INNOVATE Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	1,100	1,107	1,423	1,637	1,205	716.9
Revenue	1,100	1,107	1,423	1,637	1,205	716.9
Revenue Growth (YoY)	-10.69%	-22.20%	-13.09%	35.85%	68.11%	-33.43%
Cost of Revenue	912.7	898.3	1,207	1,416	1,022	588.5
Gross Profit	187.2	208.8	216	221.4	183.7	128.4
Selling, General & Admin	152.9	160.2	168	173.6	166.3	145.5
Other Operating Expenses	-0.1	-9	0.7	-	-2.2	-20
Operating Expenses	170.3	168.8	188.9	200.8	189.5	143.2
Operating Income	16.9	40	27.1	20.6	-5.8	-14.8
Interest Expense	-84.6	-74.5	-68.2	-52	-59.1	-74.8
Interest & Investment Income	1.3	2.6	1.3	-	-	-
Earnings From Equity Investments	-5.9	-2.3	-9.4	-1.3	-2.8	-3.4
Currency Exchange Gain (Loss)	0.9	1.3	-0.4	-	-	-
Other Non Operating Income (Expenses)	-0.6	-0.2	-	-1.2	4.3	-2
EBT Excluding Unusual Items	-72	-33.1	-49.6	-33.9	-63.4	-95
Merger & Restructuring Charges	-	-	-	-6.5	-2	-
Gain (Loss) on Sale of Investments	5.2	-	15.8	-	-	71.2
Asset Writedown	-	-	-0.6	-0.7	-2.8	-13.5
Other Unusual Items	-0.3	-0.3	-	-	-12.5	-9.4
Pretax Income	-67.1	-33.4	-34.4	-41.1	-80.7	-46.7
Income Tax Expense	6.6	6.3	4.5	0.9	5.6	7
Earnings From Continuing Operations	-73.7	-39.7	-38.9	-42	-86.3	-53.7
Earnings From Discontinued Operations	-	-	-	-	-149.9	-48.4
Net Income to Company	-73.7	-39.7	-38.9	-42	-236.2	-102.1
Minority Interest in Earnings	3.9	5.1	3.7	6.1	8.7	10.1
Net Income	-69.8	-34.6	-35.2	-35.9	-227.5	-92
Preferred Dividends & Other Adjustments	5.4	1.2	2.4	4.9	2.2	2.8
Net Income to Common	-75.2	-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)	39.55%	36.88%	0.83%	0.52%	53.28%	12.28%
EPS (Basic)	-5.73	-3.35	-4.81	-5.26	-29.79	-18.85
EPS (Diluted)	-5.73	-3.35	-4.81	-5.26	-29.79	-18.85
Free Cash Flow	59.7	-11.1	8.1	-30.2	2.9	23.3
Free Cash Flow Per Share	4.55	-1.04	1.04	-3.90	0.38	4.63
Gross Margin	17.02%	18.86%	15.18%	13.52%	15.24%	17.91%
Operating Margin	1.54%	3.61%	1.90%	1.26%	-0.48%	-2.06%
Profit Margin	-6.84%	-3.23%	-2.64%	-2.49%	-19.06%	-13.22%
Free Cash Flow Margin	5.43%	-1.00%	0.57%	-1.85%	0.24%	3.25%
EBITDA	47.8	72.9	63.1	62.8	31.8	12
EBITDA Margin	4.35%	6.59%	4.43%	3.84%	2.64%	1.67%
D&A For EBITDA	30.9	32.9	36	42.2	37.6	26.8
EBIT	16.9	40	27.1	20.6	-5.8	-14.8
EBIT Margin	1.54%	3.61%	1.90%	1.26%	-0.48%	-2.06%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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