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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 35.5 $ 48.8
Accounts receivable, net 265.6 194.0
Contract assets 80.8 106.3
Inventory 18.1 20.8
Other current assets 20.6 21.0
Total current assets 420.6 390.9
Investments 1.8 3.6
Deferred tax asset 1.6 1.6
Property, plant and equipment, net 134.4 133.6
Goodwill 126.9 126.7
Intangibles, net 167.0 172.4
Other assets 60.9 62.3
Total assets 913.2 891.1
Current liabilities    
Accounts payable 99.9 84.8
Accrued liabilities 110.1 109.7
Current portion of debt obligations 571.8 162.2
Contract liabilities 175.5 109.1
Other current liabilities 17.0 17.2
Total current liabilities 974.3 483.0
Deferred tax liability 4.3 4.4
Debt obligations 97.3 500.6
Other liabilities 45.0 46.8
Total liabilities 1,120.9 1,034.8
Commitments and contingencies (Note 13)
Temporary equity    
Redeemable non-controlling interest (0.9) (0.5)
Total temporary equity 8.2 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 349.8 350.1
Treasury stock, at cost: 163,842 and 148,800 shares, respectively (5.6) (5.4)
Accumulated deficit (575.1) (521.9)
Accumulated other comprehensive loss (2.4) (3.2)
Total INNOVATE Corp. stockholders’ deficit (233.3) (180.4)
Non-controlling interest 17.4 21.1
Total stockholders’ deficit (215.9) (159.3)
Total liabilities, temporary equity and stockholders’ deficit 913.2 891.1
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 as of both September 30, 2025 and December 31, 2024. 1,937 and 10,000 of Series A-4 as of September 30, 2025 and December 31, 2024, respectively. $ 9.1 $ 16.1