v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 112.1 $ 48.8
Accounts receivable, net 241.1 194.0
Contract assets 64.1 106.3
Inventory 16.0 20.8
Other current assets 18.2 21.0
Total current assets 451.5 390.9
Investments 1.8 3.6
Deferred tax asset 2.0 1.6
Property, plant and equipment, net 141.8 133.6
Goodwill 127.0 126.7
Intangibles, net 165.2 172.4
Other assets 60.8 62.3
Total assets 950.1 891.1
Current liabilities    
Accounts payable 141.4 84.8
Accrued liabilities 122.5 109.7
Current portion of debt obligations 581.4 162.2
Contract liabilities 171.9 109.1
Other current liabilities 16.9 17.2
Total current liabilities 1,034.1 483.0
Deferred tax liability 4.7 4.4
Debt obligations 80.3 500.6
Other liabilities 46.3 46.8
Total liabilities 1,165.4 1,034.8
Commitments and contingencies (Note 13)
Temporary equity    
Redeemable non-controlling interests 1.6 (0.5)
Total temporary equity 10.9 15.6
Stockholders’ deficit    
Common stock, $0.001 par value, Shares authorized: 250,000,000, Shares issued: 13,818,904 and 13,410,179, respectively, Shares outstanding: 13,655,062 and 13,261,379, respectively 0.0 0.0
Additional paid-in capital 350.1 350.1
Treasury stock, at cost: 163,842 and 148,800 shares, respectively (5.6) (5.4)
Accumulated deficit (582.5) (521.9)
Accumulated other comprehensive loss (2.1) (3.2)
Total INNOVATE Corp. stockholders’ deficit (240.1) (180.4)
Non-controlling interests 13.9 21.1
Total stockholders’ deficit (226.2) (159.3)
Total liabilities, temporary equity and stockholders’ deficit 950.1 891.1
Series A-3 , A-4 Preferred Stock    
Temporary equity    
Preferred Stock Series A-3 and Preferred Stock Series A-4, $0.001 par value Shares authorized: 20,000,000; Shares issued and outstanding: 6,125 of Series A-3; 1,937 and 10,000 of Series A-4, respectively. $ 9.3 $ 16.1