Basic and Diluted (Loss) Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Reconciliation of Net Loss to Net Loss used in the Basic and Diluted EPS Calculations

The following table presents a reconciliation of net loss to net loss used in the basic and diluted EPS calculations (in millions, except shares and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net (loss) income	$	(21.0)		$	13.9		$	(46.8)		$	(6.2)
Net loss attributable to non-controlling interest and redeemable non-controlling interest	1.2			0.5			2.5			3.2
Net (loss) income attributable to INNOVATE Corp.	(19.8)			14.4			(44.3)			(3.0)
Less: Preferred dividends	2.2			0.3			2.5			0.6




Net (loss) income attributable to common stockholders and participating preferred stockholders	$	(22.0)		$	14.1		$	(46.8)		$	(3.6)


Participating shares
Weighted-average common shares outstanding (1)	13,146,750			8,920,485			13,130,930			8,392,923
Unvested restricted stock (1)	—			112,293			—			—
Series C Preferred stock (1)	—			3,653,063			—			1,905,025
Total	13,146,750			12,685,841			13,130,930			10,297,948

Percentage of (loss) earnings allocated to:
Common stock	100.0		%	70.3		%	100.0		%	81.5		%
Unvested restricted stock	—		%	0.9		%	—		%	—		%
Series C Preferred stock	—		%	28.8		%	—		%	18.5		%

Numerator for (loss) earnings per share:


Net (loss) income attributable to common stockholders, basic and diluted	$	(22.0)		$	9.9		$	(46.8)		$	(2.9)

Effect of assumed shares under the if-converted method for preferred stock, convertible instruments and unvested restricted stock	—			4.9			—			—



Net (loss) income attributable to common stockholders, diluted	$	(22.0)		$	14.8		$	(46.8)		$	(2.9)

Denominator for (loss) earnings per share:
Weighted-average common shares outstanding - basic (1)	13,146,750			8,920,485			13,130,930			8,392,923
Effect of assumed shares under the if-converted method for preferred stock, convertible instruments and participating unvested restricted stock (1)	—			5,505,271			—			—
Weighted-average common shares outstanding - diluted (1)	13,146,750			14,425,756			13,130,930			8,392,923


(Loss) income per share
Basic (1)	$	(1.67)		$	1.11		$	(3.56)		$	(0.35)
Diluted (1)	$	(1.67)		$	1.03		$	(3.56)		$	(0.35)

(1) Basic and diluted income (loss) per common share and weighted-average common shares outstanding for the three and six months ended June 30, 2024, in the table above have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.