INNOVATE Q2 net loss narrows to $10.5M; CEO Wayne Barr passes, Paul Voigt appointed

INNOVATE Corp.

2023-Q2 EPS reported -$0.27 revenue$686,700,000

Net loss attributable to common stockholders improved to $10.5M ($0.13/share) from $13.6M loss a year ago.
Total adjusted EBITDA rose 36% to $16.5M; Infrastructure segment (DBM Global) posted $23.5M adj EBITDA.
CEO Wayne Barr Jr. passed away; Paul Voigt appointed as CEO (previously President of Infrastructure).
DBM Global revenue $362.4M, backlog $1.5B; MediBeacon filed Phase 3 Transdermal GFR Study Report with FDA.
Purchased DBM Global Series A Preferred from CGIC for $42.2M ($7.1M cash + $35.1M note due 2026).

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 0.95

INNOVATE Corp. reported the three and six months ended June 30, 2023 results: revenue $368.8 million, net income $(10.5) million, EPS $(0.13) per fully diluted share.

Period: the three and six months ended June 30, 2023
Revenue: $368.8 million
Net income: $(10.5) million
EPS: $(0.13) per fully diluted share
Result: reported results

Exact text from the filing

$ 16.5 $ 12.1 36.4 % $ 21.4 $ 23.6 (9.3) % (1) Reconciliation of GAAP to Non-GAAP measures follows Commentary “INNOVATE reported strong second quarter results with revenue of $368.8 million and adjusted EBITDA of $16.5 million, as our operating segments are capitalizing on attractive market opportunities," said Avie Glazer, Chairman of INNOVATE. “The strength in the

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Source: SEC EDGAR

accession 0001006837-23-000097

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