secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATE Corp. (VATE)
CIK:        0001006837
Form:       8-K
Filed at:   2023-05-10T23:59:59+00:00
Accession:  0001006837-23-000062
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006837/000100683723000062/0001006837-23-000062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006837/000100683723000062/hchc-20230510.htm
  HTML page:      https://secwatch.observer/filing/0001006837-23-000062

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer