Innovate Corp. · NYSE:VATE
Innovate — Q1 2026 Earnings Presentation
14 slides from Innovate's earnings presentation, May 14, 2026
Slide 1: Q1 2026 Earnings Release Supplement
INNOVATE Corp. Q1 2026 Earnings Release Supplement May 14, 2026 INNOVATE Corp. 2026
Slide 2: Safe Harbor Disclaimers
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 stat
Slide 3: Safe Harbor Disclaimers: Non-GAAP Financial Measures
Safe Harbor Disclaimers Non-GAAP Financial Measures In this earnings release supplement, INNOVATE refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), including Total Adjusted EBITDA (excluding discontinued operat
Slide 4: First Quarter 2026 & Recent Highlights
First Quarter 2026 & Recent Highlights DBMG delivered a strong first quarter; MediBeacon receives the CE mark for the Transdermal GFR Monitor and Reusable Sensor; R2 grew gross system sales outside North America; Spectrum filed more than 60 new license applications to expand national footprint ■ DBM
Slide 5: Segment Highlights
Segment Highlights Infrastructure Highlights Life Sciences Highlights Spectrum Highlights ■ Reported backlog of $1.6B and total ■ Collaborative project with major adjusted backlog(1) of $1.8B. ■ MediBeacon received the CE mark mobile wireless carrier continues ■ Solid backlog visibility supporting t
Slide 6: Q1 2026 QTD Financial Highlights
Q1 2026 QTD Financial Highlights Consolidated Q1 Results ■ Revenue increased $90.6M or 33.0% driven primarily by our Infrastructure segment, which was partially offset by decreases at our Life Revenue Sciences and Spectrum segments. The increase at our Infrastructure segment was primarily driven by
Slide 7: Segment Highlights - Infrastructure
Segment Highlights - Infrastructure DBM Global ("DBMG") Overview Financials ■ 35.1% revenue increase primarily driven by the timing and size of ($ millions) 1Q26 1Q25 projects at DBMG's commercial structural steel fabrication and erection business, which had increased activity subsequent to the comp
Slide 8: Segment Highlights - Life Sciences
Segment Highlights - Life Sciences Pansend Life Sciences ("Pansend") R2 Technologies, Inc. ("R2") MediBeacon ■ R2 reported first quarter 2026 revenue of $1.6 million. ■ Continues to make steady traction in exploring the potential ■ R2's demand for the first quarter reached $2.2 million, with applica
Slide 9: Segment Highlights - Spectrum
Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview Financials ($ millions) 1Q26 1Q25 ■ Spectrum continues to drive engagement and expand commercial opportunities, supported by strong industry interest following NAB Revenue $ 5.3 $ 6.2 and ongoing collaboration with a major mobi
Slide 10: Current Credit Picture
Current Credit Picture Debt Summary (1) (2) ($ millions) ($ millions) Maturity Mar-26 Dec-25 10.50% Senior Secured Notes 2027 $ 379.3 $ 360.4 9.50% Convertible Senior Notes 2027 56.0 53.5 CGIC Promissory Note 2027 47.8 45.9 Revolving Line of Credit 2026 20.0 20.0 8.50% Senior Secured Notes 2026 — 1.
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
Appendix Select GAAP Financials & Non-GAAP Reconciliations INNOVATE Corp. 2026
Slide 12: INNOVATE Selected GAAP Financials
INNOVATE Selected GAAP Financials Income Statement - Unaudited (in millions) Three Months Ended March 31, 2026 2025 Revenue $ 364.8 $ 274.2 Cost of revenue 311.3 228.7 Gross profit 53.5 45.5 Operating expenses: Selling, general and administrative 39.4 37.8 Depreciation and amortization 4.2 4.4 Other
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months Ended March 31, 2026 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 9.3 $ (3.3) $ (6.5) $ (16.3) $ — $ (16.8) Adju
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months Ended March 31, 2025 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 4.6 $ (7.6) $ (5.4) $ (16.1) $ — $ (24.5) Adju