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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 33.4 $ 48.8
Accounts receivable, net 242.7 194.0
Contract assets 83.0 106.3
Inventory 20.7 20.8
Other current assets 18.6 21.0
Total current assets 398.4 390.9
Investments 4.4 3.6
Deferred tax asset 1.6 1.6
Property, plant and equipment, net 132.1 133.6
Goodwill 126.9 126.7
Intangibles, net 168.6 172.4
Other assets 58.9 62.3
Total assets 890.9 891.1
Current liabilities    
Accounts payable 80.2 84.8
Accrued liabilities 125.4 109.7
Current portion of debt obligations 477.5 162.2
Contract liabilities 172.8 109.1
Other current liabilities 17.2 17.2
Total current liabilities 873.1 483.0
Deferred tax liability 4.5 4.4
Debt obligations 160.1 500.6
Other liabilities 42.5 46.8
Total liabilities 1,080.2 1,034.8
Commitments and contingencies (Note 13)
Temporary equity    
Redeemable non-controlling interest (0.8) (0.5)
Total temporary equity 17.1 15.6
Stockholders’ deficit    
Common stock, $0.001 par value, Shares authorized: 250,000,000, Shares issued: 13,499,991 and 13,410,179, respectively, Shares outstanding: 13,336,149 and 13,261,379, respectively 0.0 0.0
Additional paid-in capital 349.2 350.1
Treasury stock, at cost: 163,842 and 148,800 shares, respectively (5.6) (5.4)
Accumulated deficit (566.2) (521.9)
Accumulated other comprehensive loss (2.2) (3.2)
Total INNOVATE Corp. stockholders’ deficit (224.8) (180.4)
Non-controlling interest 18.4 21.1
Total stockholders’ deficit (206.4) (159.3)
Total liabilities, temporary equity and stockholders’ deficit 890.9 891.1
Series A-3 , A-4 Preferred Stock    
Temporary equity    
Preferred Stock Series A-3 and Preferred Stock Series A-4, $0.001 par value, Shares authorized: 20,000,000; Shares issued and outstanding: 6,125 of Series A-3 and 10,000 of Series A-4 $ 17.9 $ 16.1