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INNOVATE Corp. (VATE-14.53%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $1,107.1 million from $1,423.0 million in the previous year. This decline was primarily driven by the Infrastructure segment, which saw reduced project activity.
The Life Sciences segment reported an increase in revenue to $9.8 million, attributed to higher sales of R2 Technologies' Glacial systems.
The Spectrum segment also saw an increase in revenue to $25.7 million, driven by network launches and expanded coverage.
Net loss attributable to INNOVATE Corp. was $34.6 million, a slight improvement from the $35.2 million loss in the previous year.
Interest expense increased to $74.5 million, reflecting higher exit fees and increased principal balances.
The company reported a loss from equity investees of $2.3 million, primarily from MediBeacon.
Cash provided by operating activities was $9.1 million, a decrease from $26.5 million in the previous year, due to reduced cash flows from the Infrastructure segment.
The company ended the year with $48.8 million in cash and cash equivalents, down from $80.8 million the previous year.
INNOVATE Corp. faces substantial doubt about its ability to continue as a going concern due to upcoming debt maturities and is exploring refinancing and asset sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the INNOVATE Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.