INNOVATE Corp. (VATE) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	1.5B	1.2B	1.1B	1.4B	1.6B
Cost of Revenue	1.3B	1.1B	898.3M	1.2B	1.4B
Gross Profit	228.7M	182.2M	208.8M	216.0M	221.4M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	157.3M	148.0M	—	—	—
General & Admin Expense	—	—	—	—	—
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	3.5M	—	168.8M	189.5M	208.0M
Total Operating Expenses	160.8M	148.0M	168.8M	189.5M	208.0M
Cost and Expenses	1.4B	1.2B	1.1B	1.4B	1.6B
Operating Income (EBIT)	67.9M	34.2M	40.0M	26.5M	13.4M
Non-Operating
Interest Income	1.1M	700.0K	2.6M	—	—
Interest Expense	99.5M	89.0M	74.5M	68.2M	52.0M
Net Interest Income	(98.4M)	(88.3M)	(71.9M)	(68.2M)	(52.0M)
Other Non-Op Income/Expense	(82.6M)	(95.7M)	(73.4M)	(60.9M)	(54.5M)
Non-Operating Income (excl Interest)	(16.9M)	6.7M	(1.1M)	(600.0K)	(7.2M)
EBT (Pre-Tax Income)	(14.7M)	(61.5M)	(33.4M)	(34.4M)	(41.1M)
Income Tax Expense	7.2M	2.5M	6.3M	4.5M	900.0K
Bottom Line
Net Income	(22.4M)	(60.6M)	(34.6M)	(35.2M)	(35.9M)
Earnings from Cont. Ops	(21.9M)	(64.0M)	(39.7M)	(38.9M)	(42.0M)
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(24.0M)	(64.0M)	(35.8M)	(37.6M)	(40.8M)
Per Share
Basic EPS	($1.84)	($4.84)	($2.73)	($4.78)	($5.26)
Diluted EPS	($1.87)	($4.84)	($2.73)	($4.78)	($5.26)
Revenue Per Share	$113.36	$94.27	$84.53	$180.90	$211.26
Shares
Basic Shares Outstanding	13.4M	13.2M	13.1M	7.9M	7.8M
Diluted Shares Outstanding	14.0M	13.2M	13.1M	7.9M	7.8M
Profitability Metrics
EBITDA	110.8M	57.9M	74.0M	63.1M	62.8M
D&A	26.0M	30.4M	32.9M	36.0M	42.2M
EBIT	84.8M	27.5M	41.1M	27.1M	20.6M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026