secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATE Corp. (VATE)
CIK:        0001006837
Form:       8-K
Filed at:   2024-11-06T23:59:59+00:00
Accession:  0001006837-24-000154
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

INNOVATE Q3 revenue $242.2M (-35.5% YoY); net loss $15.3M vs $7.3M loss YoY
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- DBM Global revenue $232.8M (-37% YoY); gross margins expanded 360 bps to 18.8%
- R2 record worldwide system unit sales growth of 416% YoY; $3.0M Life Sciences revenue
- Spectrum revenue $6.4M (+$1M YoY); Adjusted EBITDA turned positive to $1.7M
- Consolidated Adjusted EBITDA $16.8M (-24% YoY); cash $51.0M vs $80.8M Dec 2023
- Reverse stock split 1-for-10 effected Aug 8, 2024; EPS retroactively adjusted

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000154/0001006837-24-000154-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1006837/000100683724000154/hchc-20241106.htm
  HTML page:      https://secwatch.observer/filing/0001006837-24-000154

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