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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 33.3 $ 48.8
Accounts receivable, net 164.5 194.0
Contract assets 135.3 106.3
Inventory 19.7 20.8
Other current assets 18.7 21.0
Total current assets 371.5 390.9
Investments 4.1 3.6
Deferred tax asset 1.6 1.6
Property, plant and equipment, net 132.6 133.6
Goodwill 126.7 126.7
Intangibles, net 170.4 172.4
Other assets 61.1 62.3
Total assets 868.0 891.1
Current liabilities    
Accounts payable 104.7 84.8
Accrued liabilities 106.8 109.7
Current portion of debt obligations 523.5 162.2
Contract liabilities 95.3 109.1
Other current liabilities 17.3 17.2
Total current liabilities 847.6 483.0
Deferred tax liability 4.5 4.4
Debt obligations 139.9 500.6
Other liabilities 44.9 46.8
Total liabilities 1,036.9 1,034.8
Commitments and contingencies (Note 13)
Temporary equity    
Redeemable non-controlling interest (0.7) (0.5)
Total temporary equity 15.4 15.6
Stockholders’ deficit    
Common stock 0.0 0.0
Additional paid-in capital 350.7 350.1
Treasury stock, at cost: 163,842 and 148,800 shares, respectively (5.5) (5.4)
Accumulated deficit (546.4) (521.9)
Accumulated other comprehensive loss (3.0) (3.2)
Total INNOVATE Corp. stockholders’ deficit (204.2) (180.4)
Non-controlling interest 19.9 21.1
Total stockholders’ deficit (184.3) (159.3)
Total liabilities, temporary equity and stockholders’ deficit 868.0 891.1
Series A-3 , A-4 Preferred Stock    
Temporary equity    
Preferred stock $ 16.1 $ 16.1