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VATE

INNOVATE Corp.

VATE

INNOVATE Corp. • NYSE
$5.17 ▲ 2.38% (+0.12)
Market Cap $67.89 M
52w High $13.79
52w Low $4.05
Dividend Yield 1.42%
P/E -0.91
Volume 1.51K
Outstanding Shares 13.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $347.1M ▲ $50M ▲ $-23.8M ▼ -6.857% ▲ $-0.71 ▲ $11M ▼
Q2-2025 $242M ▼ $40.7M ▼ $-19.8M ▲ -8.182% ▲ $-1.67 ▲ $12M ▲
Q1-2025 $274.2M ▲ $42.1M ▼ $-24.5M ▼ -8.935% ▼ $-1.89 ▼ $9.4M ▼
Q4-2024 $236.6M ▼ $43.9M ▲ $-16.6M ▼ -7.016% ▼ $-1.29 ▼ $12.8M ▼
Q3-2024 $242.2M $42.3M $-15M -6.193% $-1.16 $14M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $35.5M ▲ $913.2M ▲ $1.121B ▲ $-224.2M ▲
Q2-2025 $33.4M ▲ $890.9M ▲ $1.098B ▲ $-224.8M ▼
Q1-2025 $33.3M ▼ $868M ▼ $1.053B ▲ $-204.2M ▼
Q4-2024 $48.8M ▼ $891.1M ▼ $1.051B ▲ $-180.4M ▼
Q3-2024 $51M $897.2M $1.039B $-163.1M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.6M ▲ $19.2M ▼ $-4.9M ▲ $-11.9M ▲ $2.1M ▲ $11.4M ▼
Q2-2025 $-21M ▲ $40.4M ▲ $-6.3M ▼ $-34.6M ▼ $100K ▲ $34.3M ▲
Q1-2025 $-25.8M ▼ $-14.1M ▼ $-3.9M ▲ $2.4M ▲ $-15.4M ▼ $-18.8M ▼
Q4-2024 $-17.3M ▼ $41.4M ▲ $-9.9M ▼ $-32.9M ▼ $-3.2M ▲ $34.2M ▲
Q3-2024 $-16.2M $-28.4M $-3.3M $1.8M $-29.2M $-31.5M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Infrastructure Segment
Infrastructure Segment
 $0 ▲$1.36Bn ▲$1.24Bn ▼$1.54Bn ▲
Life Sciences Segment Pansend
Life Sciences Segment Pansend
 $0 ▲$0 ▲$0 ▲$0 ▲
Spectrum Segment
Spectrum Segment
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Life Sciences Segment
Life Sciences Segment
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the five‑year period but has been choppy, with a recent step down from prior highs. Profitability is weak and unstable: gross profit has inched up only modestly, and operating results hover around break‑even, slipping back into operating and EBITDA losses most recently. Net income has been consistently negative every year, so the company has not yet demonstrated a durable ability to convert its business mix into bottom‑line profits. The reverse split and very negative per‑share figures underline that shareholders have absorbed substantial losses over time, even though the absolute loss level has been relatively steady rather than sharply worsening.

Balance Sheet

Balance Sheet The balance sheet looks strained. Total assets have come down significantly from earlier years, suggesting divestitures, write‑downs, or restructuring of the portfolio. Cash is relatively thin for a holding company of this complexity, while debt remains sizeable, creating a leveraged profile. Shareholders’ equity has turned negative in recent years, a sign that accumulated losses and/or past write‑downs have eroded the capital base. This combination implies limited financial cushion and increases vulnerability to business setbacks or higher interest costs.

Cash Flow

Cash Flow Despite accounting losses, cash generation from operations has been slightly positive in most years, but only by a narrow margin. Free cash flow has hovered around break‑even, with modest, fairly steady capital spending. This suggests the businesses are not burning large amounts of cash, but they also are not generating strong excess cash to comfortably reduce debt or heavily reinvest. The slim cash buffer and modest cash inflows mean the company has limited room for error and may depend on careful working‑capital management, asset sales, or external financing when pursuing new opportunities.

Competitive Edge

Competitive Edge INNOVATE’s competitive position rests on its diversified portfolio across infrastructure, life sciences, and spectrum assets. In infrastructure, its DBM Global unit benefits from large scale, deep expertise in complex steel projects, and integrated services from design to erection, which smaller rivals struggle to match. In life sciences, portfolio companies hold specialized intellectual property and regulatory approvals in niche markets, giving them differentiated offerings and potential pricing power. In spectrum, the company controls a broad set of broadcast licenses, a scarce and regulated asset that is difficult to replicate. However, the conglomerate structure adds complexity, execution risk, and exposure to very different industry cycles and regulatory regimes, which can dilute the overall competitive advantage if not well coordinated.

Innovation and R&D

Innovation and R&D Innovation is a clear focus, but it is concentrated within specific subsidiaries rather than through a single corporate R&D engine. In life sciences, the company is backing first‑of‑kind medical technologies, such as non‑invasive kidney function monitoring and novel aesthetic and orthopedic solutions, each targeting sizable, unmet clinical or consumer needs. In infrastructure, advanced digital tools like building information modeling and integrated project planning aim to improve efficiency and reduce risk on large projects. In spectrum, the push toward Next Gen TV and potential 5G broadcasting reflects a bet on new ways to monetize underused bandwidth through data and mobile services. These initiatives could unlock meaningful value if adoption, regulation, and commercialization go well, but each path carries substantial scientific, technical, and regulatory uncertainty.

Summary

INNOVATE Corp. combines promising, innovation‑driven assets with a financially fragile foundation. The portfolio includes businesses with real competitive strengths—scale in complex construction, protected medical technologies, and scarce spectrum holdings—that could benefit from infrastructure spending, healthcare adoption, and new broadcast standards. At the same time, the group has a history of persistent losses, a stretched balance sheet with negative equity, and only thin positive cash flow. The story is therefore highly execution‑dependent: future outcomes will hinge on successfully commercializing its life‑science products, monetizing spectrum in new ways, maintaining profitable project discipline in infrastructure, and carefully managing debt and liquidity. Uncertainty is high, and progress will likely be uneven across segments.

NEWS

November 12, 2025 · 4:04 PM UTC

INNOVATE Corp. Announces Third Quarter 2025 Results

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October 22, 2025 · 4:05 PM UTC

INNOVATE Corp. to Report Third Quarter 2025 Results on November 12th

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October 21, 2025 · 8:05 AM UTC

MediBeacon receives regulatory approval to sell the Transdermal GFR System in China

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October 16, 2025 · 4:15 PM UTC

INNOVATE's Portfolio Company DBM Global to Pay Cash Dividend

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September 9, 2025 · 8:39 AM UTC

INNOVATE's Portfolio Company, R2, has Explosive Growth and Global Reach with Glacial® Skin Continuing to Redefine Aesthetic Innovation

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