Innovate Corp. · NYSE:VATE
Innovate — Q3 2025 Earnings Presentation
16 slides from Innovate's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Earnings Release Supplement
INNOVATE Corp. 2025 INNOVATE Corp. Q3 2025 Earnings Release Supplement November 12, 2025
Slide 2: Safe Harbor Disclaimers: Forward-Looking Statements
INNOVATE Corp. 2025 Safe Harbor Disclaimers 2 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,
Slide 3: Safe Harbor Disclaimers: Non-GAAP Financial Measures
INNOVATE Corp. 2025 Safe Harbor Disclaimers 3 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 (excludi
Slide 4: Third Quarter 2025 & Recent Highlights
INNOVATE Corp. 2025 Third Quarter 2025 & Recent Highlights 4 ■ DBM Global Inc.'s ("DBMG") adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.6 billion in the third quarter, an increase of approximately $0.5 billion since the end of 2024. ■ MediBeacon receiv
Slide 5: Segment Highlights
INNOVATE Corp. 2025 ■ In October, MediBeacon received full regulatory approval following China’s NMPA approval of the Lumitrace® Injection, marking a significant milestone following the February approval of the TGFR Monitor and TGFR Sensor. ■ Q3 2025 revenue grew ~65% year- to-date, compared to the
Slide 6: Consolidated Q3 Results
INNOVATE Corp. 2025 Consolidated Q3 Results ■ Revenue increased $104.9M or 43.3% primarily by our Infrastructure segment, which was partially offset by a decrease at our Spectrum segment. The increase at our Infrastructure segment was primarily driven by the timing and size of projects at DBMG's com
Slide 7: Segment Highlights - Infrastructure
INNOVATE Corp. 2025 ■ Convert backlog to revenue while assessing additional opportunities to add to backlog in the commercial and industrial sectors as they come to market. ■ Continue to add to backlog following the $431M addition to adjusted backlog(3) for two newly awarded projects since the end o
Slide 8: Segment Highlights - Life Sciences
INNOVATE Corp. 2025 ■ Continues to make steady traction in exploring the potential application for transdermal GFR monitoring system with clinicians in hospitals and other settings. ■ MediBeacon received full regulatory approval from China's NMPA following its October approval of the Lumitrace® (rel
Slide 9: Segment Highlights - Spectrum
INNOVATE Corp. 2025 Financials ($ millions) 3Q25 3Q24 Revenue $ 5.6 $ 6.4 Net Loss(1) $ (5.9) $ (5.6) Adjusted EBITDA (2) $ 1.0 $ 1.7 9 Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview Near-Term Focus ■ Continuing to make progress with commercial opportunities in datacasting.
Slide 10: Debt Summary and Current Credit Picture
INNOVATE Corp. 2025 (1) Debt Maturity Profile excludes Preferred Stock and operating leases (2) Debt Amortization and Maturity Profile chart presents debt annual amortization and maturity payments, excluding exit fees and interest payments. (3) Excludes restricted cash Debt Summary(1) ($ millions) M
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
INNOVATE Corp. 2025 Appendix Select GAAP Financials & Non-GAAP Reconciliations
Slide 12: Selected GAAP Financials Income Statement
INNOVATE Corp. 2025 INNOVATE Selected GAAP Financials Income Statement - Unaudited (in millions) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 347.1 $ 242.2 $ 863.3 $ 870.5 Cost of revenue 297.4 194.0 722.5 708.1 Gross profit 49.7 48.2 140.8 162.4 Ope
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 13 (in millions) Three Months Ended September 30, 2025 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 8.8 $ (4.6) $ (5.9)
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 14 (in millions) Nine Months Ended September 30, 2025 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 18.9 $ (18.7) $ (17.
Slide 15: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 15 (in millions) Three Months Ended September 30, 2024 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 6.2 $ (6.0) $ (5.6)
Slide 16: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 16 (in millions) Nine Months Ended September 30, 2024 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 31.6 $ (14.3) $ (15.