INNOVATE Corp. (VATE)

INNOVATE Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	995	1,107	1,423	1,637	1,205	716.9
Revenue	995	1,107	1,423	1,637	1,205	716.9
Revenue Growth (YoY)	-27.08%	-22.20%	-13.09%	35.85%	68.11%	-33.43%
Cost of Revenue	809.3	898.3	1,207	1,416	1,022	588.5
Gross Profit	185.7	208.8	216	221.4	183.7	128.4
Selling, General & Admin	150.7	160.2	168	173.6	166.3	145.5
Other Operating Expenses	0.7	-9	0.7	-	-2.2	-20
Operating Expenses	169	168.8	188.9	200.8	189.5	143.2
Operating Income	16.7	40	27.1	20.6	-5.8	-14.8
Interest Expense	-82.4	-74.5	-68.2	-52	-59.1	-74.8
Interest & Investment Income	2.1	2.6	1.3	-	-	-
Earnings From Equity Investments	-5.9	-2.3	-9.4	-1.3	-2.8	-3.4
Currency Exchange Gain (Loss)	0.2	1.3	-0.4	-	-	-
Other Non Operating Income (Expenses)	-0.7	-0.2	-	-1.2	4.3	-2
EBT Excluding Unusual Items	-70	-33.1	-49.6	-33.9	-63.4	-95
Merger & Restructuring Charges	-	-	-	-6.5	-2	-
Gain (Loss) on Sale of Investments	4.9	-	15.8	-	-	71.2
Asset Writedown	-	-	-0.6	-0.7	-2.8	-13.5
Other Unusual Items	1.6	-0.3	-	-	-12.5	-9.4
Pretax Income	-63.5	-33.4	-34.4	-41.1	-80.7	-46.7
Income Tax Expense	16.8	6.3	4.5	0.9	5.6	7
Earnings From Continuing Operations	-80.3	-39.7	-38.9	-42	-86.3	-53.7
Earnings From Discontinued Operations	-	-	-	-	-149.9	-48.4
Net Income to Company	-80.3	-39.7	-38.9	-42	-236.2	-102.1
Minority Interest in Earnings	4.4	5.1	3.7	6.1	8.7	10.1
Net Income	-75.9	-34.6	-35.2	-35.9	-227.5	-92
Preferred Dividends & Other Adjustments	3.8	1.2	2.4	4.9	2.2	2.8
Net Income to Common	-79.7	-35.8	-37.6	-40.8	-229.7	-94.8
Shares Outstanding (Basic)	13	11	8	8	8	5
Shares Outstanding (Diluted)	13	11	8	8	8	5
Shares Change (YoY)	60.89%	36.88%	0.83%	0.52%	53.28%	12.28%
EPS (Basic)	-6.10	-3.35	-4.81	-5.26	-29.79	-18.85
EPS (Diluted)	-6.10	-3.35	-4.81	-5.26	-29.79	-18.85
Free Cash Flow	16.7	-11.1	8.1	-30.2	2.9	23.3
Free Cash Flow Per Share	1.28	-1.04	1.04	-3.90	0.38	4.63
Gross Margin	18.66%	18.86%	15.18%	13.52%	15.24%	17.91%
Operating Margin	1.68%	3.61%	1.90%	1.26%	-0.48%	-2.06%
Profit Margin	-8.01%	-3.23%	-2.64%	-2.49%	-19.06%	-13.22%
Free Cash Flow Margin	1.68%	-1.00%	0.57%	-1.85%	0.24%	3.25%
EBITDA	48.2	72.9	63.1	62.8	31.8	12
EBITDA Margin	4.84%	6.59%	4.43%	3.84%	2.64%	1.67%
D&A For EBITDA	31.5	32.9	36	42.2	37.6	26.8
EBIT	16.7	40	27.1	20.6	-5.8	-14.8
EBIT Margin	1.68%	3.61%	1.90%	1.26%	-0.48%	-2.06%

Updated Aug 5, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q