0001006837-26-000038
SEC filingINNOVATE Corp. reported Q1 2026 revenue of $364.8 million, up 33.0% year-over-year, with Adjusted EBITDA of $19.7 million and reduced net loss of $17.2 million.
INNOVATE Corp. delivered strong Q1 2026 results with consolidated revenue surging 33.0% to $364.8 million, primarily propelled by the Infrastructure segment where DBM Global Inc. reported $357.9 million, a 35.1% increase driven by heightened activity in commercial structural steel fabrication and erection on large projects, despite some offset from industrial maintenance timing. Adjusted EBITDA more than doubled to $19.7 million, reflecting $6.3 million improvement in Infrastructure to $23.0 million and $6.7 million narrowing of losses in Life Sciences to $(2.0) million, partially offset by Spectrum's decline to $0.7 million amid advertising softness and network terminations. Net loss attributable to common stockholders narrowed 30.6% to $17.2 million or $(1.29) per share, aided by higher gross profit, reduced equity investee losses from MediBeacon, and lower tax expense, though tempered by higher interest and SG&A. DBMG's gross margin compressed 140 basis points to 14.2% but Adjusted EBITDA margin held at 6.4%, with reported backlog steady at $1.6 billion and adjusted backlog at $1.8 billion, supporting 2026 visibility and early 2027 momentum. In Life Sciences, MediBeacon's CE mark approval for the Transdermal GFR Monitor and Reusable Sensor marks a key regulatory milestone in Europe, complemented by U.S. academic center adoption, while R2's international gross system sales grew 58.6% despite North American declines, building backlog to nearly 160 systems. Spectrum faced headwinds but advanced strategic initiatives, including successful trials with a major wireless carrier for potential H2 2026 launches and over 60 new FCC license applications plus a 5G Broadcast petition. Chairman Avie Glazer highlighted solid execution and portfolio visibility, particularly in AI-related infrastructure, while Interim CEO Paul Voigt emphasized DBMG momentum, MediBeacon progress, and Spectrum positioning. Cash rose to $134.6 million, bolstering liquidity. A conference call was held on May 14, 2026, at 4:30 p.m. ET with webcast available.