0001006837-26-000039 | 10-Q | XBRL Viewer

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Related Parties - Non-Operating Corporate Narrative (Details) - Non-Operating Corporate - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Jan. 31, 2026	Dec. 31, 2025	Aug. 04, 2025
9.50% Convertible Senior Notes \| Secured Debt
Related Party Transaction [Line Items]
Face amount					$ 53,500
Interest expense, debt (less than)	$ 1,500		$ 2,500
Outstanding debt	56,000			$ 53,500
7.50% Convertible Senior Notes
Related Party Transaction [Line Items]
Outstanding debt	200			200
7.50% Convertible Senior Notes \| Convertible Debt
Related Party Transaction [Line Items]
Interest expense, debt (less than)	1
Outstanding debt	200			200
CGIC Promissory Note \| Secured Debt
Related Party Transaction [Line Items]
Outstanding debt	47,800			45,900
CGIC \| CGIC Promissory Note \| Secured Debt
Related Party Transaction [Line Items]
Interest expense, debt (less than)	1,700	$ 1,400
Outstanding debt					$ 43,000
Related Party \| CGIC
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	600
Related Party \| Lancer Capital \| Convertible Senior Notes Due 2026 and 2027 \| Convertible Debt
Related Party Transaction [Line Items]
Interest expense, debt (less than)	100	$ 100
Related Party \| Lancer Capital \| 9.50% Convertible Senior Notes \| Convertible Debt
Related Party Transaction [Line Items]
Face amount	$ 2,300			$ 2,200
Number of shares to be issued upon conversion of preferred stock (in shares)	54,338			51,874
Related Party \| Lancer Capital \| 7.50% Convertible Senior Notes \| Convertible Debt
Related Party Transaction [Line Items]
Face amount	$ 2,000

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (years) - operating leases	7 years 10 months 24 days	6 years 7 months 6 days
Weighted-average remaining lease term (years) - finance leases	2 years 4 months 24 days	2 years 1 month 6 days
Weighted-average discount rate - operating leases	6.40%	6.40%
Weighted-average discount rate - finance leases	5.10%	5.00%

Supplementary Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

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):


	Three Months Ended March 31,
	2026		2025

Gain on step-up of equity method investment	$	—	$	4.4

Interest income	0.4		0.4
Foreign currency translation losses	(0.3)		(0.4)
Unrealized fair value gain on securities	—		0.2
Other	0.2		(0.6)
Total other income, net	$	0.3	$	4.0

Schedule of Restricted Cash and Cash Equivalents

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


	Three Months Ended March 31,
	2026		2025
Cash and cash equivalents, beginning of the period	$	112.1	$	48.8

Restricted cash included in other assets (non-current)	0.6		0.5
Total cash, cash equivalents and restricted cash, beginning of the period	$	112.7	$	49.3

Cash and cash equivalents, end of the period	$	134.6	$	33.3

Restricted cash included in other assets (non-current)	0.6		0.6
Total cash and cash equivalents and restricted cash, end of the period	$	135.2	$	33.9









Supplemental cash flow information:
Cash paid for interest	$	2.1	$	19.5
Cash paid for income taxes, net of refunds	$	—	$	0.8

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	$	24.8	$	1.2


Property, plant and equipment included in accounts payable or accrued expenses	$	3.2	$	1.1

Schedule of Cash and Cash Equivalents


	Three Months Ended March 31,
	2026		2025
Cash and cash equivalents, beginning of the period	$	112.1	$	48.8

Restricted cash included in other assets (non-current)	0.6		0.5
Total cash, cash equivalents and restricted cash, beginning of the period	$	112.7	$	49.3

Cash and cash equivalents, end of the period	$	134.6	$	33.3

Restricted cash included in other assets (non-current)	0.6		0.6
Total cash and cash equivalents and restricted cash, end of the period	$	135.2	$	33.9









Supplemental cash flow information:
Cash paid for interest	$	2.1	$	19.5
Cash paid for income taxes, net of refunds	$	—	$	0.8

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	$	24.8	$	1.2


Property, plant and equipment included in accounts payable or accrued expenses	$	3.2	$	1.1

Segments and Related Information - Schedule of Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 364.8	$ 274.2
Cost of revenue	311.3	228.7
Selling, general and administrative expenses	39.4	37.8
Depreciation and amortization	4.2	4.4
Other operating income	(0.1)	(0.1)
Income (loss) from operations	10.0	3.4
Other data:
Capital cash expenditures	9.5	4.7
Investments	1.8		$ 1.8
Total assets	936.8		950.1
Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	357.9	264.9
Other operating income	0.0	(0.1)
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1.6	3.1
Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	5.3	6.2
Operating Segments \| Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	357.9	264.9
Cost of revenue	307.0	223.5
Selling, general and administrative expenses	32.0	29.3
Depreciation and amortization	2.9	3.1
Other operating income	0.0	(0.1)
Income (loss) from operations	16.0	9.1
Other data:
Capital cash expenditures	8.9	4.1
Investments	0.0		0.0
Total assets	748.5		758.9
Operating Segments \| Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1.6	3.1
Cost of revenue	1.4	2.3
Selling, general and administrative expenses	2.3	3.7
Depreciation and amortization	0.1	0.1
Other operating income	0.0	0.0
Income (loss) from operations	(2.2)	(3.0)
Other data:
Capital cash expenditures	0.0	0.1
Investments	1.8		1.8
Total assets	8.5		9.6
Equity method investments	0.9		0.9
Operating Segments \| Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	5.3	6.2
Cost of revenue	2.9	2.9
Selling, general and administrative expenses	1.7	1.9
Depreciation and amortization	1.2	1.2
Other operating income	(0.1)	0.0
Income (loss) from operations	(0.4)	0.2
Other data:
Capital cash expenditures	0.6	0.5
Investments	0.0		0.0
Total assets	175.7		174.5
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 expenses	3.4	2.9
Depreciation and amortization	0.0	0.0
Other operating income	0.0	0.0
Income (loss) from operations	(3.4)	(2.9)
Other data:
Capital cash expenditures	0.0	0.0
Investments	0.0		0.0
Total assets	4.1		7.1
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 expenses	0.0	0.0
Depreciation and amortization	0.0	0.0
Other operating income	0.0	0.0
Income (loss) from operations	0.0	0.0
Other data:
Capital cash expenditures	0.0	$ 0.0
Investments	0.0		0.0
Total assets	$ 0.0		$ 0.0

Share-based Compensation - Schedule of Stock Option Activity (Details)	Mar. 31, 2026 $ / shares shares
Number of Stock Options
Outstanding at beginning of period (in shares) \| shares	317,733
Outstanding at ending of period (in shares) \| shares	317,733
Exercisable at beginning balance (in shares) \| shares	217,733
Exercisable at ending balance (in shares) \| shares	217,733
Weighted-Average Exercise Price
Outstanding at beginning of period (in usd per share) \| $ / shares	$ 13.39
Outstanding at ending of period (in usd per share) \| $ / shares	13.39
Exercisable at beginning balance (in usd per share) \| $ / shares	16.94
Exercisable at ending balance (in usd per share) \| $ / shares	$ 16.94

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2026
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". As of March 31, 2026, the Company had 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 or requirements. Infrastructure 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 GrayWolf Modular DBMG delivers scalable, productized data center infrastructure—spanning white space, air handling, power, and cooling, as well as fully integrated assemblies. This approach shifts critical scope off-site, reducing on-site construction, improving schedule certainty, and enabling faster, repeatable deployment at scale to meet increasing density and speed-to-market demands. 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. Life Sciences 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 of 80.8% (81.0% as of December 31, 2025) 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 has a 44.6% interest 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. Spectrum 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. Other 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 holding companies for legacy businesses.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (17.1)	$ (25.8)
Adjustments to reconcile net loss to cash provided by (used in) operating activities
Share-based compensation expense	0.6	0.8
Depreciation and amortization (including amounts in cost of revenue)	7.4	7.9
Amortization of deferred financing costs and debt discount	6.1	5.6
Loss from equity investees	0.0	5.9
Gains on investments	0.0	(4.6)
Deferred income tax expense	0.0	0.1
Other operating activities, net	0.0	0.3
Changes in assets and liabilities:
Accounts receivable	55.0	29.2
Contract assets	9.6	(29.0)
Other current assets	3.2	1.4
Inventory	0.6	1.1
Other assets	7.0	2.4
Accounts payable	(14.2)	19.3
Accrued liabilities	6.0	(10.9)
Contract liabilities	(14.6)	(13.8)
Other current liabilities	0.9	0.0
Other liabilities	(5.0)	(4.0)
Cash provided by (used in) operating activities	45.5	(14.1)
Cash flows from investing activities
Purchase of property, plant and equipment	(9.5)	(4.7)
Proceeds from disposal of property, plant and equipment	0.1	1.1
Purchase of investments	0.0	(0.3)
Cash paid for asset acquisitions	(0.2)	0.0
Cash used in investing activities	(9.6)	(3.9)
Cash flows from financing activities
Proceeds from lines of credit, net of deferred financing costs	0.0	20.0
Payments on lines of credit	(10.0)	(15.0)
Principal payments for and repurchases of other debt obligations	(3.0)	(2.2)
Dividend payments	(0.4)	(0.3)
Other financing activities	(0.1)	(0.1)
Cash (used in) provided by financing activities	(13.5)	2.4
Effects of exchange rate changes on cash, cash equivalents and restricted cash	0.1	0.2
Net increase (decrease) in cash and cash equivalents, including restricted cash	22.5	(15.4)
Cash, cash equivalents and restricted cash, beginning of period	112.7	49.3
Cash, cash equivalents and restricted cash, end of period	$ 135.2	$ 33.9

Debt Obligations - Spectrum Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2025	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Accrued interest and exit fees (current portion)		$ 63.6	$ 72.1
Redeemable non-controlling interests		1.3	1.6
Spectrum
Debt Instrument [Line Items]
Redeemable non-controlling interests		2.4	2.6
Senior Notes \| Spectrum
Debt Instrument [Line Items]
Additional exit fee payable	$ 9.9
Exit fees (non-current portion)		25.8	25.8
Accrued interest and exit fees (current portion)		$ 29.8	$ 27.9
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%	25.00%
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%

Fair Value of Financial Instruments - Narrative (Details) - Non-Operating Corporate	Mar. 31, 2026	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%

Investments - Marketable Securities Narrative (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended
	Jul. 31, 2025	Mar. 31, 2025	Oct. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
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%		1.00%
Proceeds from marketable securities	$ 2.9
Marketable securities unrealized gain (loss)				$ 0.0	$ 0.2

Leases - Schedule of Right-of-use Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Right-of-use assets:
Operating lease	$ 84.0	$ 52.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance lease	$ 0.1	$ 0.1
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	$ 84.1	$ 53.0
Lease liabilities:
Current portion of operating lease	$ 13.9	$ 12.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Non-current portion of operating lease	$ 72.0	$ 42.9
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance lease	$ 0.1	$ 0.1
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Debt obligations	Debt obligations
Total lease liabilities	$ 86.0	$ 55.9

Debt Obligations - Non-Operating Corporate 2027 Convertible Notes Narrative (Details)			1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2026 USD ($) $ / shares	Aug. 04, 2025 USD ($) $ / shares shares	Aug. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) $ / shares shares	Jan. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Feb. 01, 2021
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	$ 699,000,000.0			$ 699,000,000.0		$ 687,200,000
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	503,300,000			503,300,000		481,900,000
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	$ 48,500,000			$ 48,500,000		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		200,000
7.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Debt conversion, amount exchanged		$ 48,700,000
Interest rate							7.50%
Convertible notes, conversion ratio		0.04750
9.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Face amount		$ 53,500,000
Interest rate	9.50%	9.50%		9.50%
Convertible notes, conversion ratio	0.0236327	0.0236327
Conversion price (in usd per share) \| $ / shares	$ 42.31	$ 42.31		$ 42.31
Conversion denomination multiple		$ 1.00
Debt conversion, maximum number of shares to be issued \| shares		1,543,174
Debt conversion, share issued (in shares) \| shares				1,323,315
Interest expense, debt				$ 1,500,000	$ 2,500,000
Debt issuance costs		$ 2,900,000
Deferred financing fees	$ 200,000	200,000		200,000		200,000
Unamortized discount	600,000	500,000		600,000		800,000
Unamortized premium		$ 2,400,000
Interest rate, effective percentage		11.10%
Total aggregate finance lease and debt principal payments	55,200,000			55,200,000		52,500,000
Outstanding debt	$ 56,000,000.0			$ 56,000,000.0		53,500,000
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]
Face amount			$ 360,400,000
Interest rate	10.50%		10.50%	10.50%
Convertible notes, conversion ratio			0.05250
Interest expense, debt					$ 18,900,000
Deferred financing fees	$ 800,000			$ 800,000		1,000,000.0
Unamortized discount	$ 10,900,000			$ 10,900,000		$ 13,900,000
Interest rate, effective percentage	14.40%			14.40%		14.40%
Total aggregate finance lease and debt principal payments	$ 367,600,000			$ 367,600,000		$ 345,500,000
Outstanding debt	$ 379,300,000			$ 379,300,000		$ 360,400,000
Redemption price percentage		101.00%
Fundamental change repurchase price percentage		100.00%
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

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Right-of-use assets	$ 84.0	$ 52.9
Restricted cash - non-current	0.6	0.6	$ 0.6	$ 0.5
Other	3.6	7.3
Total other assets	$ 88.2	$ 60.8

Related Parties - Life Sciences Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Aug. 04, 2025
Related Party Transaction [Line Items]
Share-based compensation expense	$ 0.6	$ 0.8
Accounts payable	130.2		$ 141.4
Life Sciences
Related Party Transaction [Line Items]
Revenue	1.6	3.1
R2 Technologies \| Related Party \| Life Sciences
Related Party Transaction [Line Items]
Revenue	0.5	0.4
Related receivables from this subsidiary	0.2		0.6
Share-based compensation expense	0.1	$ 0.3
Accounts payable	0.2		0.2
R2 Technologies \| Lancer Promissory Note \| Related Party \| Life Sciences
Related Party Transaction [Line Items]
Short-term debt	$ 49.4		$ 47.9
Interest rate	12.00%			12.00%

Organization and Business (Details) - segment	3 Months Ended
Organization and Business (Details) - segment	Mar. 31, 2026	Dec. 31, 2025
Business And Organization [Line Items]
Number of reportable segments	3
MediBeacon Inc.
Business And Organization [Line Items]
Percentage of ownership (approximately)	44.60%
Triple Ring
Business And Organization [Line Items]
Ownership percentage, fully diluted basis	1.60%
Scaled Cell
Business And Organization [Line Items]
Percentage of ownership (approximately)	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)		81.00%
R2 Technologies \| R2 Technologies
Business And Organization [Line Items]
Controlling interest (approximately)	80.80%
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%

Investments

3 Months Ended

Mar. 31, 2026

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)		Measurement Alternative (2)		Total
March 31, 2026	$	0.9	$	0.9	$	1.8
December 31, 2025	$	0.9	$	0.9	$	1.8

(1) The Company's equity method investments were comprised of MediBeacon and Scaled Cell as of both March 31, 2026 and December 31, 2025.

(2) The Company's measurement alternative method investment was comprised of Triple Ring as of both March 31, 2026 and December 31, 2025.

The Company's recognized share of net losses from its equity method investments was zero and $5.9 million for the three months ended March 31, 2026 and 2025, 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 slightly and Pansend recognized a step-up gain of $4.4 million which is reflected in Other income, net in the Condensed Consolidated Statements of Operations for the three months ended March 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.

MediBeacon's total outstanding principal amount of notes due to Pansend was $0.5 million as of both March 31, 2026 and December 31, 2025. Interest income earned by Pansend from the MediBeacon notes totaled $15 thousand and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. The related accrued interest receivable was $0.4 million, as of both March 31, 2026 and December 31 2025.

As of March 31, 2026, Pansend's carrying amount of its investment in MediBeacon remained at zero, inclusive of the $0.5 million in secured promissory notes which has been offset against recognized equity method losses, and Pansend has cumulative unrecognized equity method losses relating to MediBeacon of $21.2 million.

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 three months ended March 31, 2025, unrealized fair value gains of $0.2 million related to these securities were included in Other income, net in the Condensed Consolidated Financial Statements.

Segments and Related Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments and Related Information

17. 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 March 31, 2026, 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):


	Three Months Ended March 31, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	357.9	$	1.6	$	5.3	$	—	$	—	$	364.8

Cost of revenue	307.0		1.4		2.9		—		—		311.3
Selling, general and administrative expenses	32.0		2.3		1.7		3.4		—		39.4
Depreciation and amortization	2.9		0.1		1.2		—		—		4.2
Other operating income	—		—		(0.1)		—		—		(0.1)
Income (loss) from operations	$	16.0	$	(2.2)	$	(0.4)	$	(3.4)	$	—	$	10.0


























Other data:
Capital cash expenditures	$	8.9	$	—	$	0.6	$	—	$	—	$	9.5


	Three Months Ended March 31, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	264.9	$	3.1	$	6.2	$	—	$	—	$	274.2

Cost of revenue	223.5		2.3		2.9		—		—		228.7
Selling, general and administrative expenses	29.3		3.7		1.9		2.9		—		37.8
Depreciation and amortization	3.1		0.1		1.2		—		—		4.4
Other operating income	(0.1)		—		—		—		—		(0.1)
Income (loss) from operations	$	9.1	$	(3.0)	$	0.2	$	(2.9)	$	—	$	3.4

























Other data:
Capital cash expenditures	$	4.1	$	0.1	$	0.5	$	—	$	—	$	4.7


Certain balance sheet data:
	March 31, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Investments (1)	$	—	$	1.8	$	—	$	—	$	—	$	1.8
Total assets	$	748.5	$	8.5	$	175.7	$	4.1	$	—	$	936.8

	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

(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both March 31, 2026 and December 31, 2025.


	Three Months Ended March 31,
		2026		2025
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations		$	10.0	$	3.4
Interest expense		(24.5)		(20.2)




Loss from equity investees		—		(5.9)

Other income, net		0.3		4.0
Loss from operations before income taxes		$	(14.2)	$	(18.7)

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Temporary Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock by Class

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


	March 31, 2026	December 31, 2025

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	1,937

Schedule of Cash, PIK and Special Cash Dividends

During the three months ended March 31, 2025, 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

- 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.

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+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2026

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)		Measurement Alternative (2)		Total
March 31, 2026	$	0.9	$	0.9	$	1.8
December 31, 2025	$	0.9	$	0.9	$	1.8

(1) The Company's equity method investments were comprised of MediBeacon and Scaled Cell as of both March 31, 2026 and December 31, 2025.

(2) The Company's measurement alternative method investment was comprised of Triple Ring as of both March 31, 2026 and December 31, 2025.

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt and Finance Lease Obligations

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


	Maturity Date	March 31, 2026		December 31, 2025
Infrastructure
SOFR plus 2.75% Revolving Credit Facility	May 20, 2030	$	5.0	$	15.0
SOFR plus 2.75% Term Loan	May 20, 2030	71.5		72.6
Obligations under finance leases	Various	0.1		0.1
Total Infrastructure		$	76.6	$	87.7

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	$	49.4	$	47.9
Total Life Sciences		$	49.4	$	47.9

Non-Operating Corporate
10.50% Senior Secured Notes	February 1, 2027	$	379.3	$	360.4
9.50% Convertible Senior Notes	March 1, 2027	56.0		53.5
CGIC Promissory Note (1)	April 30, 2027	47.8		45.9
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
7.50% Convertible Senior Notes	August 1, 2026	0.2		0.2
Total Non-Operating Corporate		$	503.3	$	481.9

Total outstanding principal		$	699.0	$	687.2
Unamortized issuance discount, issuance premium, and deferred financing costs		(19.4)		(25.5)
Less: current portion of debt obligations (1)		(610.8)		(581.4)
Debt obligations, net of current portion		$	68.8	$	80.3

(1) Certain debt instrument(s) with long-term maturity dates have been classified as current obligations as of March 31, 2026, 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 March 31, 2026, estimated future aggregate finance lease and principal debt payments based on contractual maturities, excluding interest and exit fees, were as follows (in millions):


	Finance Leases		Debt		Total
2026 (remaining period)	$	0.1	$	143.7	$	143.8
2027	—		489.4		489.4
2028	—		5.8		5.8
2029	—		6.4		6.4
2030	—		53.6		53.6



Total aggregate finance lease and debt principal payments	$	0.1	$	698.9	$	699.0

Goodwill and Intangibles, Net (Tables)

3 Months Ended

Mar. 31, 2026

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 as of December 31, 2025	$	105.6	$	21.4	$	127.0




Translation adjustments	0.1		—		0.1
Balance as of March 31, 2026	$	105.7	$	21.4	$	127.1

Schedule of Indefinite-Lived Intangible Assets

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


	March 31, 2026		December 31, 2025

Federal Communications Commission ("FCC") licenses	$	108.1	$	107.9

Total	$	108.1	$	107.9

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	March 31, 2026
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.2		$	(13.0)	$	12.2
Customer relationships and contracts	11 years	87.6			(55.6)		32.0
Channel sharing arrangements	35 years	12.6			(2.6)		10.0
Other	10 years	3.7			(2.3)		1.4
Total		$	129.1		$	(73.5)	$	55.6


	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

- Definition

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

+ References

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+ Details

Segments and Related Information - Schedule of Reconciliation of the Consolidated Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations	$ 10.0	$ 3.4
Interest expense	(24.5)	(20.2)
Loss from equity investees	0.0	(5.9)
Other income, net	0.3	4.0
Loss from operations before income taxes	$ (14.2)	$ (18.7)

- 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.

+ References

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+ Details

- Definition

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

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		December 31, 2025


Equipment, furniture and fixtures, and software	$	230.7	$	223.3
Building and leasehold improvements	44.8		42.4
Land	25.4		25.3
Construction in progress	18.2		16.3
Plant and transportation equipment	6.6		6.7
	$	325.7	$	314.0
Less: Accumulated depreciation	177.6		172.2
Total	$	148.1	$	141.8

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease liability, current portion	$ 13.9	$ 12.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities
Other	$ 3.9	$ 4.0
Total other current liabilities	$ 17.8	$ 16.9

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited Condensed 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 interim unaudited Condensed 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 information and note disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted in these interim unaudited Condensed Consolidated Financial Statements pursuant to such rules and regulations. These interim unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s annual audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2026. Certain prior amounts have been reclassified or combined to conform to the current year presentation, for example, certain amounts within the Other income, net table in Note 20. Supplementary Financial Information. Liquidity and Going Concern The accompanying unaudited Condensed 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 10.50% 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 and proceed with a sales process for all or substantially all of DBMG'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, 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 unaudited Condensed 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 unaudited Condensed Consolidated Financial Statements in conformity with U.S. 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 Condensed Consolidated Financial Statements as of the date of the Condensed 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. Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year On July 30, 2025, the Financial Accounting Standards Board ("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. The guidance was effective for the Company for interim and annual periods beginning on January 1, 2026, and the Company is utilizing the practical expedient. The adoption of this ASU did not have a significant effect on the Company’s Condensed 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. The guidance was effective for the Company for interim and annual periods beginning on January 1, 2026. The adoption of this ASU did not have an effect on the Company's Condensed Consolidated Financial Statements. Accounting Pronouncements Issued But Pending Adoption On April 23, 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement on Equity-Classified Preferred Stock ("ASU 2026-01"). The amendments in this ASU improve GAAP by providing authoritative guidance for the initial measurement of paid-in kind (" PIK") dividends on equity-classified preferred stock and requires that these PIK dividends be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. ASU 2026-01 is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. Entities may apply the amendments in this ASU either on a prospective basis or on a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. The Company is currently evaluating the potential effect of this ASU on the Company’s Condensed Consolidated Financial Statements. 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 Condensed 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 Condensed 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 Condensed 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 21. Subsequent Events.

Revenue and Contracts in Process (Tables)

3 Months Ended

Mar. 31, 2026

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):


	Three Months Ended March 31,
	2026		2025

Infrastructure	$	357.9	$	264.9
Life Sciences	1.6		3.1
Spectrum	5.3		6.2

Total revenue	$	364.8	$	274.2

Schedule of Accounts Receivable, net

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


	March 31, 2026		December 31, 2025


Infrastructure	$	179.8	$	237.0
Life Sciences	0.9		1.8
Spectrum	1.7		1.7
Total accounts receivable with customers	$	182.4	$	240.5

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


	March 31, 2026		December 31, 2025

Contracts in progress	$	179.8	$	237.0
Unbilled retentions	0.1		0.1
Trade receivables	2.7		3.6
Other receivables	3.6		0.6
Allowance for expected credit losses	(0.2)		(0.2)
Total	$	186.0	$	241.1

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2026		2025
Industrial	$	126.2	$	74.6
Commercial	108.0		53.8
Healthcare	41.5		52.0
Government	37.1		24.8
Transportation	34.2		44.7
Energy	9.5		1.9
Leisure	0.2		6.6
Convention	0.9		5.9
Total revenue from contracts with customers	$	357.6	$	264.3
Other revenue	0.3		0.6
Total Infrastructure segment revenue	$	357.9	$	264.9

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


	Three Months Ended March 31,
	2026		2025
Systems and consumables revenue	$	1.6	$	3.1






Total Life Sciences segment revenue	$	1.6	$	3.1

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


	Three Months Ended March 31,
	2026		2025
Broadcast station	$	5.3	$	6.2





Total Spectrum segment revenue	$	5.3	$	6.2

Schedule of Contract with Customer, Asset and Liability

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


	March 31, 2026		December 31, 2025

Costs incurred on contracts in progress	$	1,490.9	$	1,365.3
Estimated earnings	210.0		194.4
Contract revenue earned on uncompleted contracts	1,700.9		1,559.7
Less: progress billings	1,803.7		1,667.5
	$	(102.8)	$	(107.8)

The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	$	54.5	$	64.1
Contract liabilities	(157.3)		(171.9)
	$	(102.8)	$	(107.8)

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


	March 31, 2026		December 31, 2025

Cost in excess of billings and estimated earnings	$	26.5	$	28.7
Conditional retainage	28.0		35.4
Contract assets	$	54.5	$	64.1

Billings in excess of costs and estimated earnings	$	(216.6)	$	(218.1)
Conditional retainage	59.3		46.2
Contract liabilities	$	(157.3)	$	(171.9)

Schedule of Remaining Performance Obligations

As of March 31, 2026, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):


	Within One Year		Within Two to Five Years		Total
Industrial	$	403.9	$	99.3	$	503.2
Transportation	225.1		285.7		510.8
Commercial	232.7		31.9		264.6
Healthcare	194.2		16.1		210.3
Government	62.2		11.5		73.7
Energy	22.7		—		22.7
Convention	0.3		—		0.3

Remaining unsatisfied performance obligations	$	1,141.1	$	444.5	$	1,585.6

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Concentration of Risk, by Risk Factor

The Company's revenue concentrations of 10% and greater were as follows:

Three Months Ended March 31,

2026

2025

Segment

Revenue

Customer A

Infrastructure

31.0%

Customer B

Infrastructure

13.9%

*Less than 10% concentration

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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):


March 31, 2026					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)	$	679.5	$	646.7	$	—	$	440.2	$	206.5
Total liabilities not accounted for at fair value	$	679.5	$	646.7	$	—	$	440.2	$	206.5

(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 Condensed Consolidated Balance Sheet.


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.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	21. 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.

Debt Obligations - Non-Operating Corporate 2026 Convertible Notes Narrative (Details) - 7.50% Convertible Senior Notes - Non-Operating Corporate $ / shares in Units, $ in Thousands			3 Months Ended
	Aug. 04, 2025 USD ($)	Feb. 01, 2021 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Interest rate			7.50%
Outstanding debt			$ 200		$ 200
Convertible Debt
Debt Instrument [Line Items]
Interest rate		7.50%
Outstanding debt			$ 200		$ 200
Debt issued, percentage of par value		100.00%
Embedded conversion feature, fair value		$ 12,300
Interest rate, effective percentage		3.21%	3.00%		3.00%
Unamortized premium		$ 12,300
Debt issuance costs		$ 1,100
Interest expense, debt			$ 1
Amortization of discount on investments, net				$ 400
Convertible notes, conversion ratio		0.0236327
Conversion price (in usd per share) \| $ / shares		$ 42.31
Debt conversion, share issued (in shares) \| shares		3,781
Secured Debt
Debt Instrument [Line Items]
Interest rate		7.50%
Debt conversion, amount exchanged	$ 48,700
Convertible notes, conversion ratio	0.04750

Investments - MedicBeacon Narrative (Details) - USD ($)		3 Months Ended
Investments - MedicBeacon Narrative (Details) - USD ($)	Jan. 17, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Investments [Line Items]
Gain on sale of investments		$ 0	$ 4,600,000
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		21,200,000
MediBeacon Inc. \| Life Sciences \| Notes Receivable
Schedule of Investments [Line Items]
Accrued interest receivable		400,000		$ 400,000
Notes receivable		500,000		$ 500,000
Interest income		$ 15,000	$ 100,000
MediBeacon Inc. \| Life Sciences \| Huadong
Schedule of Investments [Line Items]
Convertible notes and accrued interest converted to stock, in process	$ 7,500,000
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

Goodwill and Intangibles, Net - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 127.0
Translation adjustments	0.1
Ending balance	127.1
Infrastructure
Goodwill [Roll Forward]
Beginning balance	105.6
Translation adjustments	0.1
Ending balance	105.7
Spectrum
Goodwill [Roll Forward]
Beginning balance	21.4
Translation adjustments	0.0
Ending balance	$ 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.

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+ Details

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Parties	16. Related Parties Non-Operating Corporate As of March 31, 2026, Lancer Capital held $2.3 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. The principal amount of the 2027 Convertible Notes includes capitalized interest and extension fees. As of March 31, 2026, the $2.3 million in 2027 Convertible Notes are convertible into 54,338 shares of common stock of INNOVATE. As of December 31, 2025, Lancer Capital held the $2.2 million in 2027 Convertible Notes which were convertible into 51,874 shares of common stock of INNOVATE. During both the three months ended March 31, 2026 and 2025, Lancer Capital earned less than $0.1 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 15. Temporary Equity for additional information. In addition, as of March 31, 2026 and December 31, 2025, the Company owed $47.8 million and $45.9 million, respectively, in principal amount of a promissory note owed to CGIC. Refer to Note 11. Debt Obligations for additional information. During the three months ended March 31, 2026, the Company paid $0.6 million to CGIC related to a tax refund received from the IRS. Life Sciences As of March 31, 2026 and December 31, 2025, R2 Technologies had $49.4 million and $47.9 million, respectively, in principal amount of a 12.0% senior secured promissory note due to Lancer Capital. Refer to Note 11. Debt Obligations for additional information. For the three months ended March 31, 2026 and 2025, R2 Technologies recognized revenue of $0.5 million and $0.4 million, respectively from sales and profit sharing agreements with a subsidiary of Huadong, a related party of R2 Technologies. There were $0.2 million and $0.6 million of related receivables from this subsidiary of Huadong as of March 31, 2026 and December 31, 2025, respectively. Share-based compensation and royalty expenses related to Blossom Innovations, LLC ("Blossom"), an investor of R2 Technologies since 2014, totaled $0.1 million and $0.3 million, for the three months ended March 31, 2026 and 2025, respectively. The related payables due to Blossom totaled $0.2 million as of both March 31, 2026, and December 31, 2025. 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.

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+ Details

Commitments and Contingencies - Narrative (Details) - DBMG - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Credit and Security Agreements
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 5.8	$ 0.1
Performance Bonds
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 581.9	$ 680.2

- 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.

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+ Details

Other Assets, Accrued Liabilities and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

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

Schedule of Other Current Assets

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


	March 31, 2026		December 31, 2025

Prepaid assets	$	11.0	$	10.6

Income tax receivable	1.3		4.4

Other	3.1		3.2
Total other current assets	$	15.4	$	18.2

Schedule of Other Assets

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


	March 31, 2026		December 31, 2025

Right-of-use assets	$	84.0	$	52.9
Restricted cash - non-current	0.6		0.6
Other	3.6		7.3
Total other assets	$	88.2	$	60.8

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	March 31, 2026		December 31, 2025

Accrued expenses	$	10.0	$	12.8
Accrued payroll and employee benefits	29.6		36.7
Accrued interest and exit fees (current portion)	63.6		72.1
Accrued sales and use taxes	0.2		0.3
Accrued income taxes	0.3		0.6
Total accrued liabilities	$	103.7	$	122.5

Schedule of Other Current Liabilities

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


	March 31, 2026		December 31, 2025

Operating lease liability, current portion	$	13.9	$	12.9

Other	3.9		4.0
Total other current liabilities	$	17.8	$	16.9

Schedule of Other Liabilities

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


	March 31, 2026		December 31, 2025

Operating lease liability, net of current portion	$	72.0	$	42.9





Other	3.7		3.4


Total other liabilities	$	75.7	$	46.3

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, net (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 325.7	$ 314.0
Less: Accumulated depreciation	177.6	172.2
Total	148.1	141.8
Equipment, furniture and fixtures, and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	230.7	223.3
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	44.8	42.4
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	25.4	25.3
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	18.2	16.3
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 6.6	$ 6.7

Revenue and Contracts in Process - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenue	$ 364.8	$ 274.2
Infrastructure
Segment Reporting Information [Line Items]
Total revenue	357.9	264.9
Life Sciences
Segment Reporting Information [Line Items]
Total revenue	1.6	3.1
Spectrum
Segment Reporting Information [Line Items]
Total revenue	$ 5.3	$ 6.2

- 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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+ Details

Leases

3 Months Ended

Mar. 31, 2026

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	March 31, 2026		December 31, 2025

Right-of-use assets:
Operating lease	Other assets (non-current)	$	84.0	$	52.9
Finance lease	Property, plant and equipment, net	0.1		0.1
Total right-of-use assets		$	84.1	$	53.0

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	13.9	$	12.9
Non-current portion of operating lease	Other liabilities	72.0		42.9
Finance lease	Debt obligations	0.1		0.1
Total lease liabilities		$	86.0	$	55.9

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


	Three Months Ended March 31,
	2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	—	$	0.1

Net finance lease cost	—		0.1
Operating lease cost	4.3		4.2

Variable lease cost	0.2		0.2

Total non-current lease cost	$	4.5	$	4.5
Short-term lease costs	6.0		8.0
Total lease cost	$	10.5	$	12.5

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


	Three Months Ended March 31,
		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	5.3	$	5.2

Financing cash flows for finance leases		$	—	$	0.1

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	34.6	$	2.5

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


	March 31, 2026		December 31, 2025

Weighted-average remaining lease term (years) - operating leases	7.9		6.6
Weighted-average remaining lease term (years) - finance leases	2.4		2.1
Weighted-average discount rate - operating leases	6.4	%	6.4	%
Weighted-average discount rate - finance leases	5.1	%	5.0	%

Future minimum lease commitments (undiscounted) as of March 31, 2026, were as follows (in millions):


	Operating Leases		Finance Leases
2026 (remaining period)	$	12.2	$	0.1
2027	18.6		—
2028	15.2		—
2029	11.3		—
2030	9.6		—
Thereafter	43.1		—
Total future minimum lease payments	110.0		0.1
Less: amounts representing interest	(24.1)		—
Total lease liability	$	85.9	$	0.1

Leases

9. Leases


	Balance Sheet Location	March 31, 2026		December 31, 2025

Right-of-use assets:
Operating lease	Other assets (non-current)	$	84.0	$	52.9
Finance lease	Property, plant and equipment, net	0.1		0.1
Total right-of-use assets		$	84.1	$	53.0

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	13.9	$	12.9
Non-current portion of operating lease	Other liabilities	72.0		42.9
Finance lease	Debt obligations	0.1		0.1
Total lease liabilities		$	86.0	$	55.9

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


	Three Months Ended March 31,
	2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	—	$	0.1

Net finance lease cost	—		0.1
Operating lease cost	4.3		4.2

Variable lease cost	0.2		0.2

Total non-current lease cost	$	4.5	$	4.5
Short-term lease costs	6.0		8.0
Total lease cost	$	10.5	$	12.5

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


	Three Months Ended March 31,
		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	5.3	$	5.2

Financing cash flows for finance leases		$	—	$	0.1

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	34.6	$	2.5

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


	March 31, 2026		December 31, 2025

Weighted-average remaining lease term (years) - operating leases	7.9		6.6
Weighted-average remaining lease term (years) - finance leases	2.4		2.1
Weighted-average discount rate - operating leases	6.4	%	6.4	%
Weighted-average discount rate - finance leases	5.1	%	5.0	%

Future minimum lease commitments (undiscounted) as of March 31, 2026, were as follows (in millions):


	Operating Leases		Finance Leases
2026 (remaining period)	$	12.2	$	0.1
2027	18.6		—
2028	15.2		—
2029	11.3		—
2030	9.6		—
Thereafter	43.1		—
Total future minimum lease payments	110.0		0.1
Less: amounts representing interest	(24.1)		—
Total lease liability	$	85.9	$	0.1

Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Operating Segments

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


	Three Months Ended March 31, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	357.9	$	1.6	$	5.3	$	—	$	—	$	364.8

Cost of revenue	307.0		1.4		2.9		—		—		311.3
Selling, general and administrative expenses	32.0		2.3		1.7		3.4		—		39.4
Depreciation and amortization	2.9		0.1		1.2		—		—		4.2
Other operating income	—		—		(0.1)		—		—		(0.1)
Income (loss) from operations	$	16.0	$	(2.2)	$	(0.4)	$	(3.4)	$	—	$	10.0


























Other data:
Capital cash expenditures	$	8.9	$	—	$	0.6	$	—	$	—	$	9.5


	Three Months Ended March 31, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	264.9	$	3.1	$	6.2	$	—	$	—	$	274.2

Cost of revenue	223.5		2.3		2.9		—		—		228.7
Selling, general and administrative expenses	29.3		3.7		1.9		2.9		—		37.8
Depreciation and amortization	3.1		0.1		1.2		—		—		4.4
Other operating income	(0.1)		—		—		—		—		(0.1)
Income (loss) from operations	$	9.1	$	(3.0)	$	0.2	$	(2.9)	$	—	$	3.4

























Other data:
Capital cash expenditures	$	4.1	$	0.1	$	0.5	$	—	$	—	$	4.7


Certain balance sheet data:
	March 31, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Investments (1)	$	—	$	1.8	$	—	$	—	$	—	$	1.8
Total assets	$	748.5	$	8.5	$	175.7	$	4.1	$	—	$	936.8

	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

(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both March 31, 2026 and December 31, 2025.


	Three Months Ended March 31,
		2026		2025
Reconciliation of the consolidated segment income from operations to consolidated loss from operations before income taxes:
Income from operations		$	10.0	$	3.4
Interest expense		(24.5)		(20.2)




Loss from equity investees		—		(5.9)

Other income, net		0.3		4.0
Loss from operations before income taxes		$	(14.2)	$	(18.7)

Accounts Receivable, Net - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Jan. 01, 2025
Receivables [Abstract]
Accounts receivable, net	$ 186.0	$ 241.1	$ 194.0

Revenue and Contracts in Process - Schedule of Contract Assets and Contract Liabilities and Recognized Earnings (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Costs incurred on contracts in progress	$ 1,490.9	$ 1,365.3
Estimated earnings	210.0	194.4
Contract revenue earned on uncompleted contracts	1,700.9	1,559.7
Less: progress billings	1,803.7	1,667.5
Net of cost earned on uncompleted contracts	(102.8)	(107.8)
The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	54.5	64.1
Contract liabilities	(157.3)	(171.9)
Net contract assets (liabilities)	$ (102.8)	$ (107.8)

Temporary Equity - R2 Technologies Non-Controlling Interests Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Redeemable non-controlling interest	$ (1.3)	$ (1.6)
R2 Technologies
Class of Stock [Line Items]
Redeemable non-controlling interest	1.1	1.0
R2 Technologies \| Non-Controlling Interests
Class of Stock [Line Items]
Redeemable non-controlling interest	$ 10.1	$ 9.2
R2 Technologies \| R2 Technologies
Class of Stock [Line Items]
Interest rate	13.00%
Investment in subsidiary, convertible note	$ 7.8
R2 Technologies \| R2 Technologies \| Related Party
Class of Stock [Line Items]
Proceeds from convertible debt	$ 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

Revenue and Contracts in Process - Schedule of Spectrum Segment Disaggregation of Revenue (Details) - Spectrum - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 5.3	$ 6.2
Broadcast station
Segment Reporting Information [Line Items]
Revenue	$ 5.3	$ 6.2

- 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.

+ References

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+ Details

Revenue and Contracts in Process - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jan. 01, 2025
Revenue from External Customer [Line Items]
Accounts receivable, net, contracts with customers				$ 188.2
Contract assets	$ 54.5		$ 64.1
Contract liabilities	157.3		$ 171.9
Infrastructure
Revenue from External Customer [Line Items]
Contract assets				106.3
Contract liabilities				$ 109.1
Contract assets, increase due to new projects	19.0	$ 74.6
Contract assets, reclassified to receivables	28.6	45.6
Contract liabilities, increase due to new projects	137.3	54.0
Contract liabilities, revenue recognized	151.9	$ 67.8
Remaining performance obligation amount	$ 1,585.6
Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Within One Year
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Remaining performance obligation amount	$ 1,141.1
Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Within Three Years
Revenue from External Customer [Line Items]
Remaining performance obligation amount	$ 444.5
Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 \| Within Three Years
Revenue from External Customer [Line Items]
Remaining performance obligation period	4 years
Infrastructure \| DBMG \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue from External Customer [Line Items]
Remaining performance obligation period	2 years 6 months
Spectrum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Broadcast station
Revenue from External Customer [Line Items]
Remaining performance obligation amount	$ 9.6
Spectrum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Broadcast station \| Within One Year
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Remaining performance obligation amount	$ 8.1
Spectrum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Broadcast station \| Within Three Years
Revenue from External Customer [Line Items]
Remaining performance obligation period	2 years
Remaining performance obligation amount	$ 1.5

Goodwill and Intangibles, Net

3 Months Ended

Mar. 31, 2026

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 as of December 31, 2025	$	105.6	$	21.4	$	127.0




Translation adjustments	0.1		—		0.1
Balance as of March 31, 2026	$	105.7	$	21.4	$	127.1

Indefinite-Lived Intangible Assets

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


	March 31, 2026		December 31, 2025

Federal Communications Commission ("FCC") licenses	$	108.1	$	107.9

Total	$	108.1	$	107.9

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	March 31, 2026
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.2		$	(13.0)	$	12.2
Customer relationships and contracts	11 years	87.6			(55.6)		32.0
Channel sharing arrangements	35 years	12.6			(2.6)		10.0
Other	10 years	3.7			(2.3)		1.4
Total		$	129.1		$	(73.5)	$	55.6


	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

Amortization expense for definite-lived intangible assets was $1.7 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively. Amortization expense is included in Depreciation and amortization in the Condensed Consolidated Statements of Operations.

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		3 Months Ended
	Aug. 04, 2025	Mar. 31, 2026	Dec. 31, 2025
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		9.70%	10.00%
Commitment fee percentage		1.00%
Debt instrument, extension fee	$ 0.4
Third party legal costs	$ 0.3

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	May 11, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,641,866
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001006837
Current Fiscal Year End Date	--12-31
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

Temporary Equity - Series A-3 and Series A-4 Shares Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended			6 Months Ended
	Aug. 04, 2025	Jul. 01, 2021	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Dec. 31, 2025	Aug. 31, 2025
Class of Stock [Line Items]
Daily VWAP, threshold amount (in dollars per share)						$ 1
Dividends			$ 0.8		$ 0.3
Accrued liabilities			6.0		(10.9)
Increase in net loss attributable to common stockholders			17.2		24.8
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Dividends payable	$ 0.5		$ 0.4
Preferred stock cumulative cash dividend rate			7.50%
Preferred stock dividend rate			4.00%
Accreting dividend threshold rate			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
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)			305,278				299,518
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)			66,326				65,075
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 (in shares)	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								$ 9.5
Preferred stock value outstanding			$ 9.9
Dividends payable			$ 0.4
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

Summary of Significant Accounting Policies (Details)	Mar. 31, 2026	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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+ Details

Debt Obligations

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt Obligations

11. Debt Obligations

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


	Maturity Date	March 31, 2026		December 31, 2025
Infrastructure
SOFR plus 2.75% Revolving Credit Facility	May 20, 2030	$	5.0	$	15.0
SOFR plus 2.75% Term Loan	May 20, 2030	71.5		72.6
Obligations under finance leases	Various	0.1		0.1
Total Infrastructure		$	76.6	$	87.7

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	$	49.4	$	47.9
Total Life Sciences		$	49.4	$	47.9

Non-Operating Corporate
10.50% Senior Secured Notes	February 1, 2027	$	379.3	$	360.4
9.50% Convertible Senior Notes	March 1, 2027	56.0		53.5
CGIC Promissory Note (1)	April 30, 2027	47.8		45.9
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
7.50% Convertible Senior Notes	August 1, 2026	0.2		0.2
Total Non-Operating Corporate		$	503.3	$	481.9

Total outstanding principal		$	699.0	$	687.2
Unamortized issuance discount, issuance premium, and deferred financing costs		(19.4)		(25.5)
Less: current portion of debt obligations (1)		(610.8)		(581.4)
Debt obligations, net of current portion		$	68.8	$	80.3

As of March 31, 2026, estimated future aggregate finance lease and principal debt payments based on contractual maturities, excluding interest and exit fees, were as follows (in millions):


	Finance Leases		Debt		Total
2026 (remaining period)	$	0.1	$	143.7	$	143.8
2027	—		489.4		489.4
2028	—		5.8		5.8
2029	—		6.4		6.4
2030	—		53.6		53.6



Total aggregate finance lease and debt principal payments	$	0.1	$	698.9	$	699.0

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.

The term loan and borrowings under the 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. Interest is paid monthly on DBMG's revolving loans, and the effective interest rate on DBMG's revolving loans was 6.6% and 6.8%, as of March 31, 2026 and December 31, 2025, respectively. The DBMG Revolving Facility has an unused commitment fee of 0.50% 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 7.2% and 7.4%, as of March 31, 2026 and December 31, 2025.

At the time of entering into the DBMG Credit Agreement, deferred financing fees totaling $1.8 million were capitalized as original issue discounts and included in the carrying amount of the debt in the Condensed 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 $124.2 million and $119.9 million, as of March 31, 2026 and December 31, 2025, respectively.

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 been triggered, the DBMG debt instruments remain classified as non-current as of March 31, 2026, except amounts due within the next 12 months, as originally defined in the DBMG Credit Agreement. DBMG is in compliance with its debt covenants as of March 31, 2026.

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”).

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 is reflected within Accrued liabilities in the Condensed Consolidated Balance Sheets as of both March 31, 2026 and December 31, 2025. Accrued interest of $29.8 million and $27.9 million, as of March 31, 2026 and December 31, 2025, respectively, is reflected within Accrued liabilities in the Condensed Consolidated Balance Sheets and is payable upon maturity of the notes. As of both March 31, 2026 and December 31, 2025, the weighted-average effective interest rate on the notes was 25.0% per annum.

In connection with the Spectrum Notes Extension, INNOVATE entered into a related side letter (the "Spectrum Letter") with the lenders, which required the Company to meet certain milestones with respect to strategic alternatives for the Spectrum segment, such that, if the Spectrum Notes were not repaid in full in cash on or before November 1, 2025, the Spectrum Letter provided that the Company was 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. As of March 31, 2026, although the final milestone was not met, the lenders have not declared an event of default or exercised any remedies as the Company was, and continues to be, in discussions with the lenders regarding the strategic alternatives. As of March 31, 2026, the Spectrum segment did not meet the criteria for held-for-sale or discontinued operations in accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations as the ultimate strategic process was unknown.

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 $2.4 million and $2.6 million are reflected at carrying value as redeemable non-controlling interests in the Condensed Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, 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 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 and is being amortized over the term of the note using the effective interest rate method and is included in interest expense.

As of both March 31, 2026 and December 31, 2025, the effective interest rate on the note, as amended, was 17.0%. Interest expense, including amortization of fees, related to the Lancer Note was $2.0 million and $4.5 million for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, in accordance with the 12% note agreement, $1.5 million and $1.2 million, respectively, of accrued interest, excluding exit fees and extension fees, was capitalized into the principal balance.

As of March 31, 2026, the total carrying amount relating to the note, which is included within the Current portion of debt obligations in the Condensed Consolidated Balance Sheet, was $48.6 million, inclusive of $49.4 million of principal (which includes capitalized interest and fees), partially offset by $0.8 million of the unamortized OID for the extension fee. 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 Condensed Consolidated Balance Sheet, totaled $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.

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 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.

Non-Operating Corporate

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

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. Total interest of $18.9 million, incurred from August 4, 2025 through January 31, 2026, was paid in kind and capitalized into the principal balance for the February 1, 2026 payment. All subsequent interest payments are payable in cash. Aggregate interest expense for the new 10.50% 2027 Senior Secured Notes, including the contractual interest coupon and amortization of fees was $13.0 million for the three months ended March 31, 2026.

As of March 31, 2026, the total carrying amount related to the notes was $367.6 million, inclusive of $379.3 million aggregate principal outstanding (which includes capitalized interest), partially offset by $10.9 million of the unamortized OID and $0.8 million of unamortized deferred financing fees. 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 both March 31, 2026 and December 31, 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.

If the Company completes certain assets sales, the terms of the 10.50% 2027 Senior Secured Notes Indenture may require the Company, 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. Additionally, 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.

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 needed to have 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 was thus required to commence a sales process for DBMG. The sales process for DBMG, which has been initiated and is proceeding, has separate milestone requirements, which the Company has either met or extended as of March 31, 2026. As of March 31, 2026, the Infrastructure segment did not meet the criteria for held-for-sale or discontinued operations in accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Subsequent to quarter end, the April 1, 2026 milestone for an executed purchase agreement was extended to June 1, 2026. The Company is in compliance with the milestone covenants requirements as of the date of the filing of this Quarterly Report on Form 10-Q.

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 of 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. Subsequent to the exchange, the Company had $1.9 million aggregate principal amount of the 8.50% 2026 Senior Secured Notes remaining. 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. 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 $15 thousand and $7.6 million for the three months ended March 31, 2026 and 2025, respectively.

2027 Convertible Notes

On August 4, 2025, 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”). The new principal amount included 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 2027 Convertible Notes mature on March 1, 2027, unless earlier converted, redeemed or purchased.

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.

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, was 1,543,174 shares of the Company’s common stock.

As of March 31, 2026, each $1,000 of principal of the 2027 Convertible Notes is convertible into 23.6327 shares of the Company's common stock, for a total of 1,323,315 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 March 31, 2026, the if-converted value of the 2027 Convertible Notes did not exceed its principal value.

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. Total interest of $2.5 million, incurred from August 4, 2025 through January 31, 2026, was paid in kind and capitalized into the principal balance for the February 1, 2026 payment. All subsequent interest payments are payable in cash. Aggregate interest expense, including the contractual interest coupon and amortization was $1.5 million for the three months ended March 31, 2026.

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%.

As of March 31, 2026, the total carrying amount related to the note was $55.2 million, inclusive of $56.0 million aggregate principal outstanding (which includes capitalized interest), partially offset by a remaining unamortized net OID of $0.6 million and unamortized deferred financing fees of $0.2 million. 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

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. If the Company completes certain assets sales, the 2027 Senior Secured Notes Indenture may require the Company 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. Additionally, 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.

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.

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 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. 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 March 31, 2026, 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 both March 31, 2026 and 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 both March 31, 2026 and December 31, 2025 was 3.0%.

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 $1 thousand and $0.4 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026, the if-converted value of the 2026 Convertible Notes did not exceed its principal value.

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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the interest rate on the Revolving Line of Credit was 9.7% and 10.0%, 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 $0.4 million extension fee and third-party legal costs of $0.3 million incurred under the amendment are being amortized into interest expense over the term of the Revolving Line of Credit.

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 March 31, 2026. 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 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.

The original CGIC subordinated unsecured promissory note, which was issued at 100% of par 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.

For the three months ended March 31, 2026 and 2025, interest expense recognized relating to the CGIC Note, including the contractual interest coupon and amortization of the discount, was $1.7 million and $1.4 million, respectively, and cash paid for interest to CGIC was zero and $1.2 million, respectively. During the three months ended March 31, 2026, in accordance with the terms of the amended CGIC Note, $1.9 million of interest was capitalized into the principal balance. As of March 31, 2026, the total carrying amount related to the note was $48.5 million, inclusive of $47.8 million of principal (including capitalized interest) and a net unamortized premium of $0.7 million. As of December 31, 2025, the total carrying amount of 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.

The terms of the CGIG Note include a mandatory prepayment requirement which requires the Company to prepay the CGIC Note (together with all accrued and unpaid interest and all other amounts payable under the CGIC Note), 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), 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.

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.

- 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

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

+ Details

Debt Obligations - Schedule of Maturities of Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Finance Leases
2026 (remaining period)	$ 0.1
2027	0.0
2028	0.0
2029	0.0
2030	0.0
Total aggregate finance lease and debt principal payments	0.1
Debt
2026 (remaining period)	143.7
2027	489.4
2028	5.8
2029	6.4
2030	53.6
Total aggregate finance lease and debt principal payments	698.9
Total
2026 (remaining period)	143.8
2027	489.4
2028	5.8
2029	6.4
2030	53.6
Total aggregate finance lease and debt principal payments	$ 699.0	$ 687.2
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 - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total accounts receivable with customers	$ 182.4	$ 240.5
Infrastructure
Segment Reporting Information [Line Items]
Total accounts receivable with customers	179.8	237.0
Life Sciences
Segment Reporting Information [Line Items]
Total accounts receivable with customers	0.9	1.8
Spectrum
Segment Reporting Information [Line Items]
Total accounts receivable with customers	$ 1.7	$ 1.7

Temporary Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Temporary Equity

15. Temporary Equity

Preferred Shares

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


	March 31, 2026	December 31, 2025

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	1,937

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 Condensed 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 $9.5 million (which includes the accreted dividends) and a current fair value of $9.9 million as of March 31, 2026, which is inclusive of $0.4 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.

During the first quarter of 2026, 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. An aggregate quarterly dividend of $0.4 million for the first quarter of 2026, 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.

2025

Declaration Date and Holders of Record Date

March 31, 2025

Payment Date

April 15, 2025

Total Dividend

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 March 31, 2026, 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 March 31, 2026, the Series A-3 Preferred Stock and Series A-4 Preferred Stock, including the accrued value of accreting dividends, were convertible into 305,278 and 66,326 shares, respectively, of INNOVATE's common stock. 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.

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 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, the non-controlling interest is classified outside of permanent equity in the mezzanine section of a Company's Consolidated Balance Sheet. 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 March 31, 2026 and December 31 2025, 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 three months ended March 31, 2026, Pansend funded an additional $0.3 million in intercompany convertible 13.0% notes with R2 Technologies, bringing the total intercompany notes principal balance to $7.8 million. 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.

As a result of the allocation of losses, the redeemable non-controlling interest related to R2 Technologies was negative $1.1 million and negative $1.0 million as of March 31, 2026 and December 31 2025, respectively. As of March 31, 2026 and December 31 2025, the Company had negative $10.1 million and negative $9.2 million, respectively of R2 Technologies non-controlling interests reflected within Non-controlling interests within the Condensed 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 notes that are 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 March 31, 2026 and December 31, 2025, 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

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of 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, 2025	314,176	$	6.22

Vested	(33,447)	$	6.65

Unvested - March 31, 2026	280,729	$	5.79

Schedule of 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, 2025 and March 31, 2026	317,733	$	13.39









Exercisable - December 31, 2025 and March 31, 2026	217,733	$	16.94

Supplementary Financial Information- Schedule of Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain on step-up of equity method investment	$ 0.0	$ 4.4
Interest income	0.4	0.4
Foreign currency translation losses	(0.3)	(0.4)
Unrealized fair value gain on securities	0.0	0.2
Other	0.2	(0.6)
Total other income, net	$ 0.3	$ 4.0

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Not Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Senior Notes \| Spectrum
Liabilities
Exit fees (non-current portion)	$ 25.8	$ 25.8
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	679.5	661.6
Total liabilities not accounted for at fair value	679.5	661.6
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	646.7	642.1
Total liabilities not accounted for at fair value	646.7	642.1
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	440.2	447.2
Total liabilities not accounted for at fair value	440.2	447.2
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	206.5	194.9
Total liabilities not accounted for at fair value	$ 206.5	$ 194.9

Basic and Diluted Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

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):


	Three Months Ended March 31,
	2026		2025
Net loss	$	(17.1)	$	(25.8)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	0.3		1.3
Net loss attributable to INNOVATE Corp.	(16.8)		(24.5)
Less: Preferred stock dividends	0.4		0.3




Net loss attributable to common stockholders and participating preferred stockholders	$	(17.2)	$	(24.8)

























Weighted-average common shares outstanding - basic and diluted	13,344,976		13,114,804





Loss per common share - basic and diluted	$	(1.29)	$	(1.89)

Debt Obligations - Non-Operating Corporate CGIC Subordinated Secured Promissory Note Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
	Aug. 04, 2025 USD ($) shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Jan. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 31, 2025 USD ($) businessDay	May 08, 2025	May 09, 2024	May 08, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Cash paid for interest		$ 2.1	$ 19.5
Total aggregate finance lease and debt principal payments		699.0			$ 687.2
Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable	$ 0.5	0.4
CGIC \| Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable		0.4
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		503.3			481.9
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		$ 48.5			$ 46.8
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%			14.40%
Outstanding debt		$ 379.3			$ 360.4
Face amount						$ 360.4
Interest expense, debt				$ 18.9
Total aggregate finance lease and debt principal payments		367.6			345.5
Debt instrument, prepayment business due day \| businessDay						2
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Outstanding debt		47.8			45.9
Debt instrument, unamortized premium, net		$ 0.7			$ 0.9
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 (in shares) \| shares	8,063
Additional principal amount	$ 9.6
Extension fee and accrued interest	2.4
Outstanding debt	43.0
Debt issued, percentage of par value										100.00%
Interest expense, debt		$ 1.7	1.4
Cash paid for interest		0.0	$ 1.2
Interest costs capitalized		$ 1.9
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate \| CGIC \| Series A-4 Preferred Stock
Debt Instrument [Line Items]
Additional principal amount	9.1
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate \| CGIC \| Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable	$ 0.5
Unsecured Note due 2026 \| Secured Debt \| Non-Operating Corporate \| CGIC
Debt Instrument [Line Items]
Interest rate							32.00%	16.00%	9.00%
Face amount										$ 35.1

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company uses the Annual Effective Tax Rate ("ETR") approach of ASC 740-270, Interim Reporting, to calculate its interim tax provision. Income tax expense was $2.9 million and $7.1 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense primarily relates to the tax expense as calculated for taxpaying entities, including the tax expense/benefit associated with the INNOVATE Corp. U.S. consolidated group due to the Tax Cut and Jobs Act's 80 percent limitation on net operating losses incurred after 2017. 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. 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. 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 March 31, 2026 and 2025, 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. 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
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-Section 50
-Paragraph 12B
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying unaudited Condensed 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 interim unaudited Condensed 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 information and note disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), have been condensed or omitted in these interim unaudited Condensed Consolidated Financial Statements pursuant to such rules and regulations. These interim unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s annual audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2026. Certain prior amounts have been reclassified or combined to conform to the current year presentation, for example, certain amounts within the Other income, net table in Note 20. Supplementary Financial Information.
Liquidity and Going Concern	Liquidity and Going Concern The accompanying unaudited Condensed 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 10.50% 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 and proceed with a sales process for all or substantially all of DBMG'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, 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 unaudited Condensed 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 unaudited Condensed Consolidated Financial Statements in conformity with U.S. 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 Condensed Consolidated Financial Statements as of the date of the Condensed 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year On July 30, 2025, the Financial Accounting Standards Board ("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. The guidance was effective for the Company for interim and annual periods beginning on January 1, 2026, and the Company is utilizing the practical expedient. The adoption of this ASU did not have a significant effect on the Company’s Condensed 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. The guidance was effective for the Company for interim and annual periods beginning on January 1, 2026. The adoption of this ASU did not have an effect on the Company's Condensed Consolidated Financial Statements. Accounting Pronouncements Issued But Pending Adoption On April 23, 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement on Equity-Classified Preferred Stock ("ASU 2026-01"). The amendments in this ASU improve GAAP by providing authoritative guidance for the initial measurement of paid-in kind (" PIK") dividends on equity-classified preferred stock and requires that these PIK dividends be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. ASU 2026-01 is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. Entities may apply the amendments in this ASU either on a prospective basis or on a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. The Company is currently evaluating the potential effect of this ASU on the Company’s Condensed Consolidated Financial Statements. 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 Condensed 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 Condensed 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 Condensed 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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.6	$ 0.8
Intrinsic value of options outstanding	$ 0.1
Average remaining life of option outstanding	8 years 1 month 6 days
Maximum contractual term of company's exercisable options	10 years
Unvested stock options (in shares)	100,000
Compensation expense unrecognized	$ 0.2
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	0.1	$ 0.3
Unrecognized compensation expense	$ 0.7
Unrecognized compensation expense, period for recognition (in years)	9 months 18 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition (in years)	6 months
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

Accounts Receivable, Net

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Accounts Receivable, Net

4. Accounts Receivable, Net

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


	March 31, 2026		December 31, 2025

Contracts in progress	$	179.8	$	237.0
Unbilled retentions	0.1		0.1
Trade receivables	2.7		3.6
Other receivables	3.6		0.6
Allowance for expected credit losses	(0.2)		(0.2)
Total	$	186.0	$	241.1

As of January 1, 2025, accounts receivable, net totaled $194.0 million.

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 5.7	$ 5.9
Depreciation expense within cost of revenue	3.2	$ 3.5
Property, plant, and equipment and finance lease right-of-use asset, gross	325.7		$ 314.0
Property, plant and equipment, net	148.1		141.8
Internal-Use Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	22.9		21.0
Property, plant and equipment, net	$ 7.3		$ 6.6

Debt Obligations - Infrastructure Narrative (Details) - Infrastructure - DBM Global Credit Facilities - Line of Credit $ in Millions	May 20, 2025 USD ($) parcel	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 220.0
Deferred financing fees		$ 1.8
Debt instrument, number of real estate parcels, first priority lien \| parcel	10
Third-Party
Debt Instrument [Line Items]
Deferred financing fees		$ 0.1
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 135.0
Accordion feature to increase line of credit	$ 50.0
Revolving Credit Facility \| UMB Bank
Debt Instrument [Line Items]
Basis spread on variable rate	4.25%
Interest rate, effective percentage		6.60%	6.80%
Commitment fee percentage	0.50%
Availability for revolving loans		$ 124.2	$ 119.9
Secured Debt
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 85.0
Secured Debt \| UMB Bank
Debt Instrument [Line Items]
Interest rate, effective percentage		7.20%	7.40%

Debt Obligations - Non-Operating Corporate 10.50% Senior Secured Notes due 2027 Narrative (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Jan. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 01, 2025 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		$ 699,000,000.0		$ 687,200,000
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		503,300,000		481,900,000
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments		$ 48,500,000		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
Deferred financing fees		$ 800,000		1,000,000.0
Interest expense, debt			$ 18,900,000
Amortization of debt issuance costs		13,000,000.0
Total aggregate finance lease and debt principal payments		367,600,000		345,500,000
Outstanding debt		379,300,000		360,400,000
Unamortized discount		$ 10,900,000		$ 13,900,000
Interest rate, effective percentage		14.40%		14.40%
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
Outstanding debt		$ 0		$ 1,900,000	$ 1,900,000
Interest rate, effective percentage						9.30%

Revenue and Contracts in Process - Schedule of Infrastructure Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total Infrastructure segment revenue	$ 364.8	$ 274.2
Infrastructure
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	357.6	264.3
Other revenue	0.3	0.6
Total Infrastructure segment revenue	357.9	264.9
Infrastructure \| Industrial
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	126.2	74.6
Infrastructure \| Commercial
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	108.0	53.8
Infrastructure \| Healthcare
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	41.5	52.0
Infrastructure \| Government
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	37.1	24.8
Infrastructure \| Transportation
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	34.2	44.7
Infrastructure \| Energy
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9.5	1.9
Infrastructure \| Leisure
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0.2	6.6
Infrastructure \| Convention
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0.9	$ 5.9

Goodwill and Intangibles, Net - Schedule of Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 108.1	$ 107.9
Federal Communications Commission ("FCC") licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 108.1	$ 107.9

Revenue and Contracts in Process - Schedule of Infrastructure Segment Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Contract assets	$ 54.5	$ 64.1
Contract liabilities	(157.3)	(171.9)
Infrastructure
Segment Reporting Information [Line Items]
Cost in excess of billings and estimated earnings	26.5	28.7
Conditional retainage	28.0	35.4
Contract assets	54.5	64.1
Billings in excess of costs and estimated earnings	(216.6)	(218.1)
Conditional retainage	59.3	46.2
Contract liabilities	$ (157.3)	$ (171.9)

Subsequent Events (Details)	Mar. 31, 2026	Aug. 31, 2025
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Subsequent Event [Line Items]
Interest rate	10.50%	10.50%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 364.8	$ 274.2
Cost of revenue	311.3	228.7
Gross profit	53.5	45.5
Operating expenses:
Selling, general and administrative	39.4	37.8
Depreciation and amortization	4.2	4.4
Other operating income	(0.1)	(0.1)
Income (loss) from operations	10.0	3.4
Other (expense) income:
Interest expense	(24.5)	(20.2)
Loss from equity investees	0.0	(5.9)
Other income, net	0.3	4.0
Loss from operations before income taxes	(14.2)	(18.7)
Income tax expense	(2.9)	(7.1)
Net loss	(17.1)	(25.8)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	0.3	1.3
Net loss attributable to INNOVATE Corp.	(16.8)	(24.5)
Less: Preferred stock dividends	0.4	0.3
Net loss attributable to common stockholders and participating preferred stockholders, basic	(17.2)	(24.8)
Net loss attributable to common stockholders and participating preferred stockholders, diluted	$ (17.2)	$ (24.8)
Loss per common share - basic (in usd per share)	$ (1.29)	$ (1.89)
Loss per common share - diluted (in usd per share)	$ (1.29)	$ (1.89)
Weighted-average common shares outstanding - basic (in shares)	13,344,976	13,114,804
Weighted-average common shares outstanding - diluted (in shares)	13,344,976	13,114,804

Accounts Receivable, Net - Schedule of Accounts Receivable, net (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Jan. 01, 2025
Receivables [Abstract]
Contracts in progress	$ 179.8	$ 237.0
Unbilled retentions	0.1	0.1
Trade receivables	2.7	3.6
Other receivables	3.6	0.6
Allowance for expected credit losses	(0.2)	(0.2)
Total	$ 186.0	$ 241.1	$ 194.0

Goodwill and Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.7	$ 2.0

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Topic 230
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-Topic 220
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-Topic 220
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Paragraph 2
-Subparagraph (a)(2)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 134.6	$ 112.1
Accounts receivable, net	186.0	241.1
Contract assets	54.5	64.1
Inventory	15.4	16.0
Other current assets	15.4	18.2
Total current assets	405.9	451.5
Investments	1.8	1.8
Deferred tax asset	2.0	2.0
Property, plant and equipment, net	148.1	141.8
Goodwill	127.1	127.0
Intangibles, net	163.7	165.2
Other assets	88.2	60.8
Total assets	936.8	950.1
Current liabilities
Accounts payable	130.2	141.4
Accrued liabilities	103.7	122.5
Current portion of debt obligations	610.8	581.4
Contract liabilities	157.3	171.9
Other current liabilities	17.8	16.9
Total current liabilities	1,019.8	1,034.1
Deferred tax liability	4.7	4.7
Debt obligations	68.8	80.3
Other liabilities	75.7	46.3
Total liabilities	1,169.0	1,165.4
Commitments and contingencies (Note 13)
Temporary equity
Redeemable non-controlling interests	1.3	1.6
Total temporary equity	10.8	10.9
Stockholders’ deficit
Common stock, $0.001 par value, Shares authorized: 250,000,000; Shares issued: 13,818,904; Shares outstanding: 13,641,866 and 13,655,062, respectively	0.0	0.0
Additional paid-in capital	350.4	350.1
Treasury stock, at cost: 177,038 and 163,842 shares, respectively	(5.6)	(5.6)
Accumulated deficit	(599.3)	(582.5)
Accumulated other comprehensive loss	(1.8)	(2.1)
Total INNOVATE Corp. stockholders’ deficit	(256.3)	(240.1)
Non-controlling interests	13.3	13.9
Total stockholders’ deficit	(243.0)	(226.2)
Total liabilities, temporary equity and stockholders’ deficit	936.8	950.1
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 of Series A-4	$ 9.5	$ 9.3

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		December 31, 2025


Equipment, furniture and fixtures, and software	$	230.7	$	223.3
Building and leasehold improvements	44.8		42.4
Land	25.4		25.3
Construction in progress	18.2		16.3
Plant and transportation equipment	6.6		6.7
	$	325.7	$	314.0
Less: Accumulated depreciation	177.6		172.2
Total	$	148.1	$	141.8

Depreciation expense was $5.7 million and $5.9 million for the three months ended March 31, 2026 and 2025, respectively. These amounts included $3.2 million and $3.5 million of depreciation expense recognized within cost of revenue for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and December 31, 2025, the gross value of capitalized internal-use software included in PP&E was $22.9 million and $21.0 million, respectively, and the net book value as of March 31, 2026 and December 31, 2025, was $7.3 million and $6.6 million, respectively.

Segments and Related Information - Narrative (Details)	3 Months Ended
Segments and Related Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable geographic segments	1
Number of reportable operating segments	3
Number of reportable segments	3

Leases - Schedule of Future Payments of Lease Liabilities (Details) $ in Millions	Mar. 31, 2026 USD ($)
Operating Leases
2026 (remaining period)	$ 12.2
2027	18.6
2028	15.2
2029	11.3
2030	9.6
Thereafter	43.1
Total future minimum lease payments	110.0
Less: amounts representing interest	(24.1)
Total lease liability	85.9
Finance Leases
2026 (remaining period)	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

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease liability, net of current portion	$ 72.0	$ 42.9
Other	3.7	3.4
Total other liabilities	$ 75.7	$ 46.3

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

5. Inventory

Inventory consisted of the following (in millions):


	March 31, 2026		December 31, 2025

Raw materials and consumables	$	14.1	$	14.9
Work in process	0.7		0.3
Finished goods	0.6		0.8
Total inventory	$	15.4	$	16.0

Commitments and Contingencies - Schedule of Concentration of Risk, by Risk Factor (Details) - Revenue - Customer Concentration Risk - Infrastructure	3 Months Ended
	Mar. 31, 2026
Customer A
Concentration Risk [Line Items]
Concentration risk percentage	31.00%
Customer B
Concentration Risk [Line Items]
Concentration risk percentage	13.90%

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Share-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

14. Share-based Compensation

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $0.6 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively, which is included within Selling, general and administrative expenses in the Condensed 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, 2025	314,176	$	6.22

Vested	(33,447)	$	6.65

Unvested - March 31, 2026	280,729	$	5.79

The aggregate vesting date fair value of the restricted stock and restricted stock units which vested during the three months ended March 31, 2026 and 2025, was $0.1 million and $0.3 million, respectively. As of March 31, 2026, the total unrecognized share-based compensation expense related to unvested restricted stock and restricted stock units was $0.7 million and is expected to be recognized over the remaining weighted-average period of 0.8 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, 2025 and March 31, 2026	317,733	$	13.39









Exercisable - December 31, 2025 and March 31, 2026	217,733	$	16.94

As of March 31, 2026, the intrinsic value and weighted-average remaining life of the Company's outstanding and exercisable stock options were $0.1 million and approximately 8.1 years, respectively. The maximum contractual term of the Company's exercisable stock options is approximately ten years. As of March 31, 2026, 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 0.5 years.

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Investments [Line Items]
Total	$ 1.8		$ 1.8
Loss from equity investees	0.0	$ 5.9
Common Stock
Schedule of Investments [Line Items]
Equity method	0.9		0.9
Measurement alternative	0.9		0.9
Total	$ 1.8		$ 1.8

- 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

Leases (Tables)

3 Months Ended

Mar. 31, 2026

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	March 31, 2026		December 31, 2025

Right-of-use assets:
Operating lease	Other assets (non-current)	$	84.0	$	52.9
Finance lease	Property, plant and equipment, net	0.1		0.1
Total right-of-use assets		$	84.1	$	53.0

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	13.9	$	12.9
Non-current portion of operating lease	Other liabilities	72.0		42.9
Finance lease	Debt obligations	0.1		0.1
Total lease liabilities		$	86.0	$	55.9

Schedule of Components of Lease Expense

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


	Three Months Ended March 31,
	2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	—	$	0.1

Net finance lease cost	—		0.1
Operating lease cost	4.3		4.2

Variable lease cost	0.2		0.2

Total non-current lease cost	$	4.5	$	4.5
Short-term lease costs	6.0		8.0
Total lease cost	$	10.5	$	12.5

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


	Three Months Ended March 31,
		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	5.3	$	5.2

Financing cash flows for finance leases		$	—	$	0.1

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		$	34.6	$	2.5

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


	March 31, 2026		December 31, 2025

Weighted-average remaining lease term (years) - operating leases	7.9		6.6
Weighted-average remaining lease term (years) - finance leases	2.4		2.1
Weighted-average discount rate - operating leases	6.4	%	6.4	%
Weighted-average discount rate - finance leases	5.1	%	5.0	%

Schedule of Operating Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of March 31, 2026, were as follows (in millions):


	Operating Leases		Finance Leases
2026 (remaining period)	$	12.2	$	0.1
2027	18.6		—
2028	15.2		—
2029	11.3		—
2030	9.6		—
Thereafter	43.1		—
Total future minimum lease payments	110.0		0.1
Less: amounts representing interest	(24.1)		—
Total lease liability	$	85.9	$	0.1

Schedule of Finance Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of March 31, 2026, were as follows (in millions):


	Operating Leases		Finance Leases
2026 (remaining period)	$	12.2	$	0.1
2027	18.6		—
2028	15.2		—
2029	11.3		—
2030	9.6		—
Thereafter	43.1		—
Total future minimum lease payments	110.0		0.1
Less: amounts representing interest	(24.1)		—
Total lease liability	$	85.9	$	0.1

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in millions):


	March 31, 2026		December 31, 2025

Raw materials and consumables	$	14.1	$	14.9
Work in process	0.7		0.3
Finished goods	0.6		0.8
Total inventory	$	15.4	$	16.0

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid assets	$ 11.0	$ 10.6
Income tax receivable	1.3	4.4
Other	3.1	3.2
Total other current assets	$ 15.4	$ 18.2

Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 14.1	$ 14.9
Work in process	0.7	0.3
Finished goods	0.6	0.8
Total inventory	$ 15.4	$ 16.0

Debt Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Sep. 01, 2025	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	699.0	$ 687.2
Unamortized issuance discount, issuance premium, and deferred financing costs	(19.4)	(25.5)
Less: current portion of debt obligations	(610.8)	(581.4)
Debt obligations, net of current portion	68.8	80.3
Infrastructure
Debt Instrument [Line Items]
Obligations under finance leases	0.1	0.1
Total aggregate finance lease and debt principal payments	76.6	87.7
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	49.4	47.9
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	503.3	481.9
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt principal payments	$ 48.5	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	$ 49.4	47.9
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	10.50%			10.50%
Outstanding debt	$ 379.3	360.4
Total aggregate finance lease and debt principal payments	$ 367.6	345.5
9.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	9.50%				9.50%
Outstanding debt	$ 56.0	53.5
Total aggregate finance lease and debt principal payments	55.2	52.5
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Outstanding debt	$ 47.8	45.9
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	$ 0.0	1.9	$ 1.9
7.50% Convertible Senior Notes \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	7.50%
Outstanding debt	$ 0.2	0.2
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	$ 5.0	15.0
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	$ 71.5	$ 72.6

Revenue and Contracts in Process

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue and Contracts in Process

3. Revenue and Contracts in Process

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


	Three Months Ended March 31,
	2026		2025

Infrastructure	$	357.9	$	264.9
Life Sciences	1.6		3.1
Spectrum	5.3		6.2

Total revenue	$	364.8	$	274.2

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


	March 31, 2026		December 31, 2025


Infrastructure	$	179.8	$	237.0
Life Sciences	0.9		1.8
Spectrum	1.7		1.7
Total accounts receivable with customers	$	182.4	$	240.5

As of January 1, 2025, accounts receivable, net, from contracts with customers totaled $188.2 million.

Infrastructure Segment

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


	Three Months Ended March 31,
	2026		2025
Industrial	$	126.2	$	74.6
Commercial	108.0		53.8
Healthcare	41.5		52.0
Government	37.1		24.8
Transportation	34.2		44.7
Energy	9.5		1.9
Leisure	0.2		6.6
Convention	0.9		5.9
Total revenue from contracts with customers	$	357.6	$	264.3
Other revenue	0.3		0.6
Total Infrastructure segment revenue	$	357.9	$	264.9

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


	March 31, 2026		December 31, 2025

Costs incurred on contracts in progress	$	1,490.9	$	1,365.3
Estimated earnings	210.0		194.4
Contract revenue earned on uncompleted contracts	1,700.9		1,559.7
Less: progress billings	1,803.7		1,667.5
	$	(102.8)	$	(107.8)

The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	$	54.5	$	64.1
Contract liabilities	(157.3)		(171.9)
	$	(102.8)	$	(107.8)


	March 31, 2026		December 31, 2025

Cost in excess of billings and estimated earnings	$	26.5	$	28.7
Conditional retainage	28.0		35.4
Contract assets	$	54.5	$	64.1

Billings in excess of costs and estimated earnings	$	(216.6)	$	(218.1)
Conditional retainage	59.3		46.2
Contract liabilities	$	(157.3)	$	(171.9)

As of January 1, 2025, contract assets were $106.3 million and contract liabilities were $109.1 million.

The change in contract assets during the three months ended March 31, 2026 and 2025, is a result of the recording of $19.0 million and $74.6 million, respectively, of contract assets driven by new commercial projects, partially offset by $28.6 million and $45.6 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 three months ended March 31, 2026 and 2025, is a result of the recording of periodic contract liabilities of $137.3 million and $54.0 million, respectively, 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 $151.9 million and $67.8 million, respectively.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of March 31, 2026, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):


	Within One Year		Within Two to Five Years		Total
Industrial	$	403.9	$	99.3	$	503.2
Transportation	225.1		285.7		510.8
Commercial	232.7		31.9		264.6
Healthcare	194.2		16.1		210.3
Government	62.2		11.5		73.7
Energy	22.7		—		22.7
Convention	0.3		—		0.3

Remaining unsatisfied performance obligations	$	1,141.1	$	444.5	$	1,585.6

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 2.5 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

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


	Three Months Ended March 31,
	2026		2025
Systems and consumables revenue	$	1.6	$	3.1






Total Life Sciences segment revenue	$	1.6	$	3.1

Spectrum Segment

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


	Three Months Ended March 31,
	2026		2025
Broadcast station	$	5.3	$	6.2





Total Spectrum segment revenue	$	5.3	$	6.2

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of March 31, 2026, the transaction price allocated to remaining unsatisfied performance obligations consisted of $9.6 million of broadcast station revenues of which $8.1 million is expected to be recognized within one year and $1.5 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Other comprehensive loss	$ (0.3)
Foreign Currency Cumulative Translation Adjustments
Other comprehensive loss	$ 3.1	$ 3.3

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 2,900,000	$ 7,100,000
Net operating loss, not subject to expiration			$ 141,800,000
Net operating losses subject to expiration			34,500,000
Unrecognized tax benefits that would impact effective tax rate	0	$ 0
Operating loss carryforwards, decrease for uncertain tax positions	$ 58,700,000
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 \| 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

CONDENSED 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)

Non-Controlling Interests

Beginning balance at Dec. 31, 2024

$ 15.6

Increase (Decrease) in Temporary Equity [Roll Forward]

Dividends

$ (0.3)

Net loss

(0.2)

Ending balance at Mar. 31, 2025

15.4

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

13,261,400

Beginning balance at Dec. 31, 2024

(159.3)

(180.4)

$ 0.0

350.1

$ (5.4)

$ (521.9)

$ (3.2)

$ 21.1

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

Share-based compensation

0.8

Shares withheld to satisfy tax withholdings (in shares)

(15,100)

Shares withheld to satisfy tax withholdings

(0.1)

Dividends

(0.3)

Issuance of common stock (in shares)

36,900

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

0.0

0.1

(0.1)

Net loss

(25.6)

(24.5)

(1.1)

Other comprehensive income

0.2

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

13,283,200

Ending balance at Mar. 31, 2025

(184.3)

(204.2)

$ 0.0

350.7

(5.5)

(546.4)

(3.0)

19.9

Beginning balance at Dec. 31, 2024

15.6

Ending balance at Dec. 31, 2025

10.9

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

13,261,400

Beginning balance at Dec. 31, 2024

$ (159.3)

(180.4)

$ 0.0

350.1

(5.4)

(521.9)

(3.2)

21.1

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)

^[1]

13.9

Increase (Decrease) in Temporary Equity [Roll Forward]

Dividends

(0.8)

0.2

(0.4)

Net loss

(0.3)

Ending balance at Mar. 31, 2026

10.8

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

Share-based compensation

0.6

Shares withheld to satisfy tax withholdings (in shares)

(13,200)

Dividends

(0.8)

$ 0.2

(0.4)

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

(0.1)

0.1

(0.2)

Net loss

(16.8)

Other comprehensive income

$ 0.3

0.3

^[1]

Ending balance (in shares) at Mar. 31, 2026

13,641,866

13,641,900

Ending balance at Mar. 31, 2026

$ (243.0)

$ (256.3)

$ 0.0

$ 350.4

$ (5.6)

$ (599.3)

$ (1.8)

^[1]

$ 13.3

[1]	Inclusive of other comprehensive income (loss), foreign currency cumulative translation adjustments totaled a loss of $3.1 million and $3.3 million as of March 31, 2026 and December 31, 2025, respectively.

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 5.3	$ 5.2
Financing cash flows for finance leases	0.0	0.1
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$ 34.6	$ 2.5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (17.1)	$ (25.8)
Other comprehensive income
Foreign currency translation adjustment, net of tax	0.3	0.2
Other comprehensive income	0.3	0.2
Comprehensive loss	(16.8)	(25.6)
Comprehensive loss attributable to non-controlling interests and redeemable non-controlling interests	0.3	1.3
Comprehensive loss attributable to INNOVATE Corp.	$ (16.5)	$ (24.3)

- 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.

+ References + Details

- 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 of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. 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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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplementary Financial Information

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Financial Information

20. Supplementary Financial Information

Other income, net

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


	Three Months Ended March 31,
	2026		2025

Gain on step-up of equity method investment	$	—	$	4.4

Interest income	0.4		0.4
Foreign currency translation losses	(0.3)		(0.4)
Unrealized fair value gain on securities	—		0.2
Other	0.2		(0.6)
Total other income, net	$	0.3	$	4.0

Supplemental Cash Flow Information


	Three Months Ended March 31,
	2026		2025
Cash and cash equivalents, beginning of the period	$	112.1	$	48.8

Restricted cash included in other assets (non-current)	0.6		0.5
Total cash, cash equivalents and restricted cash, beginning of the period	$	112.7	$	49.3

Cash and cash equivalents, end of the period	$	134.6	$	33.3

Restricted cash included in other assets (non-current)	0.6		0.6
Total cash and cash equivalents and restricted cash, end of the period	$	135.2	$	33.9









Supplemental cash flow information:
Cash paid for interest	$	2.1	$	19.5
Cash paid for income taxes, net of refunds	$	—	$	0.8

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	$	24.8	$	1.2


Property, plant and equipment included in accounts payable or accrued expenses	$	3.2	$	1.1

Basic and Diluted Loss Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Common Share

18. 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, 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, 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 three months ended March 31, 2026, and 2025, due to the results from continuing operations being a loss, net of tax. For the three months ended March 31, 2026 and 2025, 307,422 and 294,329, 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 three months ended March 31, 2026 and 2025, and may be excluded from computations of diluted EPS in the future, are: convertible preferred stock, convertible debt, and stock options. Refer to Note 14. Share-based Compensation and Note 15. 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):


	Three Months Ended March 31,
	2026		2025
Net loss	$	(17.1)	$	(25.8)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	0.3		1.3
Net loss attributable to INNOVATE Corp.	(16.8)		(24.5)
Less: Preferred stock dividends	0.4		0.3




Net loss attributable to common stockholders and participating preferred stockholders	$	(17.2)	$	(24.8)

























Weighted-average common shares outstanding - basic and diluted	13,344,976		13,114,804





Loss per common share - basic and diluted	$	(1.29)	$	(1.89)

Other Assets, Accrued Liabilities and Other Liabilities

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		December 31, 2025

Prepaid assets	$	11.0	$	10.6

Income tax receivable	1.3		4.4

Other	3.1		3.2
Total other current assets	$	15.4	$	18.2

Other Assets

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


	March 31, 2026		December 31, 2025

Right-of-use assets	$	84.0	$	52.9
Restricted cash - non-current	0.6		0.6
Other	3.6		7.3
Total other assets	$	88.2	$	60.8

Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	March 31, 2026		December 31, 2025

Accrued expenses	$	10.0	$	12.8
Accrued payroll and employee benefits	29.6		36.7
Accrued interest and exit fees (current portion)	63.6		72.1
Accrued sales and use taxes	0.2		0.3
Accrued income taxes	0.3		0.6
Total accrued liabilities	$	103.7	$	122.5

Other Current Liabilities

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


	March 31, 2026		December 31, 2025

Operating lease liability, current portion	$	13.9	$	12.9

Other	3.9		4.0
Total other current liabilities	$	17.8	$	16.9

Other Liabilities

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


	March 31, 2026		December 31, 2025

Operating lease liability, net of current portion	$	72.0	$	42.9





Other	3.7		3.4


Total other liabilities	$	75.7	$	46.3

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

19. 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):


March 31, 2026					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)	$	679.5	$	646.7	$	—	$	440.2	$	206.5
Total liabilities not accounted for at fair value	$	679.5	$	646.7	$	—	$	440.2	$	206.5

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


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.

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 debt 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.

- 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

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-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Share-based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Unvested at beginning of period (in shares) \| shares	314,176
Vested (in shares) \| shares	(33,447)
Unvested at ending of period (in shares) \| shares	280,729
Weighted-Average Grant Date Fair Value
Unvested at beginning of period (in usd per share) \| $ / shares	$ 6.22
Vested (in usd per share) \| $ / shares	6.65
Unvested at ending of period (in usd per share) \| $ / shares	$ 5.79

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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	13,818,904
Common stock, shares outstanding (in shares)	13,641,866	13,655,062
Treasury stock, common shares (in shares)	177,038	163,842
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	1,937
Preferred stock, shares outstanding (in shares)	1,937	1,937

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued expenses	$ 10.0	$ 12.8
Accrued payroll and employee benefits	29.6	36.7
Accrued interest and exit fees (current portion)	63.6	72.1
Accrued sales and use taxes	0.2	0.3
Accrued income taxes	0.3	0.6
Total accrued liabilities	$ 103.7	$ 122.5

Debt Obligations - Life Sciences Narrative (Details) - USD ($)		3 Months Ended
	Aug. 04, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Aug. 04, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Accrued interest and exit fees (current portion)		$ 63,600,000		$ 72,100,000
Current portion of debt obligations		$ 610,800,000		581,400,000
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		$ 49,400,000		$ 47,900,000
Interest rate, effective percentage		17.00%		17.00%
Interest expense, debt		$ 2,000,000.0	$ 4,500,000
Interest costs capitalized		1,500,000	1,200,000
Current portion of debt obligations		48,600,000		$ 46,600,000
Outstanding debt		49,400,000		47,900,000
Unamortized discount		$ 800,000		$ 1,300,000
R2 Technologies \| Senior Notes, Due 2025, 20.00% \| Related Party \| Life Sciences
Debt Instrument [Line Items]
Face amount	$ 20,000,000.0
Short-term debt						$ 17,400,000
Accrued interest and exit fees (current portion)					$ 7,000,000.0	$ 2,600,000
Exit fees (non-current portion)					$ 16,500,000
Extension fee percentage	5.00%
Debt instrument, extension fee	$ 2,200,000
Additional exit fee payable			1,000,000.0
Increase in exit fee per month			$ 1,000,000.0
Exit fee percentage			13.09%
Exit fees			$ 8,700,000

Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Accounts Receivable, net

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


	March 31, 2026		December 31, 2025


Infrastructure	$	179.8	$	237.0
Life Sciences	0.9		1.8
Spectrum	1.7		1.7
Total accounts receivable with customers	$	182.4	$	240.5

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


	March 31, 2026		December 31, 2025

Contracts in progress	$	179.8	$	237.0
Unbilled retentions	0.1		0.1
Trade receivables	2.7		3.6
Other receivables	3.6		0.6
Allowance for expected credit losses	(0.2)		(0.2)
Total	$	186.0	$	241.1

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finance lease cost:
Amortization of right-of-use assets	$ 0.0	$ 0.1
Net finance lease cost	0.0	0.1
Operating lease cost	4.3	4.2
Variable lease cost	0.2	0.2
Total non-current lease cost	4.5	4.5
Short-term lease costs	6.0	8.0
Total lease cost	$ 10.5	$ 12.5

Revenue and Contracts in Process - Schedule of Life Sciences Segment Disaggregation of Revenue (Details) - Life Sciences - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 1.6	$ 3.1
Systems and consumables revenue
Segment Reporting Information [Line Items]
Revenue	$ 1.6	$ 3.1

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-Section 50
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+ Details

Basic and Diluted Loss Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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)	307,422	294,329

Goodwill and Intangibles, Net - Schedule of Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 129.1	$ 129.0
Accumulated Amortization	(73.5)	(71.7)
Net	$ 55.6	$ 57.3
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	15 years	15 years
Gross Carrying Amount	$ 25.2	$ 25.2
Accumulated Amortization	(13.0)	(12.6)
Net	$ 12.2	$ 12.6
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	11 years	11 years
Gross Carrying Amount	$ 87.6	$ 87.6
Accumulated Amortization	(55.6)	(54.3)
Net	$ 32.0	$ 33.3
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	(2.6)	(2.5)
Net	$ 10.0	$ 10.1
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	10 years	10 years
Gross Carrying Amount	$ 3.7	$ 3.6
Accumulated Amortization	(2.3)	(2.3)
Net	$ 1.4	$ 1.3

- 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.

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+ Details

Supplementary Financial Information - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning of the period	$ 112.1	$ 48.8
Restricted cash included in other assets (non-current), beginning of period	0.6	0.5
Cash, cash equivalents and restricted cash, beginning of period	112.7	49.3
Cash and cash equivalents, end of the period	134.6	33.3
Restricted cash included in other assets (non-current), end of period	0.6	0.6
Cash, cash equivalents and restricted cash, end of period	135.2	33.9
Supplemental cash flow information:
Cash paid for interest	2.1	19.5
Cash paid for income taxes, net of refunds	0.0	0.8
Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	24.8	1.2
Property, plant and equipment included in accounts payable or accrued expenses	$ 3.2	$ 1.1

Debt Obligations - Non-Operating Corporate 8.50% Senior Secured Notes due 2026 Narrative (Details) - Secured Debt - Non-Operating Corporate - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Sep. 01, 2025	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		$ 0		$ 1,900,000	$ 1,900,000
Interest rate, effective percentage						9.30%
Debt issuance costs						$ 10,800,000
Amortization of discount on investments, net		$ 15,000	$ 7,600,000
10.50% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate	10.50%	10.50%
Face amount	$ 360,400,000
Outstanding debt		$ 379,300,000		$ 360,400,000
Interest rate, effective percentage		14.40%		14.40%

Temporary Equity - Schedule of Cash, PIK and Special Cash Dividends (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 15, 2025	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Dividend payments		$ 0.4	$ 0.3
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Total Dividend			$ 0.3
Dividend payments	$ 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

Temporary Equity - Schedule of Stock by Class (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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	1,937
Preferred stock, shares outstanding (in shares)	1,937	1,937

- 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 - Schedule of Calculation of Basic Loss Per Common Share to Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (17.1)	$ (25.8)
Net loss attributable to non-controlling interests and redeemable non-controlling interests	0.3	1.3
Net loss attributable to INNOVATE Corp.	(16.8)	(24.5)
Less: Preferred stock dividends	0.4	0.3
Net loss attributable to common stockholders and participating preferred stockholders, basic	(17.2)	(24.8)
Net loss attributable to common stockholders and participating preferred stockholders, diluted	$ (17.2)	$ (24.8)
Weighted-average common shares outstanding - basic (in shares)	13,344,976	13,114,804
Weighted-average common shares outstanding - diluted (in shares)	13,344,976	13,114,804
Loss per common share - basic (in usd per share)	$ (1.29)	$ (1.89)
Loss per common share - diluted (in usd per share)	$ (1.29)	$ (1.89)

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

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 Condensed 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 Condensed Consolidated Financial Statements. The Company records a liability in its Condensed 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 Condensed 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 Condensed 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 has entered 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 March 31, 2026, DBMG had outstanding letters of credit of $5.8 million under credit and security agreements and performance bonds of $581.9 million. 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. 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

The Company's revenue concentrations of 10% and greater were as follows:

Three Months Ended March 31,

2026

2025

Segment

Revenue

Customer A

Infrastructure

31.0%

Customer B

Infrastructure

13.9%

*Less than 10% concentration