INNOVATE (US:VATE) Globenewswireยท2025-03-31 20:04Core Insights - INNOVATE Corp. reported a consolidated revenue of $236.6 million for Q4 2024, a decrease of 34.5% compared to $361.0 million in Q4 2023, primarily driven by the Infrastructure segment [2][8] - The company experienced a net loss attributable to common stockholders of $16.9 million, or $1.29 per share, compared to a loss of $9.6 million, or $1.22 per share, in the prior year quarter [2][11] - The Infrastructure segment's revenue decreased to $225.7 million, down 36.2% from $353.8 million in the prior year quarter, while the Life Sciences and Spectrum segments showed growth [4][11] Financial Summary - Total Adjusted EBITDA for Q4 2024 was $15.0 million, down from $21.5 million in Q4 2023, reflecting challenges in the Infrastructure segment [14][15] - The company reduced its total debt by $54.5 million year-over-year, indicating improved financial health [3] Segment Performance Infrastructure - DBM Global's revenue for Q4 2024 was $225.7 million, a decrease of 36.2% year-over-year, with an adjusted backlog of $1.1 billion as of December 31, 2024 [4][5] - Gross margin improved to 18.2%, an increase of approximately 180 basis points year-over-year, despite a decrease in Adjusted EBITDA margin [4] Life Sciences - MediBeacon's TGFR system received FDA approval in January 2025, marking a significant milestone for the Life Sciences segment [10] - R2 Technologies reported a 113% increase in worldwide system unit sales in Q4 2024 compared to Q4 2023 [10] Spectrum - Broadcasting segment achieved double-digit revenue growth in Q4 2024, with revenue of $6.8 million compared to $5.7 million in the prior year quarter [10][11] Operational Highlights - The company announced collaborations in the Life Sciences segment with Woodhouse Spas and leading skincare brands, indicating strong market momentum [3] - Successful new network launches in the Spectrum segment contributed to revenue growth, despite some terminations of smaller networks [10]