Basic and Diluted Loss Per Common Share (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss	$	(9.6)		$	(16.2)		$	(56.4)		$	(22.4)
Net loss attributable to non-controlling interest and redeemable non-controlling interest	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	$	(9.4)		$	(15.3)		$	(56.2)		$	(18.9)


Participating shares
Weighted-average common shares outstanding	13,264,799			12,966,322			13,176,043			9,928,679
Unvested restricted stock	—			—			—			—
Series C Preferred stock	—			—			—			1,265,381
Total	13,264,799			12,966,322			13,176,043			11,194,060

Percentage of loss allocated to:
Common stock	100.0		%	100.0		%	100.0		%	88.7		%
Unvested restricted stock	—		%	—		%	—		%	—		%
Series C Preferred stock	—		%	—		%	—		%	11.3		%

Numerator for loss per share:


Net loss attributable to common stockholders, basic and diluted	$	(9.4)		$	(15.3)		$	(56.2)		$	(16.8)
Net loss attributable to Series C holders, basic and diluted	—			—			—			(2.1)






Denominator for loss per share:
Weighted-average common shares outstanding - basic and diluted	13,264,799			12,966,322			13,176,043			9,928,679


Weighted-average Series C shares outstanding - basic and diluted	—			—			—			1,265,381

Loss per share
Loss per common share - basic and diluted	$	(0.71)		$	(1.18)		$	(4.27)		$	(1.69)

Loss per Series C share - basic and diluted	$	—		$	—		$	—		$	(1.69)