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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($)
$ in Millions
Total
Preferred Stock and Redeemable Non-Controlling Interest
Total INNOVATE Stockholders' (Deficit) Equity
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Deficit
Accumulated Comprehensive Income (Loss)
Non-Controlling Interest
Beginning balance at Dec. 31, 2023   $ 15.4              
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Dividends $ (0.6) (0.3) $ (0.6)   $ (0.6)        
Issuance of preferred stock in private placement   31.3              
Rights offering, net of transaction costs 1.9   1.9   1.9        
Series C Preferred Share Conversion 31.3 (31.3) 31.3   31.3        
Effect of Series D investment in R2 Technologies (1.1) 1.1 (13.2)   (13.2)       $ 12.1
Other   0.1              
Net (loss) income   (0.4)              
Ending balance at Jun. 30, 2024   15.9              
Beginning balance (in shares) at Dec. 31, 2023 [1]       7,923,500          
Beginning balance at Dec. 31, 2023 (151.7)   (165.5) $ 0.0 [1] 328.3 $ (5.4) $ (487.3) $ (1.1) [2] 13.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Share-based compensation 0.8   0.8   0.8        
Dividends (0.6) (0.3) (0.6)   (0.6)        
Issuance of common stock, net of forfeitures (in shares) [1]       129,500          
Rights offering, net of transaction costs (in shares) [1]       530,600          
Rights offering, net of transaction costs 1.9   1.9   1.9        
Series C Preferred Share Conversion (in shares) [1]       4,469,400          
Series C Preferred Share Conversion 31.3 (31.3) 31.3   31.3        
Effect of Series D investment in R2 Technologies (1.1) 1.1 (13.2)   (13.2)       12.1
Transactions with non-controlling interests (0.1)               (0.1)
Other (0.1)   (0.1)   (0.1)        
Net loss (5.8)   (3.0)       (3.0)   (2.8)
Other comprehensive income (loss) (0.7)   (0.6)         (0.6) [2] (0.1)
Ending balance (in shares) at Jun. 30, 2024 [1]       13,053,000          
Ending balance at Jun. 30, 2024 (126.1)   (149.0) $ 0.0 [1] 348.4 (5.4) (490.3) (1.7) [2] 22.9
Beginning balance at Dec. 31, 2023   15.4              
Ending balance at Dec. 31, 2024 15.6 15.6              
Beginning balance (in shares) at Dec. 31, 2023 [1]       7,923,500          
Beginning balance at Dec. 31, 2023 $ (151.7)   (165.5) $ 0.0 [1] 328.3 (5.4) (487.3) (1.1) [2] 13.8
Ending balance (in shares) at Dec. 31, 2024 13,261,379     13,261,400          
Ending balance at Dec. 31, 2024 $ (159.3)   (180.4) $ 0.0 350.1 (5.4) (521.9) (3.2) [3] 21.1
Beginning balance at Mar. 31, 2024   38.6              
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Dividends (0.3)   (0.3)   (0.3)        
Issuance of preferred stock in private placement   6.3              
Rights offering, net of transaction costs 2.4 1.3 2.4   2.4        
Series C Preferred Share Conversion 31.3 (31.3) 31.3   31.3        
Effect of Series D investment in R2 Technologies (1.1) 1.1 (13.2)   (13.2)       12.1
Other   0.1              
Net (loss) income   (0.2)              
Ending balance at Jun. 30, 2024   15.9              
Beginning balance (in shares) at Mar. 31, 2024 [1]       7,988,600          
Beginning balance at Mar. 31, 2024 (173.2)   (184.4) $ 0.0 [1] 327.8 (5.4) (504.7) (2.1) [2] 11.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Share-based compensation 0.4   0.4   0.4        
Dividends (0.3)   (0.3)   (0.3)        
Issuance of common stock, net of forfeitures (in shares) [1]       64,400          
Rights offering, net of transaction costs (in shares) [1]       530,600          
Rights offering, net of transaction costs 2.4 1.3 2.4   2.4        
Series C Preferred Share Conversion (in shares) [1]       4,469,400          
Series C Preferred Share Conversion 31.3 (31.3) 31.3   31.3        
Effect of Series D investment in R2 Technologies (1.1) 1.1 (13.2)   (13.2)       12.1
Transactions with non-controlling interests (0.1)               (0.1)
Net loss 14.1   14.4       14.4   (0.3)
Other comprehensive income (loss) 0.4   0.4         0.4 [2]  
Ending balance (in shares) at Jun. 30, 2024 [1]       13,053,000          
Ending balance at Jun. 30, 2024 (126.1)   (149.0) $ 0.0 [1] 348.4 (5.4) (490.3) (1.7) [2] 22.9
Beginning balance at Dec. 31, 2024 15.6 15.6              
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Dividends (3.0) 1.8 (2.5)   (2.5)       (0.5)
Net (loss) income   (0.3)              
Ending balance at Jun. 30, 2025 $ 17.1 17.1              
Beginning balance (in shares) at Dec. 31, 2024 13,261,379     13,261,400          
Beginning balance at Dec. 31, 2024 $ (159.3)   (180.4) $ 0.0 350.1 (5.4) (521.9) (3.2) [3] 21.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Share-based compensation 1.5   1.5   1.5        
Taxes paid in lieu of shares issued for share-based compensation (in shares)       (15,100)          
Taxes paid in lieu of shares issued for share-based compensation (0.2)   (0.2)     (0.2)      
Dividends (3.0) 1.8 (2.5)   (2.5)       (0.5)
Issuance of common stock, net of forfeitures (in shares)       89,800          
Transactions with non-controlling interests 0.0   0.1   0.1       (0.1)
Other 0.0                
Net loss (46.5)   (44.3)       (44.3)   (2.2)
Other comprehensive income (loss) $ 1.1   1.0         1.0 0.1
Ending balance (in shares) at Jun. 30, 2025 13,336,149     13,336,100          
Ending balance at Jun. 30, 2025 $ (206.4)   (224.8) $ 0.0 349.2 (5.6) (566.2) (2.2) [3] 18.4
Beginning balance at Mar. 31, 2025   15.4              
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Dividends (2.7) 1.8 (2.2)   (2.2)       (0.5)
Net (loss) income   (0.1)              
Ending balance at Jun. 30, 2025 17.1 17.1              
Beginning balance (in shares) at Mar. 31, 2025       13,283,200          
Beginning balance at Mar. 31, 2025 (184.3)   (204.2) $ 0.0 350.7 (5.5) (546.4) (3.0) [3] 19.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Share-based compensation 0.7   0.7   0.7        
Taxes paid in lieu of shares issued for share-based compensation (0.1)   (0.1)     (0.1)      
Dividends (2.7) $ 1.8 (2.2)   (2.2)       (0.5)
Issuance of common stock, net of forfeitures (in shares)       52,900          
Net loss (20.9)   (19.8)       (19.8)   (1.1)
Other comprehensive income (loss) $ 0.9   0.8         0.8 0.1
Ending balance (in shares) at Jun. 30, 2025 13,336,149     13,336,100          
Ending balance at Jun. 30, 2025 $ (206.4)   $ (224.8) $ 0.0 $ 349.2 $ (5.6) $ (566.2) $ (2.2) [3] $ 18.4
[1] The number and amount of shares and Additional Paid-in Capital as of December 31, 2023, and March 31, 2024, and as of and for three and six month periods ended June 30, 2024, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Refer to Note 15. Equity and Temporary Equity.
[2] Inclusive of other comprehensive loss, foreign currency cumulative translation adjustments totaled a loss of $3.0 million and $2.4 million as of June 30, 2024 and December 31, 2023, respectively.
[3] Inclusive of other comprehensive loss, foreign currency cumulative translation adjustments totaled a loss of $3.4 million and $4.5 million as of June 30, 2025 and December 31, 2024, respectively.