0001006837-26-000014 | 10-K | XBRL Viewer

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Debt Obligations - Non-Operating Corporate 2026 Convertible Notes Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Aug. 04, 2025 USD ($)	Feb. 01, 2021 USD ($) $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)
Debt Instrument [Line Items]
Accrued interest and exit fees (current portion)			$ 72.1	$ 61.0
7.50% Convertible Senior Notes \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate			7.50%
Outstanding debt			$ 0.2	48.9
7.50% Convertible Senior Notes \| Convertible Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Face amount		$ 51.8
Interest rate		7.50%
Debt instrument, repurchase principal amount					$ 2.9
Debt Instrument repurchase amount					1.1
Accrued interest and exit fees (current portion)					$ 0.1
Outstanding debt			$ 0.2	52.3
Debt issued, percentage of par value		100.00%
Embedded conversion feature, fair value		$ 12.3
Interest rate, effective percentage		3.21%	3.00%
Unamortized premium		$ 12.3		3.8
Debt issuance costs		$ 1.1
Debt issuance costs, net				0.4
Interest expense, debt			$ 0.9
Amortization of discount on investments, net				$ 1.7
Convertible notes, conversion ratio		0.0236327
Conversion price (in usd per share) \| $ / shares		$ 42.31
Debt conversion, share issued (in shares) \| shares		3,781
7.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate		7.50%
Debt conversion, amount exchanged	$ 48.7
Convertible notes, conversion ratio	0.04750

Investments - Marketable Securities Narrative (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Jul. 31, 2025	Mar. 31, 2025	Oct. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Payments to acquire marketable securities		$ 0.3	$ 2.0
Payments to acquire marketable securities, percentage of issuer's outstanding common stock (less than)		1.00%	1.00%
Proceeds from marketable securities	$ 2.9
Marketable securities unrealized gain (loss)				$ 0.8	$ (0.2)

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Unrestricted and restricted cash in foreign accounts	$ 7.6	$ 5.5
Credit And Security Agreements \| DBMG
Loss Contingencies [Line Items]
Letters of credit outstanding	0.1	0.1
Performance Bonds \| DBMG
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 680.2	$ 183.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Company's Restricted Stock Activity

A summary of INNOVATE’s restricted stock and restricted stock unit activity is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value




Unvested - December 31, 2024	294,663	$	8.12
Granted	278,389	$	5.90
Vested	(246,355)	$	8.05
Forfeited	(12,521)	$	7.99
Unvested - December 31, 2025	314,176	$	6.22

Schedule of Company's Stock Option Activity

A summary of INNOVATE’s stock option activity is as follows:


	Number of Stock Options	Weighted-Average Exercise Price





Outstanding - December 31, 2024	217,733	$	16.94






Granted	100,000	$	5.67
Outstanding - December 31, 2025	317,733	$	13.39

Exercisable - December 31, 2024	117,733	$	27.74
Exercisable - December 31, 2025	217,733	$	16.94

Schedule of Stock Option Valuation Assumptions

The fair value of each stock option award was determined on the date of grant using the Black-Scholes option-pricing model using the following assumptions:


	Year Ended December 31,
	2025			2024
Stock price at date of grant	$	4.75		$	6.27
Expected term	5.5 years			5.1 years -5.6 years
Risk-free interest rate	3.7		%	4.1		%
Expected volatility	88.4		%	80.9% -82.7%
Expected dividend yield	—		%	—		%
Grant date fair value per option	$	3.34		$2.67 -$4.75

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current tax expense
Federal	$ (1.0)	$ 0.6
State	2.6	4.5
Foreign	1.0	0.7
Net current tax expense	2.6	5.8
Deferred tax expense (benefit)
Federal	0.3	0.2
Foreign	(0.4)	0.3
Net deferred tax (benefit) expense	(0.1)	0.5
Income tax expense	$ 2.5	$ 6.3

Debt Obligations - Spectrum Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Accrued interest and exit fees (current portion)		$ 72.1	$ 61.0
Redeemable non-controlling interests		1.6	(0.5)
Spectrum
Debt Instrument [Line Items]
Redeemable non-controlling interests		2.6
Senior Notes \| Spectrum
Debt Instrument [Line Items]
Threshold percentage difference from the present value of the remaining cash flows	10.00%
Additional exit fee payable	$ 9.9
Exit fees (non-current portion)		25.8	15.9
Accrued interest and exit fees (current portion)		$ 27.9	$ 20.5
Exit fees	$ 2.0
Senior Notes \| Spectrum \| HC2 Broadcasting Holdings, Inc
Debt Instrument [Line Items]
Exercise price of warrants (in usd per share)	$ 0.01
Senior Notes \| Spectrum \| HC2 Broadcasting Holdings, Inc \| Institutional Investors
Debt Instrument [Line Items]
lenders hold (in shares)	20,408
Number of warrants outstanding (in shares)	145,825
Senior Notes \| Spectrum \| DTV America Corporation \| Institutional Investors
Debt Instrument [Line Items]
lenders hold (in shares)	2,222,222
Senior Notes \| Spectrum \| Weighted Average
Debt Instrument [Line Items]
Interest rate, effective percentage		25.00%	22.80%
8.50% and 11.45% Senior Spectrum Notes \| Senior Notes \| Spectrum
Debt Instrument [Line Items]
Face amount	$ 69.7
8.50% Note \| Senior Notes \| Spectrum
Debt Instrument [Line Items]
Interest rate	8.50%	8.50%
11.45% Notes \| Senior Notes \| Spectrum
Debt Instrument [Line Items]
Interest rate	11.45%	11.45%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (64.0)	$ (39.7)
Adjustments to reconcile net loss to cash provided by operating activities
Share-based compensation expense	2.7	3.4
Depreciation and amortization (including amounts in cost of revenue)	30.4	32.9
Amortization of deferred financing costs and debt discount	23.7	7.7
Net loss on extinguishment or repurchase of debt	0.3	0.3
Loss from equity investees	5.9	2.3
Gains on lease modifications	(0.1)	(8.7)
(Gains) losses on investments	(5.2)	0.2
Asset impairment expense	0.0	0.1
Deferred income tax (benefit) expense	(0.1)	0.5
Other operating activities, net	1.8	(2.0)
Changes in assets and liabilities:
Accounts receivable	(48.7)	91.8
Contract assets	42.2	12.3
Other current assets	(2.9)	(0.1)
Inventory	4.8	1.9
Other assets	12.3	8.4
Accounts payable	57.1	(57.2)
Accrued liabilities	37.6	12.2
Contract liabilities	62.8	(44.4)
Other current liabilities	(0.3)	2.1
Other liabilities	(13.7)	(14.9)
Cash provided by operating activities	146.6	9.1
Cash flows from investing activities
Purchase of property, plant and equipment	(26.1)	(19.0)
Proceeds from disposal of property, plant and equipment	1.4	10.1
Loans to equity method investee	0.0	(2.3)
Purchase of investments	(0.3)	(2.0)
Proceeds from sale of investments	2.9	0.0
Cash paid for asset acquisitions	(0.5)	(1.2)
Other investing activities	0.0	0.5
Cash used in investing activities	(22.6)	(13.9)
Cash flows from financing activities
Proceeds from rights offering and private placement, net of issuance costs	0.0	33.2
Proceeds from lines of credit, net of deferred financing costs	85.9	70.0
Payments on lines of credit	(116.8)	(125.0)
Proceeds from other debt obligations, net of deferred financing costs	21.3	25.0
Principal payments for and repurchases of other debt obligations	(48.7)	(28.0)
Deferred financing costs paid to third parties	(0.5)	(0.2)
Payments to non-controlling interests related to former sale of equity method investment	0.0	(0.3)
Dividend payments	(2.2)	(1.2)
Other financing activities	(0.2)	0.0
Cash used in financing activities	(61.2)	(26.5)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	0.6	(1.7)
Net increase (decrease) in cash and cash equivalents, including restricted cash	63.4	(33.0)
Cash, cash equivalents and restricted cash, beginning of year	49.3	82.3
Cash, cash equivalents and restricted cash, end of year	$ 112.7	$ 49.3

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Other comprehensive loss	$ (1.2)	$ 2.3
Foreign Currency Cumulative Translation Adjustments
Other comprehensive loss	$ 3.3	$ 4.5

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	May 01, 2024 USD ($) lease installment
Lessee, Lease, Description [Line Items]
Short-term lease costs		$ 27.1	$ 30.0
Gain on lease modification		0.1	8.7
Forecast
Lessee, Lease, Description [Line Items]
Short-term lease costs	$ 12.1
DBMGi
Lessee, Lease, Description [Line Items]
Number of property leases with amended termination dates \| lease				3
Early lease termination payment receivable		4.0		$ 12.0
Surrender fees, number of equal installments to be received \| installment				3
Surrender fees payments received for lease termination		$ 4.0	$ 4.0
Remaining payment due period		5 days

Income Taxes - Schedule of Income Taxes Paid, Net Of Refunds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Federal	$ 0.9
Total income taxes paid, net of refunds	$ 6.4	$ 3.5
Percent
Federal	14.00%
Income Taxes Paid, Net, Percent, Total	100.00%
California
Amount
State:	$ 1.5
Percent
State:	23.40%
New York
Amount
State:	$ 1.2
Percent
State:	18.80%
Louisiana
Amount
State:	$ 0.8
Percent
State:	12.50%
Other state jurisdictions
Amount
State:	$ 1.2
Percent
State:	18.80%
Canada
Amount
Foreign:	$ 0.5
Percent
Foreign:	7.80%
Other foreign jurisdictions
Amount
Foreign:	$ 0.3
Percent
Foreign:	4.70%

Revenue and Contracts in Process - Schedule of Infrastructure Segment Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Contract assets	$ 64.1	$ 106.3
Contract liabilities	(171.9)	(109.1)
Infrastructure
Segment Reporting Information [Line Items]
Cost in excess of billings and estimated earnings	28.7	50.8
Conditional retainage	35.4	55.5
Contract assets	64.1	106.3
Billings in excess of costs and estimated earnings	(218.1)	(147.7)
Conditional retainage	46.2	38.6
Contract liabilities	$ (171.9)	$ (109.1)

Investments - Schedule of Company Investments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jul. 31, 2025 company
Schedule of Investments [Line Items]
Total	$ 1.8	$ 3.6
Number of publicly traded companies \| company			2
Loss from equity investees	5.9	2.3
Common Stock
Schedule of Investments [Line Items]
Equity method	0.9	0.9
Fair value	0.0	1.8
Measurement alternative	0.9	0.9
Total	$ 1.8	$ 3.6

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid assets	$ 10.6	$ 10.9
Assets held-for-sale	0.0	7.0
Income tax receivable	4.4	0.6
Other	3.2	2.5
Total other current assets	$ 18.2	$ 21.0

Goodwill and Intangibles, Net - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Beginning balance	$ 126.7	$ 127.1
Translation adjustments	0.3	(0.4)
Ending balance	127.0	126.7
Infrastructure
Goodwill [Roll Forward]
Beginning balance	105.3	105.7
Translation adjustments	0.3	(0.4)
Ending balance	105.6	105.3
Spectrum
Goodwill [Roll Forward]
Beginning balance	21.4	21.4
Translation adjustments	0.0	0.0
Ending balance	$ 21.4	$ 21.4

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt Obligations - Non-Operating Corporate Revolving Line of Credit Narrative (Details) - Revolving Credit Facility - Revolving Credit Agreement - Line of Credit - Non-Operating Corporate - USD ($) $ in Millions		12 Months Ended
	Aug. 04, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Face amount		$ 20.0
Line of credit outstanding		$ 20.0	$ 20.0
Basis spread on variable rate		5.75%
Interest rate, effective percentage		10.00%	10.60%
Commitment fee percentage		1.00%
Debt instrument, extension fee	$ 0.4
Third party legal costs	$ 0.3

Equity and Temporary Equity - Series A-3 and Series A-4 Shares Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended			12 Months Ended
	Aug. 04, 2025	Jul. 01, 2021	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Dividends payable			$ 0.4			$ 0.4
Preferred stock dividends						5.0	$ 1.2
Accrued liabilities						37.6	12.2
Increase in net loss attributable to common stockholders						$ 64.0	$ 35.8
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Dividends payable	$ 0.5			$ 0.5	$ 0.7
Preferred stock cumulative cash dividend rate			7.50%	7.50%	7.50%	7.50%
Preferred stock dividend rate						4.00%
Accreting dividend threshold rate			7.25%	7.25%	7.25%	7.25%
Dividend payable, additional amount accrued, for prior period 1					$ 1.3
Dividend payable, additional amount accrued, for prior period 2					0.2
Increase in accrued preferred stock					1.3
Preferred stock dividends					1.3
Accrued liabilities					0.1
Increase in net loss attributable to common stockholders					$ 1.3
Volume weighted average price threshold percentage						150.00%
Preferred stock trading days to calculate volume weighted average price, trading day period						30 days
Preferred stock trading days to calculate volume weighted average price (at least)						20 days
Consent rights percentage (at least)						75.00%
Series A-3 and A-4 Preferred Stock \| Maximum
Class of Stock [Line Items]
Preferred stock dividend rate						2.00%
Series A-3 and A-4 Preferred Stock \| Minimum
Class of Stock [Line Items]
Preferred stock dividend rate						0.00%
Series A-3 Preferred Stock
Class of Stock [Line Items]
Accrued value per share (in usd per share)						$ 1,000
Number of shares to be issued upon conversion of preferred stock (in shares)			299,518			299,518	259,212
Series A-3 Preferred Stock \| Private Placement
Class of Stock [Line Items]
Preferred stock conversion price (in usd per share)						$ 23.63
Series A-4 Preferred Stock
Class of Stock [Line Items]
Accrued value per share (in usd per share)						$ 1,000
Number of shares to be issued upon conversion of preferred stock (in shares)			65,075			65,075	290,672
Series A-4 Preferred Stock \| Private Placement
Class of Stock [Line Items]
Preferred stock conversion price (in usd per share)						$ 34.40
CGIC \| CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Class of Stock [Line Items]
Shares exchanged for additional principal amount	8,063
CGIC \| Series A shares issued and outstanding
Class of Stock [Line Items]
Issuance of common stock (in shares)		6,125
CGIC \| Series A-2 shares issued and outstanding
Class of Stock [Line Items]
Issuance of common stock (in shares)		10,000
CGIC \| Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Redemption value		$ 9.3
Preferred stock value outstanding			$ 9.6			$ 9.6
Dividends payable			$ 0.3			$ 0.3
CGIC \| Series A-3 and A-4 Preferred Stock \| CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Class of Stock [Line Items]
Dividends payable	$ 0.5

Equity and Temporary Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock by Class

The Company’s preferred shares authorized, issued and outstanding consisted of the following:


	December 31,
	2025	2024
Preferred shares authorized, $0.001 par value	20,000,000	20,000,000


Series A-3 shares issued and outstanding	6,125	6,125
Series A-4 shares issued and outstanding	1,937	10,000

Schedule of Cash, PIK and Special Cash Dividends

During the three months ended March 31, 2025, INNOVATE's Board of Directors ("the Board") declared cash dividends with respect to INNOVATE’s issued and outstanding Series A-3 Preferred Stock and Series A-4 Preferred Stock as presented in the following table (in millions):

2025

Declaration Date and Holders of Record Date

March 31, 2025

Payment Date

April 15, 2025

Total Dividend

0.3

During the year ended December 31, 2024, the Board declared cash dividends with respect to INNOVATE’s issued and outstanding Series A-3 Preferred Stock and Series A-4 Preferred Stock as presented in the following table (in millions):


2024
Declaration Date and Holders of Record Date	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024

Payment Date	April 15, 2024		July 15, 2024		October 15, 2024		January 15, 2025
Total Dividend	$	0.3	$	0.3	$	0.3	$	0.3

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

5. Inventory

Inventory consisted of the following (in millions):


	December 31,
	2025		2024
Raw materials and consumables	$	14.9	$	19.6
Work in process	0.3		0.4
Finished goods	0.8		0.8
Total inventory	$	16.0	$	20.8

Equity and Temporary Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity and Temporary Equity

16. Equity and Temporary Equity

2024 Rights Offering and Concurrent Private Placement

On March 8, 2024, the Company commenced a rights offering ("Rights Offering"), in which each holder of the Company’s common stock, Series A-3 Convertible Participating Preferred Stock, Series A-4 Convertible Participating Preferred Stock and the 2026 Convertible Notes as of March 6, 2024 (the “rights offering record date”), were granted rights to purchase common stock. In connection with the Rights Offering, the Company entered into an Investment Agreement with Lancer Capital (the "Investment Agreement"), pursuant to which Lancer Capital agreed to purchase up to $19.0 million of Series C Preferred Stock as a backstop to the Rights Offering (the "Backstop Commitment") and to purchase $16.0 million of Series C Preferred Stock in a private placement transaction ("Concurrent Private Placement"). Lancer Capital is an investment fund led by Avram A. Glazer, the Chairman of the Board and the Company’s largest stockholder. As the Rights Offering had not yet settled by March 28, 2024, in accordance with the Investment Agreement, Lancer Capital purchased $25.0 million of Series C Preferred Stock, referred to as the "equity advance." On April 24, 2024, the Company completed and closed on the Rights Offering and issued a total of 530,611 shares of common stock for $3.7 million. In addition, Lancer Capital purchased an additional approximately 6,286 Series C Preferred Stock for $6.3 million under the Backstop Commitment. In total, the Company received $35.0 million in aggregate gross proceeds related to the Rights Offering and Concurrent Private Placement and incurred $1.8 million in dealer manager fees and other related costs which were capitalized into Additional paid in capital ("APIC"). On June 18, 2024, the Company's shareholders approved the conversion of the Series C Preferred Stock into common stock, and approximately 31,286 shares of Series C Preferred Stock, which were held by Lancer Capital, were converted into 4,469,390 shares of common stock, and there were no shares of the Series C Preferred Stock outstanding subsequent to their conversion into the Company's common stock.

The Series C Preferred Stock was intended to be the economic equivalent of common stock, participating on an as-converted basis in all dividends, distributions, merger consideration and all other consideration receivable by holders of common stock, and a means through which the Backstop Arrangement and Concurrent Private Placement could be effected prior to the completion of the stockholder vote and the satisfaction of any other regulatory requirements. Prior to the conversion, the holder of the Series C Preferred Stock was entitled to receive dividends anytime the Company declared a dividend on its common stock (excluding dividends consisting in whole or in part of common stock). The dividend amount would be based on the number of shares (including fractions) of common stock into which the shares of Series C Preferred Stock were convertible on the applicable record date multiplied by the dividend per share declared on the Company's common stock. On September 30, 2024, the Company filed a Certificate of Elimination to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, eliminating from the Second Amended and Restated Certificate of Incorporation all matters set forth in the Certificate of Designation with respect to its Series C Preferred Stock, no shares of which were then issued and outstanding.

Reverse Stock Split

On August 8, 2024, the Company effected a 1-for-10 reverse stock split of its issued and outstanding common stock (the “Reverse Stock Split”) following stockholder approval. The Reverse Stock Split was implemented for the primary purpose of regaining compliance with the minimum bid price requirement for continued listing of the Company’s common stock on the NYSE. The Reverse Stock Split did not change the $0.001 par value per share of the common stock. As a result of the Reverse Stock Split, the number of outstanding common shares was reduced from 130,529,931 to 13,166,057, inclusive of an additional 113,064 incremental whole shares issued for fractional shares. Unless noted, all share and per share amounts of common stock, options and restricted stock and any associated debt or preferred stock conversion rates contained in the historical periods, prior to the date of the Reverse Stock Split, presented within these Consolidated Financial Statements have been retroactively adjusted to reflect the 1-for-10 Reverse Stock Split as if it had occurred at the beginning of the earliest period presented.

Preferred Shares

The Company’s preferred shares authorized, issued and outstanding consisted of the following:


	December 31,
	2025	2024
Preferred shares authorized, $0.001 par value	20,000,000	20,000,000


Series A-3 shares issued and outstanding	6,125	6,125
Series A-4 shares issued and outstanding	1,937	10,000

Series A-3 and Series A-4 Shares

Issuance and Conversion. On July 1, 2021, (the "Exchange Date") as a part of the sale of Continental Insurance Group ("CIG"), INNOVATE entered into an exchange agreement (the "Exchange Agreement") with CGIC, also a former subsidiary, which held the remaining shares of the Company's previous Series A and Series A-2 Preferred Stock and was eliminated in consolidation prior to the sale of the Company's former Insurance segment on July 1, 2021. Per the Exchange Agreement, INNOVATE exchanged 6,125 shares of the Series A and 10,000 shares of the Series A-2 shares that CGIC held for an equivalent number of Series A-3 Convertible Participating Preferred Stock ("Series A-3") and Series A-4 Convertible Participating Preferred Stock ("Series A-4"), respectively. The terms remained substantially the same, except that the Series A-3 and Series A-4 mature on July 1, 2026.

On August 4, 2025, INNOVATE closed on a Preferred Stock Exchange with CGIC that resulted in the redemption of 8,063 shares of Series A-4 Preferred Stock of the Company and unpaid accrued dividends for the A-3 and A-4 Preferred Stock for an additional principal amount of the CGIC Note. Refer to Note 11. Debt Obligations for additional information.

Since the time of issuance of the Series A-3 and Series A-4 Preferred Stock on July 1, 2021, the Series A-3 and Series A-4 Preferred Stock have been classified as temporary equity in the Company's Consolidated Balance Sheet. After giving effect to the Preferred Stock Exchange in August 2025, the Series A-3 and A-4 Preferred Stock have a combined redemption value of $9.3 million and a current fair value of $9.6 million as of December 31, 2025, which is inclusive of accreted dividends and $0.3 million in accrued cash dividends.

Dividends. The Series A-3 and Series A-4 Preferred Stock accrue a cumulative quarterly cash dividend at an annualized rate of 7.50%. The accrued values of the Series A-3 and Series A-4 Preferred Stock accrete quarterly at an annualized rate of 4.00% that is reduced to 2.00% or 0.0% if the Company achieves specified rates of growth measured by increases in its net asset value; provided, that the accreting dividend rate will be 7.25% in the event that (A) the daily volume weighted-average price ("VWAP") of the Company's common stock is less than a certain threshold amount, (B) the Company's common stock is not registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, or (C) the Company's common stock is not listed on certain national securities exchanges or the Company is delinquent in the payment of any cash dividends. The Series A-3 and Series A-4 Preferred Stock is also entitled to participate in cash and in-kind distributions to holders of shares of Company's common stock on an as-converted basis.

2025

Declaration Date and Holders of Record Date

March 31, 2025

Payment Date

April 15, 2025

Total Dividend

0.3

During the second, third, and fourth quarters of 2025, the Board did not declare any cash dividends with respect to INNOVATE’s issued and outstanding Series A-3 Preferred Stock and Series A-4 Preferred Stock. Aggregate quarterly dividends of $0.7 million, $0.5 million, and $0.4 million for the second, third, and fourth quarters of 2025, respectively, included the annual cash dividend of 7.5% per annum which was accrued and also the accreting dividend of 7.25% per annum.

In addition, during the second quarter of 2025, the Company recorded the accretion and accrual of additional dividends of $1.3 million related to prior years, and $0.2 million related to the first quarter of 2025. This included cumulative accreting dividends, which were recorded following the determination that such dividends had accreted due to the daily VWAP of the Company's common stock trading at less than $1 at various dates since 2022, as adjusted for the 2024 Reverse Stock Split. These adjustments during the second quarter of 2025 that related to prior years resulted in: (i) an increase in the accrued value of the preferred stock of $1.3 million; (ii) a decrease in Additional Paid-In Capital (APIC) of $1.3 million; (iii) an increase in accrued liabilities of $0.1 million; and (iv) an increase in net loss attributable to common shareholders of $1.3 million. The Company evaluated the effects of the adjustment, both qualitatively and quantitatively, and does not believe the adjustment was material to any current or prior interim or annual periods that were affected.

On August 4, 2025, $0.5 million in accrued quarterly dividends was exchanged for an additional principal amount of the CGIC note as part of the Preferred Stock Exchange. Refer to Note 11. Debt Obligations for additional information.


2024
Declaration Date and Holders of Record Date	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024

Payment Date	April 15, 2024		July 15, 2024		October 15, 2024		January 15, 2025
Total Dividend	$	0.3	$	0.3	$	0.3	$	0.3

Subsequent Measurement. The Company elected to account for the Series A-3 and Series A-4 Preferred Stock by immediately recognizing changes in the redemption value as they occur. The carrying values of the Series A-3 and Series A-4 Preferred Stock are adjusted to equal what the redemption amount would be as if the redemption were to occur at the end of the reporting period as if it were also the redemption date for the Series A-3 and Series A-4 Preferred Stock. Any cash dividends paid directly reduce the carrying value of the Series A-3 and Series A-4 Preferred Stock until the carrying value equals the redemption value. Once the carrying value is equal to the redemption value, the dividends declared are accrued by debiting retained earnings, or if retained earnings is a deficit, then by debiting additional-paid-in-capital. The Company has historically paid cash dividends on its Series A-3 and Series A-4 Preferred Stock and expects to continue to either accrete and accrue or pay such dividends each quarter.

Optional Conversion. Each share of Series A-3 and Series A-4 may be converted by the holder into shares of the Company's common stock at any time based on the then-applicable conversion price. As of December 31, 2025, each share of the Series A-3 Preferred Stock was convertible at an accrued value of $1,000 per share, divided by the conversion price of $23.63 (as it may be adjusted from time to time, the "Series A-3 Conversion Price"), and each share of Series A-4 Preferred Stock was convertible at an accrued value of $1,000 per share divided by the conversion price of $34.40 (as it may be adjusted from time to time, the "Series A-4 Conversion Price") (collectively the “Conversion Prices”). The Conversion Prices have historically been adjusted from time to time and continue to be subject to potential adjustment for dividends, certain distributions, reverse stock splits or stock splits, combinations, reclassifications, reorganizations, mergers, recapitalizations and similar events, as well as in connection with issuances of equity or equity-linked or other comparable securities by the Company at a price per share (or with a conversion or exercise price or effective issue price) that is below the Conversion Prices (which adjustment shall be made on a weighted-average basis).

As of December 31, 2025, the Series A-3 Preferred Stock and Series A-4 Preferred Stock, including the accrued value of accreting dividends, were convertible into 299,518 and 65,075 shares, respectively, of INNOVATE's common stock. As of December 31, 2024, the Series A-3 Preferred Stock and Series A-4 Preferred Stock were convertible into 259,212 and 290,672 shares, respectively, of INNOVATE's common stock.

Redemption by the Holders / Automatic Conversion. On July 1, 2026, holders of the Series A-3 and Series A-4 shall be entitled to cause the Company to redeem, out of legally available funds, the Series A-3 and Series A-4 at the accrued value per share plus accrued but unpaid dividends (to the extent not included in the accrued value of Series A-3 and Series A-4). Each share of Series A-3 and Series A-4 that is not so redeemed will be automatically converted into shares of the Company's common stock at the Conversion Price then in effect.

Upon a change of control (as defined in the Company's Third Amended and Restated Certificate of Incorporation) holders of the Series A-3 and Series A-4 shall be entitled to cause the Company to redeem their shares of Series A-3 and Series A-4 at a price per share of Series A-3 and Series A-4 equal to the greater of (i) the accrued value of the Series A-3 and Series A-4, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Series A-3 and Series A-4 Preferred Stock), and (ii) the value that would be received if the share of Series A-3 and Series A-4 were converted into shares of the Company's common stock immediately prior to the change of control.

Redemption by the Company / "Company Call Option". At any time, the Company may redeem the Series A-3 and Series A-4, in whole but not in part, at a price per share generally equal to 150% of the accrued value per share, plus accrued but unpaid dividends (to the extent not included in the accrued value of the Series A-3 and Series A-4), subject to the holder's right to convert prior to such redemption.

Forced Conversion. The Company may force conversion of the Series A-3 and Series A-4 into shares of the Company's common stock if the common stock's thirty-day VWAP exceeds 150% of the then-applicable Conversion Price and the common stock’s daily VWAP exceeds 150% of the then-applicable Conversion Price for at least 20 trading days out of the thirty trading day period used to calculate the 30-day VWAP. In the event of a forced conversion, the holders of Series A-3 and Series A-4 will have the ability to elect cash settlement in lieu of conversion if certain market liquidity thresholds for the Company's common stock are not achieved.

Liquidation Preference. In the event of any liquidation, dissolution or winding up of the Company (any such event, a “Liquidation Event”), the holders of Series A-3 and Series A-4 will be entitled to receive per share the greater of (i) the accrued value of the Series A-3 and Series A-4, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Series A-3 and Series A-4), and (ii) the value that would be received if the share of Series A-4 and Series A-4 were converted into shares of the Company's common stock immediately prior to such occurrence. The Series A-3 and Series A-4 will rank junior to any existing or future indebtedness but senior to the Company's common stock and any future equity securities other than any future senior or pari passu preferred stock issued in compliance with the Company's Third Amended and Restated Certificate of Incorporation. The Series A-3 Preferred Stock and the Series A-4 Preferred Stock rank at parity.

Voting Rights. Except as required by applicable law, the holders of the shares of the Series A-3 and Series A-4 will be entitled to vote on an as-converted basis with the holders of the Company’s common stock on all matters submitted to a vote of the holders of the Company's common stock with the holders of Series A-3 Preferred Stock and Series A-4 Preferred Stock on certain matters, and separately as a class on certain limited matters.

Consent Rights. For so long as any of the Series A-3 and Series A-4 is outstanding, consent of the holders of shares representing at least 75% of certain of the Series A-3 and Series A-4 then outstanding is required for certain material actions.

Participation Rights. Pursuant to the securities purchase agreements entered into with the initial purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock, subject to meeting certain ownership thresholds, certain purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock are entitled to participate, on a pro-rata basis in accordance with their ownership percentage, determined on an as-converted basis, in issuances of equity and equity linked securities by the Company. In addition, subject to meeting certain ownership thresholds, certain initial purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock will be entitled to participate in issuances of preferred securities and in debt transactions of the Company.

Spectrum Redeemable Non-Controlling Interests

Refer to Note 11. Debt Obligations for information regarding the Company's Spectrum Segment's redeemable non-controlling interests.

R2 Technologies Non-Controlling Interests

The Company has non-redeemable and redeemable non-controlling interests related to R2 Technologies in the form of common stock as well as convertible preferred stock that is redeemable upon the occurrence of a change in control, as defined in the respective agreements. If an event is not solely within the control of the Company, it is classified outside of permanent equity in the mezzanine section of the Company's Consolidated Balance Sheets. The Company adjusts the carrying value of the non-controlling interests based on an allocation of subsidiary earnings (losses) based on ownership interests. As of December 31, 2025 and 2024, it was not deemed probable that the amounts relating to convertible preferred stock in non-controlling interests will become redeemable as no change in control has occurred or is expected to occur; therefore, no additional adjustments or remeasurements were required under ASC 480-10, Distinguishing Liabilities from Equity.

During the year ended December 31, 2025, Pansend closed on several intercompany convertible 13.0% note instruments with R2 Technologies, and funded a total of $7.5 million to R2 Technologies. The outstanding principal amounts of the notes, together with any interest then accrued and unpaid, is convertible at the option of Pansend into shares of a new Series E Convertible Preferred Stock ("Series E") or new Series F Convertible Preferred Stock ("Series F") in R2 Technologies, as applicable to each note, upon written notice to R2 Technologies and the notes have a maturity date, of the earlier of July 31, 2026, or a change in control of R2 Technologies, as defined in the notes. These notes and related intercompany interest are eliminated on consolidation. Subsequent to year end, in February 2026 and March 2026, an additional $0.3 million in intercompany convertible 13.0% notes with R2 Technologies was funded.

As a result of the allocation of losses, the redeemable non-controlling interest related to R2 Technologies was negative $1.0 million and negative $0.5 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company had negative $9.2 million and negative $4.9 million, respectively of R2 Technologies non-controlling interests reflected within Non-controlling interests within the Consolidated Balance Sheets.

Liquidation Preference

R2 Technologies has issued multiple A, B, C and D-series, and, in the future potentially E-series and F-series, participating convertible preferred stock (the "R2 Technologies Preferred Shares"), all of which contain a liquidation preference. In the event of a liquidation event, each Preferred Share has a liquidation preference to be paid out of the assets legally available for distribution, which entitles the holder of each series A, series C, series D, series E (upon conversion of the aforementioned $3.5 million note that is convertible into Series E) and series F (upon conversion of the aforementioned notes that are convertible into Series F) R2 Technologies Preferred Shares to receive, before any payments to holders of junior securities, the sum of the following: (i) the accrued value in cash; (ii) all accrued and unpaid dividends, including basic dividends and accreting dividends, if any, and (iii) an amount, in cash or otherwise, equivalent to what the holder would receive if they had converted the R2 Technologies Preferred Shares into R2 Technologies common stock or reference property just before the liquidation event. Series B R2 Technologies Preferred Shareholders would be entitled to receive, before any payments to holders of junior securities, the greater of (i) the sum of (A) the accrued value in cash, plus (B) all accrued and unpaid dividends, including basic dividends and accreting dividends, if any, or (ii) an amount, in cash or otherwise, equivalent to what the holder would receive if they had converted the R2 Technologies Preferred Shares into R2 Technologies common stock or reference property just before the liquidation event.

If the assets of R2 Technologies legally available for distribution are insufficient to pay these obligations in full, R2 Technologies Preferred Shareholders and holders of any parity securities share the remaining assets in proportion to the full respective amounts to which they are entitled. After receiving the full liquidation preference, R2 Technologies Preferred Shareholders have no further claim to R2 Technologies' assets, except for any new securities or instruments received as part of the liquidation preference. The value of non-cash assets distributed equals their fair market value on the distribution date. No holder of junior securities receives any payment unless the entire liquidation preference of R2 Technologies Preferred Shares is paid. If there is insufficient cash to pay the entire liquidation preference and any liquidation preference in respect of any parity securities in full in cash upon a liquidation event, R2 Technologies Preferred Shareholders and parity securities holders will share available cash proportionally.

As of both December 31, 2025 and 2024, R2 Technologies had negative net assets after consideration of intercompany and third-party debt, as applicable, and, therefore, there would be no legally available funds to satisfy any liquidation preferences upon a liquidation event.

- Definition

The entire disclosure for equity.

+ References

+ Details

Supplementary Financial Information

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Financial Information

21. Supplementary Financial Information

Other income, net

The following table provides information relating to Other income, net (in millions):


	Year Ended December 31,
		2025		2024

Gain on step-up of equity method investment		$	4.4	$	—
Net loss on repurchase or extinguishment of debt		(0.3)		(0.3)
Interest income		0.7		2.6
Foreign currency translation (losses) gains		(1.1)		1.3
Fair value gains (losses) on securities		0.8		(0.2)
Other		0.2		—
Total other income, net		$	4.7	$	3.4

Supplemental Cash Flow Information

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows (in millions):


	Year Ended December 31,
	2025		2024
Cash and cash equivalents, beginning of the year	$	48.8	$	80.8
Restricted cash included in other current assets	—		0.9
Restricted cash included in other assets (non-current)	0.5		0.6
Total cash, cash equivalents and restricted cash, beginning of the year	$	49.3	$	82.3

Cash and cash equivalents, end of the year	$	112.1	$	48.8
Restricted cash included in other current assets	—		—
Restricted cash included in other assets (non-current)	0.6		0.5
Total cash and cash equivalents and restricted cash, end of the year	$	112.7	$	49.3









Supplemental cash flow information:
Cash paid for interest	$	30.0	$	48.6
Cash paid for income taxes, net	$	6.4	$	3.5

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	$	66.3	$	6.6
Accrued dividends capitalized into principal debt	$	0.5	$	—
Exchange of preferred stock for debt	$	9.1	$	—
Property, plant and equipment included in accounts payable or accrued expenses	$	0.8	$	0.5

Other Assets, Accrued Liabilities and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following (in millions):


	December 31,
	2025		2024
Prepaid assets	$	10.6	$	10.9
Assets held-for-sale	—		7.0
Income tax receivable	4.4		0.6

Other	3.2		2.5
Total other current assets	$	18.2	$	21.0

Schedule of Other Assets

Other assets, which are reflected within non-current assets in the Consolidated Balance Sheets, consisted of the following (in millions):


	December 31,
	2025		2024
Right-of-use assets	$	52.9	$	53.7
Restricted cash - non-current	0.6		0.5
Other	7.3		8.1
Total other assets	$	60.8	$	62.3

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Accrued expenses	$	12.8	$	13.4
Accrued payroll and employee benefits	36.7		34.1
Accrued interest and exit fees (current portion)	72.1		61.0
Accrued sales and use taxes	0.3		0.4
Accrued income taxes	0.6		0.8
Total accrued liabilities	$	122.5	$	109.7

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Operating lease liability, current portion	$	12.9	$	12.9

Other	4.0		4.3
Total other current liabilities	$	16.9	$	17.2

Schedule of Other Liabilities

Other liabilities, which are reflected within non-current liabilities in the Consolidated Balance Sheets, consisted of the following (in millions):


	December 31,
	2025		2024
Operating lease liability, net of current portion	$	42.9	$	43.5


Accrued interest (non-current portion)	—		0.7


Other	3.4		2.6


Total other liabilities	$	46.3	$	46.8

Schedule of Asset Retirement Obligations

The changes in the carrying amounts of the Company's Asset Retirement Obligations ("ARO") included in Other liabilities above are as follows (in millions):


	December 31,
	2025		2024
Carrying value, beginning of year	$	1.9	$	1.9


Accretion expense	0.2		0.2
Revisions in estimated cash flows	0.1		(0.2)
Carrying value, end of year	$	2.2	$	1.9

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and all other subsidiaries over which the Company exerts control. All intercompany profits, transactions and balances have been eliminated in consolidation. The remaining interests not owned by the Company are presented as a non-controlling interest component of total equity.
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Certain prior amounts have been reclassified or combined to conform to the current year presentation.
Liquidity and Going Concern	Liquidity and Going Concern The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. However, as of the date of these financial statements, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. The principal conditions leading to this conclusion are the upcoming maturities of the Company's debt obligations. Based on these conditions, the Company may not be able to meet its obligations at maturity nor comply with certain cross-default provisions under the 2027 Senior Secured Notes over the next twelve months, or any potential breach of the milestone covenant of the 10.50% 2027 Senior Secured Notes Indenture which has required the Company to commence a sales process for all or substantially all of DBM Global’s assets or equity interests in accordance with certain dates and deadlines. Refer to Note 11. Debt Obligations for additional information. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The potential inability to refinance or extend the maturity of the aforementioned current debt, or to obtain additional financing, raises substantial doubt about the Company's ability to continue as a going concern. The Company plans to alleviate these conditions through various initiatives it is currently exploring, including pursuing asset sales, and potentially refinancing debt and raising additional capital. However, there can be no assurance that the Company will have the ability to be successful in any asset sales, additional capital raises or the refinancing of its existing debt, on attractive terms or at all, nor any assurances that lenders will provide additional extensions, waivers or amendments in the event of future non-compliance with the Company’s debt covenants or other possible events of default. Further, there can be no assurance that the Company will be able to execute a reduction, extension, or refinancing of the debt, or that the terms of any replacement financing would be as favorable as the terms of the debt prior to the maturity dates. There can be no assurance that these plans will be successfully implemented or that they will mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. These Consolidated Financial Statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, or expenses that may result if the Company is unable to continue as a going concern.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and various disclosures within these consolidated financial statements as of the date of the consolidated financial statements and the reported amounts of net revenue and expenses during the reporting period. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates. Significant estimates include the recognition of revenue and project profit or loss, which require estimates regarding the extent of progress towards completion on contracts and contract revenue and costs on long-term contracts; allowances for credit losses; fair value estimates, including the valuation of certain investments, market assumptions used in estimating the fair values of certain assets (including goodwill and intangibles) and liabilities, the calculation used in determining the fair value of equity awards required by ASC 718, Compensation - Stock Compensation ("ASC 718"); income taxes and various other contingencies. Estimates of fair value represent the Company’s best estimates developed with the assistance of independent appraisals or various valuation techniques and, where the foregoing have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents are comprised principally of amounts in interest bearing checking accounts and money market accounts with original maturities of three months or less. The Company considers all highly liquid investments purchased with original maturities of three months or less from the date of purchase to be cash equivalents. The Company maintains its current cash with financial institutions with balances that may exceed federally insured limits. Cash and cash equivalents are maintained at financial institutions that management considers to be of high credit quality. The Company's restricted cash balances consist of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents in the Consolidated Balance Sheets in the Other current assets and Other assets (noncurrent), as applicable, and are primarily comprised of security deposits for long-term leases, which are held in separate bank accounts.
Fair Value Measurements	Fair Value Measurements Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: •Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. •Level 3 - Unobservable inputs that are supported by little or no market activities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company’s assets and liabilities that are measured at fair value on a recurring basis included investment(s) in marketable equity securities. Our financial assets measured at fair value on a non-recurring basis include equity securities without readily determinable fair values. Other financial assets and liabilities are carried at cost (initial fair value) or amortized cost where applicable, with the current fair value disclosed, if required.
Allowance for Credit Losses	Allowance for Credit Losses The Company maintains allowances for credit losses, for its financial assets, primarily for accounts receivable and contract assets, in accordance with Accounting Standards Codification ("ASC") Financial Instruments - Credit Losses (Topic 326). Accounts receivable are stated at amounts due from customers net of allowance for expected credit losses. The measurement and recognition of the allowance for credit losses involves the use of judgment and represents management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Any changes in these assumptions can lead to a change in the estimate. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition and other factors affecting their ability to pay; the aging of account balances; historical credit loss experience; customer concentrations; and customer credit-worthiness; among other factors. Management has elected to use a risk-based, pool-level segmentation framework to calculate the expected loss rate. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that the receivable will not be collected and the loss can be reasonably estimated. At each balance sheet date, all past due or potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for credit losses. Once collection efforts by the Company are exhausted, the determination for charging off uncollectible receivables is made and the receivable is written off against the allowance, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate. Subsequent to year end, on January 1, 2026, the Company adopted ASU 2025-05 and is utilizing the practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 (Revenue from Contracts with Customers).
Inventory	Inventory Inventory, which is primarily composed of steel components for construction projects at DBM, is valued at the lower of cost or net realizable value under the first-in, first-out method. Provision for obsolescence is made where appropriate and is charged to cost of revenue in the Consolidated Statements of Operations. These costs include only direct labor and expenses incurred to date and exclude any allocation of overhead. The policy for long-term work in progress contracts is disclosed within the Revenue and Cost Recognition accounting policy in Note 3. Revenue and Contracts in Process.
Investments	Investments The Company utilizes the equity method to account for investments when it possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee, such as with our investments in MediBeacon and Scaled Cell, of which the Company owns a 44.6% interest in MediBeacon and a 20.1% interest in Scaled Cell as of December 31, 2025. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net earnings or losses and other comprehensive income (loss) of the investee, as well as any changes as a result of changes in ownership. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if the Company has not committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in the Company's claim on the investee’s book value. Investments in marketable equity securities are carried at fair value and the Company records the changes in fair values in the Consolidated Statement of Operations as a component of Other income, net. The Company utilizes the measurement alternative method to account for investments when it does not possess the ability to exercise significant influence or control and the investment does not have a readily determinable fair value. Under this method, investments are initially recognized at cost and subsequently measured at cost, adjusted for any observable changes in the fair value of the investment. In addition, the Company reviews the carrying value of investments measured under the measurement alternative for impairment on a regular basis. If there is an indication of impairment, the Company assesses whether the carrying value of the investment exceeds its recoverable amount. Any impairment losses are recognized in the financial statements. The Company's investments are recorded as a separate line in the Company’s Consolidated Balance Sheets. Income or loss from equity method investments is recorded as a separate line item in the Consolidated Statements of Operations. Changes in the fair value of equity securities and impairments recognized for measurement alternative method investments, if any, are recorded within Other income, net in the Consolidated Statements of Operations.
Accounting for Income Taxes	Accounting for Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of transactions and events. Under this method, deferred tax assets and liabilities are determined based on the difference between the book basis and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. If necessary, deferred tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. The determination of the valuation allowance requires management to make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount of the valuation allowance. The additional guidance provided by ASC No. 740, “Income Taxes” (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in the financial statements. Expected outcomes of current or anticipated tax examinations, refund claims and tax-related litigation and estimates regarding additional tax liability (including interest and penalties thereon) or refunds resulting therefrom will be recorded based on the guidance provided by ASC 740 to the extent applicable. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. These assessments of uncertain tax positions contain judgments related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, expiration of statutes of limitations, as well as changes to, or further interpretations of, tax laws and regulations. At December 31, 2025, the Company's U.S. and foreign companies had significant deferred tax assets primarily attributable to tax loss carryforwards. Deferred tax assets generated by certain businesses that are not included in the INNOVATE Corp. U.S. consolidated income tax return have been reduced by a full valuation allowance. Based on evaluation of available positive and negative evidence, management had determined that it was more likely than not that the net deferred tax assets of the INNOVATE Corp. U.S. consolidated filing group will not be realized. Accordingly, a full valuation allowance was maintained against the INNOVATE Corp. U.S. consolidated filing group’s net deferred tax assets as of December 31, 2025. This assessment was based on cumulative historical losses and management's assumptions regarding future taxable income of each affiliate and the timing of the reversal of deferred tax assets and liabilities. In relation to tax effects for accumulated other comprehensive income ("OCI"), our policy is to release the tax effects of amounts reclassified from accumulated OCI to pre-tax income (loss) from continuing operations. Any remaining tax effect in accumulated OCI is released following a portfolio approach.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation, which is provided on the straight-line method over the estimated useful lives of the assets, which are regularly evaluated. The estimated useful lives of the assets range from 5 to 40 years for buildings and leasehold improvements, 3 to 15 years for equipment, furniture and fixtures, and 3 to 20 years for transportation equipment. Leasehold improvements are amortized over the lives of the leases or estimated useful lives of the assets, whichever is shorter. Assets under construction are not depreciated until they are complete and available for use. Land is not depreciated. Purchased property and equipment is recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Cost includes the original purchase price of the asset, the costs attributable to bringing the asset to its working condition for its intended use and finance costs incurred prior to the asset being available for use, as well as any subsequent major expenditures for improvements and replacements which extend useful lives or increase capacity of the assets. Expenditures for maintenance and repairs are expensed as incurred. Finance lease assets are recognized based on the present value of minimum future lease payments. Costs for internal-use software that are incurred in the preliminary project stage and in the post-implementation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the estimated useful life of the software, beginning when the software project is ready for its intended use, over the estimated useful life of the software, typically 3 years. When assets are sold or otherwise retired, the costs and accumulated amortization and depreciation are removed from the books and the resulting gain or loss is included in operating results. Property, plant and equipment that have been included as part of the assets held-for-sale are no longer amortized or depreciated from the time that they are classified as such. The Company periodically utilizes a qualitative assessment to evaluate whether it is more likely than not that the fair value of its property, plant and equipment is less than its carrying value, and, if so, quantitatively evaluates the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If an impairment is indicated, a loss is recognized.
Acquisitions	Acquisitions The Company accounts for acquisitions using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Estimates of fair value included in the Consolidated Financial Statements represent the Company’s best estimates and valuations developed, when needed, with the assistance of independent appraisers or, where such valuations have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. Such estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized, but, rather, tested for impairment. The Company tests goodwill for impairment at least annually in the fourth quarter (October 1st) or when factors indicate that the carrying amounts of assets may not be recoverable and there is a potential impairment. The factors that management considers important, and which could trigger an impairment review, include, but are not limited to: a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit; a significant decline in the market value of the Company's common stock or debt securities for a sustained period; a material adverse change in economic, financial market, industry or sector trends; a material failure to achieve operating results relative to historical levels or projected future levels; and significant changes in operations or business strategy. The Company elected to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, and if so, a quantitative test is performed. The quantitative evaluation for impairment of indefinite-lived intangibles consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to the excess. Under the quantitative test, management estimates the fair value of a reporting unit, which requires various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on our assessment of a number of factors, including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, and industry and general economic data from third-party sources. Discount rate assumptions are based on an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit. Further, management assesses the current market capitalization, forecasts and the amount by which the fair values exceeded the carrying values. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss shall be recognized in an amount equal to the excess. Based on qualitative assessments performed as of October 1, 2025, management determined it was more likely than not that the fair value of its reporting units and the fair value of the indefinite-lived intangible assets exceeded their carrying values, and, as such, no impairment was required. Intangible assets not subject to amortization (i.e. indefinite-lived intangibles) consist of certain television broadcast licenses. Intangible assets subject to amortization consists of certain trade names, customer contracts and developed technology. These finite-lived intangible assets are amortized based on their estimated useful lives. Impairment on such assets is recognized and measured only if there are events and circumstances that indicate that the carrying amount may not be recoverable. The amount of impairment of other long-lived assets (excluding goodwill) is calculated as the amount by which the carrying value of the asset exceeds the fair market value of the asset, which is generally determined based on projected discounted future cash flows. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset group. An impairment loss is recorded to the extent the carrying amount of the asset or asset group exceeds the fair value and is not recoverable. Licensing: Television broadcast licenses generally are granted for eight-year periods. They are renewable after application and reviewed by the Federal Communications Commission ("FCC") and historically are renewed except in rare cases in which a petition to deny, a complaint or an adverse finding as to the licensee's qualifications results in loss of the license. As of December 31, 2025, the Company has initiated processes to explore strategic alternatives for potential asset sales. Management considered whether these actions represented an indicator of impairment. Based on the information available as of December 31, 2025, management concluded it was not more likely than not that the estimated fair value of the applicable reporting unit(s) was less than its carrying value. Management will continue to monitor events and circumstances related to the sales processes and will perform interim impairment testing if facts and circumstances change that would indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In the event of such conditions, the Company compares the expected undiscounted future cash flows to the carrying amount of the assets. If the total of the expected undiscounted future cash flows is less than the carrying amount of the assets, the Company is required to make estimates of the fair value of the long-lived assets in order to calculate the impairment loss equal to the difference between the fair value and carrying value of the assets. The Company makes significant assumptions and estimates in this process regarding matters that are inherently uncertain, such as determining asset groups and estimating future cash flows, remaining useful lives, discount rates and growth rates. The resulting undiscounted cash flows are projected over an extended period of time, which subjects those assumptions and estimates to an even larger degree of uncertainty. While the Company believes that its estimates are reasonable, different assumptions could materially affect the valuation of the long-lived assets. The Company derives future cash flow estimates from its historical experience and its internal business plans, which include consideration of industry trends, competitive actions, technology changes, regulatory actions, available financial resources for marketing and capital expenditures and changes in its underlying cost structure. The Company makes assumptions about the remaining useful life of its long-lived assets. The assumptions are based on the average life of its historical capital asset additions and its historical asset purchase trend. In some cases, due to the nature of a particular industry in which the company operates, such as the broadcast or infrastructure industry, the Company may assume that technology changes in such industry render all associated assets, including equipment, obsolete with no salvage value after their useful lives. In certain circumstances in which the underlying assets could be leased for an additional period of time or salvaged, the Company includes such estimated cash flows in its estimate. The estimate of the appropriate discount rate to be used to apply the present value model in determining fair value was the Company’s weighted-average cost of capital which is based on the effective rate of its debt obligations at the current market values (for periods during which the Company had debt obligations) as well as the current volatility and trading value of the Company’s common stock.
Leases	Leases The Company accounts for leases on the balance sheet as lease assets and lease liabilities for leases classified as operating leases and finance leases. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets are included in Other Assets, and operating lease liabilities are included in Other current liabilities and Other liabilities (non-current) as applicable in the Consolidated Balance Sheets for their respective short-term and long-term portions and are recognized based on the present value of lease payments over the lease term at the commencement date. Finance leases are included in property, plant and equipment and debt obligations in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate of return; therefore, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. The incremental borrowing rate represents the rate of interest that would be paid to borrow on a collateralized basis over a similar term. The Company determines its incremental borrowing rate using a portfolio approach based on information available as of the lease commencement date, including applicable lease terms and the current economic environment. For lease agreements that contain non-lease components, the Company elected to combine lease and non-lease components as a single lease component. Leases with an initial term of twelve months or less are not recorded on the balance sheet unless they are expected to be renewed. Lease expense is recognized on a straight-line basis over the lease term. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As of December 31, 2025, the operating lease liability does not include any options to extend or terminate leases.
Foreign Currency Transactions and Translation	Foreign Currency Transactions Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in functional currency cash flows, which occurs upon an actual transfer of one currency to another, is reported by the Company as a foreign currency transaction gain (loss). The primary component of the Company’s foreign currency transaction gain (loss) is due to agreements in place with certain subsidiaries in foreign countries regarding intercompany transactions. The Company anticipates repayment of these transactions in the foreseeable future and recognizes the realized and unrealized gains or losses on these transactions that result from foreign currency changes in the period in which they occur as foreign currency transaction gain (loss). Foreign Currency Translation The assets and liabilities of the Company’s foreign subsidiaries are translated at the exchange rates in effect on the reporting date. Income and expenses are translated at the average exchange rate during the period. The net effect of such translation gains and losses are reflected within AOCI in the stockholders’ equity (deficit) section of the Consolidated Balance Sheets. If there is a planned or completed sale or liquidation of the Company's ownership in a foreign operation, the relevant foreign currency translation adjustment is recognized in the Consolidated Statement of Operations. In these consolidated financial statements, “$” means U.S. dollars, unless otherwise noted.
Convertible Instruments	Convertible Instruments Convertible instruments are generally accounted for as a single unit of account. ASC 815 requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodied both the embedded derivative instrument and the host contract is not remeasured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for convertible instruments, when it has been determined that the embedded conversion options should not be bifurcated from their host instruments, as follows: the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized using the effective interest method over the term of the related debt to their stated date of redemption as a component of Interest expense in the Consolidated Statement of Operations.
Deferred Financing Costs	Deferred Financing Costs The Company capitalizes certain expenses incurred in connection with its debt and line of credit obligations as reductions of the outstanding loan balances as a component of the carrying amount of Debt obligations in the Consolidated Balance Sheet and amortizes them using the effective interest method over the term of the respective debt agreement as a component of Interest expense in the Consolidated Statements of Operations. If the Company extinguishes portions of its debt prior to the maturity date, deferred financing costs are charged to expense on a pro-rata basis and are included in gain or loss on early extinguishment or restructuring of debt within Other income, net in the Consolidated Statements of Operations.
Share-Based Compensation	Share-Based Compensation Share-based compensation includes restricted shares, restricted stock units and stock options, which are measured based on the grant date fair values and are recognized on a straight-line basis over the requisite service or vesting period. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated statements of operations. Grants of restricted shares and restricted stock units are valued based on the closing market share price of INNOVATE's common stock as reported on the New York Stock Exchange (the “market price”) on the date of grant. The Company uses a Black-Scholes option valuation model to determine the grant date fair value of stock options. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return and dividend yield. The expected term of an award is no less than the option vesting period and is based on the Company’s historical experience. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The Company uses a dividend yield of zero in the Black-Scholes option valuation model as it does not anticipate paying cash dividends in the foreseeable future. Share-based compensation is recorded net of actual forfeitures as they occur.
Income (Loss) Per Common Share	Income (Loss) Per Common Share Basic income (loss) per common share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted income (loss) per common share is computed using the weighted-average number of shares of common stock, adjusted for the dilutive effect of potential common stock equivalents and related income from continuing operations, net of tax. Potential common stock equivalents, computed using the treasury stock method or the if-converted method, include stock options, restricted stock units, convertible preferred stock and convertible debt. Refer to Note 19. Basic and Diluted Loss Per Common Share for additional information.
Discontinued Operations	Discontinued Operations In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results when the business is disposed of or classified as held-for-sale. The held-for-sale criteria are assessed as of the balance sheet date. The Company assessed these criteria as of December 31, 2025, and determined that no businesses met the criteria for held-for-sale or discontinued operations classification. Under ASC 360, Property, Plant and Equipment, assets may be classified as held-for-sale even though the discontinued operations criterion is not met.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year On December 14, 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires, among other things, greater disaggregation of information in the rate reconciliation and for paid income taxes to be disaggregated by jurisdiction. The guidance was effective for the Company's 2025 annual Form 10-K and did not have a material impact on the related disclosures within these Consolidated Financial Statements. Refer to Note 12. Income Taxes for additional information. Accounting Pronouncements Issued But Pending Adoption On September 18, 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The amendments in ASU 2025-06 modernize the accounting for software costs that are accounted for under Subtopic 350-40 by removing all references to prescriptive and sequential software development stages throughout Subtopic 350-40. Under ASU 2025-06, an entity is required to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold"). ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Entities may apply the amendments retrospectively for all prior periods presented in the financial statements, prospectively or under a modified retrospective approach based on the status of the project and whether software costs were capitalized before the date of adoption. The Company expects that it will apply the new guidance prospectively and is currently evaluating the potential effect of this ASU on future transactions; however, the Company does not expect this ASU to have a significant effect on the Company’s Consolidated Financial Statements. On July 30, 2025, the FASB issued ASU 2025-05 Financial Instruments - Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). The amendments in ASU 2025-05 provide entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 (Revenue from Contracts with Customers). The practical expedient allows entities to assume that current conditions as of the balance sheet date will not change for the remaining life of an asset when developing reasonable and supportable forecasts as part of the estimation of expected credit losses. ASU 2025-05 is effective prospectively for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. The Company adopted ASU 2025-05 on January 1, 2026, and is utilizing the practical expedient. The Company does not expect the adoption of this ASU to have a significant effect on the Company’s Consolidated Financial Statements. On May 12, 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a VIE ("ASU 2025-03"). The amendments in ASU 2025-03 require an entity, involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business, to consider certain factors to determine which entity is the accounting acquirer. ASU 2025-03 is effective prospectively for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the potential effect of this ASU on future transactions; however, the Company does not expect this ASU to have a material effect on the Company’s Consolidated Financial Statements. On November 26, 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). The amendments in this update affect entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion. The amendments clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Entities may apply the amendments retrospectively for all prior periods presented in the financial statements or prospectively. The Company adopted ASU 2024-04 on January 1, 2026 and is applying the guidance on a prospective basis. The adoption of this ASU did not have an effect on the Company's Consolidated Financial Statements. On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). The amendments in this ASU require disclosure, in the notes to financial statements, of specified information about certain costs and expenses, including the total amount of selling expenses incurred in the period and an entity's definition of selling expenses. ASU 2024-03, with effective dates as clarified by ASU 2025-01 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU, which will only have an effect on the disclosures within the Company’s Consolidated Financial Statements.
Subsequent Events	Subsequent Events ASC 855, Subsequent Events requires the Company to evaluate events that occur after the balance sheet date as of which the financial statements are issued, and to determine whether adjustments to or additional disclosures in the financial statements are necessary.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment, net

Property, plant and equipment, net, ("PP&E") consisted of the following (in millions):


	December 31,
	2025		2024

Equipment, furniture and fixtures, and software	$	223.3	$	211.0
Building and leasehold improvements	42.4		36.8
Land	25.3		18.6
Construction in progress	16.3		8.0
Plant and transportation equipment	6.7		7.4
	$	314.0	$	281.8
Less: Accumulated depreciation	172.2		148.2
Total	$	141.8	$	133.6

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, net

Accounts receivable, net, from contracts with customers consisted of the following (in millions):


	December 31,
	2025		2024

Infrastructure	$	237.0	$	184.8
Life Sciences	1.8		1.5
Spectrum	1.7		1.9
Total accounts receivable with customers	$	240.5	$	188.2

Accounts receivable, net, consisted of the following (in millions):


	December 31,
	2025		2024
Contracts in progress	$	237.0	$	184.9
Unbilled retentions	0.1		0.1
Trade receivables	3.6		3.3
Other receivables	0.6		5.8
Allowance for expected credit losses	(0.2)		(0.1)
Total	$	241.1	$	194.0

Income Taxes - Schedule of Components of Income from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
US	$ (63.3)	$ (36.1)
Foreign	1.8	2.7
Loss from operations before income taxes	$ (61.5)	$ (33.4)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Revenue and Contracts in Process (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated

Revenue from contracts with customers consisted of the following (in millions):


	Year Ended December 31,
		2025		2024

Infrastructure		$	1,210.3	$	1,071.6
Life Sciences		12.5		9.8
Spectrum		23.2		25.7

Total revenue		$	1,246.0	$	1,107.1

Schedule of Accounts Receivable, net

Accounts receivable, net, from contracts with customers consisted of the following (in millions):


	December 31,
	2025		2024

Infrastructure	$	237.0	$	184.8
Life Sciences	1.8		1.5
Spectrum	1.7		1.9
Total accounts receivable with customers	$	240.5	$	188.2

Accounts receivable, net, consisted of the following (in millions):


	December 31,
	2025		2024
Contracts in progress	$	237.0	$	184.9
Unbilled retentions	0.1		0.1
Trade receivables	3.6		3.3
Other receivables	0.6		5.8
Allowance for expected credit losses	(0.2)		(0.1)
Total	$	241.1	$	194.0

Schedule of Disaggregation of Revenue

The following table disaggregates DBMG's revenue by market (in millions):


	Year Ended December 31,
		2025		2024
Commercial		$	371.9	$	292.6
Industrial		306.6		307.9
Transportation		192.9		275.3
Healthcare		173.1		151.6
Government		128.8		11.7
Energy		13.5		7.2
Leisure		13.0		9.6
Convention		8.8		14.0
Total revenue from contracts with customers		$	1,208.6	$	1,069.9
Other revenue		1.7		1.7
Total Infrastructure segment revenue		$	1,210.3	$	1,071.6

The following table disaggregates the Life Sciences segment's revenue by type (in millions):


	Year Ended December 31,
		2025		2024
Systems and consumables revenue		$	12.5	$	9.8






Total Life Sciences segment revenue		$	12.5	$	9.8

The following table disaggregates the Spectrum segment's revenue by type (in millions):


	Year Ended December 31,
		2025		2024
Broadcast station		$	23.2	$	25.7





Total Spectrum segment revenue		$	23.2	$	25.7

Schedule of Contract with Customer, Asset and Liability

Contract assets and contract liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Costs incurred on contracts in progress	$	1,365.3	$	1,435.2
Estimated earnings	194.4		75.8
Contract revenue earned on uncompleted contracts	1,559.7		1,511.0
Less: progress billings	1,667.5		1,513.8
	$	(107.8)	$	(2.8)

The above is included in the accompanying Consolidated Balance Sheets under the following line items:
Contract assets	$	64.1	$	106.3
Contract liabilities	(171.9)		(109.1)
	$	(107.8)	$	(2.8)

Schedule of Costs and Recognized Earnings in Excess of Billings and Billings in Excess of Costs and Recognized Earnings on Uncompleted Contracts


	December 31,
	2025		2024
Cost in excess of billings and estimated earnings	$	28.7	$	50.8
Conditional retainage	35.4		55.5
Contract assets	$	64.1	$	106.3

Billings in excess of costs and estimated earnings	$	(218.1)	$	(147.7)
Conditional retainage	46.2		38.6
Contract liabilities	$	(171.9)	$	(109.1)

Schedule of Remaining Performance Obligations

As of December 31, 2025, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):


	Within One Year		Within Five Years		Total
Industrial	$	406.6	$	113.2	$	519.8
Transportation	255.6		247.0		502.6
Commercial	285.9		51.4		337.3
Healthcare	182.4		33.2		215.6
Government	95.7		12.9		108.6
Energy	27.1		—		27.1
Convention	0.3		—		0.3
Leisure	0.1		—		0.1
Remaining unsatisfied performance obligations	$	1,253.7	$	457.7	$	1,711.4

Goodwill and Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted-average period until next FCC licenses renewal	4 years 4 months 24 days	5 years 4 months 24 days
Fixed license period	8 years
Amortization expense	$ 7.5	$ 7.9

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Subsequent Events (Details)	Dec. 31, 2025	Aug. 31, 2025
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Subsequent Event [Line Items]
Interest rate	10.50%	10.50%

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business INNOVATE Corp. ("INNOVATE" and, together with its consolidated subsidiaries, the "Company", "we" and "our") is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of non-controlling equity interest positions or debt instruments. The Company’s shares of common stock trade on the New York Stock Exchange ("NYSE") under the symbol "VATE". The Company has three reportable segments, plus the Company's Other segment, based on management’s organization of the enterprise: Infrastructure, Life Sciences, Spectrum, and Other which includes businesses that do not meet the separately reportable segment thresholds. 1.The Company's Infrastructure segment is comprised of DBM Global Inc. ("DBMG") and its wholly-owned subsidiaries. DBMG is a fully integrated industrial construction, structural steel and facility maintenance provider that provides fabrication and erection of structural steel and heavy steel plate services and also fabricates trusses and girders and specializes in the fabrication and erection of large-diameter water pipe and water storage tanks, as well as 3-D Building Information Modeling (“BIM”) and detailing. DBMG provides these services on commercial, industrial, and infrastructure construction projects such as high- and low-rise buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills and power plants. Through GrayWolf Industrial Inc. ("GrayWolf"), DBMG provides integrated solutions for digital engineering, modeling and detailing, construction, heavy equipment installation and facility services including maintenance, repair, and installation to a diverse range of end markets. Through Aitken Manufacturing, Inc., DBMG manufactures pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters, separators and a variety of customized products. Through Banker Steel, a division of Schuff Steel Company, DBMG provides full-service fabricated structural steel and erection services primarily for the U.S. East Coast and Southeast commercial and industrial construction markets, in addition to full design-assist services. The Company maintains a 91.2% controlling interest in DBMG. 2.The Company's Life Sciences segment is comprised of Pansend Life Sciences, LLC ("Pansend"), its subsidiaries and its equity investments. Pansend maintains a controlling interest of 80.0% in Genovel Orthopedics, Inc. ("Genovel"), which seeks to develop products to treat early osteoarthritis of the knee, and also has a controlling interest as of December 31, 2025 of 81.0% (81.4% as of December 31, 2024) in R2 Technologies, Inc. ("R2 Technologies"), which develops aesthetic and medical technologies for the skin. Pansend also invests in other early stage or developmental stage healthcare companies and, as of December 31, 2025, had a 44.6% interest (45.9% as of December 31, 2024) in MediBeacon Inc. ("MediBeacon"), a medical technology company specializing in the advances of fluorescent tracer agents and transdermal measurement, potentially enabling real-time, direct monitoring of kidney function, maintained a 1.6% fully diluted interest in Triple Ring Technologies, Inc. ("Triple Ring"), a science and technology co-development company, and maintained a 20.1% interest in Scaled Cell Solutions, Inc. ("Scaled Cell"), an immunotherapy company developing a novel autologous cell therapy system to potentially improve current CAR-T treatments. 3.The Company's Spectrum segment is comprised of HC2 Broadcasting Holdings Inc. ("Broadcasting" or "HC2B) and its subsidiaries. Broadcasting strategically acquires and operates over-the-air broadcasting stations across the United States. The Company maintains a 98.0% controlling interest in Broadcasting and maintains a controlling interest of approximately 69.2%, inclusive of 2.8% proxy rights from minority holders of DTV America Corporation ("DTV"). On a fully diluted basis, the Company would have an 85.8% controlling interest in Broadcasting. 4.The Company's Other segment represents all other businesses or investments that do not meet the definition of a segment individually or in the aggregate. The Other segment primarily includes legacy businesses or holding companies such as the holding company of the Company's former Marine Services segment, Global Marine Holdings, LLC ("GMH") in which the Company had a 72.8% controlling interest until its dissolution on December 13, 2024, and TIC Holdco, Inc. ("TIC"), which was dissolved on May 23, 2024.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangibles, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Changes in the Carrying Amount of Goodwill by Reporting Unit

The carrying amounts of goodwill by segment were as follows (in millions):


	Infrastructure		Spectrum		Total
Balance at December 31, 2023	$	105.7	$	21.4	$	127.1

Translation adjustments	(0.4)		—		(0.4)
Balance as of December 31, 2024	$	105.3	$	21.4	$	126.7




Translation adjustments	0.3		—		0.3
Balance as of December 31, 2025	$	105.6	$	21.4	$	127.0

Schedule of Indefinite-Lived Intangible Assets

The carrying amounts of indefinite-lived intangible assets were as follows (in millions):


	December 31,
	2025		2024
Federal Communications Commission ("FCC") licenses	$	107.9	$	107.7

Total	$	107.9	$	107.7

Schedule of Intangible Assets Subject to Amortization

The gross carrying amounts and accumulated amortization of definite-lived intangible assets by major intangible asset class were as follows (in millions):


	Weighted-Average Original Useful Life	December 31, 2025
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.2		$	(12.6)	$	12.6
Customer relationships and contracts	11 years	87.6			(54.3)		33.3
Channel sharing arrangements	35 years	12.6			(2.5)		10.1
Other	10 years	3.6			(2.3)		1.3
Total		$	129.0		$	(71.7)	$	57.3


	Weighted-Average Original Useful Life	December 31, 2024
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.1		$	(11.0)	$	14.1
Customer relationships and contracts	11 years	87.4			(49.1)		38.3
Channel sharing arrangements	35 years	12.6			(2.2)		10.4
Other	10 years	3.9			(2.0)		1.9
Total		$	129.0		$	(64.3)	$	64.7

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future estimated annual amortization expense for intangible assets as of December 31, 2025, is as follows (in millions):


	Estimated Amortization
2026	$	6.7
2027	4.9
2028	4.9
2029	4.7
2030	4.5
Thereafter	31.6
Total	$	57.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Segments and Related Information - Schedule of Company's Operating Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,246.0	$ 1,107.1
Cost of revenue	1,046.3	898.3
Selling, general and administrative	153.1	160.2
Depreciation and amortization	17.5	17.6
Other operating loss (income)	0.4	(9.0)
Income (loss) from operations	28.7	40.0
Other data:
Capital cash expenditures	26.1	19.0
Investments	1.8	3.6
Total assets	950.1	891.1
Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,210.3	1,071.6
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	12.5	9.8
Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	23.2	25.7
Operating Segments \| Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,210.3	1,071.6
Cost of revenue	1,026.2	880.4
Selling, general and administrative	115.2	123.1
Depreciation and amortization	12.1	12.0
Other operating loss (income)	1.4	(9.6)
Income (loss) from operations	55.4	65.7
Other data:
Capital cash expenditures	23.4	17.6
Investments	0.0	0.0
Total assets	758.9	683.6
Operating Segments \| Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	12.5	9.8
Cost of revenue	8.4	6.4
Selling, general and administrative	14.6	17.1
Depreciation and amortization	0.4	0.4
Other operating loss (income)	0.0	0.0
Income (loss) from operations	(10.9)	(14.1)
Other data:
Capital cash expenditures	0.0	0.0
Investments	1.8	1.8
Total assets	9.6	11.9
Equity method investments	0.9	0.9
Operating Segments \| Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	23.2	25.7
Cost of revenue	11.7	11.5
Selling, general and administrative	7.6	7.3
Depreciation and amortization	5.0	5.1
Other operating loss (income)	(1.0)	0.4
Income (loss) from operations	(0.1)	1.4
Other data:
Capital cash expenditures	2.7	1.4
Investments	0.0	0.0
Total assets	174.5	178.9
Non-Operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0.0	0.0
Cost of revenue	0.0	0.0
Selling, general and administrative	15.6	12.7
Depreciation and amortization	0.0	0.1
Other operating loss (income)	0.0	0.2
Income (loss) from operations	(15.6)	(13.0)
Other data:
Capital cash expenditures	0.0	0.0
Investments	0.0	1.8
Total assets	7.1	16.7
Other and Eliminations
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	0.0	0.0
Cost of revenue	0.0	0.0
Selling, general and administrative	0.1	0.0
Depreciation and amortization	0.0	0.0
Other operating loss (income)	0.0	0.0
Income (loss) from operations	(0.1)	0.0
Other data:
Capital cash expenditures	0.0	0.0
Investments	0.0	0.0
Total assets	$ 0.0	$ 0.0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Purchase Obligation

Unrecorded future minimum purchase commitments as of December 31, 2025, were as follows (in millions) :


2026	$	362.0
2027	0.1
2028	0.1
2029	0.1


Total commitments	$	362.3

Schedule of Concentration of Risk, by Risk Factor

The Company's revenue, accounts receivable and accounts payable concentrations of 10% and greater were as follows:

Year Ended December 31,

2025

2024

Segment

Revenue

Accounts Receivable

Accounts Payable

Revenue

Accounts Receivable

Accounts Payable

Customer A

Infrastructure

13.1%

29.6%

Customer B

Infrastructure

10.2%

Customer C

Infrastructure

14.4%

Customer D

Infrastructure

10.3%

Customer E

Infrastructure

10.3%

Supplier A

Infrastructure

23.3%

Supplier B

Infrastructure

15.2%

Supplier C

Infrastructure

15.5%

*Less than 10% concentration

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

20. Fair Value of Financial Instruments

Fair Value of Financial Instruments Not Measured at Fair Value

Our financial instruments primarily include cash and cash equivalents, restricted cash, accounts receivable and contract assets, marketable and non-marketable securities, including equity investments and certain other investments, notes receivable, accounts payable and other current and non-current liabilities, redeemable non-controlling interests and debt obligations. The following tables present the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis and not measured using the equity method of accounting, with fair values shown according to the fair value hierarchy. The tables exclude carrying amounts for cash and cash equivalents and restricted cash (Level 1 measurements), accounts receivable and contract assets, accounts payable, contract liabilities and other current liabilities, and other assets and liabilities (Level 2 measurements) that approximate fair value due to the relatively short periods to maturity (in millions):


December 31, 2025					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Measurement alternative investment (1)	$	0.9	$	0.9	$	—	$	—	$	0.9
Total assets not accounted for at fair value	$	0.9	$	0.9	$	—	$	—	$	0.9

Liabilities
Debt obligations (2)	$	661.6	$	642.1	$	—	$	447.2	$	194.9
Total liabilities not accounted for at fair value	$	661.6	$	642.1	$	—	$	447.2	$	194.9

(1) Refer to Note 6. Investments for additional information.

(2) Excludes lease obligations accounted for under ASC 842, Leases. The fair value of the Company's Level 3 debt obligations incorporates applicable exit fees, while the carrying value of the debt obligations excludes $25.8 million in exit fees which is reflected in Accrued liabilities in the Company's Consolidated Balance Sheet.


December 31, 2024					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Measurement alternative investment (1)	$	0.9	$	0.9	$	—	$	—	$	0.9
Total assets not accounted for at fair value	$	0.9	$	0.9	$	—	$	—	$	0.9

Liabilities
Debt obligations (2)	$	662.2	$	577.1	$	—	$	577.1	$	—
Total liabilities not accounted for at fair value	$	662.2	$	577.1	$	—	$	577.1	$	—

(1) Refer to Note 6. Investments for additional information.

(2) Excludes lease obligations accounted for under ASC 842, Leases.

Debt Obligations. The fair value of the Company’s long-term obligations was determined using reporting from externally quoted market prices for INNOVATE's 10.50% 2027 Senior Secured Notes, 8.50% 2026 Senior Secured Notes, 9.5% Convertible Senior Secured Notes due 2027, and 7.50% Convertible Senior Notes due 2026, which are reflected as Level 2 fair value measurements due to limited recently available observable trading activity for these instruments. The methodology for the Level 2 fair value measurements combines direct recent transaction activity or, if available, market observations from contributed sources with quantitative pricing models or fair value reports from valuation providers to generate evaluated prices and are classified as Level 2 fair value measurements. The Level 3 fair value measurements, including those for the Company's other debt instruments, were estimated using an income approach based on the expected future cash flows, discounted at an estimated market yield. The discount rate, or yield to maturity, was derived from a synthetic credit rating and corresponding market spread analysis as of the valuation date to estimate an option-adjusted spread which was then applied to the applicable risk-free curve, consistent with market observable inputs for similarly rated debt. Certain long-term obligations have a fair value estimate equal to their carrying value due to recent transaction activity. The fair value of the debt instruments is disclosed for informational purposes and does not necessarily represent the amount that would be realized upon settlement or transfer.

Fair Value of Financial Instruments Measured at Fair Value

The Company's investments in marketable securities were measured at fair value, using publicly available quoted market prices, a Level 1 input. Refer to Note 6. Investments for additional information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Right-of-use assets	$ 52.9	$ 53.7
Restricted cash - non-current	0.6	0.5	$ 0.6
Other	7.3	8.1
Total other assets	$ 60.8	$ 62.3

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Senior Notes \| Spectrum
Liabilities
Exit fees (non-current portion)	$ 25.8	$ 15.9
Carrying Value
Assets
Measurement alternative investment	0.9	0.9
Total assets not accounted for at fair value	0.9	0.9
Liabilities
Debt obligations	661.6	662.2
Total liabilities not accounted for at fair value	661.6	662.2
Estimated Fair Value
Assets
Measurement alternative investment	0.9	0.9
Total assets not accounted for at fair value	0.9	0.9
Liabilities
Debt obligations	642.1	577.1
Total liabilities not accounted for at fair value	642.1	577.1
Estimated Fair Value \| Quoted Prices (Level 1)
Assets
Measurement alternative investment	0.0	0.0
Total assets not accounted for at fair value	0.0	0.0
Liabilities
Debt obligations	0.0	0.0
Total liabilities not accounted for at fair value	0.0	0.0
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Assets
Measurement alternative investment	0.0	0.0
Total assets not accounted for at fair value	0.0	0.0
Liabilities
Debt obligations	447.2	577.1
Total liabilities not accounted for at fair value	447.2	577.1
Estimated Fair Value \| Significant Unobservable Inputs (Level 3)
Assets
Measurement alternative investment	0.9	0.9
Total assets not accounted for at fair value	0.9	0.9
Liabilities
Debt obligations	194.9	0.0
Total liabilities not accounted for at fair value	$ 194.9	$ 0.0

Revenue and Contracts in Process - Schedule of Contract Assets and Contract Liabilities and Recognized Earnings (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Costs incurred on contracts in progress	$ 1,365.3	$ 1,435.2
Estimated earnings	194.4	75.8
Contract revenue earned on uncompleted contracts	1,559.7	1,511.0
Less: progress billings	1,667.5	1,513.8
Net of cost earned on uncompleted contracts	(107.8)	(2.8)
The above is included in the accompanying Consolidated Balance Sheets under the following line items:
Contract assets	64.1	106.3
Contract liabilities	(171.9)	(109.1)
Net contract assets (liabilities)	$ (107.8)	$ (2.8)

Revenue and Contracts in Process - Schedule of Spectrum Segment Disaggregation of Revenue (Details) - Spectrum - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 23.2	$ 25.7
Broadcast station
Segment Reporting Information [Line Items]
Revenue	$ 23.2	$ 25.7

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

15. Share-based Compensation

On April 11, 2014, INNOVATE’s Board of Directors adopted the INNOVATE Corp. Omnibus Equity Award Plan (the "2014 Plan"), which was originally approved at the annual meeting of stockholders held on June 12, 2014. On April 21, 2017, the Board of Directors, subject to stockholder approval, adopted the Amended and Restated 2014 Omnibus Equity Award Plan (the "Restated 2014 Plan"). The Restated 2014 Plan was approved by INNOVATE's stockholders at the annual meeting of stockholders held on June 14, 2017. Subject to adjustment as provided in the Restated 2014 Plan, the Restated 2014 Plan authorized the issuance of 3,500,000 shares of common stock of INNOVATE, plus any shares that again become available for awards under the 2014 Plan, plus any shares that again become available for awards under the Restated 2014 Plan.

On April 20, 2018, the Board of Directors, subject to stockholder approval, adopted the Second Amended and Restated 2014 Omnibus Equity Award Plan (the "Second A&R 2014 Plan"). The Second A&R 2014 Plan was approved by INNOVATE's stockholders at the annual meeting of stockholders held on June 13, 2018. Subject to adjustment as provided in the Second A&R 2014 Plan, the Second A&R 2014 Plan authorized the issuance of up to 3,500,000 shares of common stock of INNOVATE, plus any shares that again become available for awards under the 2014 Plan or the Restated 2014 Plan.

The Second A&R 2014 Plan provides that no further awards will be granted pursuant to the 2014 Plan or the Restated 2014 Plan. However, awards previously granted under either the 2014 Plan or the Amended 2014 Plan will continue to be subject to and governed by the terms of the 2014 Plan and Amended 2014 Plan, respectively. The Compensation Committee of INNOVATE's Board of Directors administers the 2014 Plan, the Amended 2014 Plan and the Second A&R 2014 Plan and has broad authority to administer, construe and interpret the plans. The Second A&R 2014 Plan provides for the grant of awards of non-qualified stock options, incentive (qualified) stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stock based awards, performance compensation awards (including cash bonus awards) or any combination of the foregoing. The Company typically issues new shares of common stock upon the exercise of stock options, as opposed to using treasury shares.

On September 30, 2024, the Board of Directors adopted, subject to stockholder approval, an amendment to the Second A&R 2014 Plan to increase the number of shares of the Company's common stock, par value $0.001 per share, available for issuance thereunder to 1,300,000 (the “Plan Amendment”). Prior to the adoption by the Board of Directors, there were a total of 101,943 shares of common stock available for future award under the "Second A&R 2014 Plan. The Plan Amendment was approved by holders of a majority in voting power on October 4, 2024, by written consent in lieu of a special meeting, and was effective as of October 29, 2024. As of December 31, 2025, 97,895 shares for awards remain available for issuance under the Second A&R 2014 Plan, as amended.

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $2.7 million and $3.4 million for the years ended December 31, 2025 and 2024, respectively, which is included within Selling, general and administrative expenses in the Consolidated Statements of Operations.

All grants are time based and vest either immediately or over a period established at grant, typically with a requisite service period of one to three years for a member of the Board of Directors or an employee to vest in the share-based award, subject to discretion by Compensation Committee. There are no other substantive conditions for vesting. The Company recognizes compensation expense for equity awards, reduced by actual forfeitures as they are incurred, using the straight-line basis.

Restricted Stock and Restricted Stock Units

A summary of INNOVATE’s restricted stock and restricted stock unit activity is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value




Unvested - December 31, 2024	294,663	$	8.12
Granted	278,389	$	5.90
Vested	(246,355)	$	8.05
Forfeited	(12,521)	$	7.99
Unvested - December 31, 2025	314,176	$	6.22

The aggregate vesting date fair value of the restricted stock and restricted stock units which vested during the years ended December 31, 2025 and 2024, was $1.3 million and $0.9 million, respectively. As of December 31, 2025, the total unrecognized share-based compensation expense related to unvested restricted stock and restricted stock units was $1.1 million and is expected to be recognized over the remaining weighted-average period of 0.9 years.

Stock Options

A summary of INNOVATE’s stock option activity is as follows:


	Number of Stock Options	Weighted-Average Exercise Price





Outstanding - December 31, 2024	217,733	$	16.94






Granted	100,000	$	5.67
Outstanding - December 31, 2025	317,733	$	13.39

Exercisable - December 31, 2024	117,733	$	27.74
Exercisable - December 31, 2025	217,733	$	16.94

As of December 31, 2025, the intrinsic value and weighted-average remaining life of the Company's outstanding and exercisable stock options were $30 thousand and approximately 8.4 years, respectively. The maximum contractual term of the Company's exercisable stock options is approximately ten years. As of December 31, 2025, there were 100,000 unvested stock options and $0.2 million of unrecognized share-based compensation expense related to unvested stock options and is expected to be recognized over the remaining period of 0.8 years.

Interim CEO Equity Awards

On October 29, 2024, when the Plan Amendment became effective, the following awards, which were previously awarded to the Company's Interim Chief Executive Officer ("Interim CEO") and subject to stockholder approval of the Plan Amendment, became effective: (i) 95,322 of restricted stock unit awards ("RSUs"), which were awarded on October 11, 2023; (ii) 100,000 stock option awards with a strike price of $25.00 (as retroactively adjusted for the Reverse Stock Split in 2024) and an expiration date of September 15, 2033, which were awarded on September 15, 2023; (iii) 142,857 of RSUs, which were awarded on August 19, 2024; and (iv) 100,000 stock option awards with a strike price of $4.22 and an expiration date of September 15, 2034, which were awarded on September 15, 2024.

On August 6, 2025, the Interim CEO was awarded 176,056 restricted stock awards ("RSAs") that vest on August 6, 2026. On September 15, 2025, the Interim CEO was awarded 100,000 stock option awards with a strike price of $5.67 and expiration date of September 15, 2035.

The fair value of each stock option award was determined on the date of grant using the Black-Scholes option-pricing model using the following assumptions:


	Year Ended December 31,
	2025			2024
Stock price at date of grant	$	4.75		$	6.27
Expected term	5.5 years			5.1 years -5.6 years
Risk-free interest rate	3.7		%	4.1		%
Expected volatility	88.4		%	80.9% -82.7%
Expected dividend yield	—		%	—		%
Grant date fair value per option	$	3.34		$2.67 -$4.75

The expected option term of the Company's "plain vanilla" stock options granted reflect the application of the simplified method, as prescribed by Staff Accounting Bulletin Topic 14. The simplified method was used as the Company does not believe it has sufficient historical exercise data to provide a reasonable basis for the expected term of its stock option grants. The simplified method will be used until such time as the Company has stock option exercise experience in which to reasonably determine the expected life. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Volatility and expected dividend yield are calculated using INNOVATE's historical volatility and dividend history.

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Carrying value, beginning of year	$ 1.9	$ 1.9
Accretion expense	0.2	0.2
Revisions in estimated cash flows	0.1	(0.2)
Carrying value, end of year	$ 2.2	$ 1.9

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The carrying values of the Company's investments, by accounting category, were as follows (in millions):


Date	Equity Method (1)		Fair Value (2)		Measurement Alternative (3)		Total
December 31, 2025	$	0.9	$	—	$	0.9	$	1.8
December 31, 2024	$	0.9	$	1.8	$	0.9	$	3.6

(1) The Company's equity method investments were comprised of MediBeacon and Scaled Cell as of both December 31, 2025 and 2024.

(2) The Company's fair value investments in common stock were comprised of marketable equity securities in two publicly traded companies that were purchased in October 2024 and March 2025, all of which were sold in July 2025.

(3) The Company's measurement alternative method investment was comprised of Triple Ring as of both December 31, 2025 and 2024.

Equity and Temporary Equity - Schedule of Cash, PIK and Special Cash Dividends (Details) - USD ($) $ in Millions						3 Months Ended					12 Months Ended
	Apr. 15, 2025	Jan. 15, 2025	Oct. 15, 2024	Jul. 15, 2024	Apr. 15, 2024	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Total Dividend							$ 0.3
Dividend payments											$ 2.2	$ 1.2
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Total Dividend						$ 0.3		$ 0.3	$ 0.3	$ 0.3
Dividend payments	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basic and Diluted Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Loss to Net Loss used in the Basic and Diluted EPS Calculations

The following table presents a reconciliation of net loss to net loss used in the basic and diluted EPS calculations (in millions, except shares and per share amounts):


	Year Ended December 31,
		2025			2024
Net loss		$	(64.0)		$	(39.7)
Net loss attributable to non-controlling interests and redeemable non-controlling interests		3.4			5.1
Net loss attributable to INNOVATE Corp.		(60.6)			(34.6)
Less: Preferred stock dividends		3.4			1.2




Net loss attributable to common stockholders and participating preferred stockholders		$	(64.0)		$	(35.8)


Participating shares
Weighted-average common shares outstanding		13,217,593			10,696,274

Series C Preferred stock		—			947,307
Total		13,217,593			11,643,581

Percentage of loss allocated to:
Common stock		100.0		%	91.9		%

Series C Preferred stock		—		%	8.1		%

Numerator for loss per share:


Net loss attributable to common stockholders, basic and diluted		$	(64.0)		$	(32.9)
Net loss attributable to Series C holders, basic and diluted		—			(2.9)






Denominator for loss per share:
Weighted-average common shares outstanding - basic and diluted		13,217,593			10,696,274


Weighted-average Series C shares outstanding - basic and diluted		—			947,307

Loss per share
Loss per common share - basic and diluted		$	(4.84)		$	(3.08)

Loss per Series C share - basic and diluted		$	—		$	(3.08)

Goodwill and Intangibles, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles, Net

8. Goodwill and Intangibles, Net

Goodwill

The carrying amounts of goodwill by segment were as follows (in millions):


	Infrastructure		Spectrum		Total
Balance at December 31, 2023	$	105.7	$	21.4	$	127.1

Translation adjustments	(0.4)		—		(0.4)
Balance as of December 31, 2024	$	105.3	$	21.4	$	126.7




Translation adjustments	0.3		—		0.3
Balance as of December 31, 2025	$	105.6	$	21.4	$	127.0

Indefinite-Lived Intangible Assets

The carrying amounts of indefinite-lived intangible assets were as follows (in millions):


	December 31,
	2025		2024
Federal Communications Commission ("FCC") licenses	$	107.9	$	107.7

Total	$	107.9	$	107.7

The weighted-average period prior to the next renewal for FCC licenses was 4.4 years and 5.4 years as of December 31, 2025 and 2024, respectively. While broadcast television licenses are issued for a fixed period of time (generally eight years), renewals of these licenses have occurred routinely and at nominal cost. In addition, the Company does not believe that the expiration or non-renewal of any of its FCC licenses would have a material adverse effect on the expected future cash flows and profitability.

Definite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of definite-lived intangible assets by major intangible asset class were as follows (in millions):


	Weighted-Average Original Useful Life	December 31, 2025
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.2		$	(12.6)	$	12.6
Customer relationships and contracts	11 years	87.6			(54.3)		33.3
Channel sharing arrangements	35 years	12.6			(2.5)		10.1
Other	10 years	3.6			(2.3)		1.3
Total		$	129.0		$	(71.7)	$	57.3


	Weighted-Average Original Useful Life	December 31, 2024
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.1		$	(11.0)	$	14.1
Customer relationships and contracts	11 years	87.4			(49.1)		38.3
Channel sharing arrangements	35 years	12.6			(2.2)		10.4
Other	10 years	3.9			(2.0)		1.9
Total		$	129.0		$	(64.3)	$	64.7

Amortization expense for definite-lived intangible assets was $7.5 million and $7.9 million for the years ended December 31, 2025 and 2024, respectively. Amortization expense is included in Depreciation and amortization in the Consolidated Statements of Operations.

Amortization

Future estimated annual amortization expense for intangible assets as of December 31, 2025, is as follows (in millions):


	Estimated Amortization
2026	$	6.7
2027	4.9
2028	4.9
2029	4.7
2030	4.5
Thereafter	31.6
Total	$	57.3

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt and Finance Lease Obligations

Debt obligations, including finance lease obligations, consisted of the following (in millions):


	Maturity Date	December 31,
Infrastructure		2025		2024
SOFR plus 2.75% Revolving Credit Facility	May 20, 2030	$	15.0	$	—
SOFR plus 2.75% Term Loan	May 20, 2030	72.6		—
PRIME minus 0.75% Revolving Credit Facility		—		45.0
3.25% Term Loan		—		74.6
PRIME minus 0.75% Term Loan		—		24.5
Obligations under finance leases	Various	0.1		0.6
Total Infrastructure		$	87.7	$	144.7

Spectrum
8.50% Note	September 30, 2026	$	19.3	$	19.3
11.45% Notes	September 30, 2026	50.4		50.4
Total Spectrum		$	69.7	$	69.7

Life Sciences
Lancer Promissory Note	August 1, 2026	$	47.9	$	24.0
Total Life Sciences		$	47.9	$	24.0

Non-Operating Corporate
10.50% Senior Secured Notes (1)	February 1, 2027	$	360.4	$	—
9.50% Convertible Senior Notes (1)	March 1, 2027	53.5		—
CGIC Promissory Note (1)	April 30, 2027	45.9		31.0
SOFR plus 5.75% Revolving Line of Credit	September 15, 2026	20.0		20.0
8.50% Senior Secured Notes	February 1, 2026	1.9		330.0
7.50% Convertible Senior Notes	August 1, 2026	0.2		48.9
Total Non-Operating Corporate		$	481.9	$	429.9

Total outstanding principal		$	687.2	$	668.3
Unamortized issuance discount, issuance premium, and deferred financing costs		(25.5)		(5.5)
Less: current portion of debt obligations (1)		(581.4)		(162.2)
Debt obligations, net of current portion		$	80.3	$	500.6

(1) Certain debt instruments with long-term maturity dates have been classified as current obligations as of December 31, 2025, due to contingent mandatory prepayment provisions contained in the agreements that could require repayment within one year of the balance sheet date if certain asset sales occur, resulting in uncertainty regarding the timing of repayment.

Schedule of Maturities of Debt and Finance Lease Obligations

As of December 31, 2025, estimated future aggregate finance lease and principal debt payments based on contractual maturities, excluding interest, were as follows (in millions):


	Finance Leases		Debt		Total
2026	$	0.1	$	145.2	$	145.3
2027	—		466.1		466.1
2028	—		5.8		5.8
2029	—		6.4		6.4
2030	—		63.6		63.6



Total aggregate finance lease and debt principal payments	$	0.1	$	687.1	$	687.2

Related Parties - Life Sciences Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Aug. 04, 2025	Jan. 31, 2024	Jan. 30, 2024
Related Party Transaction [Line Items]
Share-based compensation expense	$ 2,700,000	$ 3,400,000
Accounts payable	141,400,000	84,800,000
Life Sciences
Related Party Transaction [Line Items]
Revenue	12,500,000	9,800,000
R2 Technologies \| Related Party \| Life Sciences
Related Party Transaction [Line Items]
Revenue	3,600,000	1,400,000
Related receivables from this subsidiary	600,000	100,000
Share-based compensation expense	300,000	1,100,000
Accounts payable	200,000	0
R2 Technologies \| Lancer Promissory Note \| Related Party \| Life Sciences
Related Party Transaction [Line Items]
Short-term debt	$ 47,900,000	$ 24,000,000.0
Interest rate	12.00%		12.00%
R2 Technologies \| Senior Notes, Due 2025, 20.00% \| Related Party \| Life Sciences
Related Party Transaction [Line Items]
Short-term debt				$ 17,400,000
Interest rate		20.00%		20.00%	20.00%

Revenue and Contracts in Process - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total accounts receivable with customers	$ 240.5	$ 188.2
Infrastructure
Segment Reporting Information [Line Items]
Total accounts receivable with customers	237.0	184.8
Life Sciences
Segment Reporting Information [Line Items]
Total accounts receivable with customers	1.8	1.5
Spectrum
Segment Reporting Information [Line Items]
Total accounts receivable with customers	$ 1.7	$ 1.9

Summary of Significant Accounting Policies - Liquidity and Going Concern Narrative (Details)	Dec. 31, 2025	Aug. 31, 2025
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	10.50%	10.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Equity and Temporary Equity - R2 Technologies Non-Controlling Interests Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 05, 2026	Dec. 31, 2025	Feb. 20, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Redeemable non-controlling interest		$ (1.6)		$ 0.5
R2 Technologies
Class of Stock [Line Items]
Redeemable non-controlling interest		1.0		0.5
R2 Technologies \| Non-Controlling Interests
Class of Stock [Line Items]
Redeemable non-controlling interest		$ 9.2		$ 4.9
R2 Technologies \| R2 Technologies
Class of Stock [Line Items]
Interest rate		13.00%	13.00%
Investment in subsidiary, convertible note		$ 7.5	$ 3.5
R2 Technologies \| R2 Technologies \| Subsequent Event \| Related Party
Class of Stock [Line Items]
Proceeds from convertible debt	$ 0.3

Debt Obligations - Non-Operating Corporate 2027 Convertible Notes Narrative (Details)			1 Months Ended	12 Months Ended
	Dec. 31, 2025 USD ($)	Aug. 04, 2025 USD ($) $ / shares shares	Aug. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Feb. 01, 2021
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	$ 687,200,000			$ 687,200,000	$ 668,300,000
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	481,900,000			481,900,000	429,900,000
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	$ 46,800,000			$ 46,800,000
7.50% Convertible Senior Notes \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	7.50%			7.50%
Outstanding debt	$ 200,000			$ 200,000	48,900,000
7.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate						7.50%
Debt conversion, amount exchanged		$ 48,700,000
Convertible notes, conversion ratio		0.04750
9.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	9.50%	9.50%		9.50%
Face amount		$ 53,500,000
Convertible notes, conversion ratio	0.0236327	0.0236327
Debt conversion, maximum number of shares to be issued \| shares		1,543,174
Debt conversion, share issued (in shares) \| shares		1,263,308
Conversion price (in usd per share) \| $ / shares		$ 42.31
Offset recorded to additional paid-in capital (APIC)		$ 500,000
Debt issuance costs		2,900,000
Deferred financing fees	$ 200,000	200,000		$ 200,000
Unamortized discount	800,000	500,000		800,000
Unamortized premium		$ 2,400,000
Interest rate, effective percentage		11.10%
Interest expense, debt				2,400,000
Total aggregate finance lease and debt principal payments	52,500,000			52,500,000
Outstanding debt	$ 53,500,000			$ 53,500,000	0
Foreign subsidiary voting stock percentage threshold		65.00%
Redemption price percentage		100.00%
Fundamental change repurchase price percentage		100.00%
Conversion denomination multiple		$ 1.00
Default grace period for payment days		30 days
Default grace period for covenant breach days		60 days
Holders percentage required to declare default		25.00%
Judgment default threshold		$ 20,000,000
Judgment default grace period days		60 days
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	10.50%		10.50%	10.50%
Face amount			$ 360,400,000
Convertible notes, conversion ratio			0.05250
Deferred financing fees	$ 1,000,000.0			$ 1,000,000.0
Unamortized discount	$ 13,900,000			$ 13,900,000
Interest rate, effective percentage	14.40%			14.40%
Total aggregate finance lease and debt principal payments	$ 345,500,000			$ 345,500,000
Outstanding debt	$ 360,400,000			$ 360,400,000	$ 0
Foreign subsidiary voting stock percentage threshold			65.00%
Redemption price percentage			100.00%	101.00%
Default grace period for payment days			30 days
Default grace period for covenant breach days			60 days
Holders percentage required to declare default			30.00%
Judgment default threshold			$ 20,000,000
Judgment default grace period days			60 days

Summary of Significant Accounting Policies - Share-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Expected dividend yield	0.00%

Supplementary Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Income, Net

The following table provides information relating to Other income, net (in millions):


	Year Ended December 31,
		2025		2024

Gain on step-up of equity method investment		$	4.4	$	—
Net loss on repurchase or extinguishment of debt		(0.3)		(0.3)
Interest income		0.7		2.6
Foreign currency translation (losses) gains		(1.1)		1.3
Fair value gains (losses) on securities		0.8		(0.2)
Other		0.2		—
Total other income, net		$	4.7	$	3.4

Schedule of Restricted Cash and Cash Equivalents


	Year Ended December 31,
	2025		2024
Cash and cash equivalents, beginning of the year	$	48.8	$	80.8
Restricted cash included in other current assets	—		0.9
Restricted cash included in other assets (non-current)	0.5		0.6
Total cash, cash equivalents and restricted cash, beginning of the year	$	49.3	$	82.3

Cash and cash equivalents, end of the year	$	112.1	$	48.8
Restricted cash included in other current assets	—		—
Restricted cash included in other assets (non-current)	0.6		0.5
Total cash and cash equivalents and restricted cash, end of the year	$	112.7	$	49.3









Supplemental cash flow information:
Cash paid for interest	$	30.0	$	48.6
Cash paid for income taxes, net	$	6.4	$	3.5

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	$	66.3	$	6.6
Accrued dividends capitalized into principal debt	$	0.5	$	—
Exchange of preferred stock for debt	$	9.1	$	—
Property, plant and equipment included in accounts payable or accrued expenses	$	0.8	$	0.5

Schedule of Cash and Cash Equivalents


	Year Ended December 31,
	2025		2024
Cash and cash equivalents, beginning of the year	$	48.8	$	80.8
Restricted cash included in other current assets	—		0.9
Restricted cash included in other assets (non-current)	0.5		0.6
Total cash, cash equivalents and restricted cash, beginning of the year	$	49.3	$	82.3

Cash and cash equivalents, end of the year	$	112.1	$	48.8
Restricted cash included in other current assets	—		—
Restricted cash included in other assets (non-current)	0.6		0.5
Total cash and cash equivalents and restricted cash, end of the year	$	112.7	$	49.3









Supplemental cash flow information:
Cash paid for interest	$	30.0	$	48.6
Cash paid for income taxes, net	$	6.4	$	3.5

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	$	66.3	$	6.6
Accrued dividends capitalized into principal debt	$	0.5	$	—
Exchange of preferred stock for debt	$	9.1	$	—
Property, plant and equipment included in accounts payable or accrued expenses	$	0.8	$	0.5

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

7. Property, Plant and Equipment, Net

Property, plant and equipment, net, ("PP&E") consisted of the following (in millions):


	December 31,
	2025		2024

Equipment, furniture and fixtures, and software	$	223.3	$	211.0
Building and leasehold improvements	42.4		36.8
Land	25.3		18.6
Construction in progress	16.3		8.0
Plant and transportation equipment	6.7		7.4
	$	314.0	$	281.8
Less: Accumulated depreciation	172.2		148.2
Total	$	141.8	$	133.6

Depreciation expense was $22.9 million and $25.0 million for the years ended December 31, 2025 and 2024, respectively. These amounts included $12.9 million and $15.3 million of depreciation expense recognized within cost of revenue for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, the gross value of capitalized internal-use software included in PP&E was $21.0 million and $20.7 million, respectively, and the net book value as of December 31, 2025 and 2024, was $6.6 million and $9.8 million, respectively.

Assets held-for-sale are included within Other current assets in the Consolidated Balance Sheets. As of December 31, 2025, there were no assets held-for-sale. As of December 31, 2024, there were $7.0 million in assets held-for-sale, which primarily consisted of one building and associated building improvements, land, and equipment at the Company's Infrastructure segment.

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued expenses	$ 12.8	$ 13.4
Accrued payroll and employee benefits	36.7	34.1
Accrued interest and exit fees (current portion)	72.1	61.0
Accrued sales and use taxes	0.3	0.4
Accrued income taxes	0.6	0.8
Total accrued liabilities	$ 122.5	$ 109.7

Related Parties - Infrastructure Narrative (Details) - Banker Steel Acquisition - Subordinated Debt - Related Party - Infrastructure - USD ($) $ in Millions		12 Months Ended
	Apr. 02, 2024	Dec. 31, 2024
DMBG and Donald Banker
Related Party Transaction [Line Items]
Subordinated borrowing, interest rate	4.00%
Donald Banker
Related Party Transaction [Line Items]
Scheduled payment amount		$ 5.0
Donald Banker \| Donald Banker's Family Trust
Related Party Transaction [Line Items]
Controlling interest (approximately)	25.00%

COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2025	Mar. 23, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35210
Entity Registrant Name	INNOVATE CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1708481
Entity Address, Address Line One	295 Madison Ave.
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	235-2691
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 27.2
Entity Common Stock, Shares Outstanding		13,645,127
Documents Incorporated by Reference	The registrant's definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for the 2026 Annual Meeting of Stockholders is incorporated by reference into Part III of this Form 10-K to the extent stated herein
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001006837
Common Stock, par value $0.001 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	VATE
Security Exchange Name	NYSE
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol	true

Debt Obligations - Non-Operating Corporate 10.50% Senior Secured Notes due 2027 Narrative (Details)	1 Months Ended	12 Months Ended
	Aug. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		$ 687,200,000	$ 668,300,000
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		481,900,000	429,900,000
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		$ 46,800,000
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	10.50%	10.50%
Face amount	$ 360,400,000
Convertible notes, conversion ratio	0.05250
Threshold percentage difference from the present value of the remaining cash flows	10.00%
Deferred financing fees		$ 1,000,000.0
Amortization of debt issuance costs		20,600,000
Total aggregate finance lease and debt principal payments		345,500,000
Outstanding debt		360,400,000	0
Unamortized discount		$ 13,900,000
Interest rate, effective percentage		14.40%
Foreign subsidiary voting stock percentage threshold	65.00%
Redemption price percentage	100.00%	101.00%
Debt covenant, asset sale prepayment requirement threshold percentage	101.00%
Debt covenant, mandatory prepayment, change in control, percentage	101.00%
Debt covenant, mandatory prepayment, proceeds from certain asset sales, amount threshold	$ 150,000,000
Default grace period for payment days	30 days
Default grace period for covenant breach days	60 days
Holders percentage required to declare default	30.00%
Judgment default threshold	$ 20,000,000
Judgment default grace period days	60 days
8.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate		8.50%		8.50%
Face amount				$ 330,000,000.0
Debt conversion, amount exchanged	$ 328,100,000
Exit fees (non-current portion)	18,300,000
Deferred financing fees	$ 1,300,000	$ 0	2,800,000
Outstanding debt		1,900,000	$ 330,000,000.0
Interest rate, effective percentage				9.30%
Revolving Credit Agreement \| Line of Credit \| Non-Operating Corporate \| Revolving Credit Facility
Debt Instrument [Line Items]
Face amount		$ 20,000,000.0
Interest rate, effective percentage		10.00%	10.60%
Line of credit outstanding		$ 20,000,000.0	$ 20,000,000.0

Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Company's Operating Segments

Financial information, including revenue and expenses, with respect to the Company’s operating segments, is as follows (in millions):


	Year Ended December 31, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,210.3	$	12.5	$	23.2	$	—	$	—	$	1,246.0

Cost of revenue	1,026.2		8.4		11.7		—		—		1,046.3
Selling, general and administrative expenses	115.2		14.6		7.6		15.6		0.1		153.1
Depreciation and amortization	12.1		0.4		5.0		—		—		17.5
Other operating loss (income) (1)	1.4		—		(1.0)		—		—		0.4
Income (loss) from operations	$	55.4	$	(10.9)	$	(0.1)	$	(15.6)	$	(0.1)	$	28.7


























Other data:
Capital cash expenditures	$	23.4	$	—	$	2.7	$	—	$	—	$	26.1

(1) Other operating loss for the year ended December 31, 2025, primarily consisted of a loss on lease modification and losses on the sales of various properties at the Company's Infrastructure segment, partially offset primarily by a gain on legal settlement at the Company's Spectrum Segment.


	Year Ended December 31, 2024
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,071.6	$	9.8	$	25.7	$	—	$	—	$	1,107.1

Cost of revenue	880.4		6.4		11.5		—		—		898.3
Selling, general and administrative expenses	123.1		17.1		7.3		12.7		—		160.2
Depreciation and amortization	12.0		0.4		5.1		0.1		—		17.6
Other operating (income) loss (1)	(9.6)		—		0.4		0.2		—		(9.0)
Income (loss) from operations	$	65.7	$	(14.1)	$	1.4	$	(13.0)	$	—	$	40.0

























Other data:
Capital cash expenditures	$	17.6	$	—	$	1.4	$	—	$	—	$	19.0
(1) Other operating income at the Company's Infrastructure segment for the year ended December 31, 2024, related mainly to a gain on a lease modification and a net gain on the sale and disposal of various properties.








































Certain balance sheet data:
	December 31, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Investments (1)	$	—	$	1.8	$	—	$	—	$	—	$	1.8
Total assets	$	758.9	$	9.6	$	174.5	$	7.1	$	—	$	950.1

	December 31, 2024
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Investments (1)	$	—	$	1.8	$	—	$	1.8	$	—	$	3.6
Total assets	$	683.6	$	11.9	$	178.9	$	16.7	$	—	$	891.1

(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both December 31, 2025 and 2024.


	Year Ended December 31,
		2025		2024
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations		$	28.7	$	40.0
Interest expense		(89.0)		(74.5)




Loss from equity investees		(5.9)		(2.3)

Other income, net		4.7		3.4
Loss from operations before income taxes		$	(61.5)	$	(33.4)

Other Assets, Accrued Liabilities and Other Liabilities

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets, Accrued Liabilities and Other Liabilities

10. Other Assets, Accrued Liabilities and Other Liabilities

Other Current Assets

Other current assets consisted of the following (in millions):


	December 31,
	2025		2024
Prepaid assets	$	10.6	$	10.9
Assets held-for-sale	—		7.0
Income tax receivable	4.4		0.6

Other	3.2		2.5
Total other current assets	$	18.2	$	21.0

Other Assets

Other assets, which are reflected within non-current assets in the Consolidated Balance Sheets, consisted of the following (in millions):


	December 31,
	2025		2024
Right-of-use assets	$	52.9	$	53.7
Restricted cash - non-current	0.6		0.5
Other	7.3		8.1
Total other assets	$	60.8	$	62.3

Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Accrued expenses	$	12.8	$	13.4
Accrued payroll and employee benefits	36.7		34.1
Accrued interest and exit fees (current portion)	72.1		61.0
Accrued sales and use taxes	0.3		0.4
Accrued income taxes	0.6		0.8
Total accrued liabilities	$	122.5	$	109.7

Other Current Liabilities

Other current liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Operating lease liability, current portion	$	12.9	$	12.9

Other	4.0		4.3
Total other current liabilities	$	16.9	$	17.2

Other Liabilities

Other liabilities, which are reflected within non-current liabilities in the Consolidated Balance Sheets, consisted of the following (in millions):


	December 31,
	2025		2024
Operating lease liability, net of current portion	$	42.9	$	43.5


Accrued interest (non-current portion)	—		0.7


Other	3.4		2.6


Total other liabilities	$	46.3	$	46.8

Asset Retirement Obligations

The changes in the carrying amounts of the Company's Asset Retirement Obligations ("ARO") included in Other liabilities above are as follows (in millions):


	December 31,
	2025		2024
Carrying value, beginning of year	$	1.9	$	1.9


Accretion expense	0.2		0.2
Revisions in estimated cash flows	0.1		(0.2)
Carrying value, end of year	$	2.2	$	1.9

The AROs relate to Spectrum’s tower leases and related tower assets, which are removable and can be retired or redeployed elsewhere. The Company’s obligations represent the present value of future costs associated with the removal of certain assets imposed by the existing tower lease agreements.

Leases - Schedule of Right-of-use Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Right-of-use assets:
Operating lease	$ 52.9	$ 53.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance lease	$ 0.1	$ 0.5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Total right-of-use assets	$ 53.0	$ 54.2
Lease liabilities:
Current portion of operating lease	$ 12.9	$ 12.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Non-current portion of operating lease	$ 42.9	$ 43.5
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance lease	$ 0.1	$ 0.6
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Debt obligations	Debt obligations
Total lease liabilities	$ 55.9	$ 57.0

Basic and Diluted Loss Per Common Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common stock equivalents (in shares)	0	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	304,684	171,565

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured on Not Measured at Fair Value

The following tables present the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis and not measured using the equity method of accounting, with fair values shown according to the fair value hierarchy. The tables exclude carrying amounts for cash and cash equivalents and restricted cash (Level 1 measurements), accounts receivable and contract assets, accounts payable, contract liabilities and other current liabilities, and other assets and liabilities (Level 2 measurements) that approximate fair value due to the relatively short periods to maturity (in millions):


December 31, 2025					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Measurement alternative investment (1)	$	0.9	$	0.9	$	—	$	—	$	0.9
Total assets not accounted for at fair value	$	0.9	$	0.9	$	—	$	—	$	0.9

Liabilities
Debt obligations (2)	$	661.6	$	642.1	$	—	$	447.2	$	194.9
Total liabilities not accounted for at fair value	$	661.6	$	642.1	$	—	$	447.2	$	194.9

(1) Refer to Note 6. Investments for additional information.


December 31, 2024					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Measurement alternative investment (1)	$	0.9	$	0.9	$	—	$	—	$	0.9
Total assets not accounted for at fair value	$	0.9	$	0.9	$	—	$	—	$	0.9

Liabilities
Debt obligations (2)	$	662.2	$	577.1	$	—	$	577.1	$	—
Total liabilities not accounted for at fair value	$	662.2	$	577.1	$	—	$	577.1	$	—

(1) Refer to Note 6. Investments for additional information.

(2) Excludes lease obligations accounted for under ASC 842, Leases.

Fair Value of Financial Instruments - Narrative (Details) - Non-Operating Corporate	Dec. 31, 2025	Aug. 31, 2025	Aug. 04, 2025	Dec. 31, 2021	Feb. 01, 2021
10.50% Senior Secured Notes \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	10.50%	10.50%
8.50% Senior Secured Notes \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	8.50%			8.50%
9.50% Convertible Senior Notes \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	9.50%		9.50%
7.50% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	7.50%
7.50% Convertible Senior Notes \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate					7.50%

Employee Retirement Plans	12 Months Ended
Employee Retirement Plans	Dec. 31, 2025
Postemployment Benefits [Abstract]
Employee Retirement Plans	14. Employee Retirement Plans 401(k) Plans The Company and various subsidiaries maintain 401(k) retirement savings plans which cover eligible employees, including for certain union steelworkers, and permit participants to contribute to the plans, subject to Internal Revenue Code restrictions and which feature matching contributions of various percentages of the first 3% to 5% of employee annual salary contributions, depending on the subsidiary. The Company made aggregate matching contributions of $2.9 million for the year ended December 31, 2025, of which $1.3 million was reflected as a component of Cost of revenue in the Consolidated Statements of Operations, and $1.6 million was reflected as a component of Selling, general and administrative in the Consolidated Statements of Operations. The Company made aggregate matching contributions of $2.8 million for the year ended December 31, 2024, of which $1.1 million was reflected as a component of Cost of revenue in the Consolidated Statements of Operations, and $1.7 million was reflected as a component of Selling, general and administrative in the Consolidated Statements of Operations. Multi-Employer Plans Certain of the Company's Infrastructure segment workforce are subject to collective bargaining agreements. The Company contributes to union-sponsored, multi-employer pension plans. Contributions are made in accordance with negotiated labor contracts. The passage of the Multi-Employer Pension Plan Amendments Act of 1980 ("the Act") may, under certain circumstances, cause the Company to become subject to liabilities in excess of contributions made under collective bargaining agreements. Generally, liabilities are contingent upon termination, withdrawal, or partial withdrawal from the plans. Under the Act, liabilities would be based upon the Company's proportionate share of each plan's unfunded vested benefits. The Company made contributions to various multi-employer pension plans totaling $6.5 million and $9.8 million during the years ended December 31, 2025 and 2024, respectively, which was reflected as a component of Cost of revenue in the Consolidated Statements of Operations. Amounts contributed to the multi-employer pension plans can vary depending on a combination of when and in which state the erection phase of the Company's projects occur. The decrease in contributions for the year ended December 31, 2025 was due to the timing of work being done on the erection phase of our projects in states with higher contribution rates such as California and New York. As of December 31, 2025, approximately 23.9% of DBMG’s employees are covered under various collective bargaining agreements. As of December 31, 2025, most of the Infrastructure segment's collective bargaining agreements are subject to automatic annual or other renewal unless either party elects to terminate the agreement on the scheduled expiration date.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease ROUs and Lease Liabilities

Right-of-use lease assets and lease liabilities consisted of the following (in millions):


	Balance Sheet Location	December 31,
		2025		2024
Right-of-use assets:
Operating lease	Other assets (non-current)	$	52.9	$	53.7
Finance lease	Property, plant and equipment, net	0.1		0.5
Total right-of-use assets		$	53.0	$	54.2

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	12.9	$	12.9
Non-current portion of operating lease	Other liabilities	42.9		43.5
Finance lease	Debt obligations	0.1		0.6
Total lease liabilities		$	55.9	$	57.0

Schedule of Components of Lease Expense

The following table summarizes the components of lease expense (in millions):


	Year Ended December 31,
		2025		2024
Finance lease cost:
Amortization of right-of-use assets		$	0.2	$	0.4
Interest on lease liabilities		—		0.1
Net finance lease cost		0.2		0.5
Operating lease cost		18.2		17.5

Variable lease cost		0.6		0.6
Sublease income		—		(0.7)
Total non-current lease cost		19.0		17.9
Short-term lease costs		27.1		30.0
Total lease cost		$	46.1	$	47.9

Cash flow information related to leases is as follows (in millions):


	Year Ended December 31,
		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)		$	19.4	$	19.3
Operating cash flows for finance leases		$	—	$	0.1
Financing cash flows for finance leases		$	0.3	$	0.4

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	15.6	$	18.5
Finance leases		$	0.1	$	—

(1) The above amounts exclude $4.0 million received during the year ended December 31, 2025, and $4.0 million received during the year ended December 31, 2024 for a lease modification incentive. See below for additional information.

The weighted-average remaining lease terms and the weighted-average discount rates for the Company's leases were as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term (years) - operating leases	6.6		7.4
Weighted-average remaining lease term (years) - finance leases	2.1		2.7
Weighted-average discount rate - operating leases	6.4	%	6.1	%
Weighted-average discount rate - finance leases	5.0	%	5.3	%

Schedule of Operating Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of December 31, 2025, were as follows (in millions):


	Operating Leases		Finance Leases
2026	$	15.5	$	0.1
2027	13.6		—
2028	10.1		—
2029	6.5		—
2030	4.9		—
Thereafter	17.2		—
Total future minimum lease payments	67.8		0.1
Less: amounts representing interest	(12.0)		—
Total lease liability	$	55.8	$	0.1

Schedule of Finance Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of December 31, 2025, were as follows (in millions):


	Operating Leases		Finance Leases
2026	$	15.5	$	0.1
2027	13.6		—
2028	10.1		—
2029	6.5		—
2030	4.9		—
Thereafter	17.2		—
Total future minimum lease payments	67.8		0.1
Less: amounts representing interest	(12.0)		—
Total lease liability	$	55.8	$	0.1

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 81.6	$ 79.2
Basis difference in fixed assets	0.4	0.4
Deferred compensation	7.6	8.1
Sec. 163(j) carryforward	74.4	68.3
Deferred Interest	4.3	0.0
Lease liability	15.5	15.7
Investment in partnership	10.5	10.8
Other deferred tax assets	8.1	8.1
Total deferred tax assets	202.4	190.6
Valuation allowance	(138.6)	(128.9)
Total net deferred tax assets	63.8	61.7
Basis difference in fixed assets	(17.0)	(16.4)
Right-of-use assets	(14.7)	(15.0)
Basis difference in intangibles	(32.7)	(30.4)
Lease termination	(0.7)	(1.5)
Other deferred tax liabilities	(1.4)	(1.2)
Total deferred tax liabilities	(66.5)	(64.5)
Net deferred tax liabilities	(2.7)	(2.8)
Net deferred tax asset per Consolidated Balance Sheet	2.0	1.6
Deferred tax liabilities per Consolidated Balance Sheet	$ 4.7	$ 4.4

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2018	Nov. 30, 2018	Dec. 31, 2014	May 29, 2014
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 2,500,000	$ 6,300,000
Operating loss carryforwards						$ 46,100,000
Net operating loss, not subject to expiration	141,800,000
Net operating losses subject to expiration	34,500,000
Operating loss carryforward limitation					$ 2,300,000
Unrecognized tax benefits that would impact effective tax rate	0	$ 0
Operating loss carryforwards, decrease for uncertain tax positions	58,700,000
GrayWolf Industrial \| Insurance Services
Operating Loss Carryforwards [Line Items]
Amount subject to annual limitation				$ 57,100,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	176,300,000
Operating loss carryforwards, U.S.	123,000,000.0
Domestic Tax Authority \| GrayWolf Industrial
Operating Loss Carryforwards [Line Items]
Amount subject to annual limitation			$ 25,400,000
Domestic Tax Authority \| GrayWolf Industrial \| Tax Year 2024
Operating Loss Carryforwards [Line Items]
Amount subject to annual limitation				1,100,000
Domestic Tax Authority \| GrayWolf Industrial \| Minimum \| Tax Year 2019
Operating Loss Carryforwards [Line Items]
Amount subject to annual limitation				3,000,000.0
Domestic Tax Authority \| GrayWolf Industrial \| Maximum \| Tax Year 2019
Operating Loss Carryforwards [Line Items]
Amount subject to annual limitation				$ 4,000,000.0
Domestic Tax Authority \| Various Nonconsolidated Subsidiaries
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	164,300,000
Net operating loss, not subject to expiration	128,200,000
Net operating losses subject to expiration	36,100,000
Domestic Tax Authority \| R2 Technologies
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	115,700,000
Domestic Tax Authority \| DTV America
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	45,900,000
Domestic Tax Authority \| Other Entities
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	2,700,000
Foreign:
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	600,000
Foreign: \| DTV America
Operating Loss Carryforwards [Line Items]
Foreign operating loss carryforward	$ 11,400,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) for income taxes for the years indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024
Current tax expense
Federal	$	(1.0)	$	0.6
State	2.6		4.5
Foreign	1.0		0.7
Net current tax expense	$	2.6	$	5.8
Deferred tax expense (benefit)
Federal	$	0.3	$	0.2

Foreign	(0.4)		0.3
Net deferred tax (benefit) expense	$	(0.1)	$	0.5

Income tax expense	$	2.5	$	6.3

Schedule of Components of Income (Loss) from Continuing Operations Before Income Taxes

The US and foreign components of income (loss) from continuing operations before income taxes for the years indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024
US	$	(63.3)	$	(36.1)
Foreign	1.8		2.7
Loss from continuing operations before income taxes	$	(61.5)	$	(33.4)

Schedule of Federal Statutory Income Tax Rate to Income (Loss) Before Income Taxes

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09 (in millions):


	Year Ended December 31, 2025
	Amount		Percent
Tax (benefit) at federal statutory rate	$	(12.9)	21.0	%
State tax, net of federal benefit(1)	1.9		(3.1)	%
Foreign Tax Effects	0.3		(0.5)	%
Increase (decrease) in valuation allowance	12.7		(20.7)	%
Non-taxable or non-deductible items:
Non-deductible meals and entertainment	0.7		(1.1)	%



Other Adjustment:




Other	(0.2)		0.3	%
Income tax expense	$	2.5	(4.1)	%

(1) State taxes in New York, California, and Louisiana made up the majority (greater than 50%) of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 (in millions):


	Year Ended December 31, 2024
	Amount
Tax (benefit) at federal statutory rate	$	(7.0)
State tax, net of federal benefit	(1.3)
Non-deductible meals and entertainment	0.5
Executive and stock compensation	2.1
Increase (decrease) in valuation allowance	19.8
Tax rate changes	(4.9)
Return to provision	(3.8)



Other	0.9
Income tax expense	$	6.3

Schedule of Income Taxes Paid, Net of Refunds

The following table presents income taxes paid, net of refunds, for the year ended December 31, 2025, based on the adoption of ASU 2023-09 (in millions):


	Year Ended December 31, 2025
	Amount		Percent
Federal	$	0.9	14.0	%
State:
California	1.5		23.4	%
New York	1.2		18.8	%
Louisiana	0.8		12.5	%
Other state jurisdictions	1.2		18.8	%
Foreign:
Canada	0.5		7.8	%
Other foreign jurisdictions	0.3		4.7	%
Total income taxes paid, net of refunds	$	6.4	100.0	%

Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax purposes. Net deferred tax balances as of the years indicated were comprised of the following (in millions):


	December 31,
	2025		2024
Net operating loss carryforwards	$	81.6	$	79.2
Basis difference in fixed assets	0.4		0.4
Deferred compensation	7.6		8.1



Sec. 163(j) carryforward	74.4		68.3

Deferred Interest	4.3		—
Lease liability	15.5		15.7
Investment in partnership	10.5		10.8
Other deferred tax assets	8.1		8.1
Total deferred tax assets	202.4		190.6
Valuation allowance	(138.6)		(128.9)
Total net deferred tax assets	$	63.8	$	61.7

Basis difference in fixed assets	(17.0)		(16.4)

Right-of-use assets	(14.7)		(15.0)
Basis difference in intangibles	(32.7)		(30.4)
Lease termination	(0.7)		(1.5)
Other deferred tax liabilities	(1.4)		(1.2)
Total deferred tax liabilities	$	(66.5)	$	(64.5)

Net deferred tax liabilities	$	(2.7)	$	(2.8)

Net deferred tax asset per Consolidated Balance Sheet	$	2.0	$	1.6
Deferred tax liabilities per Consolidated Balance Sheet	4.7		4.4
Total net deferred tax liabilities	$	(2.7)	$	(2.8)

Schedule of Unrecognized Tax Benefits Roll Forward

Below is a tabular reconciliation of the total amount of unrecognized tax benefits as of the years indicated (in millions):


	Year Ended December 31,
	2025		2024
Uncertain tax benefits - January 1	$	17.6	$	17.6

Gross decreases - Tax positions in prior year	—		—



Uncertain tax benefits - December 31	$	17.6	$	17.6

Share-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands							12 Months Ended
	Sep. 15, 2025	Aug. 06, 2025	Sep. 15, 2024	Aug. 19, 2024	Oct. 11, 2023	Sep. 15, 2023	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Apr. 20, 2018	Apr. 11, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share)							$ 0.001	$ 0.001	$ 0.001
Share-based compensation expense							$ 2,700	$ 3,400
Intrinsic value of options outstanding							$ 30
Average remaining life of option outstanding							8 years 4 months 24 days
Maximum contractual term of company's exercisable options							10 years
Unvested stock options (in shares)							100,000
Compensation expense unrecognized							$ 200
Granted (in shares)							100,000
Granted (in usd per share)							$ 5.67
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized to issue (in shares)											3,500,000
Shares available for issuance (in shares)										0
Second Amended and Restated 2014 Omnibus Equity Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized to issue (in shares)										3,500,000
Shares available for issuance (in shares)							97,895		101,943
Plan Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)									1,300,000
Granted (in shares)	100,000		100,000			100,000
Granted (in usd per share)	$ 5.67		$ 4.22			$ 25.00
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of restricted common stock vested							$ 1,300	$ 900
Unrecognized compensation expense							$ 1,100
Unrecognized compensation expense, period for recognition (in years)							10 months 24 days
Granted (in shares)							278,389
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition (in years)							9 months 18 days
Restricted Stock Units (RSUs) \| Plan Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				142,857	95,322
Restricted Stock \| Plan Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		176,056
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)							1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period (in years)							3 years

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease liability, current portion	$ 12.9	$ 12.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities
Other	$ 4.0	$ 4.3
Total other current liabilities	$ 16.9	$ 17.2

Supplementary Financial Information - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning of the year	$ 48.8	$ 80.8
Restricted cash included in other current assets, beginning of period	0.0	0.9
Restricted cash included in other assets (non-current), beginning of period	0.5	0.6
Cash, cash equivalents and restricted cash, beginning of year	49.3	82.3
Cash and cash equivalents, end of the year	112.1	48.8
Restricted cash included in other current assets, end of period	0.0	0.0
Restricted cash included in other assets (non-current), end of period	0.6	0.5
Cash, cash equivalents and restricted cash, end of year	112.7	49.3
Total cash, cash equivalents and restricted cash	112.7	49.3
Supplemental cash flow information:
Cash paid for interest	30.0	48.6
Cash paid for income taxes, net	6.4	3.5
Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	66.3	6.6
Accrued dividends capitalized into principal debt	0.5	0.0
Exchange of preferred stock for debt	9.1	0.0
Property, plant and equipment included in accounts payable or accrued expenses	$ 0.8	$ 0.5

Debt Obligations

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Obligations

11. Debt Obligations

Debt obligations, including finance lease obligations, consisted of the following (in millions):


	Maturity Date	December 31,
Infrastructure		2025		2024
SOFR plus 2.75% Revolving Credit Facility	May 20, 2030	$	15.0	$	—
SOFR plus 2.75% Term Loan	May 20, 2030	72.6		—
PRIME minus 0.75% Revolving Credit Facility		—		45.0
3.25% Term Loan		—		74.6
PRIME minus 0.75% Term Loan		—		24.5
Obligations under finance leases	Various	0.1		0.6
Total Infrastructure		$	87.7	$	144.7

Spectrum
8.50% Note	September 30, 2026	$	19.3	$	19.3
11.45% Notes	September 30, 2026	50.4		50.4
Total Spectrum		$	69.7	$	69.7

Life Sciences
Lancer Promissory Note	August 1, 2026	$	47.9	$	24.0
Total Life Sciences		$	47.9	$	24.0

Non-Operating Corporate
10.50% Senior Secured Notes (1)	February 1, 2027	$	360.4	$	—
9.50% Convertible Senior Notes (1)	March 1, 2027	53.5		—
CGIC Promissory Note (1)	April 30, 2027	45.9		31.0
SOFR plus 5.75% Revolving Line of Credit	September 15, 2026	20.0		20.0
8.50% Senior Secured Notes	February 1, 2026	1.9		330.0
7.50% Convertible Senior Notes	August 1, 2026	0.2		48.9
Total Non-Operating Corporate		$	481.9	$	429.9

Total outstanding principal		$	687.2	$	668.3
Unamortized issuance discount, issuance premium, and deferred financing costs		(25.5)		(5.5)
Less: current portion of debt obligations (1)		(581.4)		(162.2)
Debt obligations, net of current portion		$	80.3	$	500.6

In August 2025, INNOVATE closed on a series of indebtedness refinancing transactions that extended certain of the Company's debt maturities within its Life Sciences, Spectrum and Non-Operating Corporate segments. Total third-party fees related to the refinancing transactions, that were expensed as a result of these refinancing transactions being classified as modifications or troubled debt restructurings under ASC 470 as described below, totaled $4.5 million for the year ended December 31, 2025.

As of December 31, 2025, estimated future aggregate finance lease and principal debt payments based on contractual maturities, excluding interest, were as follows (in millions):


	Finance Leases		Debt		Total
2026	$	0.1	$	145.2	$	145.3
2027	—		466.1		466.1
2028	—		5.8		5.8
2029	—		6.4		6.4
2030	—		63.6		63.6



Total aggregate finance lease and debt principal payments	$	0.1	$	687.1	$	687.2

The interest rates on finance leases ranged from approximately 3.0% to 5.6%.

Infrastructure

On May 20, 2025, DBMG entered into an Amended and Restated Credit agreement (the "DBMG Credit Agreement"), with the lenders which are party thereto from time to time (each a “Lender” and collectively the “Lenders”) and UMB BANK, N.A. ("UMB"). The DBMG Credit Agreement provides DBMG with senior secured debt financing in an amount up to $220.0 million in the aggregate, consisting of (i) a senior secured revolving credit facility (the “DBMG Revolving Facility”) in an aggregate amount of $135.0 million and (ii) a senior secured term loan facility in the amount of $85.0 million. The DBMG Credit Agreement also contains an accordion feature to increase the allowable size of the DBMG Revolving Facility by an additional $50.0 million. The DBMG Revolving Facility and the term loan facility will mature on May 20, 2030. DBMG entered into the DBMG Credit Agreement to fully repay DBMG’s existing debt obligations and provide additional working capital capacity.

On May 20, 2025, concurrently with DBMG’s entry into the new DBMG Credit Agreement, DBMG terminated its prior credit agreement, dated as of May 27, 2021 and as amended by the First Amendment to Credit Agreement, dated August 2, 2022, the Second Amendment to Credit Agreement, dated December 12, 2023, and the Third Amendment to Credit Agreement, dated June 28, 2024 (as amended, the “Prior DBMG Credit Agreement”). DBMG used a portion of the proceeds of the new DBMG Credit Agreement to refinance the indebtedness under the Prior DBMG Credit Agreement, and thereafter terminated the Prior DBMG Credit Agreement. The maturity dates of the revolving line and term loans under the Prior DBMG Credit Agreement were August 15, 2025, and May 31, 2026, respectively.

The term loan and borrowings under the new DBMG Credit Agreement bear interest at a rate per annum equal to a SOFR Rate plus a variable spread based on a Senior Funded Indebtedness to EBITDA Ratio as defined in the agreement with an interest rate floor of 4.25% per annum.

The obligations of the Borrowers under the new DBMG Credit Agreement are guaranteed by certain domestic subsidiaries of DBMG. As security for the Borrowers’ obligations under the DBMG Credit Agreement, (i) DBMG and its domestic subsidiaries have granted a first priority lien on substantially all their tangible and intangible personal property, including, without limitation, accounts receivable, equipment and the equity interests of certain of DBMG’s direct and indirect subsidiaries, and (ii) certain of the domestic subsidiaries of DBMG have granted a first priority lien on ten parcels of real estate owned by such subsidiaries.

The DBMG Credit Agreement contains usual and customary restrictive and financial covenants related to debt levels and performance, including a Fixed Charge Coverage Ratio; and a Senior Funded Indebtedness to EBITDA Ratio, both as defined in the DBMG Credit Agreement. The DBMG Credit Agreement contains a Change in Control clause, which would constitute an Event of Default, both as defined in the DBMG Credit Agreement, which could accelerate the maturity of the DBMG debt in the future upon certain events, including a sale of DBMG. As the Change in Control clause has not yet been triggered, the DBMG debt instruments remain classified as non-current as of December 31, 2025, except amounts due within the 2026 fiscal year, as originally defined in the DBMG Credit Agreement.

Due to multiple lenders being party to the new DBMG Credit Agreement, the May 20, 2025 transactions were determined to be either an extinguishment or modification under ASC 470-50, Debt - Modifications and Extinguishments ("ASC 470-50") or the incurrence of new debt, depending on the specific lender. For the portions of the debt classified as extinguishments, losses on extinguishment totaling $0.3 million, were included within Other income, net on the Consolidated Statement of Operations for the year ended December 31, 2025. For the debt portions classified as modifications or new debt, new incremental deferred financing fees totaling $1.8 million were capitalized as original issue discounts and included in the carrying amount of the debt in the Consolidated Balance Sheet and $0.1 million in fees paid to third parties were expensed. Capitalized fees are amortized over the remaining life of the debt under the effective interest rate method and are included in interest expense.

DBMG had availability for revolving loans of $119.9 million and $89.9 million, as of December 31, 2025 and 2024, respectively. Interest is paid monthly on DBMG's revolving loans, and the effective interest rate on DBMG's revolving loans was 6.8% and 7.0%, as of December 31, 2025 and 2024, respectively. The new DBMG Revolving Facility has an unused commitment fee of 0.50% per annum times the average daily unused availability under the line, whereas under the Prior DBMG Credit Agreement, the commitment fee was equal to 0.25% per annum times the average daily unused availability under the line.

Principal payments and interest on DBMG's term loan are paid monthly, and the effective interest rate was 7.4% as of December 31, 2025. Prior to the new DBMG Credit Agreement, DBMG had two term loans under the Prior DBMG Credit Agreement. As of December 31, 2024, the $74.6 million term loan bore interest at an annual rate of 3.25%, with an effective interest rate of 3.3%. As of December 31, 2024, the $24.5 million term loan bore interest at PRIME minus 0.75%, at the same rate as the prior revolving loans.

DBMG is in compliance with its debt covenants as of December 31, 2025.

Spectrum

On August 4, 2025, Spectrum entered into a Tenth Omnibus Amendment to Secured Notes and Limited Consent to MSD Secured Note and Intercreditor Agreement with the note holders of Spectrum’s $69.7 million 8.50% and 11.45% Notes (the “Spectrum Notes”) to, among other things, extend the maturity of such notes from August 15, 2025 to September 30, 2026 (the “Spectrum Notes Extension”). The Spectrum Notes Extension was determined to be a modification of debt under ASC 470-50, as the terms of the debt were not determined to be substantially different, as the present value of cash flows under the amended terms of the Spectrum Notes were not greater than 10% different from the present value of the remaining cash flows under the prior terms.

As a result of the Spectrum Notes Extension, additional exit fees of $9.9 million were incurred. The exit fees associated with the notes, which are payable on the earlier of maturity or repayment of the principal, were recorded as an original issue discount ("OID") and are being amortized over the remaining life of the notes, which is assumed to be the maturity date. A liability for the total exit fees of $25.8 million and $15.9 million was reflected within Accrued liabilities in the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. Accrued interest of $27.9 million and $20.5 million, as of December 31, 2025 and 2024, respectively, is reflected within Accrued liabilities in the Consolidated Balance Sheets and is payable upon maturity of the notes. As of December 31, 2025 and 2024, the weighted-average effective interest rate on the notes, as amended, was 25.0% and 22.8% per annum, respectively.

In connection with the Spectrum Notes Extension, INNOVATE entered into a related side letter (the "Spectrum Letter") with the lenders, which required us to meet certain milestones with respect to strategic alternatives for the Spectrum segment, such that, if the Spectrum Notes are not repaid in full in cash on or before November 1, 2025, the side letter provides that Company is required to commence an alternative strategic process for HC2B which includes a sale of HC2B with the net proceeds to be applied to the Spectrum Notes. The November 1, 2025 milestone was not reached and in accordance with the Spectrum letter, management initiated a strategic process for HC2B. The Company has met or extended all milestones associated with the sale as of December 31, 2025. Subsequent to year-end, the December 31, 2025 milestone for a confidential information memorandum and bid process letter, was met on the revised date of January 8, 2026. The February 1, 2026 milestone for the submission of at least one bona fide indication of interest in an HC2B sale was waived. The March 1, 2026 milestone for an executed letter of intent regarding an HC2B sale, was extended to March 27, 2026. As of the date of this Annual Report on Form 10-K, the Company is in compliance with the milestone covenants.

The Spectrum Letter also requires INNOVATE to utilize proceeds from a sale of certain assets, as allowable under the Company's current agreements and indentures and after all other required payments have been made, for repayment of the Spectrum Notes. Assuming there are sufficient proceeds remaining after such repayment, INNOVATE is required to purchase the institutional investors' equity interests in HC2B and DTV for an aggregate purchase price of $2.0 million. The lenders hold 20,408 shares of common stock in HC2B, 2,222,222 shares of common stock in DTV, and warrants to purchase 145,825 shares of common stock of HC2B which can be exercised at any time until August 31, 2028, at an exercise price of $0.01 per share. These redeemable non-controlling interests totaling $2.6 million are reflected at carrying value as redeemable non-controlling interests in the Consolidated Balance Sheet as of December 31, 2025. As of December 31, 2025, Management has evaluated this redeemable non-controlling interest and determined that redemption is not probable at this time due to the uncertainty of redemption. Therefore, the carrying amount has not been adjusted to redemption value. The Company will continue to monitor for any changes in circumstances.

Life Sciences

On August 4, 2025, Lancer Capital LLC ("Lancer"), a related party, and R2 Technologies entered into an Amended and Restated Senior Secured Promissory Note (the "Lancer Note"), which was previously amended multiple times as further described below, and which, among other things, extended the maturity of the note to the earlier of August 1, 2026, or the occurrence of (i) a Change of Control (as defined in the amended note) or (ii) the sale of all or substantially all of the assets of R2 Technologies. The Lancer Note can be repaid at any time with an optional prepayment of the entire then-outstanding and unpaid principal and accrued interest upon five-days written notice to Lancer Capital. The amended Lancer Note has an interest rate of 12% and removed certain exit and default fees. Accrued and unpaid interest is capitalized monthly into the principal balance.

The total new initial principal amount of the amended Lancer Note on August 4, 2025 was $43.5 million, which incorporated the $20.0 million principal amount of the note as previously amended effective January 31, 2024 (which was comprised of a principal amount of $17.4 million and unpaid accrued interest of $2.6 million), accrued interest of $7.0 million and $16.5 million in accrued exit fees which had been incurred from January 31, 2024 through August 4, 2025. In addition, a new 5% extension fee of $2.2 million was capitalized into the principal amount on August 4, 2025.

The August 4, 2025 amendment was determined to be a troubled debt restructuring under ASC 470-60, Debt - Troubled debt restructuring by debtors ("ASC 470-60") because R2 Technologies was deemed to be experiencing financial difficulty, and according to the substantial changes under the amendment, the lender was deemed to have granted a concession. However; no gain or loss on the amendment was recorded, as the future undiscounted cash flows under the amended terms were greater than the net carrying value of the note prior to the amendment. A new effective interest rate was established based on the carrying value of the original debt and the revised future cash flows, which is inclusive of the extension fee. The new extension fee was recorded as OID and is being amortized over the term of the note using the effective interest rate method and is included in interest expense.

As of December 31, 2025 and 2024, the effective interest rate on the note, as amended, was 17.0% and 57.8%, respectively. Interest expense, including amortization of fees, related to the Lancer Note was $14.7 million and $9.8 million for the years ended December 31, 2025 and 2024. For the years ended December 31, 2025 and 2024, $5.3 million and $6.6 million of accrued interest, excluding exit fees and extension fees, was capitalized into the principal balance.

As of December 31, 2025, the total carrying amount relating to the note, which is included within the Current portion of debt obligations in the Consolidated Balance Sheet, was $46.6 million, inclusive of $47.9 million of principal (which includes capitalized interest and fees), partially offset by $1.3 million of the unamortized OID for the extension fee. As of December 31, 2024, the carrying amounts relating to the note totaled $31.9 million, inclusive of $24.0 million of principal and capitalized interest, which total was included within Current portion of debt obligations in the Consolidated Balance Sheet, and $7.9 million in total accrued exit fees which were included within Accrued liabilities in the Consolidated Balance Sheet.

Effective January 31, 2024, when the 20% $20.0 million note was entered into with Lancer Capital, which replaced the prior 20% note, the note included an exit fee of 10.5% of the principal amount to be repaid. As a result of the addition of the exit fee, the transaction was determined to be an extinguishment of debt under ASC 470-50, and the $2.2 million exit fee was included as a loss on debt extinguishment within Other income, net on the Consolidated Statement of Operations for the year ended December 31, 2024. The original maturity date of the 20% $20.0 million note was April 30, 2024, which was then extended on May 17, 2024, to December 31, 2024. The May 17, 2024 amendment included an amendment to the exit fees and was determined to be a modification of debt under ASC 470-50, as the terms of the debt were not determined to be substantially different, including taking into consideration the ability to prepay the debt at any time, and, therefore, the additional exit fees were amortized using the effective interest method and were included in interest expense.

During the first quarter of 2025, with an effective date of December 31, 2024, the maturity date of the note was extended to August 1, 2025, and an additional exit fee of $1.0 million was incurred under the amendment, which increased by $1.0 million each month. The base exit fee, as amended, would increase each month and would equal 13.09% of the principal amount being repaid at maturity. The amendment was determined to be a modification of debt under ASC 470-50, as the terms of the debt were not determined to be substantially different, including taking into consideration the ability to prepay the debt at any time, and, therefore, the additional exit fees were amortized over the term of the note using the effective interest rate method and were included in interest expense. The total new exit fees associated with the notes were recorded as an OID of $8.7 million and were amortized over the remaining term of the note. A corresponding liability for the new exit fees of $8.7 million was recorded for total accrued exit fees of $16.5 million which were included within Accrued liabilities in the Consolidated Balance Sheet prior to the August 4, 2025 amendment.

Non-Operating Corporate

In August 2025, INNOVATE closed on a series of indebtedness refinancing transactions that extended certain of INNOVATE's debt maturities. These refinancing transactions included: (i) the closings of an exchange offer and consent solicitation with respect to the Company’s senior secured notes; (ii) privately negotiated exchanges of certain of the Company’s convertible senior notes; (iii) amendment and extension of the Company’s 2020 Revolving Credit Agreement (as defined below); and (iv) amendment and extension of the Company’s promissory note with Continental General Insurance Company ("CGIC"), as well as the exchange of a portion of the Company’s preferred stock held by CGIC and accrued preferred stock dividends in exchange for increasing the principal amount of that note.

10.50% Senior Secured Notes due 2027

In August 2025, the Company closed on an exchange offer and consent solicitation to eligible holders of its 8.50% senior secured notes due 2026 ("8.50% 2026 Senior Secured Notes") to exchange such notes for newly issued 10.50% senior secured notes due 2027 (the “10.50% 2027 Senior Secured Notes”). The Company, the guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “10.50% 2027 Senior Secured Notes Trustee”) and collateral trustee, entered into an indenture (the “10.50% 2027 Senior Secured Notes Indenture”) governing the 10.50% 2027 Senior Secured Notes and the Company issued $360.4 million aggregate principal amount of 10.50% 2027 Senior Secured Notes as consideration for the exchange of $328.1 million aggregate principal amount of the 8.50% 2026 Senior Secured Notes. The new principal amount includes fees payable to the lenders and $52.50 principal amount of 10.50% 2027 Senior Secured Notes per $1,000 principal amount of 8.50% 2026 Senior Secured Notes exchanged, paid to exchanging holders in lieu of the interest payment in respect of the 8.50% 2026 Senior Secured Notes that was due on August 1, 2025.

The Company’s obligations under the 10.50% 2027 Senior Secured Notes Indenture are irrevocably and unconditionally guaranteed, jointly and severally, by the same guarantors that guarantee the 8.50% 2026 Senior Secured Notes (the “Subsidiary Guarantors”). The 10.50% 2027 Senior Secured Notes and the related guarantees are senior secured obligations of the Company and the Subsidiary Guarantors. The 10.50% 2027 Senior Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

The exchange of the 8.50% 2026 Senior Secured Notes for the 10.50% 2027 Senior Secured Notes was determined to be a modification of debt under ASC 470-50, as the terms of the debt were not determined to be substantially different, as the present value of cash flows under the terms of the 10.50% 2027 Senior Secured notes were not greater than 10% different from the present value of the remaining cash flows under the 2026 8.50% Senior Secured Notes. Therefore, total fees and additional interest of $18.3 million payable to the lenders and capitalized into the new principal amount under the exchange offer was recorded as an OID and remaining unamortized deferred financing fees of $1.3 million allocated from the 8.50% 2026 Senior Secured Notes exchanged will be amortized into interest expense over the term of the notes using the effective interest rate method.

Aggregate interest expense for the new 10.50% 2027 Senior Secured Notes, including the contractual interest coupon and amortization of fees was $20.6 million for the year ended December 31, 2025. As of December 31, 2025, the total carrying amount related to the note was $345.5 million, inclusive of $360.4 million aggregate principal outstanding, partially offset by $13.9 million of the unamortized OID and $1.0 million of unamortized deferred financing fees. The effective interest rate on the 10.50% 2027 Senior Secured Notes was 14.4% as of December 31, 2025.

10.50% 2027 Senior Secured Notes Terms and Conditions

Maturity. The 10.50% 2027 Senior Secured Notes mature on February 1, 2027.

Interest. The 10.50% 2027 Senior Secured Notes accrue interest at a rate of 10.50% per year, payable semi-annually on February 1st and August 1st of each year, commencing on February 1, 2026. For the first interest period only, interest will be paid in kind. All subsequent interest payments are payable in cash.

Ranking. The 10.50% 2027 Senior Secured Notes and the note guarantees are the Company’s and the Subsidiary Guarantors’ senior secured obligations. The 10.50% 2027 Senior Secured Notes and the note guarantees will rank: (i) equal in right of payment (subject to the priority of any First-Out Obligations (as defined in the 10.50% 2027 Senior Secured Notes Indenture) (including any debt under the Company’s existing $20.0 million secured revolving credit facility)) with all existing and future senior debt of the Company and the Subsidiary Guarantors and effectively senior to all unsecured debt of the Company to the extent of the value of the collateral; (ii) senior in right of payment to all of the Company’s future debt that expressly provides for its subordination to the 10.50% 2027 Senior Secured Notes; (iii) effectively subordinated to any existing and future debt of the Company that is secured by liens on property and assets that do not constitute collateral, to the extent of the value of such property and assets; and (iv) structurally subordinated to any existing and future debt and other liabilities of the Company’s non-guarantor subsidiaries.

Collateral. The 10.50% 2027 Senior Secured Notes are secured by a first priority lien on substantially all of the Company’s assets and the assets of the Subsidiary Guarantors (except for certain “Excluded Assets,” and subject to certain “Permitted Liens,” each as defined in the 10.50% 2027 Senior Secured Notes Indenture), including, without limitation:

•all equity interests owned by the Company or a Subsidiary Guarantor (which, in the case of any equity interest in a foreign subsidiary, will be limited to 65% of the voting stock of such foreign subsidiary if the pledge thereof would result in adverse tax consequences that are material to the value of the collateral);

•all equipment, goods, inventory and fixtures owned by the Company or a Subsidiary Guarantor;

•all accounts, cash, deposit accounts and investment securities owned by the Company or a Subsidiary Guarantor;

•all documents, books and records, instruments and chattel paper owned by the Company or a Subsidiary Guarantor;

•all intellectual property and other general intangibles owned by the Company or a Subsidiary Guarantor; and

•any proceeds and supporting obligations thereof.

No Sinking Fund. The Company is not required to make any sinking fund payments with respect to the 10.50% 2027 Senior Secured Notes.

Optional Redemption. The Company has the option to redeem some or all of the 10.50% 2027 Senior Secured Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to, but not including, the redemption date.

Asset Sale Offer. If the Company completes certain assets sales, the Company may be required in certain circumstances to make an offer to purchase the 10.50% 2027 Senior Secured Notes with the net cash proceeds from such an asset sale at a price in cash equal to 101% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date of purchase.

Change of Control. If a Change of Control (as defined in the 10.50% 2027 Senior Secured Notes Indenture) occurs, the Company will be required to make an offer to purchase the 10.50% 2027 Senior Secured Notes for cash at a price equal to 101% of the aggregate principal amount of such 10.50% 2027 Senior Secured Notes on the date of purchase, plus any accrued and unpaid interest to the date of repurchase.

Certain Covenants. The 10.50% 2027 Senior Secured Notes Indenture contains covenants limiting, among other things, the ability of the Company, and, in certain cases, the Company’s subsidiaries, to incur additional indebtedness; create liens; pay dividends or make distributions in respect of capital stock; make certain restricted payments; sell assets; engage in certain transactions with affiliates; or consolidate or merge with, or sell substantially all of its assets to, another person. Additionally, the 10.50% 2027 Senior Secured Notes Indenture required us to meet certain milestones with respect to strategic alternatives for our operating subsidiaries, including asset sales generating at least $150 million in net proceeds, to be applied to the 10.50% 2027 Senior Secured Notes, such that by September 1, 2025 the Company had a bona fide bid or term sheet related to a potential sale. The September 1, 2025 milestone was not reached, and in accordance with the indenture, the Company has thus been required to commence a sales process for DBMG. The sales process for DBMG has separate milestone requirements, which the Company has either met or extended as of December 31, 2025. In addition, subsequent to year end, the February 1, 2026 milestone for a final bid or term sheet was extended to March 1, 2026 and was met on this revised date. The March 1, 2026 milestone for a fully executed purchase agreement, has been extended to April 1, 2026. As of the date of this Annual Report on Form 10-K, the Company is in compliance with the milestone covenants.

Events of Default. The 10.50% 2027 Senior Secured Notes Indenture contains customary events of default which could, subject to certain conditions, cause the 10.50% 2027 Senior Secured Notes to become immediately due and payable, including, but not limited to defaults by the Company in the payment of the principal of any the 10.50% 2027 Senior Secured Notes when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise (other than pursuant to an offer to purchase by the Company) or in the payment of interest on any note when the same becomes due and payable, and the default continues for a period of 30 days; failure to comply with certain other covenants in the 10.50% 2027 Senior Secured Notes Indenture for a period of 60 days following notice by the 10.50% 2027 Senior Secured Notes Trustee or the holders of at least 30% in aggregate principal amount of the 10.50% 2027 Senior Secured Notes then outstanding; failure to pay or otherwise default on material debt; or failure to pay final judgments entered by a court or courts of competent jurisdiction aggregating $20 million or more (excluding amounts covered by insurance), which judgments are not paid, discharged or stayed, for a period of 60 days; certain events of bankruptcy or insolvency; and failure to comply with the milestone covenant described above.

8.50% Senior Secured Notes due 2026

The original $330.0 million aggregate principal amount of 8.50% senior secured notes due February 1, 2026 (the "8.50% 2026 Senior Secured Notes") were issued in 2021 at 100% of par. In August 2025, the Company exchanged $328.1 million aggregate principal amount of the 8.50% 2026 Senior Secured Notes for new 10.50% 2027 Senior Secured Notes, as discussed above. As of December 31, 2025, the Company had $1.9 million aggregate principal amount of the 8.50% 2026 Senior Secured Notes remaining. Subsequent to year end, on February 2, 2026, the Company repaid the remaining principal balance and all accrued interest.

The 2026 Senior Secured Notes had a stated annual interest rate of 8.50% and had an effective interest rate of 9.3%, which reflected the initial $10.8 million of deferred financing fees in 2021, including underwriting fees. There was a negligible amount and $2.8 million of remaining unamortized deferred financing fees as of December 31, 2025 and 2024, respectively. Interest was payable semi-annually in arrears on February 1st and August 1st of each year. Aggregate interest expense, including the contractual interest coupon and amortization of the deferred financing fees was $17.9 million and $30.4 million for the years ended December 31, 2025 and 2024, respectively.

8.50% 2026 Senior Secured Notes Terms and Conditions

Maturity. The 8.50% 2026 Senior Secured Notes matured on February 1, 2026.

Interest. The 2026 Senior Secured Notes accrued interest at a rate of 8.50% per year. Interest on the 2026 Senior Secured Notes was paid semi-annually on February 1 and August 1 of each year.

2027 Convertible Notes

On August 4, 2025, the Company settled the exchanges (collectively, the “Convertible Notes Exchanges”) under its privately negotiated exchange agreements (collectively, the “Exchange Agreements”) with certain holders of its 7.5% Convertible Senior Notes due 2026 ("the 2026 Convertible Notes"). Pursuant to the Exchange Agreements, the Company exchanged $48.7 million of the then outstanding aggregate principal amount of the 2026 Convertible Notes for $53.5 million aggregate principal amount of newly issued 9.5% Convertible Senior Secured Notes due 2027 (the “2027 Convertible Notes”), which is the total outstanding principal amount as of December 31, 2025. The new principal amount includes fees payable to the lenders and $47.50 principal amount of 2027 Convertible Notes per $1,000 principal amount of 2026 Convertible Notes exchanged, paid to exchanging holders in lieu of the interest payment in respect of the 2026 Convertible Notes that was due on August 1, 2025.

The Company, the guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “2027 Convertible Notes Trustee”) and collateral trustee, entered into an indenture (the “2027 Convertible Notes Indenture”), dated as of August 4, 2025, governing the 2027 Convertible Notes.

The Convertible Notes Exchanges were made, and the 2027 Convertible Notes were issued, in reliance on a private placement exemption from registration under the Securities Act. The 2027 Convertible Notes and the shares of common stock issuable upon their conversion have not been and will not be registered under the Securities Act, and the 2027 Convertible Notes and such shares may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

The initial maximum number of securities underlying the 2027 Convertible Notes, assuming the largest “make-whole” addition to the conversion rate under the 2027 Convertible Notes Indenture, and assuming that the Company has obtained the requisite stockholder approval referred to above, is 1,543,174 shares of the Company’s common stock. As of December 31, 2025, each $1,000 of principal of the 2027 Convertible Notes is convertible into 23.6327 shares of our common stock, for a total of 1,263,308 shares of common stock, which is equivalent to a conversion price of approximately $42.31 per share, as adjusted for the reverse stock split in 2024 and subject to further adjustment upon the occurrence of specified events. Based on the closing price of our common stock on December 31, 2025, the if-converted value of the 2027 Convertible Notes did not exceed its principal value.

The convertible notes exchange was determined to be a modification of debt under ASC 470-50, as the terms of the debt were not determined to be substantially different, including taking into consideration the ability to prepay the 2027 Convertible Notes at any time. Pursuant to ASC 470-50, because the exchange was deemed to be a modification and the fair value of the embedded conversion feature (evaluated under ASC 815-40 and determined not to be bifurcated as a derivative) increased, the carrying amount of the debt was adjusted accordingly, with a corresponding $0.5 million credit recorded to additional paid-in capital ("APIC"). Therefore, the following amounts were recorded as an OID or deferred financing cost and are being amortized into interest expense over the term of the new 2027 Convertible Notes using the effective interest rate method: total new fees and additional interest of $2.9 million payable to the lenders and capitalized into the principal amount for the convertible notes exchanged, remaining unamortized deferred financing fees of $0.2 million allocated from the 2026 Convertible Notes exchanged, and a discount of $0.5 million, attributable to the increase in fair value of the embedded conversion option, offset partially by $2.4 million in remaining unamortized premiums allocated from the 2026 Convertible Notes exchanged. The effective interest rate on the 2027 Convertible Notes is 11.1%.

Aggregate interest expense, including the contractual interest coupon and amortization was $2.4 million for the year ended December 31, 2025. As of December 31, 2025, the total carrying amount related to the note was $52.5 million, inclusive of $53.5 million aggregate principal outstanding, partially offset by a remaining unamortized net OID of $0.8 million and unamortized deferred financing fees of $0.2 million.

2027 Convertible Notes Terms and Conditions

Maturity. The 2027 Convertible Notes mature on March 1, 2027 unless earlier converted, redeemed or purchased.

Interest. The 2027 Convertible Notes accrue interest at a rate of 9.5% per year. Interest on the 2027 Convertible Notes is paid semi-annually on February 1st and August 1st of each year, commencing on February 1, 2026. For the first interest period only, interest will be paid in kind. All subsequent interest payments are payable in cash.

Ranking. The 2027 Convertible Notes constitute a secured and second-priority lien obligation of the Company. The 2027 Convertible Notes and the note guarantees will rank: (i) junior in right of payment with all existing and future first-lien debt of the Company and the Subsidiary Guarantors (including the 10.50% 2027 Senior Secured Notes, the 2020 Revolving Credit Agreement and the guarantees thereof) and effectively senior to all unsecured or third-lien debt of the Company to the extent of the value of the collateral; (ii) senior in right of payment to all of the Company’s future debt that expressly provides for its subordination to the 2027 Convertible Notes; (iii) effectively subordinated to any existing and future debt of the Company that is secured by liens on property and assets that do not constitute collateral, to the extent of the value of such property and assets; and (iv) structurally subordinated to any existing and future debt and other liabilities of the Company’s non-guarantor subsidiaries.

Collateral. The 2027 Convertible Notes are secured by a second priority lien on substantially all of the Company’s assets and the assets of the Subsidiary Guarantors (except for certain “Excluded Assets,” and subject to certain “Permitted Liens,” each as defined in the 2027 Convertible Notes Indenture), including, without limitation:

•all equipment, goods, inventory and fixtures owned by the Company or a Subsidiary Guarantor;

•all accounts, cash, deposit accounts and investment securities owned by the Company or a Subsidiary Guarantor;

•all documents, books and records, instruments and chattel paper owned by the Company or a Subsidiary Guarantor;

•all intellectual property and other general intangibles owned by the Company or a Subsidiary Guarantor; and

•any proceeds and supporting obligations thereof.

No Sinking Fund. The Company is not required to make any sinking fund payments with respect to the 2027 Convertible Notes.

Optional Redemption. The Company may redeem the 2027 Convertible Notes in whole or in part, for cash. The redemption price will equal 100% of the principal amount of the 2027 Convertible Notes being redeemed, plus accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date.

Asset Sale Offer. If the Company completes certain assets sales, the Company may be required in certain circumstances to make an offer to purchase the 2027 Convertible Notes with the net cash proceeds from such an asset sale (After the indefeasible repayment and satisfaction in full in cash of all obligations under the 10.50% 2027 Senior Secured Notes, the 10.50% 2027 Senior Secured Notes Indenture, and all other Senior Debt) at a price in cash equal to 101% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date of purchase.

Fundamental Change. If the Company undergoes a Fundamental Change (as defined in the 2027 Convertible Notes Indenture), subject to certain conditions, the Company may be required to purchase all or any portion of the 2027 Convertible Notes for cash. The Fundamental Change purchase price will be 100% of the principal amount of the 2027 Convertible Notes to be purchased, plus any accrued and unpaid interest, including additional interest, if any, to, but excluding, the Fundamental Change Purchase Date (as defined in the 2027 Convertible Notes Indenture). The Fundamental Change definition excludes ownership of the Company’s equity by Lancer Capital LLC and its affiliates.

Certain Covenants. The 2027 Convertible Notes Indenture contains covenants limiting, among other things, the ability of the Company, and, in certain cases, the Company’s subsidiaries, to incur additional indebtedness; create liens; pay dividends or make distributions in respect of capital stock; make certain restricted payments; sell assets; engage in certain transactions with affiliates; or consolidate or merge with, or sell substantially all of its assets to, another person. These covenants are subject to a number of important exceptions and qualifications.

Conversion Rights. The 2027 Convertible Notes will be convertible into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election, based on an initial conversion rate of 23.6327 shares of common stock per $1,000 principal amount of 2027 Convertible Notes (equivalent to an initial conversion price of approximately $42.31 per share of the Company’s common stock), at any time prior to the close of business on the business day immediately preceding the maturity date, in principal amounts of $1,000 or an integral multiple of $1.00 in excess thereof. In addition, following a Make-Whole Fundamental Change (as defined in the 2027 Convertible Notes Indenture) or the Company’s delivery of a notice of redemption for the 2027 Convertible Notes, the Company will, in certain circumstances, be required to increase the conversion rate for a holder who elects to convert its 2027 Convertible Notes in connection with (i) such Make-Whole Fundamental Change or (ii) such notice of redemption.

Events of Default. The 2027 Convertible Notes Indenture contains customary events of default, including cross-default provisions with other INNOVATE debt instruments, which could, subject to certain conditions, cause the 2027 Convertible Notes to become immediately due and payable, including, but not limited to defaults by the Company in the payment of the principal of any the 2027 Convertible Notes when the same becomes due and payable at maturity, upon acceleration or redemption, or otherwise or in the payment of interest on any note when the same becomes due and payable, and the default continues for a period of 30 days; failure to comply with certain other covenants in the 2027 Convertible Notes Indenture for a period of 60 days following notice by 2027 Convertible Notes Trustee or the holders of at least 25% in aggregate principal amount of the 2027 Convertible Notes then outstanding; failure to pay or otherwise default on material debt; or failure to pay final judgments entered by a court or courts of competent jurisdiction aggregating $20 million or more (excluding amounts covered by insurance), which judgments are not paid, discharged or stayed, for a period of 60 days; and certain events of bankruptcy or insolvency.

2026 Convertible Notes

The original $51.8 million aggregate principal amount of 7.50% convertible notes (the "2026 Convertible Notes") were issued under an indenture dated February 1, 2021, between the Company and U.S. Bank, as trustee. During July 2024, INNOVATE repurchased $2.9 million principal amount of its 2026 Convertible Notes at a market discount for $1.1 million, which was inclusive of accrued interest of $0.1 million. As discussed above, on August 4, 2025, pursuant to the Exchange Agreements, the Company exchanged $48.7 million aggregate principal amount of the 2026 Convertible Notes for new 2027 Convertible Notes. Subsequent to the exchanges and, as of December 31, 2025, the Company has $0.2 million aggregate principal remaining of the 2026 Convertible Notes.

The 2026 Convertible Notes mature on August 1, 2026, unless earlier converted, redeemed or purchased. The 2026 Convertible Notes were issued in 2021 at 100% of par with a stated annual interest rate of 7.50%. The fair value of the embedded conversion feature contained in the 2026 Convertible Notes had an initial fair value of $12.3 million, which was recorded as a premium on the 2026 Convertible Notes. The 2026 Convertible Notes had an initial effective interest rate of 3.21%, which reflected the initial $12.3 million premium and $1.1 million of deferred financing fees.

As of December 31, 2025, the remaining 2026 Convertible Notes had a net carrying value of $0.2 million. The effective interest rate on the remaining 2026 Convertible Notes as of December 31, 2025 was 3.0%. As of December 31, 2024, the 2026 Convertible Notes had a net carrying value of $52.3 million, inclusive of an unamortized premium of $3.8 million and unamortized deferred financing costs of $0.4 million.

Interest is payable semi-annually in arrears on February 1st and August 1st of each year. Aggregate interest expense recognized relating to both the contractual interest coupon and amortization of discount, net of premium and deferred financing costs was $0.9 million and $1.7 million for the years ended December 31, 2025 and 2024, respectively.

Each $1,000 of principal of the 2026 Convertible Notes is convertible into 23.6327 shares of INNOVATE's common stock, which is equivalent to a conversion price of approximately $42.31 per share, for a total of 3,781 shares of common stock, as adjusted for the reverse stock split in 2024, and subject to further adjustment upon the occurrence of specified events. Based on the closing price of our common stock on December 31, 2025, the if-converted value of the 2026 Convertible Notes did not exceed its principal value.

On August 4, 2025, the Company and U.S. Bank Trust Company, National Association, as trustee (the “2026 Convertible Notes Trustee”) entered into a first supplemental indenture (the “2026 Convertible Notes Supplemental Indenture”) to the indenture, dated as of February 1, 2021, by and among the Company, the guarantors party thereto from time to time and the 2026 Convertible Notes Trustee, governing the 2026 Convertible Notes (the “2026 Convertible Notes Indenture”). The 2026 Convertible Notes Supplemental Indenture amended the 2026 Convertible Notes Indenture and the 2026 Convertible Notes to effectuate certain proposed amendments with respect to the 2026 Convertible Notes pursuant to the solicitation of consents, which amendments included eliminating substantially all of the restrictive covenants, eliminating certain events of default, modifying covenants regarding mergers and consolidations and modifying or eliminating certain other provisions, contained in the 2026 Convertible Notes Indenture and the 2026 Convertible Notes.

Revolving Line of Credit

The Company has a revolving credit agreement with MSD PCOF Partners IX, LLC ("MSD"), which has a maximum commitment of $20.0 million ("Revolving Line of Credit"). As of both December 31, 2025 and 2024, the outstanding balance was $20.0 million. The maturity date of the Revolving Line of Credit, as amended on August 4, 2025, is September 15, 2026. The Revolving Line of Credit has an interest rate margin applicable to loans borrowed under the Revolving Line of Credit of 5.75%, and the benchmark rates for the interest are SOFR-based rates. As of December 31, 2025 and 2024, the effective interest rate on the Revolving Line of Credit, as amended, was 10.0% and 10.6%, respectively. Interest is paid quarterly in arrears. The Revolving Line of Credit also includes a commitment fee at a per annum rate of 1.0% calculated based on the actual daily amount of unused availability under the Revolving Line of Credit with MSD, and also includes a requirement for prepayment using the net cash proceeds received from certain asset sales. The affirmative and negative covenants governing the Revolving Line of Credit are substantially consistent with the affirmative and negative covenants contained in the indentures that govern the Company's senior secured notes.

On August 4, 2025, the Company and MSD entered into an Eighth Amendment to Credit Agreement, which among other things, extended the maturity of the 2020 Revolving Credit Agreement to September 15, 2026, and added a new $0.4 million extension fee that is payable on the earlier of maturity date or date of prepayment of the debt.

The August 4, 2025 amendment was determined to be a modification of debt under ASC 470-50, as the product of the borrowing capacity and remaining term of the amended Revolving Line of Credit was greater than the product of the borrowing capacity and remaining term of the Revolving Line of Credit under the terms immediately prior to the amendment. As such, the $0.4 million extension fee and third-party legal costs of $0.3 million incurred under the amendment will be amortized into interest expense over the term of the Revolving Line of Credit.

Revolving Credit Agreement Terms and Conditions

Ranking. Obligations under the Revolving Credit Agreement constitute First-Out Debt, as defined in the Secured Indenture, and are secured on a pari passu basis with the 2027 Senior Secured Notes.

Collateral: As provided under a Collateral Trust Joinder, the lender was added as a secured party to the Collateral Trust Agreement, and accordingly the pari passu obligations and commitments under the Revolving Credit Agreement are secured equally and ratably by the collateral of the Secured Notes.

Any failure to comply with the restrictions in the agreements governing the Company's indentures, or any agreement governing other indebtedness the Company could incur, may result in an event of default under those agreements. Such default may allow the creditors to accelerate the related debt, which acceleration may trigger cross-acceleration or cross-default provisions in other debt.

CGIC Promissory Note

On August 4, 2025, the Company and CGIC entered into a Subordinated Secured Promissory Note to, among other things, extend the maturity of its existing subordinated unsecured promissory note with CGIC (the “CGIC Note”) from February 28, 2026 to April 30, 2027, and secure the amended CGIC Note by a third priority lien on the same collateral securing the 10.50% 2027 Senior Secured Notes and the 2027 Convertible Notes. The amended CGIC Note has an interest rate of 16.0%, and an effective interest rate of 14.6% as of December 31, 2025. Interest on the amended CGIC Note will be paid monthly and in kind through August 31, 2026. All interest payments thereafter will be payable in cash, in arrears. As part of the agreement with CGIC, the accrued value of 8,063 shares of Series A-4 Preferred Stock of the Company held by CGIC, and unpaid accrued dividends for the A-3 and A-4 Preferred Stock were exchanged for an additional principal amount of the CGIC Note, on a dollar-for-dollar basis (the “Preferred Stock Exchange”). The additional principal amount incurred under the Preferred Stock Exchange was $9.6 million (reflective of the $9.1 million accrued value of the Series A-4 Preferred Stock and $0.5 million in accrued dividends on the Series A-3 and A-4 Preferred Stock). In addition, an extension fee and accrued interest of $2.4 million on the CGIC Note through July 31, 2025, were capitalized to the new principal amount of the CGIC Note, for a total new aggregate outstanding principal amount of $43.0 million.

The original CGIC subordinated unsecured promissory note, which was entered into in 2023 in connection with the redemption of DBM Global Intermediate Holdco Inc.'s Series A Fixed-to-Floating Rate Perpetual Preferred Stock (the “DBMGi Series A Preferred Stock”), had a principal amount of $35.1 million, an original maturity date of February 28, 2026, and bore interest at 9.0% per annum through May 8, 2024, 16.0% per annum from May 9, 2024 to May 8, 2025, and 32.0% per annum thereafter. As of December 31, 2024, the effective interest rate on the note, as adjusted, was 17.5%. The CGIC note required a mandatory prepayment from the proceeds from certain asset sales and the greater of $3.0 million or 12.5% of the net proceeds from certain equity sales. As a result of the closing of the rights offering and concurrent private placement in 2024 (refer to Note 16. Equity and Temporary Equity), INNOVATE redeemed $4.1 million of the CGIC Note on April 26, 2024. The mandatory prepayment requirement for certain equity sales was removed under the August 4, 2025 amendment.

The August 4, 2025 amendment, including the Preferred Stock Exchange, was determined to be a troubled debt restructuring under ASC 470-60, because INNOVATE was deemed to be experiencing financial difficulty, and according to the substantial changes under the amendment, the lender was deemed to have granted a concession. However, no gain or loss on the amendment was recorded, as the future undiscounted cash flows under the amended terms were greater than the net carrying value of the note, preferred stock and accrued dividends prior to the amendment. A new effective interest rate was established based on the carrying values of the original debt, preferred stock, accrued dividends, and the revised future cash flows, which is inclusive of the extension fee. The new extension fee was recorded as an OID to the carrying amount of the note and is being amortized into interest expense over the term of the CGIC Note using the effective interest rate method.

For the years ended December 31, 2025 and 2024, interest expense recognized relating to the CGIC Note, including the contractual interest coupon and amortization of the discount, was $5.9 million and $5.7 million, respectively, and cash paid for interest to CGIC was $3.2 million and $4.6 million, respectively. Subsequent to August 4, 2025, in accordance with the terms of the amended CGIC Note, $2.9 million of interest was capitalized into the principal balance. As of December 31, 2025, the total carrying amount related to the note was $46.8 million, inclusive of $45.9 million of principal (including capitalized interest) and a net unamortized premium of $0.9 million. As of December 31, 2024, the total carrying amount of the note was $31.0 million and accrued interest payable was $3.4 million.

CGIC Note Terms and Conditions

Issue Price. The issue price of the CGIC Note was 100% of par.

Ranking. The note is a part of the Company’s general unsecured and unsubordinated obligations and will rank equally in right of payment with all of the Company’s existing and future unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the notes. The notes will be effectively subordinated to all of the Company’s existing and future secured indebtedness, including the Company’s 2027 10.50% Senior Secured Notes, 2026 8.50% Senior Secured Notes, 2027 Convertible Notes, 2026 Convertible Notes and structurally subordinated to all indebtedness and other liabilities of the Company’s subsidiaries, including trade credit.

Mandatory Prepayments. After the indefeasible repayment and satisfaction in full in cash of all obligations under the 10.50% 2027 Senior Secured Notes, the 10.50% 2027 Senior Secured Notes Indenture, the 2027 Convertible Notes, the 2027 Convertible Notes Indenture and all other Senior Debt (or, in each case, under any refinancing indebtedness in respect thereof), the Company must prepay the CGIC Note (together with all accrued and unpaid interest and all other amounts payable under the CGIC Note) upon the occurrence of an Asset Sale (as defined in the agreement), in an amount equal to the Net Cash Proceeds (as defined in the agreement) from such Asset Sale, with such prepayment due no later than two (2) Business Days after the receipt of such Net Cash Proceeds by the Company (or its subsidiary, if applicable) from such Asset Sale.

Optional Prepayments. Subject to subordination to the Company's Senior Debt, and as long as the Borrower is not in default on any of the Senior Debt and such payment does not result in default on any of the Senior Debt, the Company may prepay the CGIC Note in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued and unpaid interest thereon to the date of prepayment and all other amounts payable under this CGIC Note.

Events of Default. The note contains customary events of default and contains cross-default provisions with other INNOVATE debt instruments which could, subject to certain conditions, cause the note to become immediately due and payable.

INNOVATE is in compliance with its debt covenants as of December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent Events Refer to Note 11. Debt Obligations for updates regarding the milestone covenants related to the Company's 10.50% 2027 Senior Secured Notes and Spectrum Notes.

Debt Obligations - Schedule of Aggregate Debt and Finance Lease Maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finance Leases
2026	$ 0.1
2027	0.0
2028	0.0
2029	0.0
2030	0.0
Total lease liability	0.1
Debt
2026	145.2
2027	466.1
2028	5.8
2029	6.4
2030	63.6
Total aggregate finance lease and debt principal payments	687.1
Total
2026	145.3
2027	466.1
2028	5.8
2029	6.4
2030	63.6
Total aggregate finance lease and debt principal payments	$ 687.2	$ 668.3
Minimum
Debt Instrument [Line Items]
Finance lease, interest rate	3.00%
Maximum
Debt Instrument [Line Items]
Finance lease, interest rate	5.60%

Revenue and Contracts in Process

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Contracts in Process

3. Revenue and Contracts in Process

ASC 606 aligns revenue recognition with the timing of when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps in accordance with ASC 606:

Identify the contract with a customer

A contract with a customer exists when: (a) the parties have approved the contract and are committed to perform their respective obligations, (b) the rights of the parties can be identified, (c) payment terms can be identified, (d) the arrangement has commercial substance, and (e) collectability of consideration is probable. Judgment is required when determining if the contractual criteria are met, specifically in the earlier stages of a project when a formally executed contract may not yet exist. In these situations, the Company evaluates all relevant facts and circumstances, including the existence of other forms of documentation or historical experience with our customers that may indicate a contractual agreement is in place and revenue should be recognized. In determining if the collectability of consideration is probable, the Company considers the customer’s ability and intention to pay such consideration through an evaluation of several factors, including an assessment of the creditworthiness of the customer and our prior collection history with such customer.

Identify the performance obligations in the contract

At contract inception, the Company assesses the goods or services promised in a contract and identifies, as a separate performance obligation, each distinct promise to transfer goods or services to the customer. The identified performance obligations represent the "unit of account" for purposes of determining revenue recognition. In order to properly identify separate performance obligations, the Company applies judgment in determining whether each good or service provided is: (a) capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and (b) distinct within the context of the contract, whereby the transfer of the good or service to the customer is separately identifiable from other promises in the contract.

In addition, when assessing performance obligations within a contract, the Company considers the warranty provisions included within such contract. To the extent the warranty terms provide the customer with an additional service, other than assurance that the promised good or service complies with agreed upon specifications, such warranty is accounted for as a separate performance obligation. In determining whether a warranty provides an additional service, the Company considers each warranty provision in comparison to warranty terms which are standard in the industry.

The Company accounts for product warranties in accordance with ASC 460, “Guarantees.” At the time of sale, the Company recognizes a liability for the estimated future costs associated with warranty claims. The warranty liability is determined based on historical claim experience, product failure rates, and management’s assessment of future warranty costs. Estimates are reviewed periodically and adjusted as necessary to reflect actual experience. Warranty costs are recorded as a component of cost of goods sold and the warranty liability is included in accrued expenses and other current liabilities on the consolidated balance sheet.

Determine the transaction price

The transaction price represents the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to our customers. The consideration promised within a contract may include fixed amounts, variable amounts, or both. To the extent the performance obligation includes variable consideration, including contract bonuses and penalties that can either increase or decrease the transaction price, the Company estimates the amount of variable consideration to be included in the transaction price utilizing one of two prescribed methods, depending on which method better predicts the amount of consideration to which the entity will be entitled. Such methods include: (a) the expected value method, whereby the amount of variable consideration to be recognized represents the sum of probability weighted amounts in a range of possible consideration amounts, and (b) the most likely amount method, whereby the amount of variable consideration to be recognized represents the single most likely amount in a range of possible consideration amounts. When applying these methods, the Company considers all information that is reasonably available, including historical, current and estimates of future performance.

Variable consideration is included in the transaction price only to the extent it is probable, in the Company’s judgment, that a significant future reversal in the amount of cumulative revenue recognized under the contract will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This threshold is referred to as the variable consideration constraint. In assessing whether to apply the variable consideration constraint, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue, including, but not limited to, whether: (a) the amount of consideration is highly susceptible to factors outside of the Company’s influence, such as the actions of third parties, (b) the uncertainty surrounding the amount of consideration is not expected to be resolved for a long period of time, (c) the Company’s experience with similar types of contracts is limited or that experience has limited predictive value, (d) the Company has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (e) the contract has a large number and broad range of possible consideration amounts.

Pending change orders represent one of the most common forms of variable consideration included within contract value and typically represent contract modifications for which a change in scope has been authorized or acknowledged by our customer, but the final adjustment to contract price is yet to be negotiated. In estimating the transaction price for pending change orders, the Company considers all relevant facts, including documented correspondence with the customer regarding acknowledgment and/or agreement with the modification, as well as historical experience with the customer or similar contractual circumstances. Based upon this assessment, the Company estimates the transaction price, including whether the variable consideration constraint should be applied.

Changes in the estimates of transaction prices are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. Such changes in estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Such changes in estimates may also result in the reversal of previously recognized revenue if the ultimate outcome differs from the Company’s previous estimate.

Allocate the transaction price to performance obligations in the contract

For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative stand-alone selling price. The Company determines the stand-alone selling price based on the price at which the performance obligation would have been sold separately in similar circumstances to similar customers. If the stand-alone selling price is not observable, the Company estimates the stand-alone selling price taking into account all available information such as market conditions and internal pricing guidelines. In certain circumstances, the stand-alone selling price is determined using an expected profit margin on anticipated costs related to the performance obligation.

Recognize revenue as performance obligations are satisfied

The Company recognizes revenue at the time the related performance obligation is satisfied by transferring a promised good or service to its customers. A good or service is considered to be transferred when the customer obtains control. The Company can transfer control of a good or service and satisfy its performance obligations either over time or at a point in time. The Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time if one of the following three criteria are met: (a) the customer simultaneously receives and consumes the benefits provided by the Company’s performance as it performs, (b) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (c) the Company’s performance does not create an asset with an alternative use to us, and the Company has an enforceable right to payment for performance completed to date. The Company has determined that one or more of these three criteria are met for such contracts.

For performance obligations satisfied over time, the Company recognizes revenue by measuring the progress toward complete satisfaction of that performance obligation. The selection of the method to measure progress towards completion can be either an input method or an output method and requires judgment based on the nature of the goods or services to be provided.

Presentation of Taxes Collected

The Company reports a value-added tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between the Company and a customer on a net basis (excluded from revenues).

Revenue from contracts with customers consisted of the following (in millions):


	Year Ended December 31,
		2025		2024

Infrastructure		$	1,210.3	$	1,071.6
Life Sciences		12.5		9.8
Spectrum		23.2		25.7

Total revenue		$	1,246.0	$	1,107.1

Accounts receivable, net, from contracts with customers consisted of the following (in millions):


	December 31,
	2025		2024

Infrastructure	$	237.0	$	184.8
Life Sciences	1.8		1.5
Spectrum	1.7		1.9
Total accounts receivable with customers	$	240.5	$	188.2

As of January 1, 2024, accounts receivable, net, from contracts with customers totaled $273.2 million.

Infrastructure Segment

DBMG performs its services primarily under fixed-price contracts and recognizes revenue over time using the input method to measure progress for its projects. The most reliable measure of progress is the cost incurred towards delivery of the completed project. Therefore, the input method provides the most reliable method to measure progress. Revenue recognition begins when work has commenced. Costs include all direct material and labor costs related to contract performance, subcontractor costs, indirect labor, and fabrication plant overhead costs, which are charged to contract costs as incurred. Revenues relating to changes in the scope of a contract are recognized when DBMG and the customer or general contractor have agreed on both the scope and price of changes, the work has commenced, and that realization of revenue exceeding the costs is assured beyond a reasonable doubt. Revisions in estimates during the course of contract work are reflected in the accounting period in which the facts requiring the revision become known. Provisions for estimated losses on uncompleted contracts are made in the period a loss on a contract becomes determinable.

Payment Terms

The timing of customer billings is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of work, or when services are provided. Under the typical payment terms of master and other service agreements and fixed price contracts, the customer makes progress payments based on quantifiable measures of performance by the Company as defined by each specific agreement. Progress payments, generally net of amounts retained, are paid by the customer over the duration of the contract. Amounts billed and due from customers, as well as the amount of contract assets, are generally classified within current assets in the consolidated balance sheets. Refer to Contract Assets and Contract Liabilities below for related discussion. Amounts expected to be collected beyond one year are classified as other long-term assets.

Service Contracts

For service contracts (including maintenance contracts) where the Company has the right to consideration from the customer in an amount that corresponds directly with the value received by the customer based on our performance to date, revenue is recognized as services are performed. For all other types of service contracts, revenue is recognized over time using the input method to measure progress because it best depicts the transfer of value to the customer. Costs include all direct material and labor costs, subcontractor costs, and allocated overhead costs related to contract performance.

Construction contracts with customers generally provide that billings are to be made monthly in amounts which are commensurate with the extent of performance under the contracts. Contract receivables arise principally from the balance of amounts due on progress billings on jobs under construction. Retention on contract receivables are amounts due on progress billings, which are withheld until a future period.

Disaggregation of Revenues

DBMG's revenues are principally derived from contracts to provide fabrication and erection services to its customers. Contracts represent the majority of the revenue of the Infrastructure segment and are generally recognized over time. A majority of contracts are domestic, fixed priced, and are completed within one year. Disaggregation of the Infrastructure segment, by market or type of customer, is used to evaluate its financial performance.

The following table disaggregates DBMG's revenue by market (in millions):


	Year Ended December 31,
		2025		2024
Commercial		$	371.9	$	292.6
Industrial		306.6		307.9
Transportation		192.9		275.3
Healthcare		173.1		151.6
Government		128.8		11.7
Energy		13.5		7.2
Leisure		13.0		9.6
Convention		8.8		14.0
Total revenue from contracts with customers		$	1,208.6	$	1,069.9
Other revenue		1.7		1.7
Total Infrastructure segment revenue		$	1,210.3	$	1,071.6

Contract Assets and Contract Liabilities

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets include unbilled amounts from our long-term construction projects when revenue recognized under the cost-to-cost measure of progress exceed the amounts invoiced to our customers, as the amounts cannot be billed under the terms of our contracts. Such amounts are recoverable from our customers based upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of a contract. In addition, many of our time and materials arrangements, as well as our contracts to perform turnaround services within the United States industrial services segment, are billed in arrears pursuant to contract terms that are standard within the industry, resulting in contract assets and/or unbilled receivables being recorded, as revenue is recognized in advance of billings. Our contract assets do not include capitalized costs to obtain and fulfill a contract.

Contract liabilities from our long-term construction contracts occur when amounts invoiced to our customers exceed revenues recognized. Contract liabilities additionally include advanced payments from our customers on certain contracts. Contract liabilities decrease as the Company recognizes revenue from the satisfaction of the related performance obligation.

The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.

Retainage receivable represents amounts invoiced to customers where payments have been partially withheld (usually 10% or less) pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retainage agreements vary from project to project and balances could be outstanding for several months or years depending on a number of circumstances, such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. As of December 31, 2025 and 2024, the total retainage receivable was $81.6 million and $94.1 million, respectively, and the amount of retainage receivable estimated by management to be collected beyond one year is approximately 27.8% and 18.8% of the balance, respectively.

When payment of the retainage is contingent upon the Company fulfilling its obligations under the contract it does not meet the criteria to be included in accounts receivable and remains in the contract’s respective contract assets or contract liability, determined on a contract-by-contract basis. The Company has reflected such amounts within the Consolidated Balance Sheets.

Contract assets and contract liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Costs incurred on contracts in progress	$	1,365.3	$	1,435.2
Estimated earnings	194.4		75.8
Contract revenue earned on uncompleted contracts	1,559.7		1,511.0
Less: progress billings	1,667.5		1,513.8
	$	(107.8)	$	(2.8)

The above is included in the accompanying Consolidated Balance Sheets under the following line items:
Contract assets	$	64.1	$	106.3
Contract liabilities	(171.9)		(109.1)
	$	(107.8)	$	(2.8)


	December 31,
	2025		2024
Cost in excess of billings and estimated earnings	$	28.7	$	50.8
Conditional retainage	35.4		55.5
Contract assets	$	64.1	$	106.3

Billings in excess of costs and estimated earnings	$	(218.1)	$	(147.7)
Conditional retainage	46.2		38.6
Contract liabilities	$	(171.9)	$	(109.1)

As of January 1, 2024, contract assets were $118.6 million and contract liabilities were $153.5 million.

Contract assets and liabilities fluctuate period to period based on various factors, including, among others, changes in the number and size of projects in progress at period end; variability in billing and payment terms, such as up-front or advance billings, interim or milestone billings, or deferred billings; and recognized unapproved change orders, contract claims and changes in estimated costs to complete in the normal course of business.

The change in contract assets during the years ended December 31, 2025 and 2024, is a result of the recording of $45.9 million and $68.0 million, respectively, of contract assets driven by new commercial projects, partially offset by $88.1 million and $80.3 million, respectively, of contract assets transferred to receivables from contract assets recognized at the beginning of the year, including from certain large projects completed or nearing completion and the corresponding billing of amounts previously recorded as contract assets.

The change in contract liabilities during the year ended December 31, 2025 is a result of the recording of periodic contract liabilities of $166.5 million, driven primarily by large initial billings on new commercial projects, partially offset by revenue recognized that was included in the contract liability balance at the beginning of the year in the amount of $103.7 million. The change in contract liabilities during the year ended December 31, 2024, is as a result of revenue recognized that was included in the contract liability balance at the beginning of the year in the amount of $146.7 million, including from certain large projects completed or nearing completion, partially offset by the recording of periodic contract liabilities of $102.3 million.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of December 31, 2025, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):


	Within One Year		Within Five Years		Total
Industrial	$	406.6	$	113.2	$	519.8
Transportation	255.6		247.0		502.6
Commercial	285.9		51.4		337.3
Healthcare	182.4		33.2		215.6
Government	95.7		12.9		108.6
Energy	27.1		—		27.1
Convention	0.3		—		0.3
Leisure	0.1		—		0.1
Remaining unsatisfied performance obligations	$	1,253.7	$	457.7	$	1,711.4

DBMG's remaining unsatisfied performance obligations increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. DBMG includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. DBMG's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made. DBMG expects to recognize this revenue approximately within the next 2.3 years.

Remaining unsatisfied performance obligations include unrecognized revenues to be realized from uncompleted construction contracts. Although many of DBMG's contracts are subject to cancellation at the election of its customers, in accordance with industry practice, DBMG does not limit the amount of unrecognized revenue included within its remaining unsatisfied performance obligations due to the inherent substantial economic penalty that would be incurred by its customers upon cancellation.

Life Sciences Segment

Beginning in 2021, R2 Technologies commercially launched its first product, Glacial Rx. Combined with other topical consumables, the Glacial Rx system is sold to medical practices and is intended to be operated by a trained health care professional. Beginning in 2022, R2 Technologies commercially launched its second product in China, Glacial Spa. This product launched into the United States and Canada in 2023, marketed as Glacial fx. This device is sold into nonmedical markets as a cooling experience used to even skin tone and brighten and lighten skin and is intended to be operated by a trained esthetician.

Glacial Rx and Glacial fx are sold in North America using a direct sales force. In certain cases, these systems are leased for a small, initial upfront fee and recurring lease payments over a specified timeframe. In international markets, R2 Technologies sells Glacial Rx, Glacial fx and Glacial Spa through distributors. Currently, R2 Technologies has contracts with distributors to sell these products into the following countries: Mexico, United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Australia, Hong Kong, Singapore, Vietnam, China, United Kingdom, France, Kuwait, and India. The Glacial Spa system is currently sold in China and distributed by Huadong’s existing sales force to spas.

To operate the systems, kits containing a cycle card with a set number of cycles must be purchased. Once the cycles are exhausted, practices can purchase additional cards with additional cycles resulting in recurring revenues to R2 Technologies. Further, certain topical consumables are required to be utilized in conjunction with the systems also resulting in recurring revenues to R2 Technologies.

Within North America, revenue is recognized on shipment. For international sales, shipping terms are Ex Works, wherein R2 Technologies makes its products available at a specific location, but the buyer is required to pay the transportation costs. Revenue is recognized once an agreed upon freight carrier is selected and goods are picked up by the freight carrier.

Payment Terms

In both North America and internationally, R2 Technologies generally requires customers to remit payment upfront prior to shipment. These payment terms are expressly stated in the standard terms and conditions. In certain circumstances within North America, R2 Technologies accepts longer payment terms not to exceed one year. Any payment plan variation is expressly disclosed in the master services agreement which is required to be signed in conjunction with each sale by every customer. The invoiced amount to be received is recorded in Accounts receivable, net, in the Consolidated Balance Sheet.

The following table disaggregates the Life Sciences segment's revenue by type (in millions):


	Year Ended December 31,
		2025		2024
Systems and consumables revenue		$	12.5	$	9.8






Total Life Sciences segment revenue		$	12.5	$	9.8

Spectrum Segment

Broadcast station revenue is generated primarily from the sale of television airtime in return for a fixed fee or a portion of the related ad sales recognized by the third party. In a typical broadcast station revenue agreement, the licensee of a station makes available, for a fee, airtime on its station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content. Broadcast station revenue is recognized over the life of the contract, when the program is broadcast. The fees that Spectrum charges can be fixed or variable and the contracts that the Company enters into are generally short-term in nature. Variable fees are usage/sales-based and recognized as revenue when the subsequent usage occurs. Transaction prices are based on the contract terms, with no material judgments or estimates.

Payment Terms

Spectrum has an unconditional right to receive payment of the amount billed generally within 30 days of the invoice date. Payment terms are expressly stated in our standard terms and conditions. The invoiced amount to be received is recorded in Accounts Receivable on our Consolidated Balance Sheet.

The following table disaggregates the Spectrum segment's revenue by type (in millions):


	Year Ended December 31,
		2025		2024
Broadcast station		$	23.2	$	25.7





Total Spectrum segment revenue		$	23.2	$	25.7

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of December 31, 2025, the transaction price allocated to remaining unsatisfied performance obligations consisted of $10.5 million of broadcast station revenues of which $8.4 million is expected to be recognized within one year and $2.1 million is expected to be recognized within the next 2 years.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Revenue and Contracts in Process - Schedule of Life Sciences Segment Disaggregation of Revenue (Details) - Life Sciences - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 12.5	$ 9.8
Systems and consumables revenue
Segment Reporting Information [Line Items]
Revenue	$ 12.5	$ 9.8

- Definition

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+ Details

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finance lease cost:
Amortization of right-of-use assets	$ 0.2	$ 0.4
Interest on lease liabilities	0.0	0.1
Net finance lease cost	0.2	0.5
Operating lease cost	18.2	17.5
Variable lease cost	0.6	0.6
Sublease income	0.0	(0.7)
Total non-current lease cost	19.0	17.9
Short-term lease costs	27.1	30.0
Total lease cost	$ 46.1	$ 47.9

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (years) - operating leases	6 years 7 months 6 days	7 years 4 months 24 days
Weighted-average remaining lease term (years) - finance leases	2 years 1 month 6 days	2 years 8 months 12 days
Weighted-average discount rate - operating leases	6.40%	6.10%
Weighted-average discount rate - finance leases	5.00%	5.30%

Share-based Compensation - Schedule of Company's Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Unvested at beginning of period (in shares) \| shares	294,663
Granted (in shares) \| shares	278,389
Vested (in shares) \| shares	(246,355)
Forfeited (in shares) \| shares	(12,521)
Unvested at ending of period (in shares) \| shares	314,176
Weighted-Average Grant Date Fair Value
Unvested at beginning of period (in usd per share) \| $ / shares	$ 8.12
Granted (in usd per share) \| $ / shares	5.90
Vested (in usd per share) \| $ / shares	8.05
Forfeited (in usd per share) \| $ / shares	7.99
Unvested at ending of period (in usd per share) \| $ / shares	$ 6.22

Basic and Diluted Loss Per Common Share - Schedule of Calculation of Basic Loss Per Common Share to Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (64.0)	$ (39.7)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	3.4	5.1
Net loss attributable to INNOVATE Corp.	(60.6)	(34.6)
Less: Preferred stock dividends	3.4	1.2
Net loss attributable to common stockholders and participating preferred stockholders, basic	(64.0)	(35.8)
Net loss attributable to common stockholders and participating preferred stockholders, diluted	$ (64.0)	$ (35.8)
Weighted-average common shares outstanding
Weighted-average common shares/ Series C shares outstanding (in shares)	13,217,593	10,696,274
Series C Preferred stock (in shares)	0	947,307
Total (in shares)	13,217,593	11,643,581
Percentage of loss allocated to:
Common stock (as percent)	100.00%	91.90%
Series C Preferred stock (as percent)	0.00%	8.10%
Numerator for loss per share:
Net loss attributable to common stockholders, basic	$ (64.0)	$ (32.9)
Net loss attributable to common stockholders, diluted	$ (64.0)	$ (32.9)
Denominator for loss per share:
Weighted-average common shares outstanding - basic (in shares)	13,217,593	10,696,274
Weighted average common shares/ Series C shares outstanding - diluted (in shares)	13,217,593	10,696,274
Loss per share
Loss per common share - basic (in usd per share)	$ (4.84)	$ (3.08)
Loss per common share - diluted (in usd per share)	$ (4.84)	$ (3.08)
Series C Preferred Stock
Weighted-average common shares outstanding
Weighted-average common shares/ Series C shares outstanding (in shares)	0	947,307
Numerator for loss per share:
Net loss attributable to common stockholders, basic	$ 0.0	$ (2.9)
Net loss attributable to common stockholders, diluted	$ 0.0	$ (2.9)
Denominator for loss per share:
Weighted-average common shares outstanding - basic (in shares)	0	947,307
Weighted average common shares/ Series C shares outstanding - diluted (in shares)	0	947,307
Loss per share
Loss per common share - basic (in usd per share)	$ 0	$ (3.08)
Loss per common share - diluted (in usd per share)	$ 0	$ (3.08)

Organization and Business (Details) - segment	12 Months Ended
Organization and Business (Details) - segment	Dec. 31, 2025	Dec. 31, 2024
Business And Organization [Line Items]
Number of reportable segments	3
MediBeacon Inc.
Business And Organization [Line Items]
Percentage of ownership (approximately)	44.60%	45.90%
Triple Ring
Business And Organization [Line Items]
Percentage of ownership (approximately)	7.20%	7.20%
Ownership percentage, fully diluted basis	1.60%	1.60%
Scaled Cell
Business And Organization [Line Items]
Percentage of ownership (approximately)	20.10%	20.10%
DBMG
Business And Organization [Line Items]
Controlling interest (approximately)	91.20%
Genoval Orthopedics inc.
Business And Organization [Line Items]
Controlling interest (approximately)	80.00%
R2 Technologies
Business And Organization [Line Items]
Controlling interest (approximately)		81.40%
R2 Technologies \| R2 Technologies
Business And Organization [Line Items]
Controlling interest (approximately)	81.00%
HC2 Broadcasting Holdings, Inc
Business And Organization [Line Items]
Controlling interest (approximately)	98.00%
Noncontrolling interest, ownership percentage by parent, fully diluted basis	85.80%
DTV America
Business And Organization [Line Items]
Controlling interest (approximately)	69.20%
Minority Holders
Business And Organization [Line Items]
Percentage of proxy and voting rights from minority holders	2.80%
GMSL
Business And Organization [Line Items]
Controlling interest (approximately)	72.80%

Accounts Receivable, Net - Schedule of Accounts Receivable, net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024
Receivables [Abstract]
Contracts in progress	$ 237.0	$ 184.9
Unbilled retentions	0.1	0.1
Trade receivables	3.6	3.3
Other receivables	0.6	5.8
Allowance for expected credit losses	(0.2)	(0.1)
Total	$ 241.1	$ 194.0	$ 278.4

Summary of Significant Accounting Policies - Investments (Details)	Dec. 31, 2025	Dec. 31, 2024
MediBeacon Inc.
Debt Instrument [Line Items]
Beneficial ownership percentage	44.60%	45.90%
Scaled Cell
Debt Instrument [Line Items]
Beneficial ownership percentage	20.10%	20.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies - Schedule of Future Minimum Purchase Obligation (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 362.0
2027	0.1
2028	0.1
2029	0.1
Total commitments	$ 362.3

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2025
Minimum \| Building and Building Improvements
Property, Plant and Equipment [Line Items]
Useful lives	5 years
Minimum \| Machinery and Equipment
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Minimum \| Transportation Equipment
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Maximum \| Building and Building Improvements
Property, Plant and Equipment [Line Items]
Useful lives	40 years
Maximum \| Machinery and Equipment
Property, Plant and Equipment [Line Items]
Useful lives	15 years
Maximum \| Transportation Equipment
Property, Plant and Equipment [Line Items]
Useful lives	20 years
Weighted Average \| Internal Use Software
Property, Plant and Equipment [Line Items]
Useful lives	3 years

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	New York, NY
Auditor Firm ID	243

Related Parties - Non-Operating Corporate Narrative (Details) - USD ($)					1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 18, 2024	Apr. 24, 2024	Mar. 28, 2024	Mar. 08, 2024	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Aug. 04, 2025	Feb. 01, 2021
9.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Face amount									$ 53,500,000
Interest expense, debt							$ 2,400,000
Outstanding debt							53,500,000	$ 0
7.50% Convertible Senior Notes \| Non-Operating Corporate
Related Party Transaction [Line Items]
Outstanding debt							200,000	48,900,000
7.50% Convertible Senior Notes \| Convertible Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Face amount										$ 51,800,000
Interest expense, debt							900,000
Outstanding debt							200,000	52,300,000
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Outstanding debt							45,900,000	31,000,000.0
Series C Preferred Stock
Related Party Transaction [Line Items]
Preferred stock value outstanding	$ 0
Private Placement \| Series C Preferred Stock
Related Party Transaction [Line Items]
Consideration to be received on sale of stock			$ 25,000,000.0
Private Placement \| Series C Preferred Stock \| Lancer Capital
Related Party Transaction [Line Items]
Consideration to be received on sale of stock		$ 6,300,000
Issuance of common stock (in shares)		6,286
Rights Offering and Concurrent Private Placement \| Series C Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares)	31,286
Number of shares to be issued upon conversion of preferred stock (in shares)	4,469,390
Lancer Capital \| Non-Operating Corporate
Related Party Transaction [Line Items]
Security deposit written off					$ 200,000
Lancer Capital \| Convertible Senior Notes Due 2026 and 2027 \| Convertible Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Interest expense, debt							$ 200,000	$ 200,000
Lancer Capital \| 9.50% Convertible Senior Notes \| Convertible Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Number of shares to be issued upon conversion of preferred stock (in shares)							51,874
Face amount							$ 2,200,000
Lancer Capital \| 7.50% Convertible Senior Notes \| Convertible Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Number of shares to be issued upon conversion of preferred stock (in shares)								47,265
Face amount								$ 2,000,000.0
Lancer Capital \| Rights Offering For Existing Shareholders
Related Party Transaction [Line Items]
Backstop commitment amount				$ 19,000,000.0	$ 19,000,000.0	$ 19,000,000.0
Consideration to be received on sale of stock			$ 25,000,000.0
Issuance of common stock (in shares)			25,000
Lancer Capital \| Private Placement \| Preferred stock and fixed maturities
Related Party Transaction [Line Items]
Issuance of preferred stock in private placement				$ 16,000,000.0		$ 16,000,000.0
Lancer Capital \| Rights Offering and Concurrent Private Placement \| Series C Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares)		6,286

Revenue and Contracts in Process - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total revenue	$ 1,246.0	$ 1,107.1
Infrastructure
Segment Reporting Information [Line Items]
Total revenue	1,210.3	1,071.6
Life Sciences
Segment Reporting Information [Line Items]
Total revenue	12.5	9.8
Spectrum
Segment Reporting Information [Line Items]
Total revenue	$ 23.2	$ 25.7

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 14.9	$ 19.6
Work in process	0.3	0.4
Finished goods	0.8	0.8
Total inventory	$ 16.0	$ 20.8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (64.0)	$ (39.7)
Other comprehensive income (loss)
Foreign currency translation adjustment, net of tax	1.2	(2.3)
Other comprehensive income (loss)	1.2	(2.3)
Comprehensive loss	(62.8)	(42.0)
Comprehensive loss attributable to non-controlling interests and redeemable non-controlling interests	3.3	5.3
Comprehensive loss attributable to INNOVATE Corp.	$ (59.5)	$ (36.7)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

The carrying values of the Company's investments, by accounting category, were as follows (in millions):


Date	Equity Method (1)		Fair Value (2)		Measurement Alternative (3)		Total
December 31, 2025	$	0.9	$	—	$	0.9	$	1.8
December 31, 2024	$	0.9	$	1.8	$	0.9	$	3.6

(1) The Company's equity method investments were comprised of MediBeacon and Scaled Cell as of both December 31, 2025 and 2024.

(3) The Company's measurement alternative method investment was comprised of Triple Ring as of both December 31, 2025 and 2024.

The Company's recognized share of net losses from its equity method investments was $5.9 million and $2.3 million for the years ended December 31, 2025 and 2024, respectively.

MediBeacon

Pansend accounts for its preferred stock investment in MediBeacon under the equity method of accounting, inclusive of any fixed maturity securities (notes) issued by MediBeacon to Pansend.

On January 17, 2025, MediBeacon received approval from the U.S. Food and Drug Administration ("FDA") for its Transdermal GFR Measurement System ("TGFR"). Pursuant to the terms of MediBeacon's convertible notes, upon the FDA approval, Pansend's convertible notes of $11.4 million and the related accrued interest of $1.5 million, together totaling $12.9 million, were converted into Series 3 Preferred Stock. In addition, pursuant to its amended commercial partnership with Huadong and, as a result of FDA approval, a $7.5 million milestone payment from Huadong Medicine Co. Ltd ("Huadong"), a publicly traded company on the Shenzhen Stock Exchange, to MediBeacon for MediBeacon preferred stock was received in the first quarter of 2025. As a result of these transactions, Pansend's ownership in MediBeacon decreased from 45.9% prior to the transactions to 44.7% subsequent to the transactions. On a fully diluted basis, Pansend's ownership in MediBeacon decreased from 40.1% prior to the transactions to 39.7% subsequent to the transactions. As a result of these transactions, Pansend recognized a step-up gain of $4.4 million which is reflected in Other income, net in the Consolidated Statements of Operations for the year ended December 31, 2025, which increased Pansend's carrying amount of its investment in MediBeacon. Concurrently, Pansend recognized equity method losses of $5.9 million, driven by the $4.4 million step-up gain and $1.5 million of interest from the conversion of the convertible notes, which were previously unrecognized because Pansend's carrying amount of its investment in MediBeacon had been previously reduced to zero.

During the year ended December 31, 2024, MediBeacon issued an aggregate $2.3 million of 12% convertible notes to Pansend with each note due to Pansend in three years from date of issuance. As a result of these note issuances with MediBeacon, during the year ended December 31, 2024, Pansend recognized $2.3 million of equity method losses which were previously unrecognized because Pansend's carrying amount of its investment in MediBeacon, including the notes, had been previously reduced to zero.

MediBeacon's total outstanding principal amount of notes due to Pansend was $0.5 million and $12.0 million, as of December 31, 2025 and 2024, respectively. Interest income earned by Pansend from the MediBeacon notes totaled $0.1 million and $1.4 million for the years ended December 31, 2025 and 2024, respectively. The related accrued interest receivable was $0.4 million and $1.7 million, as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, Pansend's carrying amount of its investment in MediBeacon remained at zero, inclusive for December 31, 2025 and 2024, of the $0.5 million and $12.0 million, respectively, in convertible and secured promissory notes which has been offset against recognized equity method losses, and Pansend has cumulative unrecognized equity method losses relating to MediBeacon of $19.8 million as of December 31, 2025.

Scaled Cell

As of both December 31, 2025 and 2024, the Company held 240,613 shares of Scaled Cell, representing a 20.1% interest. Scaled Cell is an immunotherapy company developing a novel autologous cell therapy system to potentially improve current chimeric antigen receptor T-cell ("CAR-T") treatments.

Triple Ring

As of both December 31, 2025 and 2024, the Company held a 7.2% common interest (1.6% on a fully diluted basis) in Triple Ring, which is accounted for using the measurement alternative method. The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, Investments—Equity Securities, whereby the Company can elect to measure an equity security without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value (net asset value) at its cost minus impairment, if any.

Marketable Securities

In October 2024, the Company purchased common shares in the open market of a publicly traded company for approximately $2.0 million, and in March 2025, the Company purchased common shares in the open market of another publicly traded company for $0.3 million. Both purchases represented less than 1% of the total outstanding equity of the respective issuers. In July 2025, all of these shares were sold for aggregate proceeds of $2.9 million. Prior to their disposal, these securities were remeasured at fair value each reporting period using the externally quoted market prices, Fair Value Level 1 inputs. For the years ended December 31, 2025 and 2024, fair value gains of $0.8 million and unrealized fair value losses of $0.2 million, respectively, related to these securities were included in Other income, net in the Consolidated Financial Statements.

Debt Obligations - Non-Operating Corporate CGIC Subordinated Secured Promissory Note Narrative (Details)			12 Months Ended
	Aug. 04, 2025 USD ($) shares	Apr. 26, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2025 USD ($)	Aug. 31, 2025 USD ($) businessDay	Jun. 30, 2025 USD ($)	May 08, 2025	May 09, 2024	May 08, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Dividends payable			$ 400,000
Cash paid for interest			30,000,000.0	$ 48,600,000
Total aggregate finance lease and debt principal payments			687,200,000	668,300,000
Accrued interest and exit fees (current portion)			72,100,000	61,000,000.0
Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable	$ 500,000				$ 500,000		$ 700,000
CGIC \| Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable			300,000
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments			481,900,000	429,900,000
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments			$ 46,800,000
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate			10.50%			10.50%
Interest rate, effective percentage			14.40%
Outstanding debt			$ 360,400,000	0
Face amount						$ 360,400,000
Debt covenant, mandatory prepayment, proceeds from certain asset sales, amount threshold						$ 150,000,000
Total aggregate finance lease and debt principal payments			345,500,000
Debt instrument, prepayment business due day \| businessDay						2
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Outstanding debt			45,900,000	31,000,000.0
Debt instrument, unamortized discount (premium), net			$ 900,000
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate \| CGIC
Debt Instrument [Line Items]
Interest rate	16.00%
Interest rate, effective percentage			14.60%
Shares exchanged for additional principal amount \| shares	8,063
Additional principal amount	$ 9,600,000
Extension fee and accrued interest	2,400,000
Outstanding debt	$ 43,000,000.0
Interest expense, debt			$ 5,900,000	5,700,000
Cash paid for interest			3,200,000	4,600,000
Interest costs capitalized			$ 2,900,000
Accrued interest and exit fees (current portion)				$ 3,400,000
Debt issued, percentage of par value	100.00%
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate \| CGIC \| Series A-4 Preferred Stock
Debt Instrument [Line Items]
Additional principal amount	$ 9,100,000
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate \| CGIC \| Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable	500,000
Unsecured Note due 2026 \| Secured Debt \| Non-Operating Corporate \| CGIC
Debt Instrument [Line Items]
Interest rate								32.00%	16.00%	9.00%
Interest rate, effective percentage				17.50%
Face amount											$ 35,100,000
Debt covenant, mandatory prepayment, proceeds from certain asset sales, amount threshold											$ 3,000,000.0
Debt covenant, mandatory prepayment, proceeds from equity sales percentage											12.50%
Repayments of long-term debt		$ 4,100,000
Gains (losses) on restructuring of debt	$ 0

Segments and Related Information - Narrative (Details)	12 Months Ended
Segments and Related Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable geographic segments	1
Number of reportable operating segments	3
Number of reportable segments	3

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 314.0	$ 281.8
Less: Accumulated depreciation	172.2	148.2
Total	141.8	133.6
Equipment, furniture and fixtures, and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	223.3	211.0
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	42.4	36.8
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	25.3	18.6
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	16.3	8.0
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 6.7	$ 7.4

Goodwill and Intangibles, Net - Schedule of Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 129.0	$ 129.0
Accumulated Amortization	(71.7)	(64.3)
Total	$ 57.3	$ 64.7
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	15 years	15 years
Gross Carrying Amount	$ 25.2	$ 25.1
Accumulated Amortization	(12.6)	(11.0)
Total	$ 12.6	$ 14.1
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	11 years	11 years
Gross Carrying Amount	$ 87.6	$ 87.4
Accumulated Amortization	(54.3)	(49.1)
Total	$ 33.3	$ 38.3
Channel sharing arrangements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	35 years	35 years
Gross Carrying Amount	$ 12.6	$ 12.6
Accumulated Amortization	(2.5)	(2.2)
Total	$ 10.1	$ 10.4
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	10 years	10 years
Gross Carrying Amount	$ 3.6	$ 3.9
Accumulated Amortization	(2.3)	(2.0)
Total	$ 1.3	$ 1.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable, Net

4. Accounts Receivable, Net

Accounts receivable, net, consisted of the following (in millions):


	December 31,
	2025		2024
Contracts in progress	$	237.0	$	184.9
Unbilled retentions	0.1		0.1
Trade receivables	3.6		3.3
Other receivables	0.6		5.8
Allowance for expected credit losses	(0.2)		(0.1)
Total	$	241.1	$	194.0

As of January 1, 2024, accounts receivable, net totaled $278.4 million.

For the years ended December 31, 2025 and 2024, the Company recognized expected credit losses of $0.5 million and a reversal of expected credit losses of $0.1 million, respectively.

Equity and Temporary Equity - 2024 Rights Offering and Concurrent Private Placement Narrative (Details) - USD ($) $ in Millions					3 Months Ended
	Jun. 18, 2024	Apr. 24, 2024	Mar. 28, 2024	Mar. 08, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 19, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares issued (in shares)						13,818,904	13,410,179
Series C Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares outstanding (in shares)								0	0
Preferred stock, shares issued (in shares)								0
Private Placement \| Series C Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Consideration to be received on sale of stock			$ 25.0
Private Placement \| Series C Preferred Stock \| Lancer Capital
Accumulated Other Comprehensive Income (Loss) [Line Items]
Consideration to be received on sale of stock		$ 6.3
Issuance of common stock (in shares)		6,286
Rights Offering
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares issued (in shares)		530,611
Cash proceeds from the sale of common stock		$ 3.7
Rights Offering and Concurrent Private Placement
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cash proceeds from the sale of common stock		35.0
Stock issuance cost other offering expenses		$ 1.8
Rights Offering and Concurrent Private Placement \| Series C Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock (in shares)	31,286
Number of shares to be issued upon conversion of preferred stock (in shares)	4,469,390
Lancer Capital \| Rights Offering For Existing Shareholders
Accumulated Other Comprehensive Income (Loss) [Line Items]
Backstop commitment amount				$ 19.0	$ 19.0
Consideration to be received on sale of stock			$ 25.0
Issuance of common stock (in shares)			25,000
Lancer Capital \| Private Placement \| Preferred stock and fixed maturities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of preferred stock in private placement				$ 16.0	$ 16.0
Lancer Capital \| Rights Offering and Concurrent Private Placement \| Series C Preferred Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock (in shares)		6,286

Debt Obligations - Schedule of Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Aug. 31, 2025	Aug. 04, 2025	Dec. 31, 2021	Feb. 01, 2021
Debt Instrument [Line Items]
Obligations under finance leases	$ 0.1
Total aggregate finance lease and debt principal payments	687.2	$ 668.3
Unamortized issuance discount, issuance premium, and deferred financing costs	(25.5)	(5.5)
Less: current portion of debt obligations	(581.4)	(162.2)
Debt obligations, net of current portion	80.3	500.6
Third party fees expensed related to refinancing	4.5
Infrastructure
Debt Instrument [Line Items]
Obligations under finance leases	0.1	0.6
Total aggregate finance lease and debt principal payments	87.7	144.7
Spectrum
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	69.7	69.7
Life Sciences
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	47.9	24.0
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	481.9	429.9
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	$ 46.8
8.50% Note \| Senior Notes \| Spectrum
Debt Instrument [Line Items]
Interest rate	8.50%			8.50%
Outstanding debt	$ 19.3	19.3
11.45% Notes \| Senior Notes \| Spectrum
Debt Instrument [Line Items]
Interest rate	11.45%			11.45%
Outstanding debt	$ 50.4	50.4
Lancer Promissory Note \| Senior Notes \| Life Sciences
Debt Instrument [Line Items]
Outstanding debt	$ 47.9	24.0
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	10.50%		10.50%
Outstanding debt	$ 360.4	0.0
Total aggregate finance lease and debt principal payments	$ 345.5
9.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	9.50%			9.50%
Outstanding debt	$ 53.5	0.0
Total aggregate finance lease and debt principal payments	52.5
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Outstanding debt	$ 45.9	31.0
SOFR plus 5.75% Revolving Line of Credit \| Non-Operating Corporate
Debt Instrument [Line Items]
Basis spread on variable rate	5.75%
Outstanding debt	$ 20.0	20.0
8.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	8.50%				8.50%
Outstanding debt	$ 1.9	330.0
7.50% Convertible Senior Notes \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	7.50%
Outstanding debt	$ 0.2	48.9
7.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate						7.50%
Revolving Credit Facility \| SOFR plus 2.75% Revolving Credit Facility \| Line of Credit \| Infrastructure \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Outstanding debt	$ 15.0	0.0
Revolving Credit Facility \| SOFR plus 2.75% Term Loan \| Term Loan \| Infrastructure \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Outstanding debt	$ 72.6	0.0
Revolving Credit Facility \| PRIME minus 0.75% Revolving Credit Facility \| Line of Credit \| Infrastructure \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Outstanding debt	$ 0.0	45.0
Revolving Credit Facility \| 3.25% Term Loan \| Term Loan \| Infrastructure \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Interest rate	3.25%
Outstanding debt	$ 0.0	$ 74.6
Revolving Credit Facility \| PRIME minus 0.75% Term Loan \| Term Loan \| Infrastructure \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%	0.75%
Outstanding debt	$ 0.0	$ 24.5

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Unrecorded future minimum purchase commitments as of December 31, 2025, were as follows (in millions) :


2026	$	362.0
2027	0.1
2028	0.1
2029	0.1


Total commitments	$	362.3

The Company’s future minimum purchase commitments are primarily for materials and subcontractor costs to be used in its construction projects. The amounts are fixed and determinable and do not include variable components.

Litigation

The Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain, and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of any such matter will not have a material adverse effect upon the Company’s Consolidated Financial Statements. Such legal matters may include, but is not limited to, actions or claims relating to sensitive data, including proprietary business information and intellectual property, personally identifiable information of employees and contractors, cyber-attacks, data breaches and non-compliance with contractual or other legal obligations. Litigation and other legal matters are inherently unpredictable and subject to substantial uncertainties and adverse resolutions could occur. In addition, litigation and other legal matters, including class-action lawsuits, government investigations and regulatory proceedings can be costly to defend and, depending on the class size and claims, could be costly to settle. The Company does not believe that any of such pending claims and legal proceedings will have a material adverse effect on its Consolidated Financial Statements. The Company records a liability in its Consolidated Financial Statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated as well as any legal costs incurred related to the litigation. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary for its Consolidated Financial Statements not to be misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the Company's Consolidated Financial Statements. Any legal or other expenses associated with the litigation are accrued for as the expenses are incurred. The Company maintains liability insurance that insures it against workers’ compensation, personal and bodily injury, property damage, directors’ and officers’ liability, errors and omissions, cyber liability, and employment practices liability. There can be no assurance that the liability insurance will cover all events or that the limits of coverage will be sufficient to fully cover all liabilities.

Based on a review of the current facts and circumstances with counsel in each of the matters disclosed, management has provided for what is believed to be a reasonable estimate of loss exposure. While acknowledging the uncertainties of litigation, management believes that the ultimate outcome of litigation will not have a material effect on its financial position and will defend itself vigorously.

GrayWolf Collective Action Claim

On March 24, 2026, a subsidiary of DBM Global, GrayWolf Integrated Construction Company, received a draft of a purported Collective Action Complaint entitled Hilario Riviera, Individually and for Others Similarly Situated v. GrayWolf Integrated Construction Company (the "Draft Complaint") alleging that GrayWolf failed to properly pay Riviera for all hours worked because GrayWolf automatically rounded the punch in and punch out times for work to the nearest half hour for GrayWolf’s own primary benefit and to the detriment of Riviera and other hourly employees. The Draft Complaint also states that GrayWolf paid Riviera and other hourly employees “per diems,” not reasonably calculated to reimburse expenses and based on time worked, but GrayWolf excluded “per diems” from their regular rate of pay for overtime purposes. The action is purported to be brought under the Fair Labor Standards Act (the "FLSA") on behalf of hourly employees for the last three years who had wages rounded or received "per diems". GrayWolf intends to enter into a “Tolling Agreement” with the Plaintiff to stay any statute of limitations while GrayWolf investigates this matter and expects that it will vigorously contest the allegations. Accordingly, the Company cannot reasonably estimate any range of potential loss at this time.

Other Commitments and Contingencies

Letters of Credit and Performance Bonds

As of December 31, 2025, DBMG had outstanding letters of credit of $0.1 million under credit and security agreements and performance bonds of $680.2 million. As of December 31, 2024, DBMG had outstanding letters of credit of $0.1 million under credit and security agreements and performance bonds of $183.9 million. DBMG’s contract arrangements with customers sometimes require DBMG to provide performance bonds to partially secure its obligations under its contracts. Bonding requirements typically arise in connection with private contracts and sometimes with respect to certain public work projects. DBMG’s performance bonds are obtained through surety companies and typically cover the entire project price. The ratings of the bonding companies utilized by DBMG are highly rated, ranging from A-, A, A+, AA- and AA.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company maintains all cash and cash equivalents at accredited financial institutions, in amounts that exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company held $7.6 million and $5.5 million of cash and restricted cash in foreign accounts as of December 31, 2025 and 2024, respectively, none of which is covered by the Federal Deposit Insurance Corporation ("FDIC"). The Company attempts to minimize the risks related to cash and cash equivalents by investing in a range of financial instruments as defined by the Company. Concentrations of credit risk with respect to accounts receivable are limited by the large number of customers comprising the Company's customer base and their geographic and business dispersion. In addition, concentrations of credit risk at DBM with respect to receivables are limited as the Company’s customers tend to be larger general contractors and subcontractors on adequately funded projects and the Company has certain lien rights. The Company performs ongoing credit evaluations of the customers' financial condition and generally does not require collateral to support customer receivables.

The Company's revenue, accounts receivable and accounts payable concentrations of 10% and greater were as follows:

Year Ended December 31,

2025

2024

Segment

Revenue

Accounts Receivable

Accounts Payable

Revenue

Accounts Receivable

Accounts Payable

Customer A

Infrastructure

13.1%

29.6%

Customer B

Infrastructure

10.2%

Customer C

Infrastructure

14.4%

Customer D

Infrastructure

10.3%

Customer E

Infrastructure

10.3%

Supplier A

Infrastructure

23.3%

Supplier B

Infrastructure

15.2%

Supplier C

Infrastructure

15.5%

*Less than 10% concentration

Revenue and Contracts in Process - Schedule of Infrastructure Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total Infrastructure segment revenue	$ 1,246.0	$ 1,107.1
Infrastructure
Disaggregation of Revenue [Line Items]
Revenue	1,208.6	1,069.9
Other revenue	1.7	1.7
Total Infrastructure segment revenue	1,210.3	1,071.6
Infrastructure \| Commercial
Disaggregation of Revenue [Line Items]
Revenue	371.9	292.6
Infrastructure \| Industrial
Disaggregation of Revenue [Line Items]
Revenue	306.6	307.9
Infrastructure \| Transportation
Disaggregation of Revenue [Line Items]
Revenue	192.9	275.3
Infrastructure \| Healthcare
Disaggregation of Revenue [Line Items]
Revenue	173.1	151.6
Infrastructure \| Government
Disaggregation of Revenue [Line Items]
Revenue	128.8	11.7
Infrastructure \| Energy
Disaggregation of Revenue [Line Items]
Revenue	13.5	7.2
Infrastructure \| Leisure
Disaggregation of Revenue [Line Items]
Revenue	13.0	9.6
Infrastructure \| Convention
Disaggregation of Revenue [Line Items]
Revenue	$ 8.8	$ 14.0

Commitments and Contingencies - Schedule of Concentration of Risk, by Risk Factor (Details) - Infrastructure	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Customer A \| Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	13.10%
Customer A \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	29.60%
Customer B \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	10.20%
Customer C \| Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		14.40%
Customer D \| Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		10.30%
Customer E \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		10.30%
Supplier A \| Accounts Payable \| Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	23.30%
Supplier B \| Accounts Payable \| Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		15.20%
Supplier C \| Accounts Payable \| Supplier Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		15.50%

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in millions):


	December 31,
	2025		2024
Raw materials and consumables	$	14.9	$	19.6
Work in process	0.3		0.4
Finished goods	0.8		0.8
Total inventory	$	16.0	$	20.8

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity is a critical component of our operational integrity and strategic planning. Recognizing the evolving nature of cyber threats, we are committed to implementing robust cybersecurity measures to safeguard our digital assets, protect stakeholder interests, and ensure continuity of our operations. Cybersecurity Risk Management Processes Our approach to managing cybersecurity risks is proactive and comprehensive. We employ a range of methods to assess, identify and manage the risk of potential cybersecurity threats, including regular security audits, utilization of a third party service provider for security measures over our virtual environment, threat intelligence monitoring, and vulnerability assessments. We assess risks associated with third-party providers as part of our overall cybersecurity risk management framework by reviewing system and organization controls reports, when available, and other independent reports. We also generally require third parties to, among other things, maintain security controls to protect our confidential information and to promptly notify us of material breaches that may impact our data. Our risk management framework is designed to mitigate potential cybersecurity risks through a blend of technological safeguards, employee training programs, and incident response protocols. We devote resources to maintain and regularly update our systems and processes that are designed to protect the security of our computer systems, software, networks and other technology assets against attempts by unauthorized parties to obtain access to confidential information, destroy data, disrupt or degrade service, sabotage systems or cause other damage, and we have implemented certain review and approval procedures internally and with our banks; and have implemented system-wide changes. Cybersecurity Strategy and Investment Our cybersecurity strategy is integral to our broader risk management policy. We invest in state-of-the-art cybersecurity technologies and infrastructure to enhance our defensive capabilities and have a dedicated system of internal controls in place to prevent, monitor and remediate cyber risks including any risks from utilization of third party service providers. Additionally, we allocate resources for ongoing staff training and awareness programs to foster a culture of cybersecurity mindfulness across the organization and maintain dedicated channels of communication with our third party service provider monitoring our virtual environment to facilitate timely cyber incident identification and remediation. Our strategic investments in cybersecurity are tailored to address the unique challenges and risks pertinent to our industry and operational scope.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity strategy is integral to our broader risk management policy.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The governance of our cybersecurity efforts is overseen by the Audit Committee, which includes individuals with experience in technology and cybersecurity. The board regularly reviews and guides our cybersecurity policies and practices. Management plays a critical role in implementing these policies and in the day-to-day management of cybersecurity risks. They are empowered with the maintenance, communication and enforcement of cybersecurity policies and employ proactive measures to improve cybersecurity through review of various third party cyber tools for potential implementation. Our Head of IT and Chief Financial Officer ("CFO") are responsible for overseeing the implementation of cybersecurity strategies and ensuring compliance with regulatory standards. In addition to our in-house expertise, our independent external auditors and our outsourced internal audit team, regularly test and asses our cybersecurity controls. Any cyber incidents that occur are escalated to the CFO to facilitate resolution. Any incident determined to be material is discussed with the Audit Committee and communicated to our internal and external auditors as well as our third party virtual environment service provider, when relevant.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The governance of our cybersecurity efforts is overseen by the Audit Committee, which includes individuals with experience in technology and cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The governance of our cybersecurity efforts is overseen by the Audit Committee, which includes individuals with experience in technology and cybersecurity. The board regularly reviews and guides our cybersecurity policies and practices. Management plays a critical role in implementing these policies and in the day-to-day management of cybersecurity risks. They are empowered with the maintenance, communication and enforcement of cybersecurity policies and employ proactive measures to improve cybersecurity through review of various third party cyber tools for potential implementation. Our Head of IT and Chief Financial Officer ("CFO") are responsible for overseeing the implementation of cybersecurity strategies and ensuring compliance with regulatory standards. In addition to our in-house expertise, our independent external auditors and our outsourced internal audit team, regularly test and asses our cybersecurity controls. Any cyber incidents that occur are escalated to the CFO to facilitate resolution. Any incident determined to be material is discussed with the Audit Committee and communicated to our internal and external auditors as well as our third party virtual environment service provider, when relevant.
Cybersecurity Risk Role of Management [Text Block]	Our approach to managing cybersecurity risks is proactive and comprehensive. We employ a range of methods to assess, identify and manage the risk of potential cybersecurity threats, including regular security audits, utilization of a third party service provider for security measures over our virtual environment, threat intelligence monitoring, and vulnerability assessments. We assess risks associated with third-party providers as part of our overall cybersecurity risk management framework by reviewing system and organization controls reports, when available, and other independent reports. We also generally require third parties to, among other things, maintain security controls to protect our confidential information and to promptly notify us of material breaches that may impact our data. Our risk management framework is designed to mitigate potential cybersecurity risks through a blend of technological safeguards, employee training programs, and incident response protocols. We devote resources to maintain and regularly update our systems and processes that are designed to protect the security of our computer systems, software, networks and other technology assets against attempts by unauthorized parties to obtain access to confidential information, destroy data, disrupt or degrade service, sabotage systems or cause other damage, and we have implemented certain review and approval procedures internally and with our banks; and have implemented system-wide changes.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The governance of our cybersecurity efforts is overseen by the Audit Committee, which includes individuals with experience in technology and cybersecurity. The board regularly reviews and guides our cybersecurity policies and practices. Management plays a critical role in implementing these policies and in the day-to-day management of cybersecurity risks. They are empowered with the maintenance, communication and enforcement of cybersecurity policies and employ proactive measures to improve cybersecurity through review of various third party cyber tools for potential implementation. Our Head of IT and Chief Financial Officer ("CFO") are responsible for overseeing the implementation of cybersecurity strategies and ensuring compliance with regulatory standards. In addition to our in-house expertise, our independent external auditors and our outsourced internal audit team, regularly test and asses our cybersecurity controls.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The governance of our cybersecurity efforts is overseen by the Audit Committee, which includes individuals with experience in technology and cybersecurity.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Any cyber incidents that occur are escalated to the CFO to facilitate resolution. Any incident determined to be material is discussed with the Audit Committee and communicated to our internal and external auditors as well as our third party virtual environment service provider, when relevant.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Property, Plant and Equipment, Net - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) building
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 22.9	$ 25.0
Depreciation expense within cost of revenue	12.9	15.3
Property, plant, and equipment and finance lease right-of-use asset, gross	314.0	281.8
Property, plant and equipment, net	141.8	133.6
Assets held for sale	0.0	$ 7.0
Number of buildings held-for-sale \| building		1
Internal-Use Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	21.0	$ 20.7
Property, plant and equipment, net	$ 6.6	$ 9.8

Equity and Temporary Equity - Reverse Stock Split Narrative (Details)	Aug. 08, 2024 shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares	Sep. 30, 2024 $ / shares	Aug. 07, 2024 shares
Equity [Abstract]
Reverse stock split, conversion ratio	0.1
Common stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)	13,166,057	13,655,062	13,261,379		130,529,931
Incremental shares issued for fractional shares (in shares)	113,064

Revenue and Contracts in Process - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024
Revenue from External Customer [Line Items]
Accounts receivable, net, contracts with customers			$ 273.2
Term for majority of contracts, in excess of	1 year
Usual maximum percentage of payment withheld	10.00%
Retainage receivable	$ 81.6	$ 94.1
Retainage receivable, percent to be collected beyond one year	27.80%	18.80%
Contract assets	$ 64.1	$ 106.3
Contract liabilities	$ 171.9	109.1
Revenue, payment terms, general duration of payment period	30 days
Infrastructure
Revenue from External Customer [Line Items]
Contract assets			118.6
Contract liabilities			$ 153.5
Contract assets, increase due to new projects	$ 45.9	68.0
Contract assets, reclassified to receivables	88.1	80.3
Contract liabilities, increase due to new projects	166.5	102.3
Contract liabilities, revenue recognized	103.7	$ 146.7
Remaining performance obligation amount	$ 1,711.4
Life Sciences
Revenue from External Customer [Line Items]
Payment term, maximum	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Infrastructure \| Within One Year
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Remaining performance obligation amount	$ 1,253.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Infrastructure \| Within Three Years
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Remaining performance obligation amount	$ 457.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Spectrum \| Broadcast station
Revenue from External Customer [Line Items]
Remaining performance obligation amount	$ 10.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Spectrum \| Broadcast station \| Within One Year
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Remaining performance obligation amount	$ 8.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Spectrum \| Broadcast station \| Within Three Years
Revenue from External Customer [Line Items]
Remaining performance obligation period	2 years
Remaining performance obligation amount	$ 2.1
DBMG \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Infrastructure
Revenue from External Customer [Line Items]
Remaining performance obligation period	2 years 3 months 18 days

Share-based Compensation - Schedule of Company's Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Stock Options
Outstanding at beginning of period (in shares) \| shares	217,733
Granted (in shares) \| shares	100,000
Outstanding at ending of period (in shares) \| shares	317,733
Exercisable at beginning balance (in shares) \| shares	117,733
Exercisable at ending balance (in shares) \| shares	217,733
Weighted-Average Exercise Price
Outstanding at beginning of period (in usd per share) \| $ / shares	$ 16.94
Granted (in usd per share) \| $ / shares	5.67
Outstanding at ending of period (in usd per share) \| $ / shares	13.39
Exercisable at beginning balance (in usd per share) \| $ / shares	27.74
Exercisable at ending balance (in usd per share) \| $ / shares	$ 16.94

Goodwill and Intangibles, Net - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Estimated Amortization
2026	$ 6.7
2027	4.9
2028	4.9
2029	4.7
2030	4.5
Thereafter	31.6
Total	$ 57.3	$ 64.7

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries and all other subsidiaries over which the Company exerts control. All intercompany profits, transactions and balances have been eliminated in consolidation. The remaining interests not owned by the Company are presented as a non-controlling interest component of total equity. Basis of Presentation The accompanying Consolidated Financial Statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Certain prior amounts have been reclassified or combined to conform to the current year presentation. Liquidity and Going Concern The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. However, as of the date of these financial statements, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. The principal conditions leading to this conclusion are the upcoming maturities of the Company's debt obligations. Based on these conditions, the Company may not be able to meet its obligations at maturity nor comply with certain cross-default provisions under the 2027 Senior Secured Notes over the next twelve months, or any potential breach of the milestone covenant of the 10.50% 2027 Senior Secured Notes Indenture which has required the Company to commence a sales process for all or substantially all of DBM Global’s assets or equity interests in accordance with certain dates and deadlines. Refer to Note 11. Debt Obligations for additional information. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The potential inability to refinance or extend the maturity of the aforementioned current debt, or to obtain additional financing, raises substantial doubt about the Company's ability to continue as a going concern. The Company plans to alleviate these conditions through various initiatives it is currently exploring, including pursuing asset sales, and potentially refinancing debt and raising additional capital. However, there can be no assurance that the Company will have the ability to be successful in any asset sales, additional capital raises or the refinancing of its existing debt, on attractive terms or at all, nor any assurances that lenders will provide additional extensions, waivers or amendments in the event of future non-compliance with the Company’s debt covenants or other possible events of default. Further, there can be no assurance that the Company will be able to execute a reduction, extension, or refinancing of the debt, or that the terms of any replacement financing would be as favorable as the terms of the debt prior to the maturity dates. There can be no assurance that these plans will be successfully implemented or that they will mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. These Consolidated Financial Statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, or expenses that may result if the Company is unable to continue as a going concern. Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and various disclosures within these consolidated financial statements as of the date of the consolidated financial statements and the reported amounts of net revenue and expenses during the reporting period. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates. Significant estimates include the recognition of revenue and project profit or loss, which require estimates regarding the extent of progress towards completion on contracts and contract revenue and costs on long-term contracts; allowances for credit losses; fair value estimates, including the valuation of certain investments, market assumptions used in estimating the fair values of certain assets (including goodwill and intangibles) and liabilities, the calculation used in determining the fair value of equity awards required by ASC 718, Compensation - Stock Compensation ("ASC 718"); income taxes and various other contingencies. Estimates of fair value represent the Company’s best estimates developed with the assistance of independent appraisals or various valuation techniques and, where the foregoing have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. The estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents are comprised principally of amounts in interest bearing checking accounts and money market accounts with original maturities of three months or less. The Company considers all highly liquid investments purchased with original maturities of three months or less from the date of purchase to be cash equivalents. The Company maintains its current cash with financial institutions with balances that may exceed federally insured limits. Cash and cash equivalents are maintained at financial institutions that management considers to be of high credit quality. The Company's restricted cash balances consist of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents in the Consolidated Balance Sheets in the Other current assets and Other assets (noncurrent), as applicable, and are primarily comprised of security deposits for long-term leases, which are held in separate bank accounts. Fair Value Measurements Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: •Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be derived from observable market data. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, foreign exchange rates, and credit ratings. •Level 3 - Unobservable inputs that are supported by little or no market activities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company’s assets and liabilities that are measured at fair value on a recurring basis included investment(s) in marketable equity securities. Our financial assets measured at fair value on a non-recurring basis include equity securities without readily determinable fair values. Other financial assets and liabilities are carried at cost (initial fair value) or amortized cost where applicable, with the current fair value disclosed, if required. Allowance for Credit Losses The Company maintains allowances for credit losses, for its financial assets, primarily for accounts receivable and contract assets, in accordance with Accounting Standards Codification ("ASC") Financial Instruments - Credit Losses (Topic 326). Accounts receivable are stated at amounts due from customers net of allowance for expected credit losses. The measurement and recognition of the allowance for credit losses involves the use of judgment and represents management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Any changes in these assumptions can lead to a change in the estimate. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition and other factors affecting their ability to pay; the aging of account balances; historical credit loss experience; customer concentrations; and customer credit-worthiness; among other factors. Management has elected to use a risk-based, pool-level segmentation framework to calculate the expected loss rate. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that the receivable will not be collected and the loss can be reasonably estimated. At each balance sheet date, all past due or potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for credit losses. Once collection efforts by the Company are exhausted, the determination for charging off uncollectible receivables is made and the receivable is written off against the allowance, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate. Subsequent to year end, on January 1, 2026, the Company adopted ASU 2025-05 and is utilizing the practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 (Revenue from Contracts with Customers). See the Accounting Pronouncements Issued But Pending Adoption section below for additional information. Inventory Inventory, which is primarily composed of steel components for construction projects at DBM, is valued at the lower of cost or net realizable value under the first-in, first-out method. Provision for obsolescence is made where appropriate and is charged to cost of revenue in the Consolidated Statements of Operations. These costs include only direct labor and expenses incurred to date and exclude any allocation of overhead. The policy for long-term work in progress contracts is disclosed within the Revenue and Cost Recognition accounting policy in Note 3. Revenue and Contracts in Process. Investments The Company utilizes the equity method to account for investments when it possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when an investor possesses more than 20% of the voting interests of the investee, such as with our investments in MediBeacon and Scaled Cell, of which the Company owns a 44.6% interest in MediBeacon and a 20.1% interest in Scaled Cell as of December 31, 2025. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. The Company applies the equity method to investments in common stock and to other investments when such other investments possess substantially identical subordinated interests to common stock. In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net earnings or losses and other comprehensive income (loss) of the investee, as well as any changes as a result of changes in ownership. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may be recorded if other investments in the investee are at-risk, even if the Company has not committed to provide financial support to the investee. Such additional equity method losses, if any, are based upon the change in the Company's claim on the investee’s book value. Investments in marketable equity securities are carried at fair value and the Company records the changes in fair values in the Consolidated Statement of Operations as a component of Other income, net. The Company utilizes the measurement alternative method to account for investments when it does not possess the ability to exercise significant influence or control and the investment does not have a readily determinable fair value. Under this method, investments are initially recognized at cost and subsequently measured at cost, adjusted for any observable changes in the fair value of the investment. In addition, the Company reviews the carrying value of investments measured under the measurement alternative for impairment on a regular basis. If there is an indication of impairment, the Company assesses whether the carrying value of the investment exceeds its recoverable amount. Any impairment losses are recognized in the financial statements. The Company's investments are recorded as a separate line in the Company’s Consolidated Balance Sheets. Income or loss from equity method investments is recorded as a separate line item in the Consolidated Statements of Operations. Changes in the fair value of equity securities and impairments recognized for measurement alternative method investments, if any, are recorded within Other income, net in the Consolidated Statements of Operations. Accounting for Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of transactions and events. Under this method, deferred tax assets and liabilities are determined based on the difference between the book basis and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. If necessary, deferred tax assets are reduced by a valuation allowance to an amount that is determined to be more likely than not recoverable. The determination of the valuation allowance requires management to make significant estimates and assumptions about future taxable income and future tax consequences when determining the amount of the valuation allowance. The additional guidance provided by ASC No. 740, “Income Taxes” (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in the financial statements. Expected outcomes of current or anticipated tax examinations, refund claims and tax-related litigation and estimates regarding additional tax liability (including interest and penalties thereon) or refunds resulting therefrom will be recorded based on the guidance provided by ASC 740 to the extent applicable. The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. These assessments of uncertain tax positions contain judgments related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, expiration of statutes of limitations, as well as changes to, or further interpretations of, tax laws and regulations. At December 31, 2025, the Company's U.S. and foreign companies had significant deferred tax assets primarily attributable to tax loss carryforwards. Deferred tax assets generated by certain businesses that are not included in the INNOVATE Corp. U.S. consolidated income tax return have been reduced by a full valuation allowance. Based on evaluation of available positive and negative evidence, management had determined that it was more likely than not that the net deferred tax assets of the INNOVATE Corp. U.S. consolidated filing group will not be realized. Accordingly, a full valuation allowance was maintained against the INNOVATE Corp. U.S. consolidated filing group’s net deferred tax assets as of December 31, 2025. This assessment was based on cumulative historical losses and management's assumptions regarding future taxable income of each affiliate and the timing of the reversal of deferred tax assets and liabilities. In relation to tax effects for accumulated other comprehensive income ("OCI"), our policy is to release the tax effects of amounts reclassified from accumulated OCI to pre-tax income (loss) from continuing operations. Any remaining tax effect in accumulated OCI is released following a portfolio approach. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation, which is provided on the straight-line method over the estimated useful lives of the assets, which are regularly evaluated. The estimated useful lives of the assets range from 5 to 40 years for buildings and leasehold improvements, 3 to 15 years for equipment, furniture and fixtures, and 3 to 20 years for transportation equipment. Leasehold improvements are amortized over the lives of the leases or estimated useful lives of the assets, whichever is shorter. Assets under construction are not depreciated until they are complete and available for use. Land is not depreciated. Purchased property and equipment is recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Cost includes the original purchase price of the asset, the costs attributable to bringing the asset to its working condition for its intended use and finance costs incurred prior to the asset being available for use, as well as any subsequent major expenditures for improvements and replacements which extend useful lives or increase capacity of the assets. Expenditures for maintenance and repairs are expensed as incurred. Finance lease assets are recognized based on the present value of minimum future lease payments. Costs for internal-use software that are incurred in the preliminary project stage and in the post-implementation stage are expensed as incurred. Costs incurred during the application development stage are capitalized and amortized over the estimated useful life of the software, beginning when the software project is ready for its intended use, over the estimated useful life of the software, typically 3 years. When assets are sold or otherwise retired, the costs and accumulated amortization and depreciation are removed from the books and the resulting gain or loss is included in operating results. Property, plant and equipment that have been included as part of the assets held-for-sale are no longer amortized or depreciated from the time that they are classified as such. The Company periodically utilizes a qualitative assessment to evaluate whether it is more likely than not that the fair value of its property, plant and equipment is less than its carrying value, and, if so, quantitatively evaluates the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If an impairment is indicated, a loss is recognized. Acquisitions The Company accounts for acquisitions using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Estimates of fair value included in the Consolidated Financial Statements represent the Company’s best estimates and valuations developed, when needed, with the assistance of independent appraisers or, where such valuations have not yet been completed or are not available, industry data and trends and by reference to relevant market rates and transactions. Such estimates and assumptions are inherently subject to significant uncertainties and contingencies beyond the control of the Company. Accordingly, the Company cannot provide assurance that the estimates, assumptions, and values reflected in the valuations will be realized, and actual results could vary materially. Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized, but, rather, tested for impairment. The Company tests goodwill for impairment at least annually in the fourth quarter (October 1st) or when factors indicate that the carrying amounts of assets may not be recoverable and there is a potential impairment. The factors that management considers important, and which could trigger an impairment review, include, but are not limited to: a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit; a significant decline in the market value of the Company's common stock or debt securities for a sustained period; a material adverse change in economic, financial market, industry or sector trends; a material failure to achieve operating results relative to historical levels or projected future levels; and significant changes in operations or business strategy. The Company elected to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, and if so, a quantitative test is performed. The quantitative evaluation for impairment of indefinite-lived intangibles consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss shall be recognized in an amount equal to the excess. Under the quantitative test, management estimates the fair value of a reporting unit, which requires various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on our assessment of a number of factors, including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, and industry and general economic data from third-party sources. Discount rate assumptions are based on an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit. Further, management assesses the current market capitalization, forecasts and the amount by which the fair values exceeded the carrying values. If the carrying amount of the reporting unit exceeds the fair value, an impairment loss shall be recognized in an amount equal to the excess. Based on qualitative assessments performed as of October 1, 2025, management determined it was more likely than not that the fair value of its reporting units and the fair value of the indefinite-lived intangible assets exceeded their carrying values, and, as such, no impairment was required. Intangible assets not subject to amortization (i.e. indefinite-lived intangibles) consist of certain television broadcast licenses. Intangible assets subject to amortization consists of certain trade names, customer contracts and developed technology. These finite-lived intangible assets are amortized based on their estimated useful lives. Impairment on such assets is recognized and measured only if there are events and circumstances that indicate that the carrying amount may not be recoverable. The amount of impairment of other long-lived assets (excluding goodwill) is calculated as the amount by which the carrying value of the asset exceeds the fair market value of the asset, which is generally determined based on projected discounted future cash flows. The carrying amount is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset group. An impairment loss is recorded to the extent the carrying amount of the asset or asset group exceeds the fair value and is not recoverable. Licensing: Television broadcast licenses generally are granted for eight-year periods. They are renewable after application and reviewed by the Federal Communications Commission ("FCC") and historically are renewed except in rare cases in which a petition to deny, a complaint or an adverse finding as to the licensee's qualifications results in loss of the license. As of December 31, 2025, the Company has initiated processes to explore strategic alternatives for potential asset sales. Management considered whether these actions represented an indicator of impairment. Based on the information available as of December 31, 2025, management concluded it was not more likely than not that the estimated fair value of the applicable reporting unit(s) was less than its carrying value. Management will continue to monitor events and circumstances related to the sales processes and will perform interim impairment testing if facts and circumstances change that would indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Valuation of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In the event of such conditions, the Company compares the expected undiscounted future cash flows to the carrying amount of the assets. If the total of the expected undiscounted future cash flows is less than the carrying amount of the assets, the Company is required to make estimates of the fair value of the long-lived assets in order to calculate the impairment loss equal to the difference between the fair value and carrying value of the assets. The Company makes significant assumptions and estimates in this process regarding matters that are inherently uncertain, such as determining asset groups and estimating future cash flows, remaining useful lives, discount rates and growth rates. The resulting undiscounted cash flows are projected over an extended period of time, which subjects those assumptions and estimates to an even larger degree of uncertainty. While the Company believes that its estimates are reasonable, different assumptions could materially affect the valuation of the long-lived assets. The Company derives future cash flow estimates from its historical experience and its internal business plans, which include consideration of industry trends, competitive actions, technology changes, regulatory actions, available financial resources for marketing and capital expenditures and changes in its underlying cost structure. The Company makes assumptions about the remaining useful life of its long-lived assets. The assumptions are based on the average life of its historical capital asset additions and its historical asset purchase trend. In some cases, due to the nature of a particular industry in which the company operates, such as the broadcast or infrastructure industry, the Company may assume that technology changes in such industry render all associated assets, including equipment, obsolete with no salvage value after their useful lives. In certain circumstances in which the underlying assets could be leased for an additional period of time or salvaged, the Company includes such estimated cash flows in its estimate. The estimate of the appropriate discount rate to be used to apply the present value model in determining fair value was the Company’s weighted-average cost of capital which is based on the effective rate of its debt obligations at the current market values (for periods during which the Company had debt obligations) as well as the current volatility and trading value of the Company’s common stock. Leases The Company accounts for leases on the balance sheet as lease assets and lease liabilities for leases classified as operating leases and finance leases. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets are included in Other Assets, and operating lease liabilities are included in Other current liabilities and Other liabilities (non-current) as applicable in the Consolidated Balance Sheets for their respective short-term and long-term portions and are recognized based on the present value of lease payments over the lease term at the commencement date. Finance leases are included in property, plant and equipment and debt obligations in the Consolidated Balance Sheets and are recognized based on the present value of lease payments over the lease term at commencement date. The majority of the Company’s leases do not provide an implicit rate of return; therefore, the Company uses its incremental borrowing rate at commencement date in determining the present value of lease payments. The incremental borrowing rate represents the rate of interest that would be paid to borrow on a collateralized basis over a similar term. The Company determines its incremental borrowing rate using a portfolio approach based on information available as of the lease commencement date, including applicable lease terms and the current economic environment. For lease agreements that contain non-lease components, the Company elected to combine lease and non-lease components as a single lease component. Leases with an initial term of twelve months or less are not recorded on the balance sheet unless they are expected to be renewed. Lease expense is recognized on a straight-line basis over the lease term. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As of December 31, 2025, the operating lease liability does not include any options to extend or terminate leases. Foreign Currency Transactions Foreign currency transactions are transactions denominated in a currency other than a subsidiary’s functional currency. A change in the exchange rates between a subsidiary’s functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in functional currency cash flows, which occurs upon an actual transfer of one currency to another, is reported by the Company as a foreign currency transaction gain (loss). The primary component of the Company’s foreign currency transaction gain (loss) is due to agreements in place with certain subsidiaries in foreign countries regarding intercompany transactions. The Company anticipates repayment of these transactions in the foreseeable future and recognizes the realized and unrealized gains or losses on these transactions that result from foreign currency changes in the period in which they occur as foreign currency transaction gain (loss). Foreign Currency Translation The assets and liabilities of the Company’s foreign subsidiaries are translated at the exchange rates in effect on the reporting date. Income and expenses are translated at the average exchange rate during the period. The net effect of such translation gains and losses are reflected within AOCI in the stockholders’ equity (deficit) section of the Consolidated Balance Sheets. If there is a planned or completed sale or liquidation of the Company's ownership in a foreign operation, the relevant foreign currency translation adjustment is recognized in the Consolidated Statement of Operations. In these consolidated financial statements, “$” means U.S. dollars, unless otherwise noted. Convertible Instruments Convertible instruments are generally accounted for as a single unit of account. ASC 815 requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodied both the embedded derivative instrument and the host contract is not remeasured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for convertible instruments, when it has been determined that the embedded conversion options should not be bifurcated from their host instruments, as follows: the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized using the effective interest method over the term of the related debt to their stated date of redemption as a component of Interest expense in the Consolidated Statement of Operations. Deferred Financing Costs The Company capitalizes certain expenses incurred in connection with its debt and line of credit obligations as reductions of the outstanding loan balances as a component of the carrying amount of Debt obligations in the Consolidated Balance Sheet and amortizes them using the effective interest method over the term of the respective debt agreement as a component of Interest expense in the Consolidated Statements of Operations. If the Company extinguishes portions of its debt prior to the maturity date, deferred financing costs are charged to expense on a pro-rata basis and are included in gain or loss on early extinguishment or restructuring of debt within Other income, net in the Consolidated Statements of Operations. Share-Based Compensation Share-based compensation includes restricted shares, restricted stock units and stock options, which are measured based on the grant date fair values and are recognized on a straight-line basis over the requisite service or vesting period. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated statements of operations. Grants of restricted shares and restricted stock units are valued based on the closing market share price of INNOVATE's common stock as reported on the New York Stock Exchange (the “market price”) on the date of grant. The Company uses a Black-Scholes option valuation model to determine the grant date fair value of stock options. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return and dividend yield. The expected term of an award is no less than the option vesting period and is based on the Company’s historical experience. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. The Company uses a dividend yield of zero in the Black-Scholes option valuation model as it does not anticipate paying cash dividends in the foreseeable future. Share-based compensation is recorded net of actual forfeitures as they occur. Income (Loss) Per Common Share Basic income (loss) per common share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted income (loss) per common share is computed using the weighted-average number of shares of common stock, adjusted for the dilutive effect of potential common stock equivalents and related income from continuing operations, net of tax. Potential common stock equivalents, computed using the treasury stock method or the if-converted method, include stock options, restricted stock units, convertible preferred stock and convertible debt. Refer to Note 19. Basic and Diluted Loss Per Common Share for additional information. Discontinued Operations In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results when the business is disposed of or classified as held-for-sale. The held-for-sale criteria are assessed as of the balance sheet date. The Company assessed these criteria as of December 31, 2025, and determined that no businesses met the criteria for held-for-sale or discontinued operations classification. Under ASC 360, Property, Plant and Equipment, assets may be classified as held-for-sale even though the discontinued operations criterion is not met. Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year On December 14, 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires, among other things, greater disaggregation of information in the rate reconciliation and for paid income taxes to be disaggregated by jurisdiction. The guidance was effective for the Company's 2025 annual Form 10-K and did not have a material impact on the related disclosures within these Consolidated Financial Statements. Refer to Note 12. Income Taxes for additional information. Accounting Pronouncements Issued But Pending Adoption On September 18, 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The amendments in ASU 2025-06 modernize the accounting for software costs that are accounted for under Subtopic 350-40 by removing all references to prescriptive and sequential software development stages throughout Subtopic 350-40. Under ASU 2025-06, an entity is required to start capitalizing software costs when management has authorized and committed to funding the software project and it is probable the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold"). ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Entities may apply the amendments retrospectively for all prior periods presented in the financial statements, prospectively or under a modified retrospective approach based on the status of the project and whether software costs were capitalized before the date of adoption. The Company expects that it will apply the new guidance prospectively and is currently evaluating the potential effect of this ASU on future transactions; however, the Company does not expect this ASU to have a significant effect on the Company’s Consolidated Financial Statements. On July 30, 2025, the FASB issued ASU 2025-05 Financial Instruments - Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). The amendments in ASU 2025-05 provide entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 (Revenue from Contracts with Customers). The practical expedient allows entities to assume that current conditions as of the balance sheet date will not change for the remaining life of an asset when developing reasonable and supportable forecasts as part of the estimation of expected credit losses. ASU 2025-05 is effective prospectively for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. The Company adopted ASU 2025-05 on January 1, 2026, and is utilizing the practical expedient. The Company does not expect the adoption of this ASU to have a significant effect on the Company’s Consolidated Financial Statements. On May 12, 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a VIE ("ASU 2025-03"). The amendments in ASU 2025-03 require an entity, involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business, to consider certain factors to determine which entity is the accounting acquirer. ASU 2025-03 is effective prospectively for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the potential effect of this ASU on future transactions; however, the Company does not expect this ASU to have a material effect on the Company’s Consolidated Financial Statements. On November 26, 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). The amendments in this update affect entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion. The amendments clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Entities may apply the amendments retrospectively for all prior periods presented in the financial statements or prospectively. The Company adopted ASU 2024-04 on January 1, 2026 and is applying the guidance on a prospective basis. The adoption of this ASU did not have an effect on the Company's Consolidated Financial Statements. On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). The amendments in this ASU require disclosure, in the notes to financial statements, of specified information about certain costs and expenses, including the total amount of selling expenses incurred in the period and an entity's definition of selling expenses. ASU 2024-03, with effective dates as clarified by ASU 2025-01 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU, which will only have an effect on the disclosures within the Company’s Consolidated Financial Statements. Subsequent Events ASC 855, Subsequent Events requires the Company to evaluate events that occur after the balance sheet date as of which the financial statements are issued, and to determine whether adjustments to or additional disclosures in the financial statements are necessary. Refer to Note 22. Subsequent Events.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($)
$ in Millions

Total

Temporary Equity

Total INNOVATE Stockholders' (Deficit) Equity

Common Stock

Additional Paid-In Capital

Treasury Stock

Accumulated Deficit

Accumulated Comprehensive Income (Loss)

^[1]

Non-Controlling Interests

Beginning balance at Dec. 31, 2023

$ 15.4

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred stock dividends

$ (1.2)

(0.3)

$ (1.2)

Issuance of preferred stock in private placement

31.3

Series C Preferred Share Conversion

31.3

(31.3)

31.3

Effect of Series D investment in R2 Technologies

(1.1)

1.1

(13.2)

$ 12.1

Net loss

(0.6)

Ending balance at Dec. 31, 2024

15.6

Beginning balance (in shares) at Dec. 31, 2023

7,923,500

Beginning balance at Dec. 31, 2023

(151.7)

(165.5)

$ 0.0

328.3

$ (5.4)

$ (487.3)

$ (1.1)

13.8

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation

3.4

Dividends

(1.2)

(0.3)

(1.2)

Issuance of common stock, net of forfeitures (in shares)

224,800

Rights offering, net of transaction costs (in shares)

530,600

Rights offering, net of transaction costs

1.9

Series C Preferred Share Conversion (in shares)

4,469,400

Series C Preferred Share Conversion

31.3

(31.3)

31.3

Reverse stock split (in shares)

113,100

Effect of Series D investment in R2 Technologies

(1.1)

1.1

(13.2)

12.1

Distributions to non-controlling interests

(0.3)

Transactions with non-controlling interests

(0.2)

(0.4)

0.2

Net loss

(39.1)

(34.6)

(4.5)

Other comprehensive loss (income)

$ (2.3)

(2.1)

(0.2)

Ending balance (in shares) at Dec. 31, 2024

13,261,379

13,261,400

Ending balance at Dec. 31, 2024

$ (159.3)

(180.4)

$ 0.0

350.1

(5.4)

(521.9)

(3.2)

21.1

Increase (Decrease) in Temporary Equity [Roll Forward]

Preferred stock dividends

(5.0)

2.2

(3.4)

(1.6)

Exchange of preferred stock for debt

(9.1)

Net loss

(0.7)

Transactions with non-controlling interests and redeemable non-controlling interests

2.9

Ending balance at Dec. 31, 2025

10.9

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation

2.7

Shares withheld to satisfy tax withholdings (in shares)

(15,100)

Shares withheld to satisfy tax withholdings

(0.2)

Dividends

(5.0)

$ 2.2

(3.4)

(1.6)

Issuance of common stock, net of forfeitures (in shares)

408,800

Transactions with non-controlling interests

(2.8)

0.2

(3.0)

Other

0.5

Net loss

(63.3)

(60.6)

(2.7)

Other comprehensive loss (income)

$ 1.2

1.1

0.1

Ending balance (in shares) at Dec. 31, 2025

13,655,062

13,655,100

Ending balance at Dec. 31, 2025

$ (226.2)

$ (240.1)

$ 0.0

$ 350.1

$ (5.6)

$ (582.5)

$ (2.1)

$ 13.9

[1]	Inclusive of other comprehensive income (loss), foreign currency cumulative translation adjustments totaled a loss of $3.3 million and $4.5 million as of December 31, 2025 and 2024, respectively.

Share-based Compensation - Schedule of Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price at date of grant (in dollars per share)	$ 4.75	$ 6.27
Expected term	5 years 6 months
Risk-free interest rate	3.70%	4.10%
Expected volatility	88.40%
Expected volatility, minimum		80.90%
Expected volatility, maximum		82.70%
Expected dividend yield	0.00%	0.00%
Grant date fair value per option (in dollars per share)	$ 3.34
Employee Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		5 years 1 month 6 days
Grant date fair value per option (in dollars per share)		$ 2.67
Employee Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		5 years 7 months 6 days
Grant date fair value per option (in dollars per share)		$ 4.75

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease liability, net of current portion	$ 42.9	$ 43.5
Accrued interest (non-current portion)	0.0	0.7
Other	3.4	2.6
Total other liabilities	$ 46.3	$ 46.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	13,818,904	13,410,179
Common stock, shares outstanding (in shares)	13,655,062	13,261,379
Treasury stock, common shares (in shares)	163,842	148,800
Series A-3 , A-4 Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Series A-3 Preferred Stock
Preferred stock, shares issued (in shares)	6,125	6,125
Preferred stock, shares outstanding (in shares)	6,125	6,125
Series A-4 Preferred Stock
Preferred stock, shares issued (in shares)	1,937	10,000
Preferred stock, shares outstanding (in shares)	1,937	10,000

Investments - Scaled Cell and Triple Ring Narrative (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Scaled Cell
Schedule of Investments [Line Items]
Equity method investment, shares held	240,613	240,613
Beneficial ownership percentage	20.10%	20.10%
Triple Ring
Schedule of Investments [Line Items]
Beneficial ownership percentage	7.20%	7.20%
Ownership percentage, fully diluted basis	1.60%	1.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue	$ 1,246.0	$ 1,107.1
Cost of revenue	1,046.3	898.3
Gross profit	199.7	208.8
Operating expenses:
Selling, general and administrative	153.1	160.2
Depreciation and amortization	17.5	17.6
Other operating loss (income)	0.4	(9.0)
Income (loss) from operations	28.7	40.0
Other (expense) income:
Interest expense	(89.0)	(74.5)
Loss from equity investees	(5.9)	(2.3)
Other income, net	4.7	3.4
Loss from operations before income taxes	(61.5)	(33.4)
Income tax expense	(2.5)	(6.3)
Net loss	(64.0)	(39.7)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	3.4	5.1
Net loss attributable to INNOVATE Corp.	(60.6)	(34.6)
Less: Preferred stock dividends	3.4	1.2
Net loss attributable to common stockholders and participating preferred stockholders, basic	(64.0)	(35.8)
Net loss attributable to common stockholders and participating preferred stockholders, diluted	$ (64.0)	$ (35.8)
Loss per common share - basic (in usd per share)	$ (4.84)	$ (3.08)
Loss per common share - diluted (in usd per share)	$ (4.84)	$ (3.08)
Weighted-average common shares outstanding - basic (in shares)	13,217,593	10,696,274
Weighted-average common shares outstanding - diluted (in shares)	13,217,593	10,696,274

Basic and Diluted Loss Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Common Share

19. Basic and Diluted Loss Per Common Share

Loss per share ("EPS") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards, and, previously, the Series C Preferred Stock, that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, shares of any unvested restricted stock, and, previously, the Series C Preferred Stock, of the Company are considered participating securities; however, unvested shares of restricted stock do not participate in losses and, as such, are excluded from the computation of basic loss per share during periods of net losses. The dilutive effect, if applicable, of stock options and their equivalents (including non-vested stock issued under share-based compensation plans), is computed using the "if-converted method" if this measurement is determined to be more dilutive than the treasury stock method in a period.

The Company had no dilutive common stock equivalents during the years ended December 31, 2025, and 2024, due to the results from continuing operations being a loss, net of tax. For the years ended December 31, 2025 and 2024, 304,684 and 171,565, respectively, of common stock equivalents from unvested restricted stock awards and unvested restricted stock units were excluded from the weighted-average number of shares used to calculate diluted loss per share as their inclusion would have been anti-dilutive. Other instruments that may, in the future, if the average market price of the Company's stock exceeds the conversion prices, have a dilutive effect on EPS, but were excluded from the computations of diluted net loss per share for the years ended December 31, 2025 and 2024, and may be excluded from computations of diluted EPS in the future, are: convertible preferred stock, convertible debt, and stock options. Refer to Note 15. Share-based Compensation and Note 16. Equity and Temporary Equity for additional information on INNOVATE's equity instruments.

The following table presents a reconciliation of net loss to net loss used in the basic and diluted EPS calculations (in millions, except shares and per share amounts):


	Year Ended December 31,
		2025			2024
Net loss		$	(64.0)		$	(39.7)
Net loss attributable to non-controlling interests and redeemable non-controlling interests		3.4			5.1
Net loss attributable to INNOVATE Corp.		(60.6)			(34.6)
Less: Preferred stock dividends		3.4			1.2




Net loss attributable to common stockholders and participating preferred stockholders		$	(64.0)		$	(35.8)


Participating shares
Weighted-average common shares outstanding		13,217,593			10,696,274

Series C Preferred stock		—			947,307
Total		13,217,593			11,643,581

Percentage of loss allocated to:
Common stock		100.0		%	91.9		%

Series C Preferred stock		—		%	8.1		%

Numerator for loss per share:


Net loss attributable to common stockholders, basic and diluted		$	(64.0)		$	(32.9)
Net loss attributable to Series C holders, basic and diluted		—			(2.9)






Denominator for loss per share:
Weighted-average common shares outstanding - basic and diluted		13,217,593			10,696,274


Weighted-average Series C shares outstanding - basic and diluted		—			947,307

Loss per share
Loss per common share - basic and diluted		$	(4.84)		$	(3.08)

Loss per Series C share - basic and diluted		$	—		$	(3.08)

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Parties	17. Related Parties Non-Operating Corporate During the first quarter of 2024, in connection with the Rights Offering, the Company entered into an Investment Agreement with Lancer Capital, an entity controlled by Avram A. Glazer, pursuant to which Lancer Capital agreed to the Backstop Commitment to purchase up to $19.0 million of Series C Preferred Stock in connection with the Rights Offering and to purchase $16.0 million of Series C Preferred Stock in a private placement transaction ("Concurrent Private Placement"), of which $25.0 million would be purchased before the closing of the Rights Offering if the Rights Offering did not close by March 28, 2024. As a result of the extension of the Rights Offering, on March 28, 2024, Lancer Capital funded the equity advance of $25.0 million to the Company and received 25,000 shares of Series C Preferred Stock. On April 24, 2024, as a result of the closing of the Rights Offering and Concurrent Private Placement, Lancer Capital purchased an additional approximately 6,286 shares of Series C Preferred Stock for $6.3 million. On June 18, 2024, the Company held its annual shareholder meeting where the Company's shareholders approved the conversion of the Series C Preferred Stock into common stock. As a result, approximately 31,286 Series C Preferred Stock held by Lancer Capital were converted into 4,469,390 shares of INNOVATE's common stock, and there were no shares of the Series C Preferred Stock outstanding subsequent to their conversion into the Company's common stock. Refer to Note 16. Equity and Temporary Equity for additional information. As of December 31, 2025, Lancer Capital held $2.2 million of the Company's 2027 Convertible Notes, which were issued on August 4, 2025, in exchange for the $2.0 million of principal amount of the Company's 2026 Convertible Notes held by Lancer prior to the exchange and as of December 31, 2024. The principal amount of the 2027 Convertible Notes includes capitalized interest and extension fees. As of December 31, 2025, the $2.2 million in 2027 Convertible Notes are convertible into 51,874 shares of common stock of INNOVATE. As of December 31, 2024, the $2.0 million in 2026 Convertible Notes were convertible into 47,265 shares of common stock of INNOVATE. During both the years ended December 31, 2025 and 2024, Lancer Capital earned $0.2 million in interest relating to these notes. Refer to Note 11. Debt Obligations for additional information on the Convertible Notes. CGIC is a former significant shareholder and is the shareholder of the Company's Series A-3 Preferred Stock and Series A-4 Preferred Stock. Refer to Note 16. Equity and Temporary Equity for additional information. In addition, as of December 31, 2025 and 2024, the Company owed $45.9 million and $31.0 million, respectively, in principal amount of a promissory note owed to CGIC. Refer to Note 11. Debt Obligations for additional information. In December 2023, the Company entered into a sublease agreement for a special purpose space with PBCIC, a Florida not-for-profit corporation and related party to Avram A. Glazer, the Chairman of INNOVATE's Board of Directors and a significant shareholder, who is also on the board of directors of PBCIC. In March 2024, the Company assigned this lease to an entity controlled by Mr. Glazer. In addition, in March 2024, the Company assigned a lease for office space to an entity controlled by Mr. Glazer. The $0.2 million security deposit on the lease was also assigned to Lancer Capital and written-off in March 2024. Infrastructure DBMG and Banker Steel, jointly and severally, had a subordinated 4.0% note payable to Banker Steel's former owner, in which Donald Banker's family trust has a 25% interest. The 4.0% note and associated accrued interest matured on March 31, 2024, and was fully redeemed on April 2, 2024. During the year ended December 31, 2024, DBMG made $5.0 million in scheduled principal payments on the 4.0% note. Life Sciences As of December 31, 2025, R2 Technologies had $47.9 million in principal amount of a 12.0% senior secured promissory note due to Lancer Capital. As of December 31, 2024, R2 Technologies had $24.0 million in principal amount of a 20.0% senior secured promissory note due to Lancer Capital. Refer to Note 11. Debt Obligations for additional information. For the years ended December 31, 2025 and 2024, R2 Technologies recognized revenue of $3.6 million and $1.4 million, respectively from sales and profit sharing agreements with a subsidiary of Huadong, a related party of R2 Technologies. There were $0.6 million and $0.1 million of related receivables from this subsidiary of Huadong as of December 31, 2025 and 2024, respectively. Share-based compensation and royalty expenses related to Blossom Innovations, LLC ("Blossom"), an investor of R2 Technologies since 2014, totaled $0.3 million and $1.1 million, for the years ended December 31, 2025 and 2024, respectively. The related payables due to Blossom totaled $0.2 million as of December 31, 2025, and there were no related payables due to Blossom as of December 31, 2024. Refer to Note 6. Investments for transactions with equity method investees of the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

9. Leases

The Company has entered into operating leases for land, office space, and certain Company vehicles and equipment and has entered into finance leases for certain Company vehicles and equipment. The leases will expire between 2026 and 2045. Right-of-use lease assets and lease liabilities consisted of the following (in millions):


	Balance Sheet Location	December 31,
		2025		2024
Right-of-use assets:
Operating lease	Other assets (non-current)	$	52.9	$	53.7
Finance lease	Property, plant and equipment, net	0.1		0.5
Total right-of-use assets		$	53.0	$	54.2

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	12.9	$	12.9
Non-current portion of operating lease	Other liabilities	42.9		43.5
Finance lease	Debt obligations	0.1		0.6
Total lease liabilities		$	55.9	$	57.0

The following table summarizes the components of lease expense (in millions):


	Year Ended December 31,
		2025		2024
Finance lease cost:
Amortization of right-of-use assets		$	0.2	$	0.4
Interest on lease liabilities		—		0.1
Net finance lease cost		0.2		0.5
Operating lease cost		18.2		17.5

Variable lease cost		0.6		0.6
Sublease income		—		(0.7)
Total non-current lease cost		19.0		17.9
Short-term lease costs		27.1		30.0
Total lease cost		$	46.1	$	47.9

Based on the short-term leases executed as of December 31, 2025, the Company expects that it will incur approximately $12.1 million in estimated short-term lease costs for the year ended December 31, 2026.

Cash flow information related to leases is as follows (in millions):


	Year Ended December 31,
		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)		$	19.4	$	19.3
Operating cash flows for finance leases		$	—	$	0.1
Financing cash flows for finance leases		$	0.3	$	0.4

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	15.6	$	18.5
Finance leases		$	0.1	$	—

On May 1, 2024, a subsidiary of DBMG amended the termination date of three property leases that had an original expiry date of March 31, 2031. In exchange, and as an inducement for DBMG to early terminate, the landlord agreed to pay DBMG $12.0 million in surrender fees in three equal installments, contingent on timely vacate and inspection milestones, of which DBMG received $4.0 million in surrender fees in 2024 and $4.0 million in surrender fees in 2025, with the remaining $4.0 million payment due to DBMG due within five business days of the vacate date in 2027 for the remaining property lease. After final surrender of the properties, DBMG will have no further obligations under these leases. The Company accounted for this transaction as a lease modification and recognized a $8.7 million gain on lease modification, which is included in Other operating income in the Consolidated Statement of Operations for the year ended December 31, 2024.

The weighted-average remaining lease terms and the weighted-average discount rates for the Company's leases were as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term (years) - operating leases	6.6		7.4
Weighted-average remaining lease term (years) - finance leases	2.1		2.7
Weighted-average discount rate - operating leases	6.4	%	6.1	%
Weighted-average discount rate - finance leases	5.0	%	5.3	%

Future minimum lease commitments (undiscounted) as of December 31, 2025, were as follows (in millions):


	Operating Leases		Finance Leases
2026	$	15.5	$	0.1
2027	13.6		—
2028	10.1		—
2029	6.5		—
2030	4.9		—
Thereafter	17.2		—
Total future minimum lease payments	67.8		0.1
Less: amounts representing interest	(12.0)		—
Total lease liability	$	55.8	$	0.1

Leases

9. Leases


	Balance Sheet Location	December 31,
		2025		2024
Right-of-use assets:
Operating lease	Other assets (non-current)	$	52.9	$	53.7
Finance lease	Property, plant and equipment, net	0.1		0.5
Total right-of-use assets		$	53.0	$	54.2

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	12.9	$	12.9
Non-current portion of operating lease	Other liabilities	42.9		43.5
Finance lease	Debt obligations	0.1		0.6
Total lease liabilities		$	55.9	$	57.0

The following table summarizes the components of lease expense (in millions):


	Year Ended December 31,
		2025		2024
Finance lease cost:
Amortization of right-of-use assets		$	0.2	$	0.4
Interest on lease liabilities		—		0.1
Net finance lease cost		0.2		0.5
Operating lease cost		18.2		17.5

Variable lease cost		0.6		0.6
Sublease income		—		(0.7)
Total non-current lease cost		19.0		17.9
Short-term lease costs		27.1		30.0
Total lease cost		$	46.1	$	47.9

Cash flow information related to leases is as follows (in millions):


	Year Ended December 31,
		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases(1)		$	19.4	$	19.3
Operating cash flows for finance leases		$	—	$	0.1
Financing cash flows for finance leases		$	0.3	$	0.4

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	15.6	$	18.5
Finance leases		$	0.1	$	—

The weighted-average remaining lease terms and the weighted-average discount rates for the Company's leases were as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term (years) - operating leases	6.6		7.4
Weighted-average remaining lease term (years) - finance leases	2.1		2.7
Weighted-average discount rate - operating leases	6.4	%	6.1	%
Weighted-average discount rate - finance leases	5.0	%	5.3	%

Future minimum lease commitments (undiscounted) as of December 31, 2025, were as follows (in millions):


	Operating Leases		Finance Leases
2026	$	15.5	$	0.1
2027	13.6		—
2028	10.1		—
2029	6.5		—
2030	4.9		—
Thereafter	17.2		—
Total future minimum lease payments	67.8		0.1
Less: amounts representing interest	(12.0)		—
Total lease liability	$	55.8	$	0.1

Segments and Related Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments and Related Information

18. Segments and Related Information

The Company currently operates in one primary geography - United States, and substantially all revenue is derived in the United States, and substantially all PP&E and intangible assets reside in the United States. The Company's reportable segments are identified based on the nature of the services and products provided, the organizational structure, and the internal reporting system used by the Chief Operating Decision Maker ("CODM") to assess performance and allocate resources. As of December 31, 2025, the Company had three reportable operating segments, plus the Other segment, based on management’s organization of the enterprise - Infrastructure, Life Sciences, Spectrum, and Other. The Company also has a Non-Operating Corporate segment. All inter-segment transactions are eliminated on consolidation. There are no inter-segment revenues. Refer to Note 1. Organization and Business for additional information on the organizational structure of the business and Note 3. Revenue and Contracts in Process for additional information on revenue by segment.

The CODM for the Company is the Interim CEO, Paul Voigt. The CODM is primarily responsible for allocating resources at all levels that do not require board approval. The CODM monitors the performance of each segment and is responsible for making strategic decisions regarding capital and resource allocation. The CODM uses a combination of monthly reports, which detail revenue and income (loss) from operations, and quarterly summaries, which include detailed breakdowns of each segment's income (loss) from operations, to evaluate segment performance, allocate resources and make strategic decisions. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. The primary U.S. GAAP metric used by the CODM in assessing segment performance is income (loss) from operations.

Financial information, including revenue and expenses, with respect to the Company’s operating segments, is as follows (in millions):


	Year Ended December 31, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,210.3	$	12.5	$	23.2	$	—	$	—	$	1,246.0

Cost of revenue	1,026.2		8.4		11.7		—		—		1,046.3
Selling, general and administrative expenses	115.2		14.6		7.6		15.6		0.1		153.1
Depreciation and amortization	12.1		0.4		5.0		—		—		17.5
Other operating loss (income) (1)	1.4		—		(1.0)		—		—		0.4
Income (loss) from operations	$	55.4	$	(10.9)	$	(0.1)	$	(15.6)	$	(0.1)	$	28.7


























Other data:
Capital cash expenditures	$	23.4	$	—	$	2.7	$	—	$	—	$	26.1


	Year Ended December 31, 2024
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,071.6	$	9.8	$	25.7	$	—	$	—	$	1,107.1

Cost of revenue	880.4		6.4		11.5		—		—		898.3
Selling, general and administrative expenses	123.1		17.1		7.3		12.7		—		160.2
Depreciation and amortization	12.0		0.4		5.1		0.1		—		17.6
Other operating (income) loss (1)	(9.6)		—		0.4		0.2		—		(9.0)
Income (loss) from operations	$	65.7	$	(14.1)	$	1.4	$	(13.0)	$	—	$	40.0

























Other data:
Capital cash expenditures	$	17.6	$	—	$	1.4	$	—	$	—	$	19.0
(1) Other operating income at the Company's Infrastructure segment for the year ended December 31, 2024, related mainly to a gain on a lease modification and a net gain on the sale and disposal of various properties.








































Certain balance sheet data:
	December 31, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Investments (1)	$	—	$	1.8	$	—	$	—	$	—	$	1.8
Total assets	$	758.9	$	9.6	$	174.5	$	7.1	$	—	$	950.1

	December 31, 2024
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Investments (1)	$	—	$	1.8	$	—	$	1.8	$	—	$	3.6
Total assets	$	683.6	$	11.9	$	178.9	$	16.7	$	—	$	891.1

(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both December 31, 2025 and 2024.


	Year Ended December 31,
		2025		2024
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations		$	28.7	$	40.0
Interest expense		(89.0)		(74.5)




Loss from equity investees		(5.9)		(2.3)

Other income, net		4.7		3.4
Loss from operations before income taxes		$	(61.5)	$	(33.4)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Debt Obligations - Infrastructure Narrative (Details) $ in Millions			12 Months Ended
	May 20, 2025 USD ($) parcel	May 19, 2025 termLoan	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Net loss on extinguishment or repurchase of debt			$ 0.3	$ 0.3
Infrastructure \| DBM Global Credit Facilities \| UMB Bank
Debt Instrument [Line Items]
Number of term loans \| termLoan		2
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 220.0
Accordion feature to increase line of credit	$ 50.0
Debt instrument, number of real estate parcels, first priority lien \| parcel	10
Net loss on extinguishment or repurchase of debt			0.3
Deferred financing fees			1.8
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| Third-Party
Debt Instrument [Line Items]
Deferred financing fees			0.1
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| SOFR plus 2.75% Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 135.0
Outstanding debt			15.0	0.0
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| SOFR plus 2.75% Term Loan \| Term Loan
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 85.0
Outstanding debt			$ 72.6	$ 0.0
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| PRIME minus 0.75% Revolving Credit Facility \| UMB Bank
Debt Instrument [Line Items]
Interest rate, effective percentage			6.80%	7.00%
Commitment fee percentage	0.50%	0.25%
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| PRIME minus 0.75% Revolving Credit Facility \| Maximum \| UMB Bank
Debt Instrument [Line Items]
Interest rate	4.25%
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| PRIME minus 0.75% Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Outstanding debt			$ 0.0	$ 45.0
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| PRIME minus 0.75% Revolving Credit Facility \| Line of Credit \| UMB Bank
Debt Instrument [Line Items]
Availability for revolving loans			$ 119.9	$ 89.9
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| 3.25% Term Loan \| UMB Bank
Debt Instrument [Line Items]
Interest rate				3.25%
Interest rate, effective percentage			7.40%	3.30%
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| 3.25% Term Loan \| Term Loan
Debt Instrument [Line Items]
Interest rate			3.25%
Outstanding debt			$ 0.0	$ 74.6
Revolving Credit Facility \| Infrastructure \| DBM Global Credit Facilities \| PRIME minus 0.75% Term Loan \| Term Loan
Debt Instrument [Line Items]
Outstanding debt			$ 0.0	$ 24.5

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 112.1	$ 48.8
Accounts receivable, net	241.1	194.0
Contract assets	64.1	106.3
Inventory	16.0	20.8
Other current assets	18.2	21.0
Total current assets	451.5	390.9
Investments	1.8	3.6
Deferred tax asset	2.0	1.6
Property, plant and equipment, net	141.8	133.6
Goodwill	127.0	126.7
Intangibles, net	165.2	172.4
Other assets	60.8	62.3
Total assets	950.1	891.1
Current liabilities
Accounts payable	141.4	84.8
Accrued liabilities	122.5	109.7
Current portion of debt obligations	581.4	162.2
Contract liabilities	171.9	109.1
Other current liabilities	16.9	17.2
Total current liabilities	1,034.1	483.0
Deferred tax liability	4.7	4.4
Debt obligations	80.3	500.6
Other liabilities	46.3	46.8
Total liabilities	1,165.4	1,034.8
Commitments and contingencies (Note 13)
Temporary equity
Redeemable non-controlling interests	1.6	(0.5)
Total temporary equity	10.9	15.6
Stockholders’ deficit
Common stock, $0.001 par value, Shares authorized: 250,000,000, Shares issued: 13,818,904 and 13,410,179, respectively, Shares outstanding: 13,655,062 and 13,261,379, respectively	0.0	0.0
Additional paid-in capital	350.1	350.1
Treasury stock, at cost: 163,842 and 148,800 shares, respectively	(5.6)	(5.4)
Accumulated deficit	(582.5)	(521.9)
Accumulated other comprehensive loss	(2.1)	(3.2)
Total INNOVATE Corp. stockholders’ deficit	(240.1)	(180.4)
Non-controlling interests	13.9	21.1
Total stockholders’ deficit	(226.2)	(159.3)
Total liabilities, temporary equity and stockholders’ deficit	950.1	891.1
Series A-3 , A-4 Preferred Stock
Temporary equity
Preferred Stock Series A-3 and Preferred Stock Series A-4, $0.001 par value Shares authorized: 20,000,000; Shares issued and outstanding: 6,125 of Series A-3; 1,937 and 10,000 of Series A-4, respectively.	$ 9.3	$ 16.1

Goodwill and Intangibles, Net - Schedule of Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 107.9	$ 107.7
Federal Communications Commission ("FCC") licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 107.9	$ 107.7

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 19.4	$ 19.3
Operating cash flows for finance leases	0.0	0.1
Financing cash flows for finance leases	0.3	0.4
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	15.6	18.5
Finance leases	0.1	0.0
Lease modification incentive	$ 4.0	$ 4.0

Supplementary Financial Information- Schedule of Other Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain on step-up of equity method investment	$ 4.4	$ 0.0
Net loss on repurchase or extinguishment of debt	(0.3)	(0.3)
Interest income	0.7	2.6
Foreign currency translation (losses) gains	(1.1)	1.3
Fair value gains (losses) on securities	0.8	(0.2)
Other	0.2	0.0
Total other income, net	$ 4.7	$ 3.4

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Investments - MedicBeacon Narrative (Details) - USD ($)		12 Months Ended
Investments - MedicBeacon Narrative (Details) - USD ($)	Jan. 17, 2025	Dec. 31, 2025	Dec. 31, 2024	Jan. 18, 2025
Schedule of Investments [Line Items]
Gain on sale of investments		$ 5,200,000	$ (200,000)
MediBeacon Inc.
Schedule of Investments [Line Items]
Beneficial ownership percentage		44.60%	45.90%
MediBeacon Inc. \| Life Sciences
Schedule of Investments [Line Items]
Gain on sale of investments		$ 4,400,000
Realized loss, equity issuance		5,900,000
Equity method investment, interest		1,500,000
Equity method investments		0	$ 0
Cumulative unrecognized loss on equity method investments		19,800,000
MediBeacon Inc. \| Life Sciences \| Notes Receivable
Schedule of Investments [Line Items]
Notes receivable, face amount			2,300,000
Accrued interest receivable		400,000	$ 1,700,000
Notes receivable interest rate, percentage			12.00%
Notes receivable term			3 years
Realized loss			$ 2,300,000
Notes receivable		500,000	12,000,000.0
Interest income		$ 100,000	$ 1,400,000
MediBeacon Inc. \| Life Sciences \| Huadong
Schedule of Investments [Line Items]
Convertible notes and accrued interest converted to stock, in process	$ 7,500,000
Beneficial ownership percentage	45.90%			44.70%
Ownership percentage, fully diluted basis	40.10%			39.70%
MediBeacon Inc. \| Life Sciences \| Convertible Debt
Schedule of Investments [Line Items]
Notes receivable, face amount	$ 11,400,000
Accrued interest receivable	1,500,000
Convertible notes and accrued interest converted to stock	$ 12,900,000

Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Television broadcast license, general period granted	8 years

Income Taxes - Schedule of Federal Statutory Income Tax Rate to Income (Loss) Before Income Taxes - 2025 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Tax (benefit) at federal statutory rate	$ (12.9)	$ (7.0)
State tax, net of federal benefit	1.9	(1.3)
Foreign Tax Effects	0.3
Increase (decrease) in valuation allowance	12.7	19.8
Non-deductible meals and entertainment	0.7	0.5
Other	(0.2)	0.9
Income tax expense	$ 2.5	$ 6.3
Percent
Tax (benefit) at federal statutory rate	21.00%
State tax, net of federal benefit	(3.10%)
Foreign Tax Effects	(0.50%)
Increase (decrease) in valuation allowance	(20.70%)
Non-deductible meals and entertainment	(1.10%)
Other	0.30%
Income tax expense	(4.10%)

Accounts Receivable, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024
Receivables [Abstract]
Accounts receivable, net	$ 241.1	$ 194.0	$ 278.4
Accounts receivable credit loss expense (reversal)	$ 0.5	$ (0.1)

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Uncertain tax benefits - January 1	$ 17.6	$ 17.6
Gross decreases - Tax positions in prior year	0.0	0.0
Uncertain tax benefits - December 31	$ 17.6	$ 17.6

Leases - Schedule of Future Payments of Lease Liabilities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 15.5
2027	13.6
2028	10.1
2029	6.5
2030	4.9
Thereafter	17.2
Total future minimum lease payments	67.8
Less: amounts representing interest	(12.0)
Total lease liability	55.8
Finance Leases
2026	0.1
2027	0.0
2028	0.0
2029	0.0
2030	0.0
Thereafter	0.0
Total future minimum lease payments	0.1
Less: amounts representing interest	0.0
Total lease liability	$ 0.1

Equity and Temporary Equity - Schedule of Stock by Class (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Series A-3 Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	6,125	6,125
Preferred stock, shares outstanding (in shares)	6,125	6,125
Series A-4 Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	1,937	10,000
Preferred stock, shares outstanding (in shares)	1,937	10,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt Obligations - Non-Operating Corporate 8.50% Senior Secured Notes due 2026 Narrative (Details) - Secured Debt - Non-Operating Corporate - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
8.50% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate		8.50%		8.50%
Face amount				$ 330,000,000.0
Debt issued, percentage of par value				100.00%
Debt conversion, amount exchanged	$ 328,100,000
Outstanding debt		$ 1,900,000	$ 330,000,000.0
Interest rate, effective percentage				9.30%
Debt issuance costs				$ 10,800,000
Deferred financing fees	$ 1,300,000	0	2,800,000
Amortization of discount on investments, net		$ 17,900,000	30,400,000
10.50% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	10.50%	10.50%
Face amount	$ 360,400,000
Outstanding debt		$ 360,400,000	$ 0
Interest rate, effective percentage		14.40%
Deferred financing fees		$ 1,000,000.0

Segments and Related Information - Schedule of Reconciliation of the Consolidated Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations	$ 28.7	$ 40.0
Interest expense	(89.0)	(74.5)
Loss from equity investees	(5.9)	(2.3)
Other income, net	4.7	3.4
Loss from operations before income taxes	$ (61.5)	$ (33.4)

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Debt Obligations - Life Sciences Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
	Aug. 04, 2025	Jan. 31, 2024	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Aug. 04, 2024	Jan. 30, 2024
Debt Instrument [Line Items]
Accrued interest and exit fees (current portion)				$ 72,100,000	$ 61,000,000.0
Current portion of debt obligations				$ 581,400,000	162,200,000
R2 Technologies \| Lancer Promissory Note \| Related Party \| Life Sciences
Debt Instrument [Line Items]
Optional prepayment, number of days written notice	5 days
Interest rate	12.00%			12.00%
Face amount	$ 43,500,000
Short-term debt				$ 47,900,000	24,000,000.0
Exit fees (non-current portion)					$ 7,900,000
Interest rate, effective percentage				17.00%	57.80%
Interest expense, debt				$ 14,700,000	$ 9,800,000
Interest costs capitalized				5,300,000	6,600,000
Current portion of debt obligations				46,600,000	31,900,000
Outstanding debt				47,900,000	$ 24,000,000.0
Unamortized discount				$ 1,300,000
R2 Technologies \| Senior Notes, Due 2025, 20.00% \| Related Party \| Life Sciences
Debt Instrument [Line Items]
Interest rate		20.00%			20.00%		20.00%
Face amount	$ 20,000,000.0	$ 20,000,000.0
Short-term debt		17,400,000
Accrued interest and exit fees (current portion)		$ 2,600,000				$ 7,000,000.0
Exit fees (non-current portion)			$ 16,500,000			$ 16,500,000
Extension fee percentage	5.00%
Debt instrument, extension fee	$ 2,200,000
Gains (losses) on restructuring of debt	$ 0
Exit fee percentage		10.50%	13.09%
Exit fees		$ 2,200,000	$ 8,700,000
Additional exit fee payable			1,000,000.0
Increase in exit fee per month			$ 1,000,000.0

Income Taxes - Schedule of Federal Statutory Income Tax Rate to Income (Loss) Before Income Taxes - 2024 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Tax (benefit) at federal statutory rate	$ (12.9)	$ (7.0)
State tax, net of federal benefit	1.9	(1.3)
Non-deductible meals and entertainment	0.7	0.5
Stock compensation		2.1
Increase (decrease) in valuation allowance	12.7	19.8
Tax rate changes		(4.9)
Return to provision		(3.8)
Other	(0.2)	0.9
Income tax expense	$ 2.5	$ 6.3

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The income tax expense (benefit) for income taxes for the years indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024
Current tax expense
Federal	$	(1.0)	$	0.6
State	2.6		4.5
Foreign	1.0		0.7
Net current tax expense	$	2.6	$	5.8
Deferred tax expense (benefit)
Federal	$	0.3	$	0.2

Foreign	(0.4)		0.3
Net deferred tax (benefit) expense	$	(0.1)	$	0.5

Income tax expense	$	2.5	$	6.3

The US and foreign components of income (loss) from continuing operations before income taxes for the years indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024
US	$	(63.3)	$	(36.1)
Foreign	1.8		2.7
Loss from continuing operations before income taxes	$	(61.5)	$	(33.4)


	Year Ended December 31, 2025
	Amount		Percent
Tax (benefit) at federal statutory rate	$	(12.9)	21.0	%
State tax, net of federal benefit(1)	1.9		(3.1)	%
Foreign Tax Effects	0.3		(0.5)	%
Increase (decrease) in valuation allowance	12.7		(20.7)	%
Non-taxable or non-deductible items:
Non-deductible meals and entertainment	0.7		(1.1)	%



Other Adjustment:




Other	(0.2)		0.3	%
Income tax expense	$	2.5	(4.1)	%

(1) State taxes in New York, California, and Louisiana made up the majority (greater than 50%) of the tax effect in this category.


	Year Ended December 31, 2024
	Amount
Tax (benefit) at federal statutory rate	$	(7.0)
State tax, net of federal benefit	(1.3)
Non-deductible meals and entertainment	0.5
Executive and stock compensation	2.1
Increase (decrease) in valuation allowance	19.8
Tax rate changes	(4.9)
Return to provision	(3.8)



Other	0.9
Income tax expense	$	6.3

Income tax expense of $2.5 million for the year ended December 31, 2025, primarily relates to the tax expense for taxpaying entities for which there was a decrease in tax expense due to the decrease in pre-tax results. Additionally, the tax benefits associated with losses generated by certain other businesses have been reduced by a full valuation allowance as management does not believe it is more-likely-than-not that the losses will be utilized.

Income tax expense of $6.3 million for the year ended December 31, 2024, primarily relates to the tax expense for taxpaying entities, for which there was an increase in current federal tax expense due to INNOVATE's U.S. consolidated group utilizing its remaining unlimited NOLs in 2024 and due to the Tax Cuts and Jobs Act's 80% limitation on net operating losses incurred after 2017. Additionally, the tax benefits associated with losses generated by the INNOVATE Corp. U.S. tax consolidated group and certain other businesses have been reduced by a full valuation allowance as the Company does not believe it is more-likely-than not that the losses will be utilized prior to expiration.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law, introducing various changes to U.S. federal income tax provisions, including modifications to bonus depreciation, interest expense limitations, and the treatment of research and development expenditures. Under ASC 740, the effects of newly enacted tax legislation must be recognized in the period that includes the enactment date. Management has evaluated the provisions of the OBBBA and their current and potential impact on the financial statements. Based on this evaluation, the Company does not expect the OBBBA to have a material effect on the current or deferred income tax balances, effective tax rate, or overall financial position. The effects of the legislation have been reflected in the Company’s income tax provision for the year ended December 31, 2025. The Company will continue to monitor developments and assess the impact of the OBBBA as additional guidance becomes available and as facts and circumstances evolve.

The following table presents income taxes paid, net of refunds, for the year ended December 31, 2025, based on the adoption of ASU 2023-09 (in millions):


	Year Ended December 31, 2025
	Amount		Percent
Federal	$	0.9	14.0	%
State:
California	1.5		23.4	%
New York	1.2		18.8	%
Louisiana	0.8		12.5	%
Other state jurisdictions	1.2		18.8	%
Foreign:
Canada	0.5		7.8	%
Other foreign jurisdictions	0.3		4.7	%
Total income taxes paid, net of refunds	$	6.4	100.0	%


	December 31,
	2025		2024
Net operating loss carryforwards	$	81.6	$	79.2
Basis difference in fixed assets	0.4		0.4
Deferred compensation	7.6		8.1



Sec. 163(j) carryforward	74.4		68.3

Deferred Interest	4.3		—
Lease liability	15.5		15.7
Investment in partnership	10.5		10.8
Other deferred tax assets	8.1		8.1
Total deferred tax assets	202.4		190.6
Valuation allowance	(138.6)		(128.9)
Total net deferred tax assets	$	63.8	$	61.7

Basis difference in fixed assets	(17.0)		(16.4)

Right-of-use assets	(14.7)		(15.0)
Basis difference in intangibles	(32.7)		(30.4)
Lease termination	(0.7)		(1.5)
Other deferred tax liabilities	(1.4)		(1.2)
Total deferred tax liabilities	$	(66.5)	$	(64.5)

Net deferred tax liabilities	$	(2.7)	$	(2.8)

Net deferred tax asset per Consolidated Balance Sheet	$	2.0	$	1.6
Deferred tax liabilities per Consolidated Balance Sheet	4.7		4.4
Total net deferred tax liabilities	$	(2.7)	$	(2.8)

Deferred tax assets refer to assets that are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets in essence represent future savings of taxes that would otherwise be paid in cash. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income, including capital gains. If it is determined that the deferred tax assets cannot be realized, a valuation allowance must be established, with a corresponding charge to net income (loss).

The Company records valuation allowances for deferred tax assets when, based on management's judgment, it is more likely than not that such assets will not be realized. This assessment is based on projections of future income or loss and other positive and negative evidence by individual tax jurisdiction. Changes in industry and economic conditions and the competitive environment may impact these projections. During each reporting period, the Company assesses the likelihood that its deferred tax assets will be realized and determines if adjustments to its valuation allowances are appropriate.

Management evaluated the need to maintain the valuation allowance against the deferred taxes of the INNOVATE Corp. U.S. consolidated tax group ("the group") for each of the reporting periods based on the positive and negative evidence available. The objective negative evidence evaluated was the group’s historical operating results over the prior three-year period. The group is in a cumulative three-year loss as of December 31, 2025, which provides negative evidence that is difficult to overcome and would require a substantial amount of objectively verifiable positive evidence of future income to support the realizability of the group’s deferred tax assets. While positive evidence exists by way of unrealized gains in the Company’s investments, management concluded that the negative evidence outweighs the positive evidence. Thus, it is more likely than not that the group’s US deferred tax assets will not be realized. However, as the Company executes potential sales of subsidiaries, management expects that such event would likely provide sufficient positive evidence to support the realization of certain deferred tax assets, which could result in a material release of the Company’s valuation allowance.

Valuation allowances have been maintained against deferred tax assets based on losses generated by certain businesses that are not included in the INNOVATE Corp. U.S. consolidated income tax return. Generally, consolidation rules under the Internal Revenue Code require consolidation of like-kind entities with an 80% or greater equity ownership, and each individual state or foreign jurisdiction has their own distinct consolidation rules which vary.

As of December 31, 2025, the Company has not recognized any deferred tax liabilities associated with undistributed earnings of its foreign subsidiaries, as these earnings are considered permanently reinvested. Determination of the amount of unrecognized deferred income tax liability is not practicable due to the complexities associated with its hypothetical calculation. Upon distribution of those earnings in the form of dividends or otherwise, the Company may be subject to U.S. income taxes and withholding taxes payable in various foreign jurisdictions, which could potentially be offset by foreign tax credits.

Net Operating Losses

At December 31, 2025, the Company had gross U.S. net operating loss ("NOL") carryforwards available to reduce future taxable income of the U.S. consolidated group in the amount of $176.3 million. The Company expects that approximately $123.0 million of the gross U.S. NOL carryforwards would be available to offset taxable income in 2026 and later periods. This estimate may change based on changes to actual results reported on the 2025 U.S. tax return. The amount of U.S. NOL carryforwards reflected in the financial statements differ from the amounts reported on the U.S. tax return due to uncertain tax positions related to tax laws and regulations that are subject to varied interpretation by the Internal Revenue Service ("IRS").

Due to U.S. enacted Public Law 115-97, known informally as the Tax Cuts and Jobs Act (the "TCJA") in 2017, U.S. NOL carryforwards in the amount of $141.8 million, generated after 2017 have an indefinite carryforward period. U.S. NOL carryforwards, in the amount of $34.5 million, generated prior to 2018 will expire, if unused, by 2037.

Additionally, as of December 31, 2025, the Company had $164.3 million of gross U.S. NOL carryforwards from its subsidiaries that do not qualify to be included in the INNOVATE U.S. consolidated income tax return, including $115.7 million from R2 Technologies, $45.9 million from DTV, and other entities of $2.7 million. Of the $164.3 million of gross U.S. NOL carryforwards, $128.2 million was generated after 2017 and will have an indefinite carryforward period; the remaining $36.1 million was generated prior to 2018 and will expire, if unused, by 2037.

Pursuant to the rules under Section 382, the Company concluded that it underwent an ownership change on May 29, 2014 and $46.1 million gross U.S. NOLs recorded in the consolidated financial statements are subject to an annual limitation under IRC Sec. 382 of approximately $2.3 million.

The purchase of GrayWolf on November 30, 2018 triggered a Section 382 ownership change. $57.1 million of gross U.S. NOLs acquired are subject to an annual limitation between $3.0 million and $4.0 million for the first five years beginning in 2019 and $1.1 million afterwards. $25.4 million of the GrayWolf U.S. NOLs subject to Section 382 were generated in 2018, and, therefore, they do not expire.

Additionally, the Company has $11.4 million of acquired U.S. NOLs from DTV America, which is subject to an annual limitation under Section 382 of the Internal Revenue Code.

As of December 31, 2025, the Company had foreign operating loss carryforwards of approximately $0.6 million.

Unrecognized Tax Benefits

The Company follows the provision of ASC 740 which prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. The Company is subject to challenge from various taxing authorities relative to certain tax planning strategies, including certain intercompany transactions as well as regulatory taxes.

The Company did not have any unrecognized tax benefits as of December 31, 2025 and 2024, related to uncertain tax positions that would impact the effective income tax rate if recognized. The Company has reduced the NOL carryforward by $58.7 million for uncertain tax positions based on our interpretation of tax laws and regulations that are subject to varied interpretations by the IRS.

Below is a tabular reconciliation of the total amount of unrecognized tax benefits as of the years indicated (in millions):


	Year Ended December 31,
	2025		2024
Uncertain tax benefits - January 1	$	17.6	$	17.6

Gross decreases - Tax positions in prior year	—		—



Uncertain tax benefits - December 31	$	17.6	$	17.6

Examinations

The Company conducts business globally, and as a result, INNOVATE or one or more of its subsidiaries files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. Tax years 2002-2024 remain open for examination.

The Company is currently under examination in various state and foreign tax jurisdictions. The open tax years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the applicability of income tax credits for the relevant tax period. Given the nature of tax audits, there is a risk that disputes may arise.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Employee Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Minimum
Defined Benefit Plan Disclosure [Line Items]
Employee annual salary contributions	3.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Employee annual salary contributions	5.00%
Defined Contribution Plan the 401k Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions for employees	$ 2.9	$ 2.8
Defined Contribution Plan the 401k Plan \| Cost of Sales
Defined Benefit Plan Disclosure [Line Items]
Contributions for employees	1.3	1.1
Defined Contribution Plan the 401k Plan \| Selling, General and Administrative Expenses
Defined Benefit Plan Disclosure [Line Items]
Contributions for employees	1.6	1.7
Multi-Employer Plans
Defined Benefit Plan Disclosure [Line Items]
Contributions for employees	$ 6.5	$ 9.8
Percentage of employees under collective bargaining arrangements	23.90%

Revenue and Contracts in Process - Schedule of Infrastructure Segment Revenue (Details) - Infrastructure $ in Millions	Dec. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 1,711.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 1,253.7
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 457.7
Remaining performance obligation period	5 years
Industrial
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 519.8
Industrial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 406.6
Remaining performance obligation period	1 year
Industrial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 113.2
Remaining performance obligation period	5 years
Transportation
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 502.6
Transportation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 255.6
Remaining performance obligation period	1 year
Transportation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 247.0
Remaining performance obligation period	5 years
Commercial
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 337.3
Commercial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 285.9
Remaining performance obligation period	1 year
Commercial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 51.4
Remaining performance obligation period	5 years
Healthcare
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 215.6
Healthcare \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 182.4
Remaining performance obligation period	1 year
Healthcare \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 33.2
Remaining performance obligation period	5 years
Government
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 108.6
Government \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 95.7
Remaining performance obligation period	1 year
Government \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 12.9
Remaining performance obligation period	5 years
Energy
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 27.1
Energy \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 27.1
Remaining performance obligation period	1 year
Energy \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.0
Remaining performance obligation period	5 years
Convention
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.3
Convention \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.3
Remaining performance obligation period	1 year
Convention \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.0
Remaining performance obligation period	5 years
Leisure
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.1
Leisure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.1
Remaining performance obligation period	1 year
Leisure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.0
Remaining performance obligation period	5 years