Loss per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards, and, previously, the Series C Preferred Stock, that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, shares of any unvested restricted stock, and, previously, the Series C Preferred Stock, of the Company are considered participating securities; however, unvested shares of restricted stock do not participate in losses and, as such, are excluded from the computation of basic loss per share during periods of net losses. The dilutive effect, if applicable, of stock options and their equivalents (including non-vested stock issued under share-based compensation plans), is computed using the "if-converted method" if this measurement is determined to be more dilutive than the treasury stock method in a period.

The Company had no dilutive common stock equivalents during the years ended December 31, 2025, and 2024, due to the results from continuing operations being a loss, net of tax. For the years ended December 31, 2025 and 2024, 304,684 and 171,565, respectively, of common stock equivalents from unvested restricted stock awards and unvested restricted stock units were excluded from the weighted-average number of shares used to calculate diluted loss per share as their inclusion would have been anti-dilutive. Other instruments that may, in the future, if the average market price of the Company's stock exceeds the conversion prices, have a dilutive effect on EPS, but were excluded from the computations of diluted net loss per share for the years ended December 31, 2025 and 2024, and may be excluded from computations of diluted EPS in the future, are: convertible preferred stock, convertible debt, and stock options. Refer to Note 15. Share-based Compensation and Note 16. Equity and Temporary Equity for additional information on INNOVATE's equity instruments.


	Year Ended December 31,
		2025			2024
Net loss		$	(64.0)		$	(39.7)
Net loss attributable to non-controlling interests and redeemable non-controlling interests		3.4			5.1
Net loss attributable to INNOVATE Corp.		(60.6)			(34.6)
Less: Preferred stock dividends		3.4			1.2




Net loss attributable to common stockholders and participating preferred stockholders		$	(64.0)		$	(35.8)


Participating shares
Weighted-average common shares outstanding		13,217,593			10,696,274

Series C Preferred stock		—			947,307
Total		13,217,593			11,643,581

Percentage of loss allocated to:
Common stock		100.0		%	91.9		%

Series C Preferred stock		—		%	8.1		%

Numerator for loss per share:


Net loss attributable to common stockholders, basic and diluted		$	(64.0)		$	(32.9)
Net loss attributable to Series C holders, basic and diluted		—			(2.9)






Denominator for loss per share:
Weighted-average common shares outstanding - basic and diluted		13,217,593			10,696,274


Weighted-average Series C shares outstanding - basic and diluted		—			947,307

Loss per share
Loss per common share - basic and diluted		$	(4.84)		$	(3.08)

Loss per Series C share - basic and diluted		$	—		$	(3.08)