (256.0 | )% | $ | (46.8 | ) | $ | (3.6 | ) | (1200.0 | )% | |||||
| Basic (loss) earnings per share attributable to common stockholders(1) | $ | (1.67 | ) | $ | 1.11 | (250.5 | )% | $ | (3.56 | ) | $ | (0.35 | ) | (917.1 | )% | |||||
| Diluted (loss) earnings per share attributable to common stockholders(1) | $ | (1.67 | ) | $ | 1.03 | (262.1 | )% | $ | (3.56 | ) | $ | (0.35 | ) | (917.1 | )% | |||||
| Total Adjusted EBITDA(2) | $ | 15.7 | $ | 26.7 | (41.2 | )% | $ | 22.9 | $ | 39.5 | (42.0 | )% | ||||||||
(1) Basic and diluted (loss) earnings per common share for the three months and six months ended June 30, 2024, has been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.
(2) Reconciliation of GAAP to Non-GAAP measures follows
Commentary
“INNOVATE continued its strong progress across our operating segments this quarter, particularly in maintaining disciplined execution and pursuing strategic opportunities that support long-term value creation. Our recent refinancing transactions will allow us to focus on executing our strategic plans,” said Avie Glazer, Chairman of INNOVATE. “The Infrastructure segment's adjusted backlog remained strong at $1.3 billion in the second quarter and we are proud of the team's ongoing dedication to acquiring new projects that will ensure long-term growth. In Life Sciences, we are seeing significantly stronger interest following the FDA approval of MediBeacon's TGFR system announced in January, while R2 remains on its strong growth trajectory. The Spectrum segment declined slightly in performance year-over-year, illustrating a tough, changing, marketplace in the first half of the year.”
“We continue to execute on our strategic priorities across INNOVATE, with a focus on long-term value creation,” said Paul Voigt, Interim CEO of INNOVATE. “DBM maintained their strong backlog in the second quarter and anticipates continued momentum in the third quarter. R2 continues to drive growth with shipments outside North America and at Spectrum, the team is well-positioned for a stronger second half. We also recently completed refinancing transactions that, among other things, extends our debt maturities.”
Second Quarter 2025 and Recent Highlights
Infrastructure
Life Sciences
Spectrum
Second Quarter 2025 Financial Highlights
| REVENUE by OPERATING SEGMENT | |||||||||||||||||||
| (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
| 2025 | 2024 | Increase / (Decrease) | 2025 | 2024 | Increase / (Decrease) | ||||||||||||||
| Infrastructure | $ | 233.1 | $ | 305.2 | $ | (72.1 | ) | $ | 498.0 | $ | 613.1 | $ | (115.1 | ) | |||||
| Life Sciences | 3.2 | 1.7 | 1.5 | 6.3 | 2.7 | 3.6 | |||||||||||||
| Spectrum | 5.7 | 6.2 | (0.5 | ) | 11.9 | 12.5 | (0.6 | ) | |||||||||||
| Consolidated INNOVATE | $ | 242.0 | $ | 313.1 | $ | (71.1 | ) | $ | 516.2 | $ | 628.3 | $ | (112.1 | ) | |||||
| NET INCOME (LOSS) by OPERATING SEGMENT | ||||||||||||||||||||||||
| (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | Increase / (Decrease) | 2025 | 2024 | Increase / (Decrease) | |||||||||||||||||||
| Infrastructure | $ | 5.5 | $ | 21.0 | $ | (15.5 | ) | $ | 10.1 | $ | 25.4 | $ | (15.3 | ) | ||||||||||
| Life Sciences | (6.5 | ) | (3.8 | ) | (2.7 | ) | (14.1 | ) | (8.3 | ) | (5.8 | ) | ||||||||||||
| Spectrum | (6.1 | ) | (5.0 | ) | (1.1 | ) | (11.5 | ) | (9.8 | ) | (1.7 | ) | ||||||||||||
| Non-Operating Corporate | (12.7 | ) | 2.1 | (14.8 | ) | (28.8 | ) | (10.4 | ) | (18.4 | ) | |||||||||||||
| Other and eliminations | — | 0.1 | (0.1 | ) | — | 0.1 | (0.1 | ) | ||||||||||||||||
| Net (loss) income attributable to INNOVATE Corp. | $ | (19.8 | ) | $ | 14.4 | (34.2 | ) | $ | (44.3 | ) | $ | (3.0 | ) | $ | (41.3 | ) | ||||||||
| Less: Preferred dividends | 2.2 | 0.3 | 1.9 | 2.5 | 0.6 | 1.9 | ||||||||||||||||||
| Net (loss) income attributable to common stockholders and participating preferred stockholders | $ | (22.0 | ) | $ | 14.1 | $ | (36.1 | ) | $ | (46.8 | ) | $ | (3.6 | ) | $ | (43.2 | ) | |||||||
| ADJUSTED EBITDA by OPERATING SEGMENT | |||||||||||||||||||||||
| (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2025 | 2024 | Increase / (Decrease) | 2025 | 2024 | Increase / (Decrease) | ||||||||||||||||||
| Infrastructure | $ | 19.3 | $ | 32.5 | $ | (13.2 | ) | $ | 36.0 | $ | 50.8 | $ | (14.8 | ) | |||||||||
| Life Sciences | (2.6 | ) | (4.8 | ) | 2.2 | (11.3 | ) | (9.0 | ) | (2.3 | ) | ||||||||||||
| Spectrum | 1.0 | 1.5 | (0.5 | ) | 2.4 | 3.1 | (0.7 | ) | |||||||||||||||
| Non-Operating Corporate | (2.0 | ) | (2.5 | ) | 0.5 | (4.2 | ) | (5.4 | ) | 1.2 | |||||||||||||
| Other and eliminations | — | — | — | — | — | — | |||||||||||||||||
| Total Adjusted EBITDA | $ | 15.7 | $ | 26.7 | $ | (11.0 | ) | $ | 22.9 | $ | 39.5 | $ | (16.6 | ) | |||||||||
Conference Call
INNOVATE will host a live conference call to discuss its second quarter 2025 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.
*Available approximately three hours after the end of the conference call through August 19, 2025.
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 3,100 people across its subsidiaries. For more information, please visit: www.INNOVATECorp.com.
Contacts
Investor Contact:
Anthony Rozmus
[email protected]
(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 interest; share-based compensation expense; realignment and exit 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, negotiation of definitive terms, holder participation, fulfillment or waiver of closing conditions and successful settlement of each of the refinancing transactions described in this press release, 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, necessary regulatory approvals of products and potential applications of the TGFR with clinicians in the Life Sciences segment, potential commercial opportunities in datacasting, the deployment of new technologies and launching of new networks and stations at the Spectrum segment, our ability to remain in compliance with the NYSE's continued listing standards, and changes in macroeconomic and market conditions and market volatility, including interest rates, the value of securities and other financial assets, and the impact of such changes and volatility on INNOVATE’s financial position. 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; 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 ongoing hostilities in Ukraine and Israel; 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; our expectations regarding the timing, extent and effectiveness of any cost reduction initiatives and management’s ability to moderate or control discretionary spending; our expectations and timing with respect to any strategic dispositions and sales of our operating subsidiaries, or businesses; and the possibility of indemnification claims arising out of divestitures of businesses.
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 (in millions, except shares and per share amounts) (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 242.0 | $ | 313.1 | $ | 516.2 | $ | 628.3 | ||||||||
| Cost of revenue | 196.4 | 247.5 | 425.1 | 514.1 | ||||||||||||
| Gross profit | 45.6 | 65.6 | 91.1 | 114.2 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 35.1 | 42.9 | 72.9 | 82.4 | ||||||||||||
| Depreciation and amortization | 4.4 | 4.4 | 8.8 | 8.8 | ||||||||||||
| Other operating loss (income) | 1.2 | (10.5 | ) | 1.1 | (8.6 | ) | ||||||||||
| Income from operations | 4.9 | 28.8 | 8.3 | 31.6 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (21.4 | ) | (16.5 | ) | (41.6 | ) | (33.7 | ) | ||||||||
| Loss from equity investees | — | (1.1 | ) | (5.9 | ) | (2.3 | ) | |||||||||
| Other (expense) income, net | (0.3 | ) | 0.2 | 3.7 | (1.0 | ) | ||||||||||
| (Loss) income from operations before income taxes | (16.8 | ) | 11.4 | (35.5 | ) | (5.4 | ) | |||||||||
| Income tax (expense) benefit | (4.2 | ) | 2.5 | (11.3 | ) | (0.8 | ) | |||||||||
| Net (loss) income | (21.0 | ) | 13.9 | (46.8 | ) | (6.2 | ) | |||||||||
| Net loss attributable to non-controlling interests and redeemable non-controlling interests | 1.2 | 0.5 | 2.5 | 3.2 | ||||||||||||
| Net (loss) income attributable to INNOVATE Corp. | (19.8 | ) | 14.4 | (44.3 | ) | (3.0 | ) | |||||||||
| Less: Preferred dividends | 2.2 | 0.3 | 2.5 | 0.6 | ||||||||||||
| Net (loss) income attributable to common stockholders and participating preferred stockholders | $ | (22.0 | ) | $ | 14.1 | $ | (46.8 | ) | $ | (3.6 | ) | |||||
| (Loss) earnings per common share(1) | ||||||||||||||||
| Basic | $ | (1.67 | ) | $ | 1.11 | $ | (3.56 | ) | $ | (0.35 | ) | |||||
| Diluted | $ | (1.67 | ) | $ | 1.03 | $ | (3.56 | ) | $ | (0.35 | ) | |||||
| Weighted-average common shares outstanding(1) | ||||||||||||||||
| Basic | 13,146,750 | 8,920,485 | 13,130,930 | 8,392,923 | ||||||||||||
| Diluted | 13,146,750 | 14,425,756 | 13,130,930 | 8,392,923 | ||||||||||||
(1) Basic and diluted (loss) earnings per common share and basic and diluted weighted-average common shares outstanding for the three months and six months ended June 30, 2024, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.
| INNOVATE CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share amounts) (Unaudited) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 33.4 | $ | 48.8 | ||||
| Accounts receivable, net | 242.7 | 194.0 | ||||||
| Contract assets | 83.0 | 106.3 | ||||||
| Inventory | 20.7 | 20.8 | ||||||
| Other current assets | 18.6 | 21.0 | ||||||
| Total current assets | 398.4 | 390.9 | ||||||
| Investments | 4.4 | 3.6 | ||||||
| Deferred tax asset | 1.6 | 1.6 | ||||||
| Property, plant and equipment, net | 132.1 | 133.6 | ||||||
| Goodwill | 126.9 | 126.7 | ||||||
| Intangibles, net | 168.6 | 172.4 | ||||||
| Other assets | 58.9 | 62.3 | ||||||
| Total assets | $ | 890.9 | $ | 891.1 | ||||
| Liabilities, temporary equity and stockholders’ deficit | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 80.2 | $ | 84.8 | ||||
| Accrued liabilities | 125.4 | 109.7 | ||||||
| Current portion of debt obligations | 477.5 | 162.2 | ||||||
| Contract liabilities | 172.8 | 109.1 | ||||||
| Other current liabilities | 17.2 | 17.2 | ||||||
| Total current liabilities | 873.1 | 483.0 | ||||||
| Deferred tax liability | 4.5 | 4.4 | ||||||
| Debt obligations | 160.1 | 500.6 | ||||||
| Other liabilities | 42.5 | 46.8 | ||||||
| Total liabilities | 1,080.2 | 1,034.8 | ||||||
| Commitments and contingencies | ||||||||
| Temporary equity | ||||||||
| Preferred Stock Series A-3 and Preferred Stock Series A-4, $0.001 par value | 17.9 | 16.1 | ||||||
| Shares authorized: 20,000,000; Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of Series A-4 | ||||||||
| Redeemable non-controlling interest | (0.8 | ) | (0.5 | ) | ||||
| Total temporary equity | 17.1 | 15.6 | ||||||
| Stockholders’ deficit | ||||||||
| Common stock, $0.001 par value | — | — | ||||||
| Shares authorized: 250,000,000 | ||||||||
| Shares issued: 13,499,991 and 13,410,179, respectively | ||||||||
| Shares outstanding: 13,336,149 and 13,261,379, respectively | ||||||||
| Additional paid-in capital | 349.2 | 350.1 | ||||||
| Treasury stock, at cost: 163,842 and 148,800 shares, respectively | (5.6 | ) | (5.4 | ) | ||||
| Accumulated deficit | (566.2 | ) | (521.9 | ) | ||||
| Accumulated other comprehensive loss | (2.2 | ) | (3.2 | ) | ||||
| Total INNOVATE Corp. stockholders’ deficit | (224.8 | ) | (180.4 | ) | ||||
| Non-controlling interest | 18.4 | 21.1 | ||||||
| Total stockholders’ deficit | (206.4 | ) | (159.3 | ) | ||||
| Total liabilities, temporary equity and stockholders’ deficit | $ | 890.9 | $ | 891.1 | ||||
| INNOVATE CORP. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (Unaudited, in millions) | ||||||||||||||||||||||||
| (in millions) | Three Months Ended June 30, 2025 | |||||||||||||||||||||||
| Infrastructure | Life Sciences | Spectrum | Non- Operating Corporate | Other and Eliminations | INNOVATE | |||||||||||||||||||
| Net income (loss) attributable to INNOVATE Corp. | $ | 5.5 | $ | (6.5 | ) | $ | (6.1 | ) | $ | (12.7 | ) | $ | — | $ | (19.8 | ) | ||||||||
| 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) | 3.0 | — | — | — | — | 3.0 | ||||||||||||||||||
| Other operating loss | 1.2 | — | — | — | — | 1.2 | ||||||||||||||||||
| Interest expense | 2.4 | 5.2 | 3.9 | 9.9 | — | 21.4 | ||||||||||||||||||
| Other expense (income), net | — | — | 2.3 | (2.0 | ) | — | 0.3 | |||||||||||||||||
| Income tax expense | 2.1 | — | — | 2.1 | — | 4.2 | ||||||||||||||||||
| Non-controlling interest | 0.6 | (1.4 | ) | (0.4 | ) | — | — | (1.2 | ) | |||||||||||||||
| Share-based compensation expense | — | — | — | 0.7 | — | 0.7 | ||||||||||||||||||
| Realignment and exit costs | 1.4 | — | 0.1 | — | — | 1.5 | ||||||||||||||||||
| Adjusted EBITDA | $ | 19.3 | $ | (2.6 | ) | $ | 1.0 | $ | (2.0 | ) | $ | — | $ | 15.7 | ||||||||||
| (in millions) | Three Months Ended June 30, 2024 | |||||||||||||||||||||||
| Infrastructure | Life Sciences | Spectrum | Non- Operating Corporate | Other and Eliminations | INNOVATE | |||||||||||||||||||
| Net income (loss) attributable to INNOVATE Corp. | $ | 21.0 | $ | (3.8 | ) | $ | (5.0 | ) | $ | 2.1 | $ | 0.1 | $ | 14.4 | ||||||||||
| Adjustments to reconcile net income (loss) to Adjusted EBITDA: | ||||||||||||||||||||||||
| Depreciation and amortization | 2.9 | 0.1 | 1.3 | 0.1 | — | 4.4 | ||||||||||||||||||
| Depreciation and amortization (included in cost of revenue) | 3.8 | 0.1 | — | — | — | 3.9 | ||||||||||||||||||
| Other operating (income) loss | (10.5 | ) | — | 0.1 | (0.1 | ) | — | (10.5 | ) | |||||||||||||||
| Interest expense | 2.0 | 1.0 | 3.4 | 10.1 | — | 16.5 | ||||||||||||||||||
| Other (income) expense, net | (0.3 | ) | (0.3 | ) | 2.1 | (1.6 | ) | (0.1 | ) | (0.2 | ) | |||||||||||||
| Income tax expense (benefit) | 10.9 | — | — | (13.4 | ) | — | (2.5 | ) | ||||||||||||||||
| Non-controlling interest | 2.0 | (2.0 | ) | (0.5 | ) | — | — | (0.5 | ) | |||||||||||||||
| Share-based compensation expense | — | 0.1 | — | 0.3 | — | 0.4 | ||||||||||||||||||
| Realignment and exit costs | 0.7 | — | — | — | — | 0.7 | ||||||||||||||||||
| Acquisition and disposition costs | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||
| Adjusted EBITDA | $ | 32.5 | $ | (4.8 | ) | $ | 1.5 | $ | (2.5 | ) | $ | — | $ | 26.7 | ||||||||||
| (in millions) | Six Months Ended June 30, 2025 | |||||||||||||||||||||||
| Infrastructure | Life Sciences | Spectrum | Non- Operating Corporate | Other and Eliminations | INNOVATE | |||||||||||||||||||
| Net income (loss) attributable to INNOVATE Corp. | $ | 10.1 | $ | (14.1 | ) | $ | (11.5 | ) | $ | (28.8 | ) | $ | — | $ | (44.3 | ) | ||||||||
| Adjustments to reconcile net income (loss) to Adjusted EBITDA: | ||||||||||||||||||||||||
| Depreciation and amortization | 6.2 | 0.2 | 2.4 | — | — | 8.8 | ||||||||||||||||||
| Depreciation and amortization (included in cost of revenue) | 6.5 | — | — | — | — | 6.5 | ||||||||||||||||||
| Other operating loss | 1.1 | — | — | — | — | 1.1 | ||||||||||||||||||
| Interest expense | 4.5 | 9.7 | 7.6 | 19.8 | — | 41.6 | ||||||||||||||||||
| Other (income) expense, net | (0.3 | ) | (4.5 | ) | 4.5 | (3.4 | ) | — | (3.7 | ) | ||||||||||||||
| Income tax expense | 4.4 | — | — | 6.9 | — | 11.3 | ||||||||||||||||||
| Non-controlling interest | 1.0 | (2.8 | ) | (0.7 | ) | — | — | (2.5 | ) | |||||||||||||||
| Share-based compensation expense | — | 0.2 | — | 1.3 | — | 1.5 | ||||||||||||||||||
| Realignment and exit costs | 2.5 | — | 0.1 | — | — | 2.6 | ||||||||||||||||||
| Adjusted EBITDA | $ | 36.0 | $ | (11.3 | ) | $ | 2.4 | $ | (4.2 | ) | $ | — | $ | 22.9 | ||||||||||
| INNOVATE CORP. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (Unaudited, in millions) | ||||||||||||||||||||||||
| (in millions) | Six Months Ended June 30, 2024 | |||||||||||||||||||||||
| Infrastructure | Life Sciences | Spectrum | Non- Operating Corporate | Other and Eliminations | INNOVATE | |||||||||||||||||||
| Net income (loss) attributable to INNOVATE Corp. | $ | 25.4 | $ | (8.3 | ) | $ | (9.8 | ) | $ | (10.4 | ) | $ | 0.1 | $ | (3.0 | ) | ||||||||
| Adjustments to reconcile net income (loss) to Adjusted EBITDA: | ||||||||||||||||||||||||
| Depreciation and amortization | 5.9 | 0.2 | 2.6 | 0.1 | — | 8.8 | ||||||||||||||||||
| Depreciation and amortization (included in cost of revenue) | 7.8 | 0.1 | — | — | — | 7.9 | ||||||||||||||||||
| Other operating (income) loss | (8.9 | ) | — | 0.1 | 0.2 | — | (8.6 | ) | ||||||||||||||||
| Interest expense | 4.7 | 1.9 | 6.8 | 20.3 | — | 33.7 | ||||||||||||||||||
| Other (income) expense, net | (1.1 | ) | 1.7 | 4.1 | (3.6 | ) | (0.1 | ) | 1.0 | |||||||||||||||
| Income tax expense (benefit) | 13.4 | — | — | (12.6 | ) | — | 0.8 | |||||||||||||||||
| Non-controlling interest | 2.4 | (4.8 | ) | (0.8 | ) | — | — | (3.2 | ) | |||||||||||||||
| Share-based compensation expense | — | 0.2 | — | 0.6 | — | 0.8 | ||||||||||||||||||
| Realignment and exit costs | 1.2 | — | — | — | — | 1.2 | ||||||||||||||||||
| Acquisition and disposition costs | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||
| Adjusted EBITDA | $ | 50.8 | $ | (9.0 | ) | $ | 3.1 | $ | (5.4 | ) | $ | — | $ | 39.5 | ||||||||||
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