Financial Performance - Consolidated INNOVATE reported Q1 2025 revenue of $274.2 million, a decrease of $41.0 million or 13% compared to $315.2 million in Q1 2024[17, 22] - Net loss attributable to INNOVATE Corp was $24.5 million in Q1 2025[18, 22, 41] - Adjusted EBITDA decreased by $5.6 million to $7.2 million in Q1 2025, compared to $12.8 million in Q1 2024[18, 22] Segment Highlights - Infrastructure (DBMG) - Infrastructure segment revenue decreased to $264.9 million in Q1 2025 from $307.9 million in Q1 2024, a 14% decrease[17, 25, 27] - Infrastructure segment Adjusted EBITDA decreased to $16.7 million in Q1 2025 from $18.3 million in Q1 2024[18, 25, 27] - DBMG's adjusted backlog ended the first quarter with $1.4 billion, including over $500 million in new awards[12, 15, 27] Segment Highlights - Life Sciences (R2 Technologies) - Life Sciences segment revenue increased to $3.1 million in Q1 2025 from $1.0 million in Q1 2024, a 210% increase[17, 22] - R2 Technologies experienced gross system unit sales growth of 109% over the prior year quarter in North America and 163% worldwide[32] Segment Highlights - Spectrum - Spectrum segment revenue was $6.2 million in Q1 2025, compared to $6.3 million in Q1 2024[17, 33] - Spectrum segment Adjusted EBITDA was $1.4 million in Q1 2025, compared to $1.6 million in Q1 2024[12, 18, 33] Debt - Total principal outstanding debt was $672.0 million as of March 2025[36]