INNOVATE Q4 revenue down 11.8% to $361M; NYSE notifies of $1 non-compliance

INNOVATE Corp.

Q4 net loss attributable to common stock $9.6M ($0.12 EPS) vs $7.0M ($0.09) a year ago.
Infrastructure segment (DBM Global) revenue $353.8M; gross margin expanded 200 bps to 16.4%.
Spectrum segment revenue fell to $5.7M from $10.7M due to Azteca network termination.
NYSE notified company of non-compliance with $1 minimum average closing price; 6-month cure period.
Life Sciences: R2 sold out Glacial fx inventory; MediBeacon continues pursuing FDA approval in 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

INNOVATE Corp. reported the fourth quarter and full year ended December 31, 2023 results: revenue $361.0 million, net income $(9.6) million, EPS $(0.12) per fully diluted share.

Period: the fourth quarter and full year ended December 31, 2023
Revenue: $361.0 million
Net income: $(9.6) million
EPS: $(0.12) per fully diluted share
Result: reported results

Exact text from the filing

compared to $2.5 million in the prior year quarter. 2 Fourth Quarter 2023 Financial Highlights • Revenue: For the fourth quarter of 2023, INNOVATE's consolidated revenue was $361.0 million, a decrease of 11.8%, compared to $409.3 million for the prior year quarter. The decrease was primarily driven by our Infrastructure segment, and, to a lesser extent, our

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Source: SEC EDGAR

accession 0001006837-24-000017

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