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Innovate Corp (NYSE: VATE) delivers essential updates across its three core sectors: infrastructure development, life sciences innovation, and spectrum technology. This dedicated news hub provides stakeholders with timely announcements, strategic initiatives, and operational milestones from the diversified holding company and its subsidiaries.
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INNOVATE Corp. (NYSE:VATE) reported Q2 2025 results with revenue declining 22.7% to $242.0 million from $313.1 million in Q2 2024. The company posted a net loss of $22.0 million ($1.67 per share) compared to net income of $14.1 million ($1.03 per share) in the prior year quarter.
Key segment performance includes: Infrastructure revenue decreased 23.6% to $233.1 million with a strong backlog of $1.3 billion; Life Sciences saw 88.2% revenue growth to $3.2 million with R2's system unit sales up 124.5%; Spectrum revenue declined to $5.7 million from $6.2 million.
The company completed significant refinancing transactions extending debt maturities, including exchange offers, convertible notes negotiations, and credit agreement amendments across multiple subsidiaries.
INNOVATE Corp. (NYSE: VATE) has successfully completed a comprehensive refinancing of its debt obligations, restructuring 81.7% of its total outstanding principal debt as of June 30, 2025. The transaction includes multiple components: exchange of $328.1M of existing senior secured notes for new 10.500% Senior Secured Notes due 2027, exchange of $48.7M convertible senior notes for new 9.5% Convertible Senior Secured Notes, and amendments to various credit facilities.
Key extensions include the company's revolving credit agreement to September 2026, CGIC note to April 2027, Spectrum Notes to September 2026, and R2 Technologies note to August 2026. The refinancing also involved exchanging preferred stock held by CGIC for additional note principal, resulting in a total CGIC note amount of $43.0M.
INNOVATE Corp. (NYSE:VATE) announced strong early results for its exchange offer of 8.5% Senior Secured Notes due 2026. The company received 99.41% participation (US$328,067,000 of US$330,000,000 outstanding), exceeding the minimum 98% requirement.
The new 10.5% Senior Secured Notes due 2027 will offer holders US$1,072.50 in principal per US$1,000 of existing notes, including a US$20 early exchange premium and US$52.50 additional principal for accrued interest. The company extended the Total Early Exchange Consideration eligibility through the August 13, 2025 expiration deadline.
The exchange includes amendments eliminating most restrictive covenants and subordinating remaining existing notes. Settlement is expected on August 15, 2025, subject to conditions including completion of previously announced Concurrent Transactions.
INNOVATE Corp. (NYSE:VATE) has announced that its operating subsidiary, DBM Global Inc. (DBMG), will distribute a cash dividend of $4.4 million, equivalent to $1.14 per share. The dividend will be paid on August 21, 2025 to DBMG stockholders of record as of August 7, 2025.
As DBMG's largest stockholder, INNOVATE is set to receive approximately $4 million of the total dividend distribution. Importantly, INNOVATE's individual stockholders will not be eligible to receive this cash dividend.
INNOVATE Corp. (NYSE:VATE) has scheduled its second quarter 2025 financial results release for August 5, 2025, after market close. The company will host an earnings conference call at 4:30 p.m. ET on the same day to discuss results, operations, and strategy.
Investors can access the live broadcast through INNOVATE's Investor Relations website at www.innovate-ir.com. A replay will be available until August 19, 2025 through both the website and dial-in options.
INNOVATE (NYSE:VATE) has announced comprehensive refinancing transactions to extend its debt maturities through multiple agreements. The key components include: $48.7 million in convertible notes exchanges, a $330 million exchange offer of senior secured notes, and several agreement extensions.
The company will exchange existing 7.5% Convertible Senior Notes for new 9.5% Convertible Senior Notes due 2027, and existing 8.5% Senior Secured Notes for new 10.5% Senior Secured Notes due 2027. Supporting Noteholders representing 75.3% of existing senior secured notes have committed to the exchange. The transactions require 98% minimum participation in the senior secured notes exchange offer.
Additional agreements include extending the revolving credit agreement to September 2026, amending the CGIC note to April 2027, extending Spectrum notes to September 2026, and modifying the R2 Technologies note to August 2026.
INNOVATE Corp. (NYSE: VATE) announced that its operating subsidiary DBM Global Inc. (DBMG), a steel construction services provider, will distribute a cash dividend of $5.5 million, equivalent to $1.42 per share. The dividend will be paid on June 16, 2025 to DBMG stockholders of record as of June 2, 2025. As DBMG's largest shareholder, INNOVATE expects to receive approximately $5 million of the total dividend payout. Notably, INNOVATE's individual stockholders will not be eligible to receive this cash dividend.
INNOVATE Corp. (NYSE: VATE) has announced it will release its first quarter 2025 financial results on Tuesday, May 6, 2025, after market close. The company will host an earnings conference call at 4:30 p.m. ET on the same day to discuss the results, operations, and strategy.
Investors and interested parties can access the live broadcast through INNOVATE's Investor Relations website at www.innovate-ir.com. The conference call can be accessed via domestic dial-in at 1-877-704-4453 or international at 1-201-389-0920. A replay will be available approximately three hours after the call through May 20, 2025, accessible via domestic (1-844-512-2921) or international (1-412-317-6671) numbers with conference number 13753315.
INNOVATE Corp. (NYSE: VATE) reported Q4 2024 results with consolidated revenue of $236.6 million, down 34.5% year-over-year. The company posted a net loss of $16.9 million, or $1.29 per share.
Key segment performance:
- Infrastructure: DBM Global revenue decreased 36.2% to $225.7 million, with adjusted backlog of $1.1 billion
- Life Sciences: MediBeacon received FDA approval for its TGFR kidney function assessment system. R2 Technologies achieved 113% Q4 growth in worldwide system unit sales
- Spectrum: Broadcasting revenue grew to $6.8 million, up from $5.7 million year-over-year
The company reduced total debt by $54.5 million year-over-year. Cash and cash equivalents stood at $48.8 million as of December 31, 2024, compared to $80.8 million the previous year.
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