INNOVATE (VATE) Company Report

INNOVATE Corp. reported consolidated revenues of $347.1 million and adjusted EBITDA of $19.8 million for the third quarter of 2025, alongside a net loss of $9.4 million, or $0.71 per fully diluted share.
The company is actively pursuing strategic alternatives, initiating a sales process for DBM Global and exploring options for HC2 Broadcasting Holdings, while remaining focused on exiting its life science businesses.
The infrastructure segment, DBM Global, achieved $338.4 million in revenues and $23.5 million in adjusted EBITDA for Q3 2025, with its adjusted backlog growing by approximately $500 million to just over $1.6 billion since the end of 2024.
In Life Sciences, MediBeacon secured full regulatory approval from China's National Medical Products Administration for its Lumitrace injection, enabling the commercial launch of its Transdermal GFR system. R2, another life sciences segment, reported Q3 2025 revenues of $3.1 million and year-to-date revenues of $9.4 million, an approximate 65% increase over the same period last year.

Nov 12, 2025, 9:30 PM

INNOVATE Corp. Reports Q3 2025 Financial Results and Strategic Progress

VATE

Earnings

New Projects/Investments

M&A

INNOVATE Corp. reported consolidated revenues of $347.1 million and adjusted EBITDA of $19.8 million for the third quarter of 2025, representing increases of 43.3% and 17.9% respectively, compared to the prior year period.
The Infrastructure segment, primarily DBM Global, achieved revenues of $338.4 million and adjusted EBITDA of $23.5 million in Q3 2025, with its adjusted backlog growing to $1.6 billion as of September 30, 2025.
In Life Sciences, MediBeacon received full regulatory approval from China's National Medical Products Administration for its Lumitrace injection on October 21, 2025, while R2's year-to-date revenues for the first nine months of 2025 increased by approximately 65% to $9.4 million.
The company is actively pursuing strategic alternatives, including initiating a sales process for DBM Global and exploring options for HC2 Broadcasting Holdings, while remaining committed to exiting its life science businesses.
As of September 30, 2025, INNOVATE had $35.5 million in cash and cash equivalents and total principal outstanding indebtedness of $700.4 million.

Nov 12, 2025, 9:30 PM

INNOVATE Corp. Reports Increased Q3 2025 Revenue and Adjusted EBITDA

VATE

Earnings

Revenue Acceleration/Inflection

Product Launch

INNOVATE Corp. reported Q3 2025 consolidated revenue of $347.1 million, an increase of 43.3% compared to the prior year, and a net loss attributable to INNOVATE Corp. of $8.9 million.
Adjusted EBITDA for Q3 2025 increased by $3.0 million to $19.8 million from $16.8 million in Q3 2024, primarily driven by the Infrastructure, Non-Operating Corporate, and Life Sciences segments.
The Infrastructure segment's adjusted backlog reached $1.6 billion in Q3 2025, representing an increase of approximately $0.5 billion since year-end 2024.
In Life Sciences, MediBeacon received full regulatory approval in China for its Lumitrace® injection, while R2 Technologies' year-to-date revenue grew approximately 65% to $9.4 million compared to the same period in 2024.

Nov 12, 2025, 9:30 PM

INNOVATE Corp. Announces Q3 2025 Results and Strategic Actions

VATE

Earnings

Product Launch

M&A

INNOVATE Corp. reported Q3 2025 consolidated revenue of $347.1 million, a 43.3% increase compared to the prior year quarter, and a net loss attributable to common stockholders of $(9.4) million, an improvement from $(15.3) million in Q3 2024.
The Infrastructure segment, primarily DBM Global, was the main driver of revenue growth, reporting $338.4 million in Q3 2025, a 45.4% increase from the prior year quarter, and an adjusted backlog of $1.6 billion as of September 30, 2025.
In the Life Sciences segment, MediBeacon received full regulatory approval from China's National Medical Products Administration (NMPA) to sell its Transdermal GFR System in China, with availability expected before the end of the year.
The company initiated sales processes for DBM Global and HC2 Broadcasting Holdings Inc. after not meeting certain milestones by the required dates, as stipulated by the terms of recent refinancing transactions.

Nov 12, 2025, 9:08 PM

INNOVATE's MediBeacon receives full NMPA approval for Transdermal GFR System in China

VATE

Product Launch

New Projects/Investments

INNOVATE Corp.'s equity method investment, MediBeacon Inc., has received full approval from the National Medical Products Administration (NMPA) in China for its Lumitrace® (relmapirazin) injection, completing the regulatory process for the Transdermal GFR System (TGFR).
The MediBeacon Transdermal GFR System (TGFR), a first-in-kind product for point-of-care kidney function assessment, is expected to be available for sale in China before the end of the year.
This approval opens a significant market opportunity in China, where an estimated 11% of the 1.4 billion population suffers from Chronic Kidney Disease (CKD).