☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Delaware 54-1708481 (State or other jurisdiction of incorporation or organization) 295 Madison Ave ...

- Spectrum: Broadcasting's revenue growth driven by launch of new networks - NEW YORK, NY, May 7, 2024 - INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE: VATE) announced today its consolidated results for the first quarter. FOR IMMEDIATE RELEASE INNOVATE Corp. Announces First Quarter 2024 Results - Infrastructure: DBM Global achieved first quarter revenue of $307.9 million - - Life Sciences: R2 delivered record North America system sales in the first quarter 2024 - Financial Summary | (in millions, excep ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2023 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 54-1708481 (State or other jurisdiction of incorporation or organization) 295 Madison Ave., 12 ...

Financial Data and Key Metrics Changes - INNOVATE reported revenues of $361 million in Q4 2023, a decrease of 11.8% compared to $409.3 million in the prior-year period [41] - Adjusted EBITDA for Q4 2023 was $21.5 million, down from $28.1 million in the prior-year period, driven by declines in multiple segments [42] - The net loss attributable to common stockholders for Q4 2023 was $9.6 million or $0.12 per share, compared to a net loss of $7 million or $0.09 per share in the prior-year period [20] Business Line Data and Key Metrics Changes - DBM Global achieved revenues of $353.8 million in Q4 2023, with adjusted EBITDA of $30 million, and expanded gross margins by approximately 200 basis points [6] - R2 Technologies experienced a 173% increase in monthly patients treated year-over-year and a 106% increase in average monthly utilization per Glacial provider [7] - Spectrum's revenue decreased to $5.7 million, down $5 million compared to Q4 2022, primarily due to the elimination of advertising revenues at Azteca [46] Market Data and Key Metrics Changes - R2 Technologies reported a 213% increase in social media impressions and a 491% increase in provider location searches from 2022 to 2023 [36] - The reported backlog for DBM was $1.1 billion as of December 31, 2023, down from $1.8 billion at the end of 2022 [22] Company Strategy and Development Direction - The company is focused on optimizing the value of its assets and is encouraged by future prospects, particularly in the Life Sciences and Infrastructure segments [12][34] - INNOVATE is launching a fully backstop $35 million rights offering to shore up liquidity needs for 2024 [17] - The company is actively exploring opportunities in 5G broadcasting and has filed an application with the FCC for converting existing stations to 5G [38] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall M&A market and hopes to reach resolutions in 2024 regarding non-cash-flowing businesses [39] - The company expects 2024 results for DBM to be slightly lower than 2023 but remains optimistic about future opportunities [35] - Management highlighted the importance of addressing the capital structure as a key driver for stock price performance [39] Other Important Information - As of December 31, 2023, INNOVATE had total principal outstanding indebtedness of $722.8 million, a slight decrease from $725.3 million at the end of 2022 [48] - The company reported adjusted EBITDA losses for the non-operating corporate segment improved to $2.5 million in Q4 2023 from $1.2 million in the prior-year period [47] Q&A Session Summary Question: What are the expectations for DBM's performance in 2024? - Management expects DBM's results in 2024 to be slightly lower than in 2023 but is optimistic about strong opportunities exiting the year into 2025 and beyond [35] Question: How is the company addressing its capital structure? - The company is focused on utilizing non-cash-flowing assets to address its capital structure and is optimistic about the M&A market [39]

FOR IMMEDIATE RELEASE INNOVATE Corp. Announces Fourth Quarter and Full Year 2023 Results - Infrastructure: DBM Global achieved fourth quarter revenue of $353.8 million - - Life Sciences: R2 experienced strong North America unit sales in the fourth quarter - - Spectrum: Broadcasting entered into agreements with PBS stations for new commercial opportunities with ATSC 3.0 - NEW YORK, NY, March 4, 2024 - INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE: VATE) announced today its consolidated results for the f ...

INNOVATE Corp. 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. ™ ...

Financial Data and Key Metrics Changes - INNOVATE reported total revenue of $375.3 million in Q3 2023, a decrease of 11.3% compared to $423 million in the prior year period [25] - Adjusted EBITDA increased by 34.8% to $22.1 million from $16.4 million in the prior year period [8][26] - Net loss attributable to common stockholders was $7.3 million or $0.09 per share, compared to a net loss of $6.6 million or $0.09 per share in the prior year [25] Business Line Data and Key Metrics Changes - Infrastructure revenue decreased by 10.5% to $369.3 million from $412.7 million in the prior year quarter, while adjusted EBITDA increased to $30.8 million from $27.6 million [27][28] - Life Sciences segment saw a decrease in adjusted EBITDA losses due to reduced SG&A expenses at R2 [30] - Spectrum revenue was $5.4 million, a decrease of $3.7 million compared to the third quarter of 2022, with adjusted EBITDA losses of $0.3 million [31][32] Market Data and Key Metrics Changes - The reported backlog and adjusted backlog was $1.3 billion at the end of Q3 2023, down from $1.8 billion at the end of 2022 [29] - R2 technologies experienced a record number of patient treatments, with over 15,000 treatments worldwide, representing 167% growth over the same period in 2022 [15] Company Strategy and Development Direction - The company is focused on profitability across all operating segments and has achieved year-over-year adjusted EBITDA improvement in multiple segments [8] - INNOVATE is exploring strategic partnerships in Life Sciences to unlock value and drive further growth [10] - The company is also looking to capitalize on larger, more complex projects, particularly in the Western U.S. [13] Management's Comments on Operating Environment and Future Outlook - Management noted tightening credit markets impacting the commercial space but still sees sizable opportunities in the market [39] - The backlog is expected to remain flat year-over-year, with potential for growth if large projects in the West are secured [41] Other Important Information - As of September 30, 2023, the company had $55.7 million in cash and cash equivalents, down from $80.4 million at the end of 2022 [34] - Total principal outstanding indebtedness was $756.8 million, an increase of $31.5 million from the end of 2022 [35] Q&A Session Summary Question: Backlog and Margin Outlook - Analyst inquired about the declining backlog and its implications for margins in 2024 [37] - Management confirmed continued margin improvement and expected improved margins for 2023 over 2022 [38] Question: Impact of Credit Market Tightening - Analyst asked if tightening credit markets were affecting customer project selections or the company's project evaluations [38] - Management indicated that the team is pivoting to markets with suitable work despite credit market challenges [39] Question: Future Backlog Growth - Analyst questioned whether the backlog would grow, stabilize, or decline in 2024 [40] - Management projected the backlog would be flat year-over-year but noted potential for significant projects in the West [41]

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 September 30, 2023 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 54-1708481 (State or other jurisdiction of incorporation or organization) 222 Lakevie ...

INNOVATE Corp. INNOVATE Q2 2023 Earnings Release Supplement August 9, 2023 INNOVATE Corp. ™ 2023 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 ...

INNOVATE Corp. (NYSE:VATE) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET Company Participants Anthony Rozmus - IR Avie Glazer - Chairman Paul Voigt - Interim CEO Mike Sena - CFO Conference Call Participants Brian Charles - RW Pressprich Operator Good afternoon, and welcome to INNOVATE Corp.'s Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. After prepared remarks and presentation, there will be a question-and-answer session. Please note, this event i ...