VATE · Innovate Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $364.80M | - | $347.10M | $242.00M | $315.20M | - | $242.20M | $313.10M | $315.20M | - |
| Cost of Revenue | $311.30M | - | $297.40M | $196.40M | $228.70M | - | $194.00M | $247.50M | $266.60M | - |
| Gross Profit | $53.50M | - | $49.70M | $45.60M | $45.50M | - | $48.20M | $65.60M | $48.60M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $39.40M | - | $39.60M | $35.10M | $37.80M | - | $37.40M | $42.90M | $39.50M | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $7.40M | - | $4.30M | $4.40M | $7.90M | - | $4.40M | $4.40M | $8.40M | - |
| Operating Income | $10.00M | - | $6.10M | $4.90M | $3.40M | - | $5.90M | $28.80M | $2.80M | - |
| Interest Expense | $24.50M | - | $21.20M | $21.40M | $17.20M | - | - | - | $17.20M | - |
| Income Tax | $2.90M | - | ($7.10M) | $4.20M | $7.10M | - | $3.10M | ($2.50M) | $3.30M | - |
| Net Income | ($16.80M) | - | ($8.90M) | ($19.80M) | ($24.50M) | - | ($15.00M) | $14.40M | ($17.40M) | - |
| EPS - Basic | ($1.29) | - | ($0.71) | ($1.67) | ($1.89) | - | ($1.18) | $1.10 | ($2.20) | - |
| EPS - Diluted | ($1.29) | - | ($0.71) | ($1.67) | ($1.89) | - | ($1.18) | $1.00 | ($2.20) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $134.60M | $112.10M | $35.50M | $33.40M | $33.30M | $48.80M | $51.00M | $80.20M | $38.40M | $80.80M |
| Accounts Receivable | $194.00M | $241.10M | $265.60M | $242.70M | $164.50M | $194.00M | $190.80M | $178.20M | $250.40M | $278.40M |
| Inventory | $15.40M | $16.00M | $18.10M | $20.70M | $19.70M | $20.80M | $21.00M | $20.90M | $21.80M | $22.40M |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $405.90M | $451.50M | $420.60M | $398.40M | $371.50M | $390.90M | $399.90M | $394.90M | $428.60M | $517.90M |
| Total Assets | $936.80M | $950.10M | $913.20M | $890.90M | $868.00M | $891.10M | $897.20M | $898.90M | $943.50M | $1.04B |
| Current Liabilities | $1.02B | $1.03B | $974.30M | $873.10M | $847.60M | $483.00M | $468.00M | $289.30M | $349.00M | $413.80M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $1.17B | $1.17B | $1.12B | $1.08B | $1.04B | $1.03B | $1.02B | $1.01B | $1.08B | $1.18B |
| Stockholders' Equity | ($256.30M) | ($240.10M) | ($233.30M) | ($224.80M) | ($204.20M) | ($180.40M) | ($163.10M) | ($149.00M) | ($184.40M) | ($165.50M) |
| Retained Earnings | ($599.30M) | ($582.50M) | ($575.10M) | ($566.20M) | ($546.40M) | ($521.90M) | ($505.30M) | ($490.30M) | ($504.70M) | ($487.30M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.50M | - | - | - | ($14.10M) | - | - | - | ($25.40M) | - |
| Investing Cash Flow | ($9.60M) | - | - | - | ($3.90M) | - | - | - | ($3.30M) | - |
| Financing Cash Flow | ($13.50M) | - | - | - | $2.40M | - | - | - | ($12.90M) | - |
| CapEx | $0 | - | - | - | $4.70M | - | $3.10M | $3.10M | $5.60M | - |
| Free Cash Flow | $45.50M | - | - | - | ($18.80M) | - | - | - | ($31.00M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 14.7% | - | 14.3% | 18.8% | 14.4% | - | 19.9% | 21.0% | 15.4% | - |
| Operating margin | 2.7% | - | 1.8% | 2.0% | 1.1% | - | 2.4% | 9.2% | 0.9% | - |
| EBITDA margin | 4.8% | - | 3.0% | 3.8% | 3.6% | - | 4.3% | 10.6% | 3.6% | - |
| Net margin | -4.6% | - | -2.6% | -8.2% | -7.8% | - | -6.2% | 4.6% | -5.5% | - |
| Free cash flow margin | 12.5% | - | - | - | -6.0% | - | - | - | -9.8% | - |
| FCF / Net income | -2.71 | - | - | - | 0.77 | - | - | - | 1.78 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 10.8% | - | 11.4% | 14.5% | 12.0% | - | 15.4% | 13.7% | 12.5% | - |
| Effective tax rate | - | - | - | - | - | - | - | -21.0% | - | - |
| Return on assets | -1.8% | - | -1.0% | -2.2% | -2.8% | - | -1.7% | 1.6% | -1.8% | - |
| Return on equity | 6.6% | - | 3.8% | 8.8% | 12.0% | - | 9.2% | -9.7% | 9.4% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.40 | 0.44 | 0.43 | 0.46 | 0.44 | 0.81 | 0.85 | 1.37 | 1.23 | 1.25 |
| Quick ratio | 0.38 | 0.42 | 0.41 | 0.43 | 0.42 | 0.77 | 0.81 | 1.29 | 1.17 | 1.20 |
| Cash ratio | 0.13 | 0.11 | 0.04 | 0.04 | 0.04 | 0.10 | 0.11 | 0.28 | 0.11 | 0.20 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 0.4x | - | 0.3x | 0.2x | 0.2x | - | - | - | 0.2x | - |
| Equity multiplier | -3.66 | -3.96 | -3.91 | -3.96 | -4.25 | -4.94 | -5.50 | -6.03 | -5.12 | -6.31 |
| Liabilities / Assets | 1.25 | 1.23 | 1.23 | 1.21 | 1.19 | 1.16 | 1.14 | 1.12 | 1.14 | 1.13 |
| Efficiency | ||||||||||
| Asset turnover | 0.39 | - | 0.38 | 0.27 | 0.36 | - | 0.27 | 0.35 | 0.33 | - |
| Inventory turnover | 20.21 | - | 16.43 | 9.49 | 11.61 | - | 9.24 | 11.84 | 12.23 | - |
| Days sales outstanding | 194d | - | 279d | 366d | 190d | - | 288d | 208d | 290d | - |
| Days inventory outstanding | 18d | - | 22d | 38d | 31d | - | 40d | 31d | 30d | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | 6.0x | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 0.2x | - | 0.2x | 0.3x | 0.3x | - | 0.2x | 2.8x | 1.7x | - |
| EV / EBITDA | -3.4x | - | 2.8x | 3.7x | 6.1x | - | -0.3x | 23.7x | 45.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 15.7% | - | 43.3% | -22.7% | 0.0% | - | -35.5% | -15.1% | -0.8% | - |
| Revenue CAGR (3y) | 4.7% | - | -6.4% | -14.9% | -8.6% | - | -15.0% | 8.7% | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | -12.6% | -9.6% | -8.5% | - |
| Gross profit growth (YoY) | 17.6% | - | 3.1% | -30.5% | -6.4% | - | -17.9% | 24.7% | 11.5% | - |
| Operating income growth (YoY) | 194.1% | - | 3.4% | -83.0% | 21.4% | - | -44.9% | 396.6% | - | - |
| Net income growth (YoY) | 31.4% | - | 40.7% | - | -40.8% | - | -114.3% | - | -93.3% | - |
| EPS growth (YoY) | 31.7% | - | 39.8% | - | 14.1% | - | -1211.1% | - | -1592.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | 39.4% | - | - | - | 61.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -25.5% | -33.1% | -43.0% | -50.9% | -10.7% | -9.0% | -3.3% | 1.3% | -30.7% | -36.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.25B totalInfrastructure Segment$1.21B · 97.1%
Spectrum Segment$23.20M · 1.9%
Life Sciences Segment$12.50M · 1.0%
Product / service
$1.24B totalCommercial Revenue$371.90M · 29.9%
Industrial Revenue$306.60M · 24.6%
Transportation Revenue$192.90M · 15.5%
Healthcare Revenue$173.10M · 13.9%
Government Revenue$128.80M · 10.4%
Broadcast Station Revenue$23.20M · 1.9%
Energy Revenue$13.50M · 1.1%
Leisure Revenue$13.00M · 1.0%
Systems And Consumables Revenue$12.50M · 1.0%
Convention Revenue$8.80M · 0.7%
Peer comparison
Same SIC group: Fabricated Structural Metal Products
Comparing INNOVATE Corp. against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| May 14, 2020 | $38.9000 |
| Aug 28, 2013 | $85.0000 |
| Dec 19, 2012 | $5.0000 |
| Nov 23, 2012 | $25.0000 |
| Jun 28, 2012 | $10.0000 |