Here are the 10-K annual reports from INNOVATE Corp. (VATE) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow VATE and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VATE filings page.
INNOVATE Corp. is a diversified holding company with three main platforms: Infrastructure (DBM Global), Life Sciences (Pansend) and Spectrum (HC2 Broadcasting), plus smaller investments. The report notes substantial doubt about the company’s ability to continue as a going concern, driven by high leverage and restrictive covenants.
New milestone covenants tied to 2027 senior notes and other debt have forced sales processes for the Infrastructure and Spectrum segments. DBM Global generated $1,210.3 million of 2025 revenue with a $1,723.9 million backlog and a large project pipeline, but must be marketed for sale after missing required asset-sale milestones.
Pansend controls R2 Technologies and Genovel, and holds a 44.6% stake in MediBeacon, whose TGFR kidney function system received FDA and China approvals in 2025. HC2 Broadcasting operates 257 TV stations across 112 U.S. and Puerto Rico markets using a cloud-based IP backbone. The company also discloses significant holding-company debt and reliance on subsidiary distributions for liquidity.