INNOVATE Corp. Files Q2 2024 10-Q

Ticker: VATE · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1006837

Innovate Corp. 10-Q Filing Summary
FieldDetail
CompanyInnovate Corp. (VATE)
Form Type10-Q
Filed DateAug 7, 2024
Risk Levellow
Pages16
Reading Time20 min
Key Dollar Amounts$0.001, $0
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, company-information

TL;DR

INNOVATE Corp. (formerly HC2 Holdings) filed its Q2 10-Q. Check financials.

AI Summary

INNOVATE Corp. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as HC2 Holdings, Inc. and PTGi Holding, Inc., is incorporated in Delaware and operates in the fabricated structural metal products industry. Its principal executive offices are located at 295 Madison Avenue, New York, NY.

Why It Matters

This filing provides investors with a quarterly update on INNOVATE Corp.'s financial performance and operational status, crucial for understanding its current business health.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new disclosures.

Key Numbers

  • 2024 Q2 — Reporting Period (Indicates the quarter for which the financial data is reported.)
  • 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

  • INNOVATE Corp. (company) — Filer
  • HC2 HOLDINGS, INC. (company) — Former company name
  • PTGi HOLDING, INC. (company) — Former company name
  • 20240630 (date) — Period of report
  • 20240807 (date) — Filing date
  • 295 MADISON AVENUE (location) — Business address
  • NEW YORK (location) — Business address city

FAQ

What is the primary business of INNOVATE Corp.?

INNOVATE Corp. operates in the FABRICATED STRUCTURAL METAL PRODUCTS industry, SIC code 3440.

When was INNOVATE Corp. previously known by other names?

The company was formerly known as HC2 Holdings, Inc. (name change effective 20160809) and PTGi Holding, Inc. (name change effective 20131108).

What is the filing date of this 10-Q report?

This 10-Q report was filed on August 7, 2024.

What is the address of INNOVATE Corp.'s principal executive offices?

The business address is 295 MADISON AVENUE, 12TH FLOOR, NEW YORK, NY 10017.

What is the SEC file number for INNOVATE Corp.?

The SEC file number is 001-35210.

Filing Stats: 4,897 words · 20 min read · ~16 pages · Grade level 7.3 · Accepted 2024-08-07 16:15:59

Key Financial Figures

  • $0.001 — ich registered Common Stock, par value $0.001 per share VATE New York Stock Exchange
  • $0 — 9,931 shares of common stock, par value $0.001, were outstanding. INNOVATE CORP.

Filing Documents

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders' Deficit 5 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 (1) Organization and Business 8 (2) Summary of Significant Accounting Policies 8 (3) Revenue and Contracts in Process 10 (4) Accounts Receivable, Net 12 (5) Inventory 12 (6) Investments 13 (7) Property, Plant and Equipment, Net 14 (8) Goodwill and Intangibles, Net 14 (9) Leases 15 (10) Other Assets, Accrued Liabilities and Other Liabilities 17 (11) Debt Obligations 18 (12) Income Taxes 21 (13) Commitments and Contingencies 22 (14) Share-Based Compensation 24 (15) Equity and Temporary Equity 25 (16) Related Parties 30 (17) Operating Segments and Related Information 31 (18) Basic and Diluted Earnings ( Loss ) Per Common Share 33 (19) Fair Value of Financial Instruments 34 (20) Supplementary Financial Information 35 (21) Subsequent Events 36 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 4.

Controls and Procedures

Controls and Procedures 57

. OTHER INFORMATION

PART II . OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Exhibits

Item 6. Exhibits 59

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Financial Statements

Item 1. Unaudited Financial Statements INNOVATE CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except shares and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 313.1 $ 368.8 $ 628.3 $ 686.7 Cost of revenue 247.5 316.2 514.1 590.5 Gross profit 65.6 52.6 114.2 96.2 Operating expenses: Selling, general and administrative 42.9 41.1 82.4 82.8 Depreciation and amortization 4.4 5.6 8.8 11.9 Other operating (income) loss ( 10.5 ) 0.1 ( 8.6 ) ( 0.3 ) Income from operations 28.8 5.8 31.6 1.8 Other (expense) income: Interest expense ( 16.5 ) ( 16.3 ) ( 33.7 ) ( 31.9 ) Loss from equity investees ( 1.1 ) ( 0.3 ) ( 2.3 ) ( 4.3 ) Other income (expense), net 0.2 0.3 ( 1.0 ) 16.8 Income (loss) from operations before income taxes 11.4 ( 10.5 ) ( 5.4 ) ( 17.6 ) Income tax benefit (expense) 2.5 ( 1.2 ) ( 0.8 ) ( 2.1 ) Net income (loss) 13.9 ( 11.7 ) ( 6.2 ) ( 19.7 ) Net loss attributable to non-controlling interests and redeemable non-controlling interests 0.5 1.8 3.2 0.8 Net income (loss) attributable to INNOVATE Corp. 14.4 ( 9.9 ) ( 3.0 ) ( 18.9 ) Less: Preferred dividends 0.3 0.6 0.6 1.8 Net income (loss) attributable to common stockholders and participating preferred stockholders $ 14.1 $ ( 10.5 ) $ ( 3.6 ) $ ( 20.7 ) Earnings (loss) per common share Basic $ 0.11 $ ( 0.13 ) $ ( 0.03 ) $ ( 0.27 ) Diluted $ 0.10 $ ( 0.13 ) $ ( 0.03 ) $ ( 0.27 ) Weighted average common shares outstanding Basic 89,204,850 77,922,241 83,929,228 77,806,010 Diluted 144,257,552 77,922,241 83,929,228 77,806,010 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 INNOVATE CORP. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 13.9 $ ( 11.7 ) $ ( 6.2 ) $ ( 19.7 ) Other comprehensive income (

View Full Filing

View this 10-Q filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.