INNOVATE Q1 revenue down 23% to $317.9M; adj. EBITDA $4.9M vs $11.5M

INNOVATE Corp.

2023-Q1 EPS reported -$0.13 revenue$317,900,000

Net loss attributable to common $10.2M ($0.13/shr) improved from $13.6M loss ($0.18/shr).
Infrastructure revenue $311.7M (-22.5%); adj. EBITDA $16.3M vs $20.5M; backlog $1.6B.
Life Sciences: R2 shipped 273 GLACIAL devices, three new FDA clearances; MediBeacon submission Q2.
Spectrum revenue $5.7M (down 42%) as Azteca ended; adj. EBITDA $0.4M vs $1.3M.
Cash $16.6M (from $80.4M year-end); drew $8M on revolver post-quarter to $13M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INNOVATE Corp. reported three months ended March 31, 2023 results: revenue $317.9 million, net income $(10.2) million, EPS $(0.13) per fully diluted share.

Period: three months ended March 31, 2023
Revenue: $317.9 million
Net income: $(10.2) million
EPS: $(0.13) per fully diluted share
Result: reported results

Exact text from the filing

to enhance patient outcomes. And at Spectrum, we continue to expect better profitability in that business once the new channels are at run rate." “We achieved revenue of $317.9 million and adjusted EBITDA of $4.9 million amid a difficult first quarter operating environment for our businesses,” said Wayne Barr, Jr., Chief Executive Officer of INNOVATE. “In

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Source: SEC EDGAR

accession 0001006837-23-000062

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