Revenue Performance - INNOVATE Corp. reported consolidated revenue of $242.2 million for Q3 2024, a decrease of 35.5% compared to $375.3 million in Q3 2023[11] - The Infrastructure segment generated revenue of $232.8 million, down 37.0% from $369.3 million in the prior year quarter, with a net income of $6.2 million compared to $10.8 million[4] - Broadcasting revenue increased to $6.4 million in Q3 2024 from $5.4 million in the prior year quarter, with adjusted EBITDA improving to $1.7 million from a loss of $0.3 million[8] - Total revenue for Q3 2024 was $242.2 million, a decrease of 35.5% from $375.3 million in Q3 2023[35] Net Income and Loss - INNOVATE reported a net loss attributable to common stockholders of $15.3 million, or $1.18 per share, compared to a net loss of $7.3 million, or $0.93 per share, in Q3 2023[11] - Net loss attributable to INNOVATE Corp. for Q3 2024 was $15.0 million, compared to a net loss of $7.0 million in Q3 2023[35] - The company reported a net income loss of $25.9 million for the nine months ended September 30, 2023[42] Adjusted EBITDA - Total adjusted EBITDA for Q3 2024 was $16.8 million, down from $22.1 million in the prior year quarter, primarily due to lower revenue in the Infrastructure segment[16] - Adjusted EBITDA for Q3 2024 was $16.8 million, down 24% from $22.1 million in Q3 2023[17] - Adjusted EBITDA for INNOVATE Corp. was $43.5 million, with significant contributions from the Infrastructure segment at $70.6 million, while the Life Sciences segment reported a loss of $16.0 million[42] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $51.0 million, down from $80.8 million as of December 31, 2023[17] - Total assets decreased from $1,043.6 million on December 31, 2023, to $897.2 million on September 30, 2024, representing a decline of approximately 14%[37] - Total current assets decreased from $517.9 million to $399.9 million, a decline of about 23%[37] - Accounts receivable, net, decreased from $278.4 million to $190.8 million, a reduction of about 31%[37] - Cash and cash equivalents decreased from $80.8 million to $51.0 million, a decline of approximately 37%[37] Liabilities and Financial Burden - Current liabilities increased from $413.8 million to $468.0 million, an increase of about 13%[37] - Debt obligations decreased significantly from $679.3 million to $502.4 million, a reduction of approximately 26%[37] - Interest expense totaled $49.0 million, indicating a substantial financial burden on the company[42] Operational Performance - Operating expenses for Q3 2024 were $42.3 million, down from $48.0 million in Q3 2023[35] - The Life Sciences segment reported an Adjusted EBITDA decrease of $3.0 million in Q3 2024 compared to a loss of $4.3 million in Q3 2023[17] - The Infrastructure segment's Adjusted EBITDA decreased by $9.9 million, from $30.8 million in Q3 2023 to $20.9 million in Q3 2024[17] Strategic Initiatives - The company anticipates continued growth in the Life Sciences segment with new product sales and FDA approval processes[29] - The company plans to explore strategic acquisitions and business opportunities to enhance growth and market presence[30] - New network launches in Broadcasting are expected to drive higher revenue growth, with FreeTV's network, Defy, launching in Q3 2024[9] Other Financial Metrics - Non-controlling interest increased from $13.8 million to $22.0 million, reflecting a growth of approximately 59%[37] - The accumulated deficit increased from $487.3 million to $505.3 million, indicating a worsening financial position[37] - The company incurred restructuring and exit costs amounting to $2.2 million, reflecting ongoing operational adjustments[42] - Non-controlling interest losses were recorded at $2.4 million, impacting overall profitability[42] - Depreciation and amortization expenses were $15.9 million, contributing to the overall cost structure[42] - The company faced acquisition and disposition costs of $2.8 million, indicating ongoing strategic activities[42] - Other income expenses netted a loss of $17.2 million, highlighting challenges in financial management[42] - Legacy accounts receivable write-offs amounted to $2.2 million, affecting asset quality[42] - The company reported a tax benefit of $3.2 million, providing some relief to the overall financial performance[42]

Core Viewpoint - INNOVATE Corp. will release its financial results for Q3 2024 on November 6, 2024, after market close, followed by an earnings conference call at 4:30 p.m. ET [1]. Group 1: Financial Results Announcement - The financial results for Q3 2024 will be announced on November 6, 2024, after market close [1]. - An earnings conference call will take place on the same day at 4:30 p.m. ET to discuss the results, operations, and strategy [1]. Group 2: Conference Call Details - The conference call will be accessible via a domestic dial-in number (1-800-717-1738) and an international dial-in number (1-646-307-1865) [3]. - A replay of the conference call will be available approximately three hours after the call ends, accessible through a domestic dial-in (1-844-512-2921) and an international dial-in (1-412-317-6671) until November 20, 2024 [3]. Group 3: Company Overview - INNOVATE Corp. operates in three key areas of the new economy: Infrastructure, Life Sciences, and Spectrum [4]. - The company is committed to stakeholder capitalism and employs approximately 4,000 people across its subsidiaries [4].

NEW YORK, Sept. 03, 2024 (GLOBE NEWSWIRE) -- INNOVATE Corp. (NYSE: VATE) ("INNOVATE" or the "Company") announced today that it has received a letter from the New York Stock Exchange ("NYSE") dated August 27, 2024 (the "Compliance Notice"), notifying the Company that it is no longer considered below the NYSE's continued listing criterion of a minimum average share price of US $1.00 over a 30 trading-day period (the "NYSE Minimum Price Requirement"). "The INNOVATE team is pleased to share that we have receive ...

Financial Data and Key Metrics Changes - INNOVATE reported revenues of $313.1 million in Q2 2024, a decrease of 15.1% compared to $368.8 million in the prior-year period [14] - Adjusted EBITDA increased to $26.7 million from $16.5 million in the prior-year period, driven by all segments except Life Sciences [14] - Net income attributable to common stockholders was $14.1 million or $0.10 per fully diluted share, compared to a net loss of $10.5 million or $0.13 per fully diluted share in the prior-year period [14] Business Line Data and Key Metrics Changes - Infrastructure segment revenue decreased by 15.8% to $305.2 million from $362.4 million in the prior-year quarter, primarily due to project timing [15] - Life Sciences revenue increased by 142.9% to $1.7 million from $700,000 in the prior-year quarter, mainly due to R2's Glacial fx system [18] - Spectrum revenue was $6.2 million, an increase of $0.5 million compared to the second quarter of 2023, driven by network launches [18] Market Data and Key Metrics Changes - DBMG's total adjusted backlog was $1 billion at the end of Q2 2024, down from $1.2 billion at the end of 2023 [16] - R2 experienced a 200% increase in system unit sales growth from Q2 2023 to Q2 2024, with a 143% growth in top line revenue [6][18] - Glacial providers saw a 170% increase in patients treated and a 53% increase in average monthly utilization [7] Company Strategy and Development Direction - The company is focused on addressing its capital structure to improve stock performance and has closed on a rights offering and intercompany transaction [12] - Management is optimistic about the M&A market and aims to maximize the value of noncash flowing assets [13] - The company plans to refinance its debt later this year, with ongoing discussions with bondholders [26] Management's Comments on Operating Environment and Future Outlook - Management expects results for the year to be slightly lower than last year but anticipates better margin levels [5] - There is confidence in the bidding activity for projects, although the market remains competitive [23] - The company continues to work with the FDA on MediBeacon's kidney monitoring program, with updates expected as progress is made [25] Other Important Information - The company is not in compliance with NYSE listing requirements due to stock price falling below $1, and a reverse stock split has been approved [20] - Total principal outstanding indebtedness was $698 million, down from $722.8 million at the end of 2023 [20] Q&A Session Summary Question: Can you provide an update on the backlog and its stability? - Management indicated that the backlog has stabilized at $1 billion, with confidence in converting bidding activity into projects [21][22] Question: Is the bidding process competitive? - Management confirmed it is competitive but emphasized the importance of securing profitable jobs [23] Question: What are the expectations for margins in 2025? - There are pressures on margins, but management expects margins to be slightly better than last year [24] Question: Any updates on MediBeacon's FDA approval process? - Management is continuing to work with the FDA and will provide updates as more information becomes available [25] Question: Have there been discussions with bondholders regarding refinancing? - Management is not ready for refinancing discussions yet but maintains regular communication with bondholders [26]

INNOVATE Corp. INNOVATE Q2 2024 Earnings Release Supplement August 7, 2024 INNOVATE Corp. ™ 2024 Safe Harbor Disclaimers Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This presentation 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 ...

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 June 30, 2024 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) Delaware (State or other jurisdiction of incorporation or organization) 295 Madison Ave., 12th Floo ...

Financial Summary FOR IMMEDIATE RELEASE INNOVATE Corp. Announces Second Quarter 2024 Results - Infrastructure: DBM Global achieved second quarter revenue of $305.2 million - - Life Sciences: R2 achieved record Glacial system sales in North America in the second quarter - - Spectrum: Broadcasting's growth driven by launch of new networks and cost-cutting ef orts - NEW YORK, NY, August 7, 2024 - INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE: VATE) announced today its consolidated results for the second q ...

- Infrastructure: DBM Global achieved second quarter revenue of $305.2 million - - Life Sciences: R2 achieved record Glacial system sales in North America in the second quarter - - Spectrum: Broadcasting's growth driven by launch of new networks and cost-cutting efforts - NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) -- INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE: VATE) announced today its consolidated results for the second quarter. Financial Summary | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

As a result of the reverse stock split, every ten shares of the Company's Common Stock issued and outstanding will be automatically reclassified and changed into one new share of the Company's Common Stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company's equity incentive plans and conversion of the Company's outstanding convertible securiti ...

NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE: VATE), a diversified holding company, announced today that the Company is amending the effective date for its 1-for-10 reverse stock split of the Company's common stock, par value $0.001 per share (the "Common Stock"). The reverse stock split will become effective at 5:00 p.m. Eastern Time on August 8, 2024, after close of trading on the New York Stock Exchange. Previously, the Company planned for the reverse sto ...