INNOVATE Q3 rev $347M (+43% YoY); net loss narrows to $9.4M; initiates sales processes for DBM Global and Spectrum

INNOVATE Corp.

2025-Q3 EPS reported -$4.27 revenue$863,300,000

Revenue $347.1M, up 43.3% YoY; net loss attributable to common/preferred $9.4M vs $15.3M; EPS -$0.71 vs -$1.18.
Total Adjusted EBITDA $19.8M (+17.9% YoY). Infrastructure revenue $338.4M (+45.4%); segment Adj. EBITDA $23.5M.
MediBeacon received NMPA approval to sell Transdermal GFR System in China; expects availability before year-end.
Missed Sep 1, 2025 debt milestone triggered mandatory sales process for DBM Global; missed Nov 1 milestone for HC2 Broadcasting.
Adjusted backlog for DBMG $1.6B; added $431M in new awards after Q3. Cash $35.5M at Sep 30 (vs $48.8M year-end 2024).

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