XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.25.2

Operating Segments and Related Information | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Operating Segments and Related Information | 17. Operating Segments and Related Information The Company currently has one primary reportable geographic segment - United States, and primarily all revenue is derived in the United States, and primarily all PP&E and intangible assets reside in the United States. The reportable segments are identified based on the nature of the services and products provided, the organizational structure, and the internal reporting system used by the Chief Operating Decision Maker ("CODM") to assess performance and allocate resources. The Company has three reportable operating segments, plus the Other segment, based on management’s organization of the enterprise - Infrastructure, Life Sciences, Spectrum, and Other. The Company also has a Non-Operating Corporate segment. All inter-segment transactions are eliminated on consolidation. There are no inter-segment revenues. Refer to Note 1. Organization and Business for additional information on the organizational structure of the business and Note 3. Revenue and Contracts in Process for additional information on revenue by segment. The Chief Operating Decision Maker ("CODM") for the Company is the Interim CEO, Paul Voigt. The CODM is primarily responsible for allocating resources at all levels that do not require board approval. The CODM monitors the performance of each segment and is responsible for making strategic decisions regarding capital and resource allocation. The CODM uses a combination of monthly reports, which detail revenue and income (loss) from operations, and quarterly summaries, which include detailed breakdowns of each segment's income (loss) from operations, to evaluate segment performance, allocate resources and make strategic decisions. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. The primary U.S. GAAP metric used by the CODM in assessing segment performance is income (loss) from operations. Financial information, including revenue and expenses, with respect to the Company’s operating segments, is as follows (in millions):
|  | Three Months Ended June 30, 2025
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 233.1 |  |  | $ | 3.2 |  |  | $ | 5.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 242.0 |
Cost of revenue |  | 191.4 |  |  | 2.1 |  |  | 2.9 |  |  | — |  |  | — |  |  | 196.4 |
Selling, general and administrative expenses |  | 26.8 |  |  | 3.8 |  |  | 1.9 |  |  | 2.6 |  |  | — |  |  | 35.1 |
Depreciation and amortization |  | 3.1 |  |  | 0.1 |  |  | 1.2 |  |  | — |  |  | — |  |  | 4.4 |
Other operating loss (1) |  | 1.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.2 |
Income (loss) from operations |  | $ | 10.6 |  |  | $ | (2.8) |  |  | $ | (0.3) |  |  | $ | (2.6) |  |  | $ | — |  |  | $ | 4.9 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 5.1 |  |  | $ | (0.1) |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.1 |
(1) Other operating loss for the three months ended June 30, 2025, primarily consisted of a loss on lease modification and a loss on the sale of various properties at our Infrastructure segment.
|  | Three Months Ended June 30, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 305.2 |  |  | $ | 1.7 |  |  | $ | 6.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 313.1 |
Cost of revenue |  | 243.5 |  |  | 1.1 |  |  | 2.9 |  |  | — |  |  | — |  |  | 247.5 |
Selling, general and administrative expenses |  | 33.8 |  |  | 4.5 |  |  | 1.8 |  |  | 2.8 |  |  | — |  |  | 42.9 |
Depreciation and amortization |  | 2.9 |  |  | 0.1 |  |  | 1.3 |  |  | 0.1 |  |  | — |  |  | 4.4 |
Other operating (income) loss (1) |  | (10.5) |  |  | — |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | (10.5) |
Income (loss) from operations |  | $ | 35.5 |  |  | $ | (4.0) |  |  | $ | 0.1 |  |  | $ | (2.8) |  |  | $ | — |  |  | $ | 28.8 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 2.7 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.1 |
(1) Other operating income for the three months ended June 30, 2024, primarily consisted of a gain on lease modification and a gain on the sale of various properties at our Infrastructure segment.
|  | Six Months Ended June 30, 2025
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 498.0 |  |  | $ | 6.3 |  |  | $ | 11.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 516.2 |
Cost of revenue |  | 414.9 |  |  | 4.4 |  |  | 5.8 |  |  | — |  |  | — |  |  | 425.1 |
Selling, general and administrative expenses |  | 56.1 |  |  | 7.5 |  |  | 3.8 |  |  | 5.5 |  |  | — |  |  | 72.9 |
Depreciation and amortization |  | 6.2 |  |  | 0.2 |  |  | 2.4 |  |  | — |  |  | — |  |  | 8.8 |
Other operating loss (1) |  | 1.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.1 |
Income (loss) from operations |  | $ | 19.7 |  |  | $ | (5.8) |  |  | $ | (0.1) |  |  | $ | (5.5) |  |  | $ | — |  |  | $ | 8.3 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 9.2 |  |  | $ | — |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.8 |
(1) Other operating loss for the six months ended June 30, 2025, primarily consisted of a loss on lease modification and a loss on the sale of various properties at our Infrastructure segment.
|  | Six Months Ended June 30, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Revenue |  | $ | 613.1 |  |  | $ | 2.7 |  |  | $ | 12.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 628.3 |
Cost of revenue |  | 506.6 |  |  | 1.7 |  |  | 5.8 |  |  | — |  |  | — |  |  | 514.1 |
Selling, general and administrative expenses |  | 64.7 |  |  | 8.0 |  |  | 3.7 |  |  | 6.0 |  |  | — |  |  | 82.4 |
Depreciation and amortization |  | 5.9 |  |  | 0.2 |  |  | 2.6 |  |  | 0.1 |  |  | — |  |  | 8.8 |
Other operating (income) loss (1) |  | (8.9) |  |  | — |  |  | 0.1 |  |  | 0.2 |  |  | — |  |  | (8.6) |
Income (loss) from operations |  | $ | 44.8 |  |  | $ | (7.2) |  |  | $ | 0.3 |  |  | $ | (6.3) |  |  | $ | — |  |  | $ | 31.6 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |
Capital cash expenditures |  | $ | 7.9 |  |  | $ | 0.1 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.7 |
(1) Other operating income for the six months ended June 30, 2024, primarily consisted of a gain on lease modification and a gain on the sale of various properties at the Company's Infrastructure segment, which was partially offset by a loss on disposal related to a plant closure.
Certain balance sheet data: |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, 2025
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Investments (1) |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 2.6 |  |  | $ | — |  |  | $ | 4.4 |
Total assets |  | $ | 695.7 |  |  | $ | 10.7 |  |  | $ | 176.2 |  |  | $ | 8.3 |  |  | $ | — |  |  | $ | 890.9 |
|  | December 31, 2024
|  | Infrastructure |  | Life Sciences |  | Spectrum |  | Non-Operating Corporate |  | Other and Eliminations |  | INNOVATE
Investments (1) |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 3.6 |
Total assets |  | $ | 683.6 |  |  | $ | 11.9 |  |  | $ | 178.9 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 891.1 |
(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both June 30, 2025 and December 31, 2024, respectively.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of the consolidated segment income from operations to consolidated (loss) income from operations before income taxes: |  |  |  |  |  |  |  |
Income from operations |  | $ | 4.9 |  |  | $ | 28.8 |  |  | $ | 8.3 |  |  | $ | 31.6 |
Interest expense |  | (21.4) |  |  | (16.5) |  |  | (41.6) |  |  | (33.7) |
Loss from equity investees |  | — |  |  | (1.1) |  |  | (5.9) |  |  | (2.3) |
Other (expense) income, net |  | (0.3) |  |  | 0.2 |  |  | 3.7 |  |  | (1.0) |
(Loss) income from operations before income taxes |  | $ | (16.8) |  |  | $ | 11.4 |  |  | $ | (35.5) |  |  | $ | (5.4) |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration