Innovate Corp. · NYSE:VATE
Innovate — Q1 2025 Earnings Presentation
14 slides from Innovate's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Earnings Release Supplement
INNOVATE Corp. ™ 2025 INNOVATE Corp. Q1 2025 Earnings Release Supplement May 6, 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 contai
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 (exclu
Slide 4: First Quarter 2025 Highlights
INNOVATE Corp. ™ 2025 First Quarter 2025 Highlights 4 ■ DBM Global Inc. ("DBMG") added over $500 million in new awards to adjusted backlog and ended the first quarter with an adjusted backlog of $1.4 billion. ■ MediBeacon® Transdermal GFR System received U.S. Food and Drug Administration (“FDA”) app
Slide 5: Segment Highlights
INNOVATE Corp. ™ 2025 ■ The MediBeacon® Transdermal GFR System received FDA approval to assess kidney function, as well as device approval in China. ■ R2 kicked off 2025 by tripling its year-over-year revenue. ■ R2 continued its global footprint expansion into new markets by entering into distributi
Slide 6: Consolidated Q1 Results
INNOVATE Corp. ™ 2025 Consolidated Q1 Results ■ Revenue decreased $41.0M or 13.0% primarily driven by our Infrastructure segment, which was partially offset by an increase at our Life Sciences segment. The decrease at our Infrastructure segment was primarily driven by the timing and size of projects
Slide 7: Segment Highlights - Infrastructure
INNOVATE Corp. ™ 2025 ■ Convert backlog to revenue while assessing additional opportunities to add to backlog in the commercial and industrial sectors as they come to market. ■ Continues to see sizable projects and opportunity in the market and its pipeline for 2025. ■ 14.0% revenue decrease primari
Slide 8: Segment Highlights - Life Sciences
INNOVATE Corp. ™ 2025 ■ The U.S. Food and Drug Administration (“FDA”) approved the MediBeacon® TGFR for the assessment of kidney function in patients with normal or impaired renal function. ■ The National Medical Products Administration (“NMPA”) in China approved the MediBeacon® TGFR Monitor and TGF
Slide 9: Segment Highlights - Spectrum
INNOVATE Corp. ™ 2025 Financials ($ millions) 1Q25 1Q24 Revenue $ 6.2 $ 6.3 Net Loss(1) $ (5.4) $ (4.8) Adjusted EBITDA (2) $ 1.4 $ 1.6 9 Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview Near-Term Focus ■ Continuing to pursue commercial opportunities in data casting. ■ Prepar
Slide 10: Current Credit Picture: Debt Summary and Maturity Profile
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)
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 March 31, 2025 2024 Revenue $ 274.2 $ 315.2 Cost of revenue 228.7 266.6 Gross profit 45.5 48.6 Operating expenses: Selling, general and administrative 37.8 39.5 Depreciation and amor
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA, Q1 2025
INNOVATE Corp. ™ 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 13 (in millions) Three Months Ended March 31, 2025 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 4.6 $ (7.6) $ (5.4) $
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA, Q1 2024
INNOVATE Corp. ™ 2025 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 14 (in millions) Three Months Ended March 31, 2024 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 4.4 $ (4.5) $ (4.8) $