INNOVATE Q2 net income $14.1M vs loss $10.5M YoY; revenue $313M (-15%), adj. EBITDA $26.7M

INNOVATE Corp.

2024-Q2 EPS reported -$0.03 revenue$628,300,000

Revenue $313.1M (-15.1% YoY); net income $14.1M vs loss $10.5M; diluted EPS $0.10 vs ($0.13).
Infrastructure: DBM Global revenue $305.2M (-15.8%) but net income $21.0M (vs $7.0M); adj. EBITDA $32.5M; gross margin expanded 650 bps to 20.2%.
Life Sciences: R2 Glacial system record North America sales, 200% increase YoY; MediBeacon continues FDA kidney monitoring review.
Spectrum: Broadcasting revenue $6.2M (+8.8%), adj. EBITDA $1.5M (vs $0.8M); launched third network Defy.
Board approved 1-for-10 reverse stock split, effective August 9, 2024.

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