XML 13 R2.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 347.1 $ 242.2 $ 863.3 $ 870.5
Cost of revenue 297.4 194.0 722.5 708.1
Gross profit 49.7 48.2 140.8 162.4
Operating expenses:        
Selling, general and administrative 39.6 37.4 112.5 119.8
Depreciation and amortization 4.3 4.4 13.1 13.2
Other operating (income) loss (0.3) 0.5 0.8 (8.1)
Income (loss) from operations 6.1 5.9 14.4 37.5
Other (expense) income:        
Interest expense (23.4) (21.2) (65.0) (54.9)
Loss from equity investees 0.0 0.0 (5.9) (2.3)
Other income, net 0.6 2.2 4.3 1.2
Loss from operations before income taxes (16.7) (13.1) (52.2) (18.5)
Income tax benefit (expense) 7.1 (3.1) (4.2) (3.9)
Net loss (9.6) (16.2) (56.4) (22.4)
Net loss attributable to non-controlling interests and redeemable non-controlling interests 0.7 1.2 3.2 4.4
Net loss attributable to INNOVATE Corp. (8.9) (15.0) (53.2) (18.0)
Less: Preferred dividends 0.5 0.3 3.0 0.9
Net loss attributable to common stockholders and participating preferred stockholders, basic (9.4) (15.3) (56.2) (18.9)
Net loss attributable to common stockholders and participating preferred stockholders, diluted $ (9.4) $ (15.3) $ (56.2) $ (18.9)
Loss per common share - basic (in usd per share) $ (0.71) $ (1.18) $ (4.27) $ (1.69)
Loss per common share - diluted (in usd per share) $ (0.71) $ (1.18) $ (4.27) $ (1.69)
Weighted-average common shares outstanding - basic (in shares) 13,264,799 12,966,322 13,176,043 9,928,679
Weighted-average common shares outstanding - diluted (in shares) 13,264,799 12,966,322 13,176,043 9,928,679