INNOVATE Q1 revenue $315M (-0.8%); net loss $17.7M, adj EBITDA $12.8M (+161%)

INNOVATE Corp.

2024-Q1 EPS reported -$0.22 revenue$315,200,000

Revenue $315.2M (down 0.8% YoY); net loss attributable to common $17.7M vs $10.2M loss in Q1 2023.
Total adjusted EBITDA $12.8M (up 161% YoY), driven by margin expansion at DBMG and cost cuts at R2.
Infrastructure revenue $307.9M, net income $4.4M; backlog $0.9B reported, $1.2B adjusted.
Life Sciences: R2 record North America system sales (400+ units); MediBeacon in ongoing FDA discussions.
Closed rights offering Apr 24: issued 5.3M common at $0.70 ($3.7M) and 31.3K preferred to Lancer ($31.3M).

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 the quarter ended March 31, 2024 results: revenue $315.2 million, net income $17.7 million, EPS $0.22 per fully diluted share.

Period: the quarter ended March 31, 2024
Revenue: $315.2 million
Net income: $17.7 million
EPS: $0.22 per fully diluted share
Result: reported results

Exact text from the filing

stockholders $ (0.22) $ (0.13) (69.2) % Total Adjusted EBITDA (1) $ 12.8 $ 4.9 161.2 % (1) Reconciliation of GAAP to Non-GAAP measures follows Commentary “INNOVATE delivered $315.2 million in revenue in the first quarter as the three business segments experienced a strong start to 2024,” said Avie Glazer, Chairman of INNOVATE. “Infrastructure's first quarter top

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Source: SEC EDGAR

accession 0001006837-24-000078

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