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Leases - Schedule of Supplemental Cash Flow Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	May 01, 2024 USD ($) lease installment
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 4.3	$ 4.4	$ 13.7	$ 14.3
Financing cash flows for finance leases	0.0	0.0	0.1	0.2
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	1.9	5.5	40.8	10.6
Finance leases	$ 0.0	$ 0.0	$ 0.0	0.1
Lease modification incentive				$ 4.0
DBMGi
Right-of-use assets obtained in exchange for new lease liabilities:
Number of property leases with amended termination dates \| lease							3
Early lease termination payment receivable					$ 4.0		$ 12.0
Surrender fees, number of equal installments to be received \| installment							3
Surrender fees payments received for lease termination					$ 4.0	$ 4.0
Remaining payment due period					5 days

Basic and Diluted Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income (Loss) to Net Income (Loss) Used in Basic and Diluted EPS Calculations

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income (loss)	$	28.3		$	(9.6)		$	23.6		$	(56.4)
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests	(1.8)			0.7			(3.2)			3.2
Net income (loss) attributable to INNOVATE Corp.	26.5			(8.9)			20.4			(53.2)
Less: Preferred stock dividends	0.4			0.5			1.1			3.0





Less: Deemed dividend on subsidiary preferred stock attributable to non-controlling interests (1)	10.3			—			10.3			—
Net income (loss) attributable to common stockholders and participating preferred stockholders	$	15.8		$	(9.4)		$	9.0		$	(56.2)

Earnings (loss) allocable to common shares:
Participating shares
Weighted-average common shares outstanding	13,524,185			13,264,799			13,415,551			13,176,043
Unvested restricted stock	237,673			—			270,224			—
Series A-3 and Series A-4 Preferred Stock (as converted)	379,148			—			371,835			—
Total	14,141,006			13,264,799			14,057,610			13,176,043

Percentage of earnings (loss) allocated to:
Common stock	95.6		%	100.0		%	95.4		%	100.0		%
Unvested restricted stock	1.7		%	—		%	1.9		%	—		%
Series A-3 and Series A-4 Preferred Stock	2.7		%	—		%	2.7		%	—		%

Numerator for earnings (loss) per share:


Net income (loss) attributable to common stockholders - basic	$	15.1		$	(9.4)		$	8.6		$	(56.2)
Effect of assumed shares	—			—			—			—
Net income (loss) attributable to common stock holders - diluted	$	15.1		$	(9.4)		$	8.6		$	(56.2)




Denominator for earnings (loss) per share:
Weighted-average common shares outstanding - basic	13,524,185			13,264,799			13,415,551			13,176,043
Effect of assumed shares under the treasury stock method for stock options	180,300			—			185,043			—
Weighted-average common shares outstanding - diluted	13,704,485			13,264,799			13,600,594			13,176,043


Earnings (Loss) per share
Basic	$	1.12		$	(0.71)		$	0.64		$	(4.27)
Diluted	$	1.10		$	(0.71)		$	0.63		$	(4.27)

(1) Deemed dividend on R2 Technologies' subsidiary preferred stock attributable to non-controlling interests. Refer to Note 11. Equity and Temporary Equity for additional information.

Segments and Related Information - Narrative (Details)	9 Months Ended
Segments and Related Information - Narrative (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable geographic segments	1
Number of operating segments	3
Number of reportable segments	3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Commitments and Contingencies - Narrative (Details) - DBMG - USD ($) $ in Millions	Sep. 30, 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	$ 850.8	$ 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Name Accounting Standards Codification
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+ Details

Disposals and Assets and Liabilities Held for Sale - Schedule of Infrastructure Segment Contract with Customer, Asset and Liability (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Jan. 01, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Cost in excess of billings and estimated earnings	$ 37.2		$ 28.7
Conditional retainage	43.2		35.4
Contract assets	80.4		64.1
Billings in excess of costs and estimated earnings	(308.9)		(218.1)
Conditional retainage	60.4		46.2
Contract liabilities	(248.5)		$ (171.9)
Contract assets				$ 106.3
Contract liabilities				$ 109.1
Contract liabilities, increase due to new projects	244.1	$ 166.2
Contract liabilities, revenue recognized	167.5	99.8
Contract assets, increase due to new projects	55.5	45.6
Contract assets, reclassified to receivables	$ 39.2	$ 71.1

Share-based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Number of Shares
Unvested at beginning of period (in shares) \| shares	314,176
Granted (in shares) \| shares	216,456
Vested (in shares) \| shares	(274,955)
Unvested at ending of period (in shares) \| shares	255,677
Weighted-Average Grant Date Fair Value
Unvested at beginning of period (in usd per share) \| $ / shares	$ 6.22
Granted (in usd per share) \| $ / shares	7.49
Vested (in usd per share) \| $ / shares	6.11
Unvested at ending of period (in usd per share) \| $ / shares	$ 7.40

Equity and Temporary Equity - Series A-3 and Series A-4 Shares Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended				9 Months Ended
	Aug. 04, 2026	Jul. 01, 2021	Aug. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Aug. 04, 2025
Class of Stock [Line Items]
Daily VWAP, threshold amount (in dollars per share)									$ 1
Dividends				$ 1.5	$ 1.0			$ 2.9	$ 4.0
Accrued liabilities								74.8	22.3
Increase in net loss attributable to common stockholders				(15.1)	9.4			(8.6)	56.2
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Dividends payable				$ 0.4	$ 0.5	$ 0.7		$ 0.4	$ 0.5	$ 0.3	$ 0.4		$ 0.5
Preferred stock cumulative cash dividend rate				7.50%	7.50%			7.50%
Dividends, preferred stock, cash							$ 0.3
Preferred stock dividend rate								4.00%
Accreting dividend threshold rate				7.25%	7.25%			7.25%
Dividend payable, additional amount accrued, for prior period 1						1.3
Dividend payable, additional amount accrued, for prior period 2							$ 0.2
Increase in accrued preferred stock						1.3
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)				317,749				317,749				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)				69,036				69,036				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		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													$ 9.9
Dividends payable				$ 0.8				$ 0.8
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

Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The weighted-average remaining lease terms and the weighted-average discount rates for the Spectrum and Infrastructure segments' leases were as follows:


	September 30, 2026		December 31, 2025

Weighted-average remaining lease term (years) - operating leases	8.1		6.6
Weighted-average remaining lease term (years) - finance leases	2.0		2.1
Weighted-average discount rate - operating leases	5.8	%	6.4	%
Weighted-average discount rate - finance leases	5.2	%	5.0	%

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	—	$	—	$	0.1	$	0.2

Net finance lease cost	$	—	$	—	$	0.1	$	0.2
Operating lease cost	5.0		4.4		14.7		13.2

Variable lease cost	0.1		0.2		0.4		0.5

Total non-current lease cost	$	5.1	$	4.6	15.2		13.9
Short-term lease costs	13.4		6.8		28.0		22.2
Total lease cost	$	18.5	$	11.4	$	43.2	$	36.1

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (1)	$	4.3	$	4.4	$	13.7	$	14.3

Financing cash flows for finance leases	$	—	$	—	$	0.1	$	0.2

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	1.9	$	5.5	$	40.8	$	10.6
Finance leases	$	—	$	—	$	—	$	0.1

(1) The above amounts exclude $4.0 million received during the nine months ended September 30, 2025 for a lease modification. On May 1, 2024, a subsidiary of DBMG amended the termination date of three property leases that had an original expiry date of March 31, 2031. In exchange, and as an inducement for DBMG to early terminate, the landlord agreed to pay DBMG $12.0 million in surrender fees in three equal installments, contingent on timely vacate and inspection milestones, of which DBMG received $4.0 million in surrender fees in 2024 and $4.0 million in surrender fees in 2025, with the remaining $4.0 million payment due to DBMG due within five business days of the vacate date in 2027 for the remaining property lease. After final surrender of the properties, DBMG will have no further obligations under these leases.

Disposals and Assets and Liabilities Held for Sale - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations	Sep. 30, 2026	Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Weighted-average remaining lease term (years) - operating leases	8 years 1 month 6 days	6 years 7 months 6 days
Weighted-average remaining lease term (years) - finance leases	2 years	2 years 1 month 6 days
Weighted-average discount rate - operating leases	5.80%	6.40%
Weighted-average discount rate - finance leases	5.20%	5.00%

- 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

Related Parties - Life Sciences Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Aug. 04, 2025	Jul. 31, 2025
Related Party Transaction [Line Items]
Share-based compensation expense	$ 500	$ 700	$ 1,500	$ 2,200
Accounts payable	7,200		7,200		$ 3,200
Life Sciences
Related Party Transaction [Line Items]
Revenue	1,200	3,100	5,000	9,400
R2 Technologies \| Related Party \| Life Sciences
Related Party Transaction [Line Items]
Revenue	20	1,100	1,100	2,500
Related receivables from this subsidiary	0		0		600
Share-based compensation expense		$ 100	300	$ 600
Accounts payable	700		700		500
R2 Technologies \| Lancer Promissory Note \| Related Party \| Life Sciences
Related Party Transaction [Line Items]
Short-term debt	$ 52,400		$ 52,400		$ 47,900
Interest rate	12.00%		12.00%			12.00%	12.00%

Basic and Diluted Earnings (Loss) Per Common Share - Schedule of Reconciliation of Net Income (Loss) to Net Income (Loss) Used in Basic and Diluted EPS Calculations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Net income (loss)	$ 28.3	$ (9.6)	$ 23.6	$ (56.4)
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests	(1.8)	0.7	(3.2)	3.2
Net income (loss) attributable to INNOVATE Corp.	26.5	(8.9)	20.4	(53.2)
Less: Preferred stock dividends	0.4	0.5	1.1	3.0
Less: Deemed dividend on subsidiary preferred stock attributable to non-controlling interests	10.3	0.0	10.3	0.0
Net income (loss) attributable to common stockholders and participating preferred stockholders	$ 15.8	$ (9.4)	$ 9.0	$ (56.2)
Earnings (loss) allocable to common shares:
Weighted-average common shares outstanding - basic (in shares)	13,524,185	13,264,799	13,415,551	13,176,043
Unvested restricted stock (in shares)	237,673	0	270,224	0
Series A-3 and Series A-4 Preferred Stock (as converted) (in shares)	379,148	0	371,835	0
Total (in shares)	14,141,006	13,264,799	14,057,610	13,176,043
Percentage of earnings (loss) allocated to:
Common stock (as percent)	95.60%	100.00%	95.40%	100.00%
Unvested restricted stock (as a percent)	1.70%	0.00%	1.90%	0.00%
Series A-3 and Series A-4 Preferred Stock (as a percent)	2.70%	0.00%	2.70%	0.00%
Numerator for earnings (loss) per share:
Net income (loss) attributable to common stockholders - basic	$ 15.1	$ (9.4)	$ 8.6	$ (56.2)
Effect of assumed shares	0.0	0.0	0.0	0.0
Net income (loss) attributable to common stock holders - diluted	$ 15.1	$ (9.4)	$ 8.6	$ (56.2)
Denominator for earnings (loss) per share:
Weighted-average common shares outstanding - basic (in shares)	13,524,185	13,264,799	13,415,551	13,176,043
Effect of assumed shares under the treasury stock method for stock options and unvested restricted stock (in shares)	180,300	0	185,043	0
Weighted-average common shares outstanding - diluted (in shares)	13,704,485	13,264,799	13,600,594	13,176,043
Earnings (Loss) per share
Basic (in usd per share)	$ 1.12	$ (0.71)	$ 0.64	$ (4.27)
Diluted (in usd per share)	$ 1.10	$ (0.71)	$ 0.63	$ (4.27)

Supplementary Financial Information (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

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

Interest income	0.3		0.1		1.2		0.6
Foreign currency translation gains (losses)	—		0.1		(0.4)		(0.8)
Fair value gain on securities	0.2		0.3		0.1		0.8
Other	0.1		0.1		0.2		(0.4)
Total other income, net	$	0.6	$	0.6	$	1.1	$	4.6

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):


	Nine Months Ended September 30,
	2026		2025
Cash and cash equivalents, beginning of the period	$	5.1	$	15.8

Restricted cash included in other assets (non-current)	—		—
Total cash, cash equivalents and restricted cash, beginning of the period	$	5.1	$	15.8

Cash and cash equivalents, end of the period	$	4.9	$	2.6

Restricted cash included in other assets (non-current)	—		—
Total cash and cash equivalents and restricted cash, end of the period	$	4.9	$	2.6

Cash and cash equivalents classified in Assets held for sale, beginning of the period	$	106.9	$	33.0
Restricted cash classified in Assets held for sale (non-current)	0.6		0.6
Total cash and cash equivalents and restricted cash classified in Assets held for sale, beginning of the period	$	107.5	$	33.6

Cash and cash equivalents classified in Assets held for sale, end of the period	$	86.6	$	33.0
Restricted cash classified in Assets held for sale (noncurrent)	0.6		0.6
Total cash and cash equivalents and restricted cash classified in Assets held for sale, end of the period	$	87.2	$	33.6

Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, beginning of the period.	$	112.0	$	48.8
Restricted cash, including restricted cash in Assets held for Sale, beginning of the period.	0.6		0.6
Total cash and cash equivalents and restricted cash, including cash and cash equivalents and restricted cash in Assets held for Sale, beginning of the period.	$	112.6	$	49.4

Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, end of the period.	$	91.5	$	35.6
Restricted cash, including restricted cash in Assets held for Sale, end of the period.	0.6		0.6
Total cash and cash equivalents and restricted cash, including cash and cash equivalents and restricted cash in Assets held for Sale, end of the period.	$	92.1	$	36.2

Infrastructure and Spectrum cash flow information:
Cash provided by operating activities	$	72.1	$	69.3
Cash used in investing activities	$	50.8	$	17.8

Supplemental cash flow information:
Cash paid for interest	$	9.9	$	27.1
Cash paid for income taxes, net of refunds	$	2.4	$	4.6

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt (1)	$	56.4	$	63.1
Accrued dividends capitalized into principal debt	$	—	$	0.5
Exchange of preferred stock for debt	$	—	$	9.1
Property, plant and equipment included in accounts payable or accrued expenses (2)	$	1.5	$	1.1

(1) Includes accrued interest of $0.8 million capitalized quarterly into principal debt for the Spectrum Bridge Loan Facility for the nine months ended September 30, 2026.

(2) Includes property, plant and equipment included in accounts payable or accrued expenses for our Infrastructure segment of $1.5 million for the nine months ended September 30, 2026 and $1.1 million for our Infrastructure and Spectrum segments for the nine months ended September 30, 2025.

Schedule of Cash and Cash Equivalents


	Nine Months Ended September 30,
	2026		2025
Cash and cash equivalents, beginning of the period	$	5.1	$	15.8

Restricted cash included in other assets (non-current)	—		—
Total cash, cash equivalents and restricted cash, beginning of the period	$	5.1	$	15.8

Cash and cash equivalents, end of the period	$	4.9	$	2.6

Restricted cash included in other assets (non-current)	—		—
Total cash and cash equivalents and restricted cash, end of the period	$	4.9	$	2.6

Cash and cash equivalents classified in Assets held for sale, beginning of the period	$	106.9	$	33.0
Restricted cash classified in Assets held for sale (non-current)	0.6		0.6
Total cash and cash equivalents and restricted cash classified in Assets held for sale, beginning of the period	$	107.5	$	33.6

Cash and cash equivalents classified in Assets held for sale, end of the period	$	86.6	$	33.0
Restricted cash classified in Assets held for sale (noncurrent)	0.6		0.6
Total cash and cash equivalents and restricted cash classified in Assets held for sale, end of the period	$	87.2	$	33.6

Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, beginning of the period.	$	112.0	$	48.8
Restricted cash, including restricted cash in Assets held for Sale, beginning of the period.	0.6		0.6
Total cash and cash equivalents and restricted cash, including cash and cash equivalents and restricted cash in Assets held for Sale, beginning of the period.	$	112.6	$	49.4

Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, end of the period.	$	91.5	$	35.6
Restricted cash, including restricted cash in Assets held for Sale, end of the period.	0.6		0.6
Total cash and cash equivalents and restricted cash, including cash and cash equivalents and restricted cash in Assets held for Sale, end of the period.	$	92.1	$	36.2

Infrastructure and Spectrum cash flow information:
Cash provided by operating activities	$	72.1	$	69.3
Cash used in investing activities	$	50.8	$	17.8

Supplemental cash flow information:
Cash paid for interest	$	9.9	$	27.1
Cash paid for income taxes, net of refunds	$	2.4	$	4.6

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt (1)	$	56.4	$	63.1
Accrued dividends capitalized into principal debt	$	—	$	0.5
Exchange of preferred stock for debt	$	—	$	9.1
Property, plant and equipment included in accounts payable or accrued expenses (2)	$	1.5	$	1.1

(1) Includes accrued interest of $0.8 million capitalized quarterly into principal debt for the Spectrum Bridge Loan Facility for the nine months ended September 30, 2026.

Revenue and Contracts in Process - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total revenue	$ 495.5	$ 347.1	$ 1,281.9	$ 863.3
Infrastructure
Segment Reporting [Line Items]
Total revenue	490.6	338.4	1,262.5	836.4
Life Sciences
Segment Reporting [Line Items]
Total revenue	1.2	3.1	5.0	9.4
Spectrum
Segment Reporting [Line Items]
Total revenue	$ 3.7	$ 5.6	$ 14.4	$ 17.5

- 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).

+ 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

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+ Details

Segments and Related Information - Schedule of Reconciliation of the Consolidated Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Reconciliation of the consolidated segment income from operations to consolidated income (loss) from operations before income taxes:
Income from operations	$ 29.6	$ 6.1	$ 74.1	$ 14.4
Gain on sale of controlling interest in subsidiary	32.9	0.0	32.9	0.0
Interest expense	(31.1)	(23.4)	(83.2)	(65.0)
(Loss) gain on extinguishment of debt	(0.4)	0.0	18.0	(0.3)
Loss from equity investees	(0.4)	0.0	(0.4)	(5.9)
Other income, net	0.6	0.6	1.1	4.6
Income (loss) from operations before income taxes	$ 31.2	$ (16.7)	$ 42.5	$ (52.2)

- Definition

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

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Paragraph 1
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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

Basic and Diluted Earnings (Loss) Per Common Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of assumed shares under the treasury stock method for stock options and unvested restricted stock (in shares)	180,300	0	185,043	0
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)		321,371		301,486

Revenue and Contracts in Process - Narrative (Details) $ in Millions	Jan. 01, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Accounts receivable, net, contracts with customers	$ 1.5

Disposals and Assets and Liabilities Held for Sale - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions					3 Months Ended	6 Months Ended	9 Months Ended
	Oct. 05, 2026 USD ($) $ / shares shares	Sep. 01, 2026 USD ($)	Aug. 21, 2026	May 29, 2026 USD ($)	Sep. 30, 2026 USD ($) $ / shares	Jun. 30, 2026 USD ($)	Sep. 30, 2026 USD ($) $ / shares	Sep. 30, 2025 USD ($)	Aug. 31, 2026	Dec. 31, 2025 USD ($) $ / shares
Disposal Group, Including Discontinued Operations [Line Items]
Common stock, par value (in usd per share) \| $ / shares					$ 0.001		$ 0.001			$ 0.001
Payments on lines of credit							$ 15.0	$ 111.8
Accumulated other comprehensive loss					$ (3.2)		(3.2)			$ (2.1)
IES Holdings, Inc.
Disposal Group, Including Discontinued Operations [Line Items]
Reverse stock split, conversion ratio			2
HC2 Broadcasting Holdings, Inc
Disposal Group, Including Discontinued Operations [Line Items]
Deconsolidation, carrying amount of net assets		$ 24.4
Accumulated other comprehensive loss		1.2
Bridge Loan Facility \| Line of Credit \| Bridge Loan
Disposal Group, Including Discontinued Operations [Line Items]
Debt instrument, principal extinguished		$ 105.0
Broadcasting
Disposal Group, Including Discontinued Operations [Line Items]
Equity method investment, ownership percentage		25.00%
Equity method investment, fair value		$ 57.6
Equity method investments					$ 57.6		$ 57.6
Broadcasting \| Significant Other Observable Inputs (Level 2)
Disposal Group, Including Discontinued Operations [Line Items]
Equity method investment, fair value		54.3
Broadcasting \| Significant Unobservable Inputs (Level 3)
Disposal Group, Including Discontinued Operations [Line Items]
Equity method investment, fair value		$ 3.3
Subsequent Event \| 10.50% Senior Secured Notes \| Secured Debt
Disposal Group, Including Discontinued Operations [Line Items]
Interest rate	10.50%
Debt instrument, redemption price, percentage of principal redeemed	100.00%
Debt instrument, remaining redemption, period	15 days
Debt instrument, principal extinguished	$ 325.0
Subsequent Event \| Senior Notes Due 2027, 9.5% \| Secured Debt
Disposal Group, Including Discontinued Operations [Line Items]
Interest rate	9.50%
Subsequent Event \| DBMG Credit Agreement \| Line of Credit
Disposal Group, Including Discontinued Operations [Line Items]
Debt extinguishment amount	$ 68.7
Subsequent Event \| Revolving Credit Agreement \| Revolving Credit Facility
Disposal Group, Including Discontinued Operations [Line Items]
Payments on lines of credit	$ 20.7
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum \| HC2 Broadcasting Holdings, Inc
Disposal Group, Including Discontinued Operations [Line Items]
Disposal group, aggregate purchase price				$ 45.0
Right to acquire equity interests, percentage				15.00%
Debt instrument, term				18 months
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum \| CONX Affiliate Letter Agreement
Disposal Group, Including Discontinued Operations [Line Items]
Right to acquire equity interests, percentage				80.10%
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum \| CONX
Disposal Group, Including Discontinued Operations [Line Items]
Threshold percentage of ownership				80.10%
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum \| Bridge Loan Facility \| Line of Credit \| Bridge Loan
Disposal Group, Including Discontinued Operations [Line Items]
Debt extinguishment amount				$ 104.8
Interest rate					8.00%		8.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| DBMG
Disposal Group, Including Discontinued Operations [Line Items]
Disposal group, transaction costs					$ 3.9		$ 5.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| DBMG \| Subsequent Event
Disposal Group, Including Discontinued Operations [Line Items]
Percentage of equity sold	91.20%
Disposal group, consideration received (in shares) \| shares	430,974
Common stock, par value (in usd per share) \| $ / shares	$ 0.01
Disposal group, equity consideration	$ 140.0
Disposal group, consideration, reference price (in usd per share) \| $ / shares	$ 649.69
Disposal group, cash consideration, net of adjustments	$ 378.0
Disposal group, gross cash consideration	$ 453.0
Disposal group, remaining equity holders, percentage received in cash	8.80%
Disposal group, consideration, cash received for costs and obligations	$ 35.0
Disposal group, consideration, cash received including covered costs and obligations	$ 413.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Percentage of conversion shares of common stock		75.00%
Disposal group, aggregate purchase price		$ 75.0
Disposal group, consideration funded at closing				$ 3.7
Disposal group, ownership interest sold		75.00%
Disposal group, working capital adjustment		$ 1.6
Payments to noncontrolling interests		$ 1.4
Disposal group, gain on sale							32.9
Disposal group, transaction fees						$ 1.2	$ 1.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Spectrum \| Spectrum Merger
Disposal Group, Including Discontinued Operations [Line Items]
Conversion of stock, right to receive percentage of common shares		25.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Spectrum \| Bridge Loan Facility \| Line of Credit \| Bridge Loan
Disposal Group, Including Discontinued Operations [Line Items]
Debt extinguishment amount		$ 105.0
Extinguishment of debt interest amount		$ 2.2
HC2 Broadcasting Holdings, Inc
Disposal Group, Including Discontinued Operations [Line Items]
Controlling interest (approximately)					25.00%		25.00%		100.00%	98.00%
CONX Affiliate Letter Agreement \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Option exercise period				2 years
DTV America Corporation
Disposal Group, Including Discontinued Operations [Line Items]
Controlling interest (approximately)				76.50%					100.00%	69.20%
Proxy rights ownership percentage				2.80%

Equity and Temporary Equity - Schedule of Stock by Class (Details) - $ / shares	Sep. 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

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+ Details

Disposals and Assets and Liabilities Held for Sale - Schedule of Fair Value, Debt Obligation (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Carrying value	$ 67.1	$ 148.6
Fair Value Measurement	68.6	195.9
Spectrum
Debt Instrument [Line Items]
Exit fees		25.8
Accrued interest		27.9
Quoted Prices (Level 1)
Debt Instrument [Line Items]
Fair Value Measurement	0.0	0.0
Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Fair Value Measurement	68.6	87.6
Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Fair Value Measurement	$ 0.0	$ 108.3

Disposals and Assets and Liabilities Held for Sale - Schedule of Contract Assets and Contract Liabilities and Recognized Earnings (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Costs incurred on contracts in progress	$ 2,041.5	$ 1,365.3
Estimated earnings	308.9	194.4
Contract revenue earned on uncompleted contracts	2,350.4	1,559.7
Less: progress billings	2,518.5	1,667.5
Net of cost earned on uncompleted contracts	(168.1)	(107.8)
The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	80.4	64.1
Contract liabilities	(248.5)	(171.9)
Net contract assets (liabilities)	$ (168.1)	$ (107.8)

Debt Obligations - Schedule of Maturities of Debt and Finance Lease Obligations (Details) $ in Millions	Sep. 30, 2026 USD ($)
Debt Disclosure [Abstract]
2026 (remaining period)	$ 72.4
2027	510.9
Total aggregate debt principal payments	$ 583.3

Equity and Temporary Equity - R2 Technologies Non-Controlling Interests Narrative (Details) - USD ($) $ in Thousands	Jul. 28, 2026	Sep. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock, shares issued (in shares)		14,035,360	13,818,904
Redeemable non-controlling interests		$ 0	$ (1,600)
R2 Technologies
Class of Stock [Line Items]
Redeemable non-controlling interests			1,000
R2 Technologies \| Balance Sheet Location [Axis]: us-gaap:MinorityInterest
Class of Stock [Line Items]
Redeemable non-controlling interests		$ 7,200	$ 9,200
Pre Transaction
Class of Stock [Line Items]
Percentage of ownership	80.80%
Post Transaction
Class of Stock [Line Items]
Percentage of ownership	86.70%
Purchase Of Preferred Stock
Class of Stock [Line Items]
Payments for stock	$ 1,000
R2 Series A1 Convertible Participating Preferred Stock \| Purchase Of Preferred Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)	500
Payments for stock	$ 500
Shares, outstanding	1,000
Convertible Promissory Notes
Class of Stock [Line Items]
Debt instrument interest rate	13.00%
Convertible debt	$ 7,800
Interest payable, current	$ 1,100

Supplementary Financial Information- Schedule of Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain on step-up of equity method investment	$ 0.0	$ 0.0	$ 0.0	$ 4.4
Interest income	0.3	0.1	1.2	0.6
Foreign currency translation gains (losses)	0.0	0.1	(0.4)	(0.8)
Fair value gain on securities	0.2	0.3	0.1	0.8
Other	0.1	0.1	0.2	(0.4)
Total other income, net	$ 0.6	$ 0.6	$ 1.1	$ 4.6

Revenue and Contracts in Process - Schedule of Spectrum Segment Disaggregation of Revenue (Details) - Spectrum - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 3.7	$ 5.6	$ 14.4	$ 17.5
Broadcast station
Segment Reporting [Line Items]
Revenue	$ 3.7	$ 5.6	$ 14.4	$ 17.5

- 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

+ 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

Fair Value of Financial Instruments - Narrative (Details) - Non-Operating Corporate	Sep. 30, 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 Secured 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%

Revenue and Contracts in Process - Schedule of Infrastructure Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Total Infrastructure segment revenue	$ 495.5	$ 347.1	$ 1,281.9	$ 863.3
Infrastructure
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	490.4	338.2	1,261.2	835.3
Other revenue	0.2	0.2	1.3	1.1
Total Infrastructure segment revenue	490.6	338.4	1,262.5	836.4
Infrastructure \| Industrial
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	186.6	85.1	481.3	219.1
Infrastructure \| Commercial
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	144.2	116.1	371.6	246.2
Infrastructure \| Healthcare
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	79.1	48.6	158.8	124.2
Infrastructure \| Government
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	26.6	36.1	94.3	84.5
Infrastructure \| Transportation
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	37.6	48.6	113.0	134.6
Infrastructure \| Energy
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	14.2	1.8	38.4	5.5
Infrastructure \| Leisure
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0.0	1.7	0.2	12.9
Infrastructure \| Convention
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 2.1	$ 0.2	$ 3.6	$ 8.3

Disposals and Assets and Liabilities Held for Sale

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Disposals and Assets and Liabilities Held for Sale

3. Disposals and Assets and Liabilities Held for Sale

Disposal of DBMG

On August 7, 2026, INNOVATE entered into the DBMG Transaction Agreement by and among the Company, IES, Merger Sub and Intermediate to sell the Company's interests in DBMG. Subsequent to quarter end, the DBMG Sale closed on October 5, 2026. Pursuant to the DBMG Transaction Agreement, upon the terms and subject to the conditions thereof, (i) Seller sold, and Merger Sub purchased from Seller, approximately 91.2% of the outstanding shares of common stock of DBMG (the “Acquisition”) in exchange for cash and equity consideration, net of customary adjustments at closing for cash, working capital, indebtedness and transaction expenses of DBMG and (ii) immediately following the Acquisition, Merger Sub merged with and into DBMG pursuant to Section 253 of the DGCL, with DBMG surviving the merger as a wholly owned subsidiary of Buyer (the “Merger” and, together with the Acquisition, the “DBMG Sale”).

The consideration paid to Seller at the closing of the Merger, representing Seller’s approximately 91.2% pro rata share of the purchase price, consisted of (i) 430,974 shares of the Buyer’s common stock, par value $0.01 per share (the “Stock Consideration”) equal to the quotient of (a) $140 million divided by (b) $649.69 (the reference price used for calculating the Stock Consideration pursuant to the terms of the DBMG Transaction Agreement), multiplied by (c) 2 (to reflect the adjustment for Buyer's two-for-one stock split effected on August 21, 2026) and (ii) approximately $378 million in cash. The cash portion reflects Seller’s cash consideration of approximately $453 million, as adjusted pursuant to the terms of the DBMG Transaction Agreement for cash, indebtedness, and other customary adjustments. Each of the other DBMG stockholders, collectively representing the remaining approximately 8.8% of outstanding shares of DBMG common stock, received its pro rata share of the purchase price entirely in cash (subject to customary adjustments), unless such stockholder had made a proper demand for appraisal in accordance with Section 262 of the DGCL. Obligations under the DBMG Credit Agreement were repaid in full at closing, which reduced the cash proceeds of the DBMG Sale. The cash consideration paid to Seller is subject to additional adjustments as set forth in the DBMG Transaction Agreement. Additionally, IES paid Seller $35 million in cash at the closing of the DBMG Sale as compensation for costs and obligations borne by the Seller in connection with a joint tax election under Section 338 of the Internal Revenue Code made with respect to the DBMG Sale. Including this payment, Seller received total cash of approximately $413 million at closing.

In connection with the closing of the DBMG Sale, on October 5, 2026, all outstanding obligations under the Amended and Restated Credit Agreement, dated May 20, 2025, by and among DBMG, the lenders party thereto from time to time and UMB BANK, N.A. (the “DBMG Credit Agreement”) were repaid in full, including all accrued and unpaid interest and fees, in an aggregate amount of approximately $68.7 million. Upon such repayment, the DBMG Credit Agreement was terminated.

In addition, on October 5, 2026, the Company applied $20.7 million of the net cash proceeds from the DBMG Sale to repay its revolving line of credit with MSD including all accrued and unpaid interest and fees and must apply the remainder of the net cash proceeds from the DBMG Sale to reduce its outstanding indebtedness. Specifically, the Company must use the remaining net cash proceeds from the DBMG Sale, as well as any proceeds from sale of the Stock Consideration to mandatorily redeem the Company’s 10.50% Senior Secured Notes due 2027 (the “10.50% 2027 Senior Secured Notes”) and 9.50% Convertible Senior Secured Notes due 2027 (the "2027 Convertible Notes"). The Company has redeemed $325.0 million principal amount of its 10.50% 2027 Senior Secured Notes on October 15, 2026, for a cash purchase price equal to 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of redemption. The total payment was $332.0 million, inclusive of $7.0 million in unpaid accrued interest and $325.0 million in principal. The Company must apply net proceeds from sale of the Stock Consideration following expiration of the related Lock-Up Period (as defined below) to redeem the remaining 10.50% 2027 Senior Secured Notes within 15 days after receipt. The Company must apply any net proceeds from sale of the Stock Consideration remaining after redemption of the 10.50% 2027 Senior Secured Notes to redeem the 2027 Convertible Notes. However, such proceeds may not be sufficient and the Company could be required to raise additional proceeds through an asset sale, debt refinancing or capital raise, if available, to cover any shortfall. In connection with the closing of the DBMG Sale, the Company entered into a supplemental indenture (the “DBMG Closing Supplemental Indenture”) to the 2027 Convertible Notes Indenture on October 9, 2026. The DBMG Closing Supplemental Indenture amends the 2027 Convertible Notes Indenture to (i) require the redemption of all 2027 Convertible Notes on the 15th business day following the termination of the Lock-Up Period (as defined below) applicable to the Stock Consideration the Company received in connection with the DBMG Sale for a cash purchase price equal to 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of redemption and (ii) correspondingly, confirm that no offer to repurchase the 2027 Convertible Notes need be made. Refer to Note 7. Debt Obligations for additional information on the repayment and termination of the Revolving Line of Credit and the impact of the closing of the DBMG Sale on our other Corporate debt instruments as applicable. Because the terms of the 10.50% 2027 Senior Secured Notes do not permit redemption of the 2027 Convertible Notes while the 10.50% 2027 Senior Secured Notes remain outstanding, the Company must redeem the 10.50% 2027 Senior Secured Notes prior to the required redemption of the 2027 Convertible Notes unless alternative arrangements are made.

The Company expects to recognize a gain on the sale in the fourth quarter of 2026. The Company incurred $3.9 million and $5.0 million in transaction costs which are included in Selling, general and administrative expenses for the three and nine months ended September 30, 2026, respectively. The final quantification for the gain on sale is pending finalization of closing adjustments and tax. In connection with the sale, the Company and the buyer executed elections at closing under Section 338(h)(10) of the Internal Revenue Code with respect to DBMG and its U.S. subsidiaries and under Section 338(g) with respect to DBMG’s foreign subsidiaries. Under these elections, the sale will be treated for U.S. federal income tax purposes as a sale of the underlying assets of DBMG and those subsidiaries rather than a sale of the stock. Determining the taxable gain resulting from these elections is complex. It requires calculating the aggregate deemed sale price, allocating it among DBMG’s asset classes and among its domestic and foreign subsidiaries in accordance with applicable Treasury Regulations, and determining the tax basis of those assets across the multiple jurisdictions in which DBMG operates. This process is ongoing and depends in part on the finalization of the closing adjustments and the purchase price allocation with the buyer. Accordingly, the Company is not yet able to reasonably estimate the income tax effect of the transaction, including the extent to which its net operating loss carryforwards will be available to offset the resulting taxable gain. The income tax effect, including any impact the transaction has on our assessment for the need of a valuation allowance, will be reflected in the Company’s income tax provision for the fourth quarter of 2026.

Under the DBMG Transaction Agreement, the Stock Consideration received is subject to a lock-up period following closing of the DBMG Sale, which will expire upon the earlier to occur of December 4, 2026 and the date that the Registration Statement to be filed with the SEC to register the resale by the Seller of all shares received as Stock Consideration (the "Registration Statement") is declared effective (the “Lock-Up Period”). The DBMG Transaction Agreement provides that Buyer will use its commercially reasonable efforts (i) if eligible for automatic effectiveness, to file the Registration Statement on an automatically effective basis promptly after it files its Annual Report on Form 10-K in respect of its fiscal year ended September 30, 2026, or (ii) otherwise to file the Registration Statement as promptly as practicable following the closing of the DBMG Sale. The Registration Statement is subject to the terms set forth in the DBMG Transaction Agreement. The Stock Consideration is subject to additional terms and conditions set forth in a lock-up agreement entered into by the Company and Buyer at the closing of the DBMG Sale (the “Lock-Up Agreement”). The cash portion of the proceeds that Seller received from the DBMG Sale will not of itself be sufficient to repay the Company’s debt instruments that will come due, and the amount of proceeds received from any sale of the stock portion of the consideration for the DBMG Sale will depend upon market prices at the time of such sale.

Disposal of Controlling Interest in Spectrum

Spectrum Merger Agreement

On September 1, 2026, the Company completed its disposition of a controlling interest in Broadcasting through the merger (the “Spectrum Merger”) of HC2 Merger Sub, LLC, a Delaware limited liability company (“HC2 Merger Sub”), with and into HC2, pursuant to the Agreement and Plan of Merger, dated as of May 29, 2026 (the “Merger Agreement”), by and among HC2, HC2 Holdco, HC2 Merger Sub and CONX. HC2 survived the Spectrum Merger as an indirect subsidiary of CONX (the “Surviving Entity”). Following the consummation of the Spectrum Merger, on September 2, 2026, HC2 was converted into a Delaware limited liability company (the “Conversion”) in accordance with the Merger Agreement, with the name HC2 Broadcasting Holdings LLC.

At the closing of the Spectrum Merger, the shares of common stock of HC2 (other than shares held by HC2 Merger Sub) were converted into the right to receive 25% of the shares of common stock of the Surviving Entity outstanding immediately following the closing, subject to certain post-closing adjustments as set forth in the Merger Agreement. The membership interests of HC2 Merger Sub outstanding immediately prior to the closing were converted into 75% of the shares of common stock of the Surviving Entity outstanding immediately following the closing, subject to certain post-closing adjustments as set forth in the Merger Agreement, representing the value attributable to (i) the extinguishment of the loans under the Bridge Loan Facility (as defined below) and (ii) the funding of up to an aggregate $75 million in equity commitments by CONX in favor of the Surviving Entity from time to time, approximately $3.7 million of which was funded at the closing and the balance of which is payable from time to time following the closing, which equity commitments are subject to certain adjustments as set forth in the Merger Agreement.

Upon consummation of the Spectrum Merger, the loan (including all accrued and capitalized interest) under the Loan Agreement, dated as of May 29, 2026 (the “New Spectrum Loan Agreement”), by and between HC2, as borrower, and HC2 Merger Sub, as lender, which provided for a bridge loan facility in an aggregate principal amount of $105 million (the “Bridge Loan Facility”), were extinguished in full and the New Spectrum Loan Agreement was terminated. See Spectrum Debt section below for additional information.

In connection with the Conversion, HC2, CONX Broadcast Group, LLC (“CONX Broadcast”) and HC2 Holdco entered into a limited liability company agreement (the “LLC Agreement”), which sets forth certain rights and obligations of HC2, CONX Broadcast and HC2 Holdco with respect to HC2. The LLC Agreement provides for the management of HC2 by a three‑member board of directors (the “HC2 Board”), consisting of two directors appointed by CONX Broadcast and one director appointed by HC2 Holdco (the “INNOVATE Director”). Pursuant to the LLC Agreement, CONX Broadcast is entitled to appoint a majority of the HC2 Board. The LLC Agreement contains certain minority protections for HC2 Holdco, including the requirement for the INNOVATE Director to provide consent for certain fundamental actions. The LLC Agreement also contains customary provisions regarding capital contributions, preemptive rights and transfers, including, but not limited to, tag‑along rights, drag‑along rights and rights of first offer, in each case subject to the terms and conditions set forth in the LLC Agreement.

As a result of the Spectrum Merger, the Company's interest in Broadcasting decreased from a 100.0% controlling interest in Broadcasting, on both a voting and fully diluted basis, to a 25.0% equity method interest. The Company has significant influence over Broadcasting due to its board seat. The Company deconsolidated Broadcasting on September 1, 2026 and recorded the equity method interest in Broadcasting at its estimated fair value (Level 3) of $54.3 million and recorded its option to purchase up to an additional 15% of Broadcasting (refer to Spectrum Option Agreement below) at its estimated fair value (Level 3) of $3.3 million for a total of $57.6 million as of the closing date of the transaction. The aggregate carrying value of the equity method investment and purchase option was $57.6 million as of September 30, 2026. The methodology for the Level 3 fair value measurement combined the direct recent transaction activity with certain discounting adjustments, based on market assumptions, for lack of control and the time value of money and are classified as Level 3 fair value measurements due to the discounting. The estimated fair value (Level 3) was based on the equity value of the Surviving Entity implied by CONX’s consideration for its 75% interest: the extinguishment of the $105.0 million Bridge Loan Facility and interest of $2.2 million plus up to $75.0 million of equity commitments, as adjusted for working capital adjustments of $1.6 million, the time value of money, and a discount for the lack of control of the entity. In addition, the Company no longer has any direct interest in DTV, in which it previously held a 76.5% controlling interest, inclusive of 2.8% proxy rights from minority holders after the execution of the Spectrum Merger agreement of May 29, 2026 and held 100% immediately before the closing of the Spectrum Merger as a result of a non-controlling interest buyout, including fees and expenses, for $1.4 million payable in cash. The $1.4 million impact of the buyout is reflected within Additional paid-in capital within the Condensed Consolidated Statement of Stockholders' Deficit. The Company recognized an aggregate gain on disposal of $32.9 million upon the closing of the Spectrum Merger, which is included within Gain on sale of controlling interest in subsidiary in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2026. The gain on sale is net of transaction fees of $1.5 million, including transaction fees of $1.2 million that were previously reported in SG&A during the six months ended June 30, 2026 and have been reclassified during the third quarter of 2026. The carrying value of the Spectrum deconsolidated net assets was $24.4 million, and the carrying amount of AOCI related to Spectrum was $1.2 million as of September 1, 2026.

Spectrum Option Agreement

In connection with the Spectrum Merger, on May 29, 2026, CONX, HC2 Merger Sub, Broadcasting, HC2 Holdco and the Company entered into an Option Agreement (the “Option Agreement”), pursuant to which HC2 Holdco has the right, but not the obligation, to purchase from CONX from time to time, up to an aggregate of 15% of the equity interests in the Surviving Entity (the “Surviving Entity Equity Interests”), on a fully diluted basis, for a maximum aggregate option purchase price of $45 million, at any time during the period commencing on the closing date of the Spectrum Merger and ending on the date that is 18 months from the closing date (the "Option Expiration Date"), subject to the terms and conditions of the Option Agreement.

The Option Agreement also provides that, from the date of the Option Agreement until the Option Expiration Date, in the event that the Company or any of its affiliates consummates any asset sale (as defined in the Option Agreement), the Company must cause HC2 Holdco to apply the net cash proceeds from such asset sale to exercise the option, subject to certain exceptions and a working capital reserve. The purchase option meets the definition of an equity security under ASC 321 Investments - Equity Securities ("ASC 321"). The Company determined that the fair value (Level 3) of the purchase option on September 1, 2026 was $3.3 million and is included in the aggregate investment above of $57.6 million. The fair value of the 15% purchase option was determined using an option-pricing model and is classified as Level 3 within the fair value hierarchy due to the use of significant unobservable inputs, including assumptions regarding expected volatility and a discount for lack of marketability, which require management judgment.

CONX Affiliate Letter Agreement

In connection with entry into the Merger Agreement, CONX, an affiliate of CONX (the “CONX Affiliate”), and the Company entered into a letter agreement, dated as of May 29, 2026 (the “CONX Affiliate Letter Agreement”), pursuant to which CONX and the Company granted the CONX Affiliate the option to acquire up to 80.1% of the equity interests of the Surviving Entity, on a fully-diluted basis, at any time during the two-year period following the date of the CONX Affiliate Letter Agreement, at a price equal to the fair market value of the equity interests acquired, calculated as of the expected date of the closing of such option and subject to the other terms and conditions of the CONX Affiliate Letter Agreement. If the CONX Affiliate exercises the option, the Company will have a certain period of time to exercise its option under the Option Agreement, after which, if not exercised, the option under the Option Agreement will automatically terminate. If the CONX Affiliate exercises such option, the CONX Affiliate would first acquire all of the equity interests of Broadcasting held by CONX, together with an additional amount of equity interests from INNOVATE necessary to reach the 80.1% threshold, subject to INNOVATE's right to require the CONX Affiliate to first acquire all of INNOVATE’s remaining equity interests in Broadcasting. The Company may elect to require the CONX Affiliate to acquire all of the equity interests held by the Company at the closing of such option exercise by the CONX Affiliate.

The Company determined that any underlying transfer associated with CONX Affiliate's rights under the CONX Affiliate Letter Agreement (the "affiliate purchase option") would be subject to the derecognition guidance under ASC 860, Transfers and Servicing ("ASC 860"), as the equity interest is a financial asset within the meaning of ASC 860-10-15. As such, no asset or liability will be recognized by the Company until the affiliate purchase option is exercised.

Summarized assets and liabilities held for sale of the Infrastructure segment as of September 30, 2026, and of the Infrastructure and Spectrum segments as of December 31, 2025 are as follows (in millions):


	September 30, 2026		December 31, 2025
	Infrastructure		Spectrum		Infrastructure		Total
Assets
Current assets
Cash and cash equivalents (1)	$	86.6	$	3.8	$	103.1	$	106.9
Accounts receivable, net (2)	347.6		1.7		237.7		239.4
Contract assets (3)	80.4		—		64.1		64.1
Inventory	13.1		—		15.3		15.3

Other current assets	46.4		1.3		12.8		14.1
Total current assets	$	574.1	$	6.8	$	433.0	$	439.8






Non-current assets
Deferred tax asset	$	2.0	$	—	$	2.0	$	2.0
Property, plant and equipment, net (4)	161.9		10.2		131.5		141.7
Goodwill (5)	105.8		21.4		105.6		127.0
Intangibles, net (6)	42.6		118.0		46.4		164.4
Other assets (7)	64.0		18.1		40.4		58.5
Total non-current assets	$	376.3	$	167.7	$	325.9	$	493.6
Total assets held for sale	$	950.4	$	174.5	$	758.9	$	933.4

Liabilities
Current liabilities
Accounts payable (8)	$	162.1	$	0.8	$	137.4	$	138.2
Accrued liabilities (9)	60.5		57.8		43.2		101.0
Current portion of debt obligations (10)	67.2		62.8		5.6		68.4
Contract liabilities (3)	248.5		—		171.9		171.9

Other current liabilities	11.1		5.1		8.5		13.6
Total current liabilities	$	549.4	$	126.5	$	366.6	$	493.1



Non-current liabilities
Deferred tax liability	$	1.6	$	2.7	$	2.0	$	4.7
Debt obligations (10)	—		—		80.3		80.3
Other liabilities	56.3		16.8		29.5		46.3
Total non-current liabilities	$	57.9	$	19.5	$	111.8	$	131.3
Total liabilities held for sale	$	607.3	$	146.0	$	478.4	$	624.4

(1) Refer to Note 16. Supplementary Financial Information for 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.

(2) Accounts receivable concentrations of 10% and greater were as follows:

Segment

September 30,
2026

December 31,
2025

Customer A

Infrastructure

27.6%

29.9%

Customer B

Infrastructure

10.3%

*Less than 10% concentration

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


	September 30, 2026		December 31, 2025

Costs incurred on contracts in progress	$	2,041.5	$	1,365.3
Estimated earnings	308.9		194.4
Contract revenue earned on uncompleted contracts	2,350.4		1,559.7
Less: progress billings	2,518.5		1,667.5
	$	(168.1)	$	(107.8)

The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	$	80.4	$	64.1
Contract liabilities	(248.5)		(171.9)
	$	(168.1)	$	(107.8)


	September 30, 2026		December 31, 2025

Cost in excess of billings and estimated earnings	$	37.2	$	28.7
Conditional retainage	43.2		35.4
Contract assets	$	80.4	$	64.1

Billings in excess of costs and estimated earnings	$	(308.9)	$	(218.1)
Conditional retainage	60.4		46.2
Contract liabilities	$	(248.5)	$	(171.9)

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

The change in contract liabilities during the nine months ended September 30, 2026 and 2025, is a result of the recording of periodic contract liabilities of $244.1 million and $166.2 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 $167.5 million and $99.8 million, respectively.

The change in contract assets during the nine months ended September 30, 2026 and 2025, is a result of the recording of $55.5 million and $45.6 million, respectively, of contract assets driven by new commercial projects, partially offset by $39.2 million and $71.1 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.

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


	September 30, 2026		December 31, 2025


Equipment, furniture and fixtures, and software	$	199.7	$	221.2
Building and leasehold improvements	42.1		42.4
Land	20.7		25.3
Construction in progress	35.1		16.3
Plant and transportation equipment	5.7		6.7
	$	303.3	$	311.9
Less: Accumulated depreciation	141.4		170.2
Total	$	161.9	$	141.7

The Company ceased depreciation on long-lived assets for our Spectrum and Infrastructure segments, subsequent to their classification as held for sale.

Consolidated depreciation expense within the Company's Condensed Consolidated Statement of Operations was $1.9 million and $5.7 million for the three months ended September 30, 2026 and 2025, respectively. These amounts included $1.4 million and $3.2 million of depreciation expense recognized within cost of revenue for the three months ended September 30, 2026 and 2025, respectively. Depreciation expense was $12.9 million and $17.1 million for the nine months ended September 30, 2026 and 2025, respectively. These amounts included $8.1 million and $9.7 million of depreciation expense recognized within cost of revenue for the nine months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026 and December 31, 2025, the gross value of capitalized internal-use software included in PP&E was $23.1 million and $21.0 million, respectively, and the net book value as of September 30, 2026 and December 31, 2025, was $6.0 million and $6.6 million, respectively.

Other assets held for sale are included in Other current assets in the summarized Assets and liabilities held for sale for our Infrastructure segment. As of September 30, 2026 there were $5.4 million in other assets held for sale, which primarily consisted of one building, equipment and land and the associated improvements.

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


	Infrastructure		Spectrum		Total



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




Disposal of controlling interest in Spectrum	—		(21.4)		(21.4)
Translation adjustments	0.2		—		0.2
Balance as of September 30, 2026	$	105.8	$	—	$	105.8

(6) Intangible assets, net, consisted of the following (in millions)

Indefinite-Lived Intangible Assets

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


	September 30, 2026		December 31, 2025

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

Total	$	—	$	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	September 30, 2026
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 Years	$	25.2		$	(13.8)	$	11.4
Customer relationships and contracts	11 Years	87.6			(57.0)		30.6

Other	7 Years	2.6			(2.0)		0.6
Total		$	115.4		$	(72.8)	$	42.6


	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	7 Years	2.5			(2.0)		0.5
Total		$	127.9		$	(71.4)	$	56.5

The Company ceased amortization on long-lived assets for our Spectrum and Infrastructure segments, subsequent to their classification as held for sale.

Consolidated amortization expense within the Company's Condensed Consolidated Statement of Operations was $0.7 million and $1.8 million for the three months ended September 30, 2026 and 2025, respectively. Amortization expense for definite-lived intangible assets was $4.1 million and $5.7 million for the nine months ended September 30, 2026 and 2025, respectively.

(7) Other assets, which are reflected within non-current assets in the summarized assets and liabilities held for sale, consisted of the following (in millions):


	September 30, 2026		December 31, 2025

Right-of-use assets	$	62.5	$	52.7
Restricted cash - non-current	0.6		0.6
Other	0.9		5.2
Total other assets	$	64.0	$	58.5

(8) Accounts payable concentrations of 10% and greater were as follows:

Segment

September 30,
2026

December 31,
2025

Supplier A

Infrastructure

15.8%

23.9%

(9) Accrued liabilities consisted of the following (in millions):


	September 30, 2026		December 31, 2025

Accrued expenses	$	13.2	$	11.4
Accrued payroll and employee benefits	46.0		35.3
Accrued interest and exit fees	0.1		53.7
Accrued sales and use taxes	0.2		—
Accrued income taxes	1.0		0.6
Total accrued liabilities	$	60.5	$	101.0

(10) Debt obligations consisted of the following (in millions):


	Maturity Date		September 30, 2026		December 31, 2025

Infrastructure
SOFR plus 2.50% Revolving Credit Facility	May 20, 2030	*	$	—	$	15.0
SOFR plus 2.50% Term Loan	May 20, 2030	*	68.6		72.6
Obligations under finance leases	Various		0.1		0.1
Total Infrastructure			$	68.7	$	87.7

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

Total outstanding principal			$	68.7	$	157.4
Unamortized premium net of unamortized deferred financing costs			(1.5)		(8.7)
Less: current portion of debt obligations			(67.2)		(68.4)
Debt obligations, net of current portion			$	—	$	80.3

*The Infrastructure debt instruments have been classified as current obligations as of September 30, 2026, due to the required repayment of these debt instruments at the closing of the DBMG Sale, per the terms of the DBMG Transaction Agreement. Refer to Disposal of DBMG above.

Infrastructure Debt

The DBMG Credit Agreement provided 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 contained 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 were scheduled to mature on May 20, 2030.

The term loan and borrowings under the DBMG Credit Agreement bore 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 6.4% and 6.8%, as of September 30, 2026 and December 31, 2025, respectively. The DBMG Revolving Facility had 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 were paid monthly, and the effective interest rate was 7.0% and 7.4%, as of September 30, 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 $129.2 million and $119.9 million, as of September 30, 2026 and December 31, 2025, respectively.

The DBMG Credit Agreement contained 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 contained 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 upon certain events, including a sale of DBMG.

In connection with the closing of the DBMG Sale on October 5, 2026, all outstanding obligations under the Amended and Restated Credit Agreement, dated May 20, 2025, by and among DBMG, the lenders party thereto from time to time and UMB BANK, N.A. (the “DBMG Credit Agreement”) were repaid in full, including all accrued and unpaid interest and fees, in an aggregate amount of approximately $68.7 million. Upon such repayment, the DBMG Credit Agreement was terminated. As such, the DBMG debt instruments were reclassified as current obligations as of September 30, 2026. As the DBMG Credit Agreement was fully repaid and terminated at the time of closing, the Change in Control clause was not triggered and the closing of the sale did not constitute an Event of Default.

Spectrum Debt

On August 4, 2025, Spectrum had 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”). In connection with the Spectrum Notes Extension in August 2025, 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 HC2 which includes a sale of HC2 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 HC2.

In connection with the Spectrum Merger, on May 29, 2026, Broadcasting entered into a loan agreement (the “New Spectrum Loan Agreement”), as borrower, with HC2 Merger Sub, as lender, and HC2 Holdco and certain of Broadcasting’s subsidiaries, as guarantors. The New Spectrum Loan Agreement provided for a bridge loan facility in an aggregate principal amount of $105 million (the “Bridge Loan Facility”) which was funded on a single drawing on May 29, 2026. The proceeds of the Bridge Loan Facility were used to (a) fully satisfy and discharge all non-contingent obligations, including all accrued and unpaid interest and fees, under the Spectrum Notes, (b) repurchase equity interests in Broadcasting and DTV held by holders of the Spectrum Notes; and (c) to pay related transaction costs. As a result of these transactions and the Merger Agreement, the milestones associated with the Spectrum Letter were satisfied in full. Prior to repurchase, the lenders held 20,408 shares of common stock in HC2, 2,222,222 shares of common stock in DTV, and warrants to purchase 145,825 shares of common stock of HC2 which could have been exercised at any time until August 31, 2028, at an exercise price of $0.01 per share. These redeemable equity interests in HC2 and DTV were repurchased at a nominal amount and were recorded against APIC. As a result of the repurchases of these redeemable non-controlling interests, the Company's voting ownership in Broadcasting and DTV, immediately after these transactions, increased from 98.0% to 100.0% and from 69.2% to 76.5%, respectively.

The total carrying amount of the Spectrum Notes at the time of extinguishment was approximately $123.2 million, including accrued interest and exit fees of $56.8 million, and the total payoff amount was $104.8 million. As a result, a gain on extinguishment of debt of $18.0 million was recognized and included within (Loss) gain on extinguishment of debt in the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2026. This amount is inclusive of a gain on extinguishment of $18.4 million recorded for the six months ended June 30, 2026, net of a $0.4 million true up adjustment recorded in the three months ended September 30, 2026. Additional related transaction costs of $2.9 million were capitalized to the new debt and were being amortized over the term of the new debt.

Loans under the Bridge Loan Facility (“Spectrum Loans”) accrued interest at a rate per annum equal to 8.00%, which was payable quarterly in kind by capitalizing such interest as additional principal of the Spectrum Loans on each interest payment date. The Spectrum Loans had a contractual maturity date on May 29, 2027; however, upon consummation of the Spectrum Merger, the Spectrum Loans (including all accrued and capitalized interest thereon) were extinguished in full.

The fair values of debt obligations held for sale were as follows (in millions):


					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

September 30, 2026 (1)	$	67.1	$	68.6	$	—	$	68.6	$	—
December 31, 2025 (1)(2)	$	148.6	$	195.9	$	—	$	87.6	$	108.3

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

(2) The fair value of the Spectrum Level 3 debt obligations incorporates applicable exit fees and accrued interest, while the carrying value of the Spectrum debt obligations excludes $25.8 million in exit fees and $27.9 million in accrued interest, respectively, which are reflected in Accrued liabilities in the summarized assets and liabilities held for sale of the Spectrum segment.

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 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. 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.

Leases

The Spectrum and Infrastructure segments had operating leases for land, office space, and certain Company vehicles and equipment and have entered into finance leases for certain Company vehicles and equipment. The Infrastructure leases will expire between 2026 and 2038. Right-of-use lease assets and lease liabilities consisted of the following (in millions):


	Location within summarized assets and liabilities held for sale:	September 30, 2026		December 31, 2025

Right-of-use assets:
Operating lease	Other assets (non-current)	$	62.5	$	52.7
Finance lease	Property, plant and equipment, net	0.1		0.1
Total right-of-use assets		$	62.6	$	52.8

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	11.1	$	12.8
Non-current portion of operating lease	Other liabilities	54.8		42.8
Finance lease	Debt obligations	0.1		0.1
Total lease liabilities		$	66.0	$	55.7

The weighted-average remaining lease terms and the weighted-average discount rates for the Spectrum and Infrastructure segments' leases were as follows:


	September 30, 2026		December 31, 2025

Weighted-average remaining lease term (years) - operating leases	8.1		6.6
Weighted-average remaining lease term (years) - finance leases	2.0		2.1
Weighted-average discount rate - operating leases	5.8	%	6.4	%
Weighted-average discount rate - finance leases	5.2	%	5.0	%

Future minimum lease commitments (undiscounted) as of September 30, 2026, were as follows (in millions):


	Operating Leases		Finance Leases
2026 (remaining period)	$	3.1	$	0.1
2027	14.4		—
2028	11.6		—
2029	8.8		—
2030	7.4		—
Thereafter	37.9		—
Total future minimum lease payments	83.2		0.1
Less: amounts representing interest	(17.3)		—
Total lease liability	$	65.9	$	0.1

Share-based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

10. Share-based Compensation

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $0.5 million and $0.7 million for the three months ended September 30, 2026 and 2025, respectively, and was $1.5 million and $2.2 million for the nine months ended September 30, 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
Granted	216,456	$	7.49
Vested	(274,955)	$	6.11

Unvested - September 30, 2026	255,677	$	7.40

The aggregate vesting date fair value of the restricted stock and restricted stock units which vested during the nine months ended September 30, 2026 and 2025, was $2.5 million and $1.3 million, respectively. As of September 30, 2026, the total unrecognized share-based compensation expense related to unvested restricted stock was $1.6 million and is expected to be recognized over the remaining weighted-average period of 1.2 years.

Stock Options

A summary of INNOVATE’s stock options is as follows:


	Number of Stock Options	Weighted-Average Exercise Price









Outstanding - December 31, 2025	317,733	$	13.39


Granted	100,000	$	7.17
Outstanding - September 30, 2026	417,733	$	11.90

Exercisable - December 31, 2025	217,733	$	16.94
Exercisable - September 30, 2026	317,733	$	13.39

As of September 30, 2026, the intrinsic value and weighted-average remaining life of the Company's outstanding and exercisable stock options were $0.5 million and approximately 8.2 years, respectively. The maximum contractual term of the Company's exercisable stock options is approximately ten years. As of September 30, 2026, there were 100,000 unvested stock options and $0.5 million of unrecognized share-based compensation expense related to unvested stock options which is expected to be recognized over the remaining period of approximately one year.

Subsequent to quarter end, on October 2, 2026, the Compensation Committee of the Board of Directors of the Company designated all equity awards outstanding under the Company’s Second Amended and Restated 2014 Omnibus Equity Award Plan (the “Plan”) at the closing of the DBMG Sale (the “Outstanding Awards”) as Replacement Awards under Section 13(b) of the Plan. As a result of such designation, the vesting of the Outstanding Awards will not accelerate solely as a result of the closing of the DBMG Sale, but will only accelerate upon the occurrence of an Involuntary Termination (as defined in the Plan) of the applicable participant within two years following the closing of the DBMG Sale.

Debt Obligations - Non-Operating Corporate 2026 Convertible Notes Narrative (Details) - 7.50% Convertible Senior Notes $ in Millions			3 Months Ended		9 Months Ended
	Aug. 02, 2026	Aug. 04, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Feb. 01, 2021 USD ($)
Debt Instrument [Line Items]
Outstanding debt		$ 0.2	$ 0.0		$ 0.0
Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate			7.50%		7.50%
Outstanding debt							$ 0.2
Convertible Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate								7.50%
Debt issued, percentage of par value								100.00%
Embedded conversion feature, fair value								$ 12.3
Interest rate, effective percentage							3.00%	3.21%
Unamortized premium								$ 12.3
Debt issuance costs								$ 1.1
Amortization of discount on investments, net			$ 0.0	$ 0.1	$ 0.0	$ 0.9
Convertible notes, conversion ratio	0.0236327
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate								7.50%
Debt conversion, amount exchanged		$ 48.7
Convertible notes, conversion ratio		0.04750

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

15. 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):


September 30, 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)	$	4.2	$	4.2	$	—	$	—	$	4.2
Total assets not accounted for at fair value	$	4.2	$	4.2	$	—	$	—	$	4.2

Liabilities
Debt obligations (2)	$	574.5	$	569.1	$	—	$	469.2	$	99.9
Total liabilities not accounted for at fair value	$	574.5	$	569.1	$	—	$	469.2	$	99.9

(1) Refer to Note 5. Investments for additional information.

(2) Excludes liabilities held for sale.


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)	$	513.0	$	446.2	$	—	$	359.6	$	86.6
Total liabilities not accounted for at fair value	$	513.0	$	446.2	$	—	$	359.6	$	86.6

(1) Refer to Note 5. Investments for additional information.

(2) Excludes liabilities held for sale.

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, 2027 Convertible Notes, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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):


September 30, 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)	$	4.2	$	4.2	$	—	$	—	$	4.2
Total assets not accounted for at fair value	$	4.2	$	4.2	$	—	$	—	$	4.2

Liabilities
Debt obligations (2)	$	574.5	$	569.1	$	—	$	469.2	$	99.9
Total liabilities not accounted for at fair value	$	574.5	$	569.1	$	—	$	469.2	$	99.9

(1) Refer to Note 5. Investments for additional information.

(2) Excludes liabilities held for sale.


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)	$	513.0	$	446.2	$	—	$	359.6	$	86.6
Total liabilities not accounted for at fair value	$	513.0	$	446.2	$	—	$	359.6	$	86.6

(1) Refer to Note 5. Investments for additional information.

(2) Excludes liabilities held for sale.

Organization and Business	9 Months Ended
Organization and Business	Sep. 30, 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. INNOVATE is focused on maximizing value for all stakeholders through disciplined capital allocation, strategic oversight and operational support of its subsidiaries so that they can generate long-term sustainable free cash flow and attractive returns. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest in a variety of non-controlling equity interest positions or debt instruments. The Company’s shares of common stock trade on the New York Stock Exchange ("NYSE") under the symbol "VATE". The Company has recently completed highly substantial asset dispositions, including the sale of DBM Global Inc. ("DBMG") subsequent to September 30, 2026, and the sale of a controlling interest in Spectrum (as defined herein) during the third quarter of 2026. The Company has also made substantial changes to its debt arrangements and other liabilities, and settled certain debt, including subsequent to September 30, 2026, and expects to settle additional debt and make further changes. These ongoing actions substantially alter the Company’s business, prospects, cash flow, results of operations and financial position going forward and all information herein should be evaluated in light of these changes and potential changes. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale and Note 17. Subsequent Events for further information. As of September 30, 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, which is classified as held for sale within these condensed consolidated financial statements, and was sold subsequent to quarter end on October 5, 2026, was comprised of 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. As of September 30, 2026, the Company maintained a 91.2% controlling interest in DBMG. On August 7, 2026, INNOVATE entered into a Transaction Agreement (the “DBMG Transaction Agreement”) by and among the Company, IES Holdings, Inc., a Delaware corporation (“IES” or the “Buyer”), IES Merger Sub, Inc., a Delaware corporation (“Merger Sub”) and DBM Global Intermediate Holdco Inc., a Delaware corporation (“Intermediate” or "DBMGi" and together with the Company, “Seller”) to sell the Company's interests in DBMG. On October 5, 2026, the Company completed the sale of DBMG. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for additional information regarding the DBMG Sale. During the third quarter of 2026, the Company's Infrastructure segment met the criteria for classification as held for sale in accordance with ASC 360-10 Property, Plant, and Equipment ("ASC 360-10"). As a result, the assets and liabilities of the Infrastructure segment are presented as held for sale in the current period, and the prior period assets and liabilities of the Infrastructure segment have been reclassified as held for sale for comparability purposes. While the Infrastructure segment met the criteria for held for sale classification, it is not separately presented as discontinued operations in accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations ("ASC 205-20"), as the DBMG Sale involves the disposal of substantially all of the Company's net assets. 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 86.7% (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 As of September 30, 2026, the Company's Spectrum segment is comprised of a 25% equity method investment in HC2 Broadcasting Holdings LLC ("Broadcasting" or "HC2"), which was formerly HC2 Broadcasting Holdings Inc., as well as an option to purchase up to an additional 15% of Broadcasting. Broadcasting strategically acquires and operates over-the-air broadcasting stations across the United States. Prior to September 1, 2026, the Company held a controlling interest in Broadcasting and its subsidiaries. As of December 31, 2025, the Company had a 98.0% controlling interest in Broadcasting and had a controlling interest of approximately 69.2% in DTV America Corporation ("DTV"), inclusive of 2.8% proxy rights from minority holders. On May 29, 2026, the Company entered into a definitive agreement pursuant to which INNOVATE sold a controlling interest in Broadcasting to CONX Corp. (“CONX”). The transaction closed on September 1, 2026, and subsequent to the close of the transaction, CONX owns 75% of Broadcasting through CONX's wholly-owned subsidiary CONX Broadcast Group, LLC and INNOVATE owns 25% of Broadcasting through INNOVATE's wholly-owned subsidiary, HC2 Broadcasting Holdco, LLC ("HC2 Holdco"). Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for additional information regarding the transaction. Following the transaction, Broadcasting converted from a Delaware corporation into a Delaware limited liability company, on September 2, 2026. During the second quarter of 2026, the Company's Spectrum segment met the criteria for classification as held for sale in accordance with ASC 360-10, and the prior period assets and liabilities of the Spectrum segment were also reclassified as held for sale for comparability purposes. While the Spectrum segment met the criteria for held for sale classification, it did not meet the criteria for classification as discontinued operations in accordance with ASC 205-20, as the disposal did not represent a strategic shift that will have a major effect on the Company's operations and financial results. 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 STOCKHOLDERS’ DEFICIT - USD ($)
$ in Millions

Total

Total INNOVATE Stockholders' (Deficit) Equity

Common Stock

Additional Paid-In Capital

Treasury Stock

Accumulated Deficit

Accumulated Comprehensive (Loss) Income

Non-Controlling Interests

Beginning balance at Dec. 31, 2024

$ 15.6

Increase (Decrease) in Temporary Equity [Roll Forward]

Dividends

2.1

Exchange of preferred stock for debt

(9.1)

Net (loss) income

(0.4)

Ending balance at Sep. 30, 2025

8.2

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)

^[1]

$ 21.1

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

Share-based compensation

2.2

Shares withheld to satisfy tax withholdings

(0.2)

Dividends

(4.0)

(3.0)

(1.0)

Issuance of common stock (in shares)

408,800

Shares withheld to satisfy tax withholdings (in shares)

(15,100)

Other

0.5

Net income (loss)

(56.0)

(53.2)

(2.8)

Other comprehensive (loss) income

0.9

0.8

^[1]

0.1

Ending balance (in shares) at Sep. 30, 2025

13,655,100

Ending balance at Sep. 30, 2025

(215.9)

(233.3)

$ 0.0

349.8

(5.6)

(575.1)

(2.4)

^[1]

17.4

Beginning balance at Jun. 30, 2025

17.1

Increase (Decrease) in Temporary Equity [Roll Forward]

Dividends

0.3

Exchange of preferred stock for debt

(9.1)

Net (loss) income

(0.1)

Ending balance at Sep. 30, 2025

8.2

Beginning balance (in shares) at Jun. 30, 2025

13,336,100

Beginning balance at Jun. 30, 2025

(206.4)

(224.8)

$ 0.0

349.2

(5.6)

(566.2)

(2.2)

^[1]

18.4

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

Share-based compensation

0.7

Dividends

(1.0)

(0.5)

Issuance of common stock (in shares)

319,000.0

Other

0.5

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

0.0

(0.1)

0.1

Net income (loss)

(9.5)

(8.9)

(0.6)

Other comprehensive (loss) income

(0.2)

^[1]

Ending balance (in shares) at Sep. 30, 2025

13,655,100

Ending balance at Sep. 30, 2025

(215.9)

(233.3)

$ 0.0

349.8

(5.6)

(575.1)

(2.4)

^[1]

17.4

Beginning balance at Dec. 31, 2025

10.9

Increase (Decrease) in Temporary Equity [Roll Forward]

Dividends

0.6

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

(1.4)

Net (loss) income

(0.2)

Ending balance at Sep. 30, 2026

$ 9.9

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

13,655,062

13,655,100

Beginning balance at Dec. 31, 2025

$ (226.2)

(240.1)

$ 0.0

350.1

(5.6)

(582.5)

(2.1)

^[2]

13.9

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

Share-based compensation

1.5

Dividends

(2.9)

(1.1)

(1.8)

Issuance of common stock (in shares)

216,400

Shares withheld to satisfy tax withholdings (in shares)

(13,200)

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

0.0

(6.9)

6.9

Capital financing costs

(1.0)

Net income (loss)

23.8

20.4

3.4

Other comprehensive (loss) income

$ (1.1)

(1.1)

^[2]

Ending balance (in shares) at Sep. 30, 2026

13,858,322

13,858,300

Ending balance at Sep. 30, 2026

$ (205.9)

(228.3)

$ 0.0

342.6

(5.6)

(562.1)

(3.2)

^[2]

22.4

Beginning balance at Jun. 30, 2026

8.6

Increase (Decrease) in Temporary Equity [Roll Forward]

Dividends

0.2

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

1.1

Ending balance at Sep. 30, 2026

9.9

Beginning balance (in shares) at Jun. 30, 2026

13,641,900

Beginning balance at Jun. 30, 2026

(228.6)

(243.2)

$ 0.0

352.9

(5.6)

(588.6)

(1.9)

^[2]

14.6

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

Share-based compensation

0.5

Dividends

(1.5)

(0.4)

(1.1)

Issuance of common stock (in shares)

216,400

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

(2.3)

(9.4)

7.1

Capital financing costs

(1.0)

Net income (loss)

28.3

26.5

1.8

Other comprehensive (loss) income

$ (1.3)

(1.3)

^[2]

Ending balance (in shares) at Sep. 30, 2026

13,858,322

13,858,300

Ending balance at Sep. 30, 2026

$ (205.9)

$ (228.3)

$ 0.0

$ 342.6

$ (5.6)

$ (562.1)

$ (3.2)

^[2]

$ 22.4

[1]	(a) Inclusive of other comprehensive (loss) income, foreign currency cumulative translation adjustments totaled a loss of $3.7 million and $4.5 million as of September 30, 2025 and December 31, 2024, respectively
[2]	(a) Inclusive of other comprehensive income (loss), foreign currency cumulative translation adjustments totaled a loss of $3.2 million and $3.3 million as of September 30, 2026 and December 31, 2025, respectively.

Investments - Marketable Securities Narrative (Details) - USD ($) $ in Millions	1 Months Ended					3 Months Ended		9 Months Ended
	Jul. 31, 2026	Apr. 30, 2026	Jul. 31, 2025	Mar. 31, 2025	Oct. 31, 2024	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]
Payments to acquire marketable securities		$ 0.5		$ 0.3	$ 2.0
Proceeds from marketable securities	$ 0.6		$ 2.9
Marketable securities unrealized (losses) gain						$ 0.2	$ 0.3	$ 0.1	$ 0.8

Revenue and Contracts in Process - Schedule of Life Sciences Segment Disaggregation of Revenue (Details) - Life Sciences - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total Life Sciences segment revenue	$ 1.2	$ 3.1	$ 5.0	$ 9.4
Systems and consumables revenue
Segment Reporting [Line Items]
Total Life Sciences segment revenue	$ 1.2	$ 3.1	$ 5.0	$ 9.4

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

Disposals and Assets and Liabilities Held for Sale - Schedule of Lease Right-of-use Assets and Liabilities (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Right-of-use assets:
Operating lease	$ 62.5	$ 52.7
Finance lease	0.1	0.1
Total right-of-use assets	62.6	52.8
Lease liabilities:
Current portion of operating lease	11.1	12.8
Non-current portion of operating lease	54.8	42.8
Finance lease	0.1	0.1
Lease Liability	$ 66.0	$ 55.7

Share-based Compensation - Schedule of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Number of Stock Options
Outstanding at beginning of period (in shares) \| shares	317,733
Granted (in shares) \| shares	100,000
Outstanding at ending of period (in shares) \| shares	417,733
Exercisable at beginning balance (in shares) \| shares	217,733
Exercisable at ending balance (in shares) \| shares	317,733
Weighted-Average Exercise Price
Outstanding at beginning of period (in usd per share) \| $ / shares	$ 13.39
Granted (in usd per share) \| $ / shares	7.17
Outstanding at ending of period (in usd per share) \| $ / shares	11.90
Exercisable at ending balance (in usd per share) \| $ / shares	13.39
Exercisable at beginning balance (in usd per share) \| $ / shares	$ 16.94

Basic and Diluted Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Basic and Diluted Earnings (Loss) Per Common Share

14. Basic and Diluted Earnings (Loss) Per Common Share

Earnings (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 and shares of Series A-3 and Series A-4 preferred stock outstanding, of the Company are considered participating securities; however, these securities 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, if applicable, non-vested restricted stock units issued under share-based compensation plans), is computed using the treasury stock method and the dilutive effect, if applicable, of restricted stock awards is computed using the treasury stock method if this measurement is determined to be more dilutive than the two-class method in a period. The dilutive effect, if applicable, of convertible debt and convertible preferred stock is computed using the "if-converted method".

For the three and nine months ended September 30, 2026, the Company included 180,300 and 185,043, respectively, of common stock equivalents in the weighted average number of shares used to calculate diluted EPS. Other instruments that may, in the future, have a dilutive effect on EPS, but were excluded from the computations of diluted net income per share for the three and nine months ended September 30, 2026, and may be excluded from computations of diluted EPS in the future, are convertible preferred stock and convertible debt. The Company had no dilutive common stock equivalents during the three and nine months ended September 30, 2025, due to the results being a loss, net of tax. For the three and nine months ended September 30, 2025, 321,371 and 301,486, 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 EPS as their inclusion would have been anti-dilutive. Other instruments that may, in the future, have a dilutive effect on EPS, but were excluded from the computations of diluted net loss per share for the three and nine months ended September 30, 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 10. Share-based Compensation and Note 11. Equity and Temporary Equity for additional information on INNOVATE's equity instruments.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Net income (loss)	$	28.3		$	(9.6)		$	23.6		$	(56.4)
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests	(1.8)			0.7			(3.2)			3.2
Net income (loss) attributable to INNOVATE Corp.	26.5			(8.9)			20.4			(53.2)
Less: Preferred stock dividends	0.4			0.5			1.1			3.0





Less: Deemed dividend on subsidiary preferred stock attributable to non-controlling interests (1)	10.3			—			10.3			—
Net income (loss) attributable to common stockholders and participating preferred stockholders	$	15.8		$	(9.4)		$	9.0		$	(56.2)

Earnings (loss) allocable to common shares:
Participating shares
Weighted-average common shares outstanding	13,524,185			13,264,799			13,415,551			13,176,043
Unvested restricted stock	237,673			—			270,224			—
Series A-3 and Series A-4 Preferred Stock (as converted)	379,148			—			371,835			—
Total	14,141,006			13,264,799			14,057,610			13,176,043

Percentage of earnings (loss) allocated to:
Common stock	95.6		%	100.0		%	95.4		%	100.0		%
Unvested restricted stock	1.7		%	—		%	1.9		%	—		%
Series A-3 and Series A-4 Preferred Stock	2.7		%	—		%	2.7		%	—		%

Numerator for earnings (loss) per share:


Net income (loss) attributable to common stockholders - basic	$	15.1		$	(9.4)		$	8.6		$	(56.2)
Effect of assumed shares	—			—			—			—
Net income (loss) attributable to common stock holders - diluted	$	15.1		$	(9.4)		$	8.6		$	(56.2)




Denominator for earnings (loss) per share:
Weighted-average common shares outstanding - basic	13,524,185			13,264,799			13,415,551			13,176,043
Effect of assumed shares under the treasury stock method for stock options	180,300			—			185,043			—
Weighted-average common shares outstanding - diluted	13,704,485			13,264,799			13,600,594			13,176,043


Earnings (Loss) per share
Basic	$	1.12		$	(0.71)		$	0.64		$	(4.27)
Diluted	$	1.10		$	(0.71)		$	0.63		$	(4.27)

(1) Deemed dividend on R2 Technologies' subsidiary preferred stock attributable to non-controlling interests. Refer to Note 11. Equity and Temporary Equity for additional information.

Disposals and Assets and Liabilities Held for Sale - Schedule of Indefinite-Lived Intangible Assets, Net (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Disposal Group, Held-for-Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operations [Line Items]
Indefinite-lived intangible assets	$ 0.0	$ 107.9

- Definition

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

+ References

+ Details

Debt Obligations - Non-Operating Corporate 2027 Convertible Notes Narrative (Details)							1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Oct. 15, 2026	Oct. 09, 2026	Aug. 07, 2026	Aug. 03, 2026 USD ($)	Jun. 30, 2026	Aug. 04, 2025 USD ($) $ / shares shares	Aug. 31, 2025 USD ($)	Sep. 30, 2026 USD ($) $ / shares	Sep. 30, 2025 USD ($)	Jan. 31, 2026 USD ($)	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Oct. 05, 2026	Jul. 31, 2026	Dec. 31, 2025 USD ($)	Feb. 01, 2021
Debt Instrument [Line Items]
Total aggregate debt principal payments								$ 583,300,000			$ 583,300,000				$ 529,800,000
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments								530,900,000			530,900,000				481,900,000
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments								51,500,000			51,500,000				46,800,000
9.50% Convertible Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Face amount						$ 53,500,000
Convertible notes, conversion ratio					0.0236327	0.0236327
Debt issuance costs						$ 2,900,000
Deferred financing fees						200,000		100,000			100,000				200,000
Unamortized discount						500,000		$ 800,000			$ 800,000				$ 800,000
Unamortized premium						$ 2,400,000
Interest rate						9.50%		9.50%			9.50%
Interest expense, debt								$ 1,800,000	$ 1,000,000.0	$ 2,500,000	$ 4,800,000	$ 1,000,000.0
Interest rate, effective percentage								13.10%			13.10%				11.10%
Total aggregate debt principal payments								$ 58,000,000.0			$ 58,000,000.0				$ 52,500,000
Outstanding debt								$ 58,900,000			$ 58,900,000				53,500,000
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											1,391,979
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
7.50% Convertible Senior Notes
Debt Instrument [Line Items]
Outstanding debt						$ 200,000		$ 0			$ 0
7.50% Convertible Senior Notes \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate								7.50%			7.50%
Outstanding debt															200,000
7.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Debt conversion, amount exchanged						$ 48,700,000
Convertible notes, conversion ratio						0.04750
Interest rate																7.50%
2027 Convertible Notes \| Secured Debt
Debt Instrument [Line Items]
Consent fee percentage														1.50%
Debt instrument, increase (decrease), net				$ 2,900,000
Interest paid				500,000
Expected interest due				2,700,000
Transaction cost, net				700,000
10.50% Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Consent fee percentage														1.50%
Interest paid				3,100,000
Expected interest due				19,900,000
Transaction cost, net				4,800,000
Outstanding debt				$ 21,600,000
10.50% Senior Secured Notes \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Interest rate													10.50%
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Face amount							$ 360,400,000
Convertible notes, conversion ratio							0.05250
Deferred financing fees								$ 300,000			$ 300,000				1,000,000.0
Unamortized discount								$ 7,800,000			$ 7,800,000				$ 13,900,000
Interest rate							10.50%	10.50%			10.50%
Interest expense, debt										$ 18,900,000
Interest rate, effective percentage								16.80%			16.80%				14.40%
Total aggregate debt principal payments								$ 392,800,000			$ 392,800,000				$ 345,500,000
Outstanding debt								$ 400,900,000			$ 400,900,000				$ 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
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate \| DBMG
Debt Instrument [Line Items]
Fundamental change repurchase price percentage			100.00%
Fundamental change, settlement period			45 days
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate \| Subsequent Event
Debt Instrument [Line Items]
Redemption price percentage	100.00%
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate \| Subsequent Event \| DBMG \| DBMG
Debt Instrument [Line Items]
Fundamental change repurchase price percentage		100.00%
Debt instrument, redemption requirement, business days following termination lock-up period		15 days

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 23.6	$ (56.4)
Adjustments to reconcile net income (loss) to cash provided by operating activities
Share-based compensation expense	1.5	2.2
Depreciation and amortization (including amounts in cost of revenue)	17.0	22.8
Amortization of deferred financing costs and debt discount	28.0	17.7
Gain on sale of controlling interest in subsidiary	(32.9)	0.0
(Gain) loss on extinguishment of debt	18.0	(0.3)
Loss from equity investees	0.4	5.9
Gains on investments	(0.1)	(5.2)
Deferred income tax	(0.2)	(0.1)
Other operating activities, net	2.2	1.5
Changes in assets and liabilities:
Accounts receivable	(108.9)	(72.7)
Contract assets	(16.3)	25.5
Other current assets	(25.9)	(0.6)
Inventory	2.0	2.7
Other assets	14.9	8.9
Accounts payable	26.4	14.6
Accrued liabilities	74.8	22.3
Contract liabilities	76.6	66.4
Other current liabilities	2.5	(0.3)
Other liabilities	(11.7)	(10.0)
Cash provided by operating activities	55.9	45.5
Cash flows from investing activities
Purchase of property, plant and equipment	(48.6)	(18.6)
Proceeds from disposal of property, plant and equipment	0.1	1.4
Purchase of investments	(0.5)	(0.3)
Proceeds from sale of investments	0.6	2.9
Cash divested on disposition of subsidiary	(1.8)	0.0
Cash paid for asset acquisitions	(0.5)	(0.5)
Cash used in investing activities	(50.7)	(15.1)
Cash flows from financing activities
Proceeds from lines of credit, net of deferred financing costs	0.0	85.9
Payments on lines of credit	(15.0)	(111.8)
Proceeds from other debt obligations	105.0	20.8
Principal payments for other debt obligations	(110.8)	(37.3)
Deferred financing costs paid to third parties	(2.9)	0.0
Dividend payments	(1.8)	(1.5)
Other financing activities	(0.1)	(0.2)
Cash used in financing activities	(25.6)	(44.1)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(0.1)	0.5
Net decrease in cash and cash equivalents, including restricted cash and cash classified within assets held for sale	(20.5)	(13.2)
Cash, cash equivalents and restricted cash, beginning of period	112.6	49.4
Cash, cash equivalents and restricted cash, end of period	92.1	36.2
Total cash and cash equivalents and restricted cash classified in Assets held for sale, beginning of the period	(87.2)	(33.6)
Cash, cash equivalents and restricted cash, end of period	$ 4.9	$ 2.6

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 4.9	$ 5.1
Accounts receivable, net	0.3	1.8
Inventory	0.9	0.7
Other current assets	1.7	4.1
Current assets held for sale	574.1	439.8
Total current assets	581.9	451.5
Investments	59.4	1.8
Property, plant and equipment, net	0.0	0.1
Intangibles, net	0.8	0.9
Other assets	1.9	2.2
Assets held for sale	376.3	493.6
Total assets	1,020.3	950.1
Current liabilities
Accounts payable	7.2	3.2
Accrued liabilities	24.9	21.6
Current portion of debt obligations	574.5	513.0
Other current liabilities	2.4	3.2
Current liabilities held for sale	549.4	493.1
Total current liabilities	1,158.4	1,034.1
Liabilities held for sale	57.9	131.3
Total liabilities	1,216.3	1,165.4
Commitments and contingencies (Note 9)
Temporary equity
Redeemable non-controlling interests	0.0	1.6
Total temporary equity	9.9	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	342.6	350.1
Treasury stock, at cost: 177,038 and 163,842 shares, respectively	(5.6)	(5.6)
Accumulated deficit	(562.1)	(582.5)
Accumulated other comprehensive loss	(3.2)	(2.1)
Total INNOVATE Corp. stockholders’ deficit	(228.3)	(240.1)
Non-controlling interests	22.4	13.9
Total stockholders’ deficit	(205.9)	(226.2)
Total liabilities, temporary equity and stockholders’ deficit	1,020.3	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	$ 9.9	$ 9.3

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 and nine months ended September 30, 2026, are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2026. Certain prior period amounts have been reclassified or combined to conform to the current period presentation. For example: (i) prior period assets and liabilities of the Spectrum and Infrastructure segments have been reclassified as held for sale; and (ii) Certain transaction costs previously reported in Selling, General and Administrative costs ("SG&A") have been reclassified during the three and nine months to the Gain on sale of controlling interest in subsidiary line item for the completed Spectrum transaction (refer to Note 3. Disposals and Assets and Liabilities Held for Sale); and (iii) the prior period Loss on debt extinguishment was reclassified from Other income, net, to a separate line item in the statement of operations. 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 and required redemptions of the Company's debt obligations. Based on these conditions, the Company may not be able to meet its obligations at maturity and upon required redemption. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for additional information regarding debt redemption obligations arising from the DBMG Sale and Note 7. Debt Obligations for additional information regarding the Company's debt obligations. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The potential inability to repay, refinance or extend the maturity or required redemption 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 using proceeds from the anticipated sale of the IES shares received in the DBMG Sale to repay outstanding debt obligations, pursuing other asset sales, and potentially refinancing debt and raising additional capital. However, the amount of any proceeds from the sale of its IES shares will depend on the market price of the IES shares at the time of sale, and there can be no assurance that such proceeds will be sufficient to repay all or a substantial portion of those obligations. In addition, there can be no assurance that the Company will 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. Based on the September 30, 2026 market value of the IES common stock, received as partial consideration under the DBMG Sale, there would not be sufficient proceeds available for the Company to repay all of its debt instruments when required. If the Company is unable to obtain sufficient other available funds when required to repay all of the debt instruments, a shortfall could result in defaults or cross-defaults, accelerate other obligations and further impair the Company’s ability to continue as a going concern. If the Company fails to consummate sufficient cash proceeds from the sale of the IES common stock or otherwise fund required redemptions, the Company would be in violation of covenants under the remaining indebtedness (absent waivers or amendments), and would likely be unable to satisfy the Company's debt service obligations and may be unable 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. Held for Sale Classification and Discontinued Operations In accordance with ASC 205-20, the Company generally reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results when the business is disposed of or classified as held for sale. The held for sale criteria are assessed as of the balance sheet date. A disposal is not separately presented as discontinued operations, if the anticipated transaction will involve the disposal of substantially all of the Company's net assets. Under ASC 360-10, assets may be classified as held for sale even though the discontinued operations criterion is not met. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale. 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 September 9, 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sales Restrictions ("ASU 2026-03"). The amendments in ASU 2026-03 apply to investment companies within the scope of Topic 946 and provide an exception to Topic 820 requiring that a contractual restriction on the sale of an equity security be considered in measuring the fair value of the equity security. ASU 2026-03 also requires these investment companies to disclose the amount of the discount attributable to the contractual sale restriction. ASU 2026-03 is effective prospectively for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. As of September 30, 2026, the Company did not meet the definition of an investment company within the scope of Topic 946; however, the Company will likely meet the definition of an investment company in the future. The Company is currently evaluating the potential effect of this ASU on the Company's Condensed Consolidated Financial Statements. On April 23, 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends 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 to quarter end, the Company participated in a number of significant transactions or other events, including: –the closing of the sale of DBMG; and –the repayment of certain debt. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale and to Note 7. Debt Obligations for additional information. 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 17. Subsequent Events for additional information.

Supplementary Financial Information

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Financial Information

16. Supplementary Financial Information

Other income, net

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

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

Interest income	0.3		0.1		1.2		0.6
Foreign currency translation gains (losses)	—		0.1		(0.4)		(0.8)
Fair value gain on securities	0.2		0.3		0.1		0.8
Other	0.1		0.1		0.2		(0.4)
Total other income, net	$	0.6	$	0.6	$	1.1	$	4.6

Supplemental Cash Flow Information


	Nine Months Ended September 30,
	2026		2025
Cash and cash equivalents, beginning of the period	$	5.1	$	15.8

Restricted cash included in other assets (non-current)	—		—
Total cash, cash equivalents and restricted cash, beginning of the period	$	5.1	$	15.8

Cash and cash equivalents, end of the period	$	4.9	$	2.6

Restricted cash included in other assets (non-current)	—		—
Total cash and cash equivalents and restricted cash, end of the period	$	4.9	$	2.6

Cash and cash equivalents classified in Assets held for sale, beginning of the period	$	106.9	$	33.0
Restricted cash classified in Assets held for sale (non-current)	0.6		0.6
Total cash and cash equivalents and restricted cash classified in Assets held for sale, beginning of the period	$	107.5	$	33.6

Cash and cash equivalents classified in Assets held for sale, end of the period	$	86.6	$	33.0
Restricted cash classified in Assets held for sale (noncurrent)	0.6		0.6
Total cash and cash equivalents and restricted cash classified in Assets held for sale, end of the period	$	87.2	$	33.6

Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, beginning of the period.	$	112.0	$	48.8
Restricted cash, including restricted cash in Assets held for Sale, beginning of the period.	0.6		0.6
Total cash and cash equivalents and restricted cash, including cash and cash equivalents and restricted cash in Assets held for Sale, beginning of the period.	$	112.6	$	49.4

Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, end of the period.	$	91.5	$	35.6
Restricted cash, including restricted cash in Assets held for Sale, end of the period.	0.6		0.6
Total cash and cash equivalents and restricted cash, including cash and cash equivalents and restricted cash in Assets held for Sale, end of the period.	$	92.1	$	36.2

Infrastructure and Spectrum cash flow information:
Cash provided by operating activities	$	72.1	$	69.3
Cash used in investing activities	$	50.8	$	17.8

Supplemental cash flow information:
Cash paid for interest	$	9.9	$	27.1
Cash paid for income taxes, net of refunds	$	2.4	$	4.6

Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt (1)	$	56.4	$	63.1
Accrued dividends capitalized into principal debt	$	—	$	0.5
Exchange of preferred stock for debt	$	—	$	9.1
Property, plant and equipment included in accounts payable or accrued expenses (2)	$	1.5	$	1.1

(1) Includes accrued interest of $0.8 million capitalized quarterly into principal debt for the Spectrum Bridge Loan Facility for the nine months ended September 30, 2026.

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 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
Granted	216,456	$	7.49
Vested	(274,955)	$	6.11

Unvested - September 30, 2026	255,677	$	7.40

Schedule of Stock Option Activity

A summary of INNOVATE’s stock options is as follows:


	Number of Stock Options	Weighted-Average Exercise Price









Outstanding - December 31, 2025	317,733	$	13.39


Granted	100,000	$	7.17
Outstanding - September 30, 2026	417,733	$	11.90

Exercisable - December 31, 2025	217,733	$	16.94
Exercisable - September 30, 2026	317,733	$	13.39

Share-based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Oct. 02, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0.5	$ 0.7	$ 1.5	$ 2.2
Intrinsic value of options outstanding		$ 0.5		$ 0.5
Average remaining life of option outstanding				8 years 2 months 12 days
Maximum contractual term of company's exercisable options				10 years
Unvested stock options (in shares)		0.1		0.1
Compensation expense unrecognized		$ 0.5		$ 0.5
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				2.5	$ 1.3
Unrecognized compensation expense		$ 1.6		$ 1.6
Unrecognized compensation expense, period for recognition (in years)				1 year 2 months 12 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition (in years)				1 year
Employee Stock Option \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, involuntary termination period following sale	2 years
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

Investments

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

5. 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
September 30, 2026	$	55.2	$	4.2	$	59.4
December 31, 2025	$	0.9	$	0.9	$	1.8

(1) The Company's equity method investments were comprised of Broadcasting ($54.3 million), MediBeacon (zero) and Scaled Cell ($0.9 million) as of September 30, 2026 and were comprised of MediBeacon (zero) and Scaled Cell ($0.9 million) as of December 31, 2025.

(2) The Company's measurement alternative method investments were comprised of the Company's Option to purchase up to an additional 15% of Broadcasting ($3.3 million) and Triple Ring ($0.9 million) as of September 30, 2026 and Triple Ring as of December 31, 2025.

The Company's recognized share of net losses from its equity method investments was $0.4 million and zero for the three months ended September 30, 2026 and 2025, respectively, and was $0.4 million and $5.9 million for the nine months ended September 30, 2026 and 2025, respectively.

Broadcasting

As discussed in Note 3. Disposals and Assets and Liabilities Held for Sale, on September 1, 2026, in connection with the Spectrum Merger, the Company disposed of its controlling interest in Broadcasting and retained a 25% ownership interest in HC2 which it accounts for under the equity method of accounting, and obtained an 18-month option to purchase up to an additional 15% of Broadcasting.

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 July 2, 2026, a $0.5 million principal note due to Pansend, which had a maturity of July 5, 2026, together with all accrued and unpaid interest of $0.4 million was converted into a new convertible note with a principal amount of $0.9 million. As a result of this transaction, Pansend's carrying amount of its investment in MediBeacon increased and Pansend concurrently recognized an equity method loss of $0.4 million, driven by the conversion of interest into the new convertible note principal, which was previously unrecognized because Pansend's carrying amount of its investment in MediBeacon had been previously reduced to zero. The new note has an interest rate of 8.0% per annum and a maturity date of July 2, 2029, unless earlier converted or repaid. The outstanding principal and accrued interest automatically convert into equity securities upon a Qualified Financing (as defined in the note), at a 20% discount to the lowest price per share in such financing. In the event of a Strategic Transaction (as defined in the note) (such as a sale or merger) prior to maturity, Pansend is entitled to repayment of twice the outstanding balance in cash, unless Pansend elects to convert the note into common stock at a fixed price of $74.00 per share. If neither a Qualified Financing nor a Strategic Transaction occurs by the maturity date, the outstanding balance is payable in cash. The note is unsecured and subordinated to existing senior debt, and contains customary events of default and transfer restrictions.

On January 17, 2025, MediBeacon received approval from the U.S. Food and Drug Administration ("FDA") for its Transdermal GFR Measurement System ("TGFR"), and 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 nine months ended September 30, 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 owed to Pansend was $0.9 million and $0.5 million as of September 30, 2026 and December 31, 2025, respectively. Interest income earned by Pansend from the MediBeacon notes totaled $50 thousand and $0.1 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. The related accrued interest receivable was $20 thousand and $0.4 million, as of September 30, 2026 and December 31, 2025, respectively.

As of September 30, 2026, Pansend's carrying amount of its investment in MediBeacon remained at zero, inclusive of the $0.9 million in convertible promissory notes which has been offset against recognized equity method losses, and Pansend has cumulative unrecognized equity method losses relating to MediBeacon of $23.3 million.

Marketable Securities

Marketable securities are remeasured at fair value each reporting period using the externally quoted market prices, Fair Value Level 1 inputs.

In April 2026, the Company purchased common shares in the open market of a publicly traded company for approximately $0.5 million. In July 2026, the Company sold all of these shares for aggregate proceeds of $0.6 million. For the three and nine months ended September 30, 2026, net fair value gains of $0.2 million and $0.1 million, respectively, related to these securities, were included in Other income, net in the Condensed Consolidated Financial Statements.

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. In July 2025, all of these shares were sold for aggregate proceeds of $2.9 million. For the three months and nine months ended September 30, 2025, fair value gains of $0.3 million and $0.8 million, respectively, related to these securities were included in Other income, net in the Condensed Consolidated Financial Statements.

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 2,900,000	$ (7,100,000)	$ 18,900,000	$ 4,200,000
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	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

Disposals and Assets and Liabilities Held for Sale - Schedule of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Disposal Group, Including Discontinued Operations [Line Items]
Restricted cash - non-current	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Total other assets	1.9	2.2
Disposal Group, Held-for-Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operations [Line Items]
Right-of-use assets	62.5	52.7
Restricted cash - non-current	0.6	0.6
Other	0.9	5.2
Total other assets	$ 64.0	$ 58.5

- 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

Investments (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2026	$	55.2	$	4.2	$	59.4
December 31, 2025	$	0.9	$	0.9	$	1.8

Disposals and Assets and Liabilities Held for Sale - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Total accrued liabilities	$ 24.9	$ 21.6
Disposal Group, Held-for-Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operations [Line Items]
Accrued expenses	13.2	11.4
Accrued payroll and employee benefits	46.0	35.3
Accrued interest and exit fees	0.1	53.7
Accrued sales and use taxes	0.2	0.0
Accrued income taxes	1.0	0.6
Total accrued liabilities	$ 60.5	$ 101.0

- 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

Equity and Temporary Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended	9 Months Ended
	Aug. 10, 2026	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025
Temporary Equity [Line Items]
Common stock, par value (in usd per share)		$ 0.001	$ 0.001	$ 0.001
Company incurred expenses		$ 1.0
Open Market Sale Agreement
Temporary Equity [Line Items]
Common stock, par value (in usd per share)	$ 0.001
Consideration to be received on sale of stock	$ 31.0
Accrued sales commission current percentage	3.00%
Issuance of common stock (in shares)			0
Additional Paid-In Capital
Temporary Equity [Line Items]
Company incurred expenses		$ 1.0	$ 1.0

- 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

Related Parties - Non-Operating Corporate Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Jan. 31, 2026	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Aug. 31, 2025	Aug. 04, 2025
Related Party Transaction [Line Items]
Extension fees				$ 0.2
Convertible Debt
Related Party Transaction [Line Items]
Paid-in-Kind Interest				0.1
Proceeds from convertible debt				0.1
9.50% Convertible Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Face amount								$ 53.5
Interest expense, debt	$ 1.8	$ 1.0	$ 2.5	4.8	$ 1.0
Outstanding debt	58.9			58.9		$ 53.5
7.50% Convertible Senior Notes
Related Party Transaction [Line Items]
Outstanding debt	0.0			0.0				0.2
7.50% Convertible Senior Notes \| Non-Operating Corporate
Related Party Transaction [Line Items]
Outstanding debt						0.2
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Outstanding debt	51.1			51.1		45.9
Lancer Capital \| 9.50% Convertible Senior Secured Notes \| Convertible Debt \| Related Party \| Non-Operating Corporate
Related Party Transaction [Line Items]
Face amount	$ 2.4			$ 2.4		$ 2.2		$ 2.2
Number of shares to be issued upon conversion of preferred stock (in shares)	57,734			57,734		51,874
Lancer Capital \| 7.50% Convertible Senior Notes \| Convertible Debt \| Related Party \| Non-Operating Corporate
Related Party Transaction [Line Items]
Face amount	$ 2.0			$ 2.0
Lancer Capital \| Convertible Senior Notes Due 2026 and 2027 \| Convertible Debt \| Related Party \| Non-Operating Corporate
Related Party Transaction [Line Items]
Interest expense, debt				0.2	0.1
CGIC \| Related Party \| Non-Operating Corporate
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				0.6
CGIC \| CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Interest expense, debt	$ 1.9	$ 1.5		$ 5.4	$ 4.2
Outstanding debt							$ 43.0

Revenue and Contracts in Process (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue
Infrastructure	$	490.6	$	338.4	$	1,262.5	$	836.4
Life Sciences	1.2		3.1		5.0		9.4
Spectrum	3.7		5.6		14.4		17.5

Total revenue	$	495.5	$	347.1	$	1,281.9	$	863.3

Schedule of Accounts Receivable, Net

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


	September 30, 2026		December 31, 2025



Life Sciences	0.2		1.8

Total accounts receivable with customers	$	0.2	$	1.8

Schedule of Disaggregation of Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Industrial	$	186.6	$	85.1	$	481.3	$	219.1
Commercial	144.2		116.1		371.6		246.2
Healthcare	79.1		48.6		158.8		124.2
Government	26.6		36.1		94.3		84.5
Transportation	37.6		48.6		113.0		134.6
Energy	14.2		1.8		38.4		5.5
Leisure	—		1.7		0.2		12.9
Convention	2.1		0.2		3.6		8.3
Total revenue from contracts with customers	$	490.4	$	338.2	$	1,261.2	$	835.3
Other revenue	0.2		0.2		1.3		1.1
Total Infrastructure segment revenue	$	490.6	$	338.4	$	1,262.5	$	836.4

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Systems and consumables revenue	$	1.2	$	3.1	$	5.0	$	9.4






Total Life Sciences segment revenue	$	1.2	$	3.1	$	5.0	$	9.4

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026(1)		2025		2026(2)		2025
Broadcast station	$	3.7	$	5.6	$	14.4	$	17.5





Total Spectrum segment revenue	$	3.7	$	5.6	$	14.4	$	17.5

(1) Includes Broadcast station revenue for the two months ended August 31, 2026.

(2) Includes Broadcast station revenue for the eight months ended August 31, 2026.

Disposals and Assets and Liabilities Held for Sale (Tables)

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets And Liabilities Held For Sale Of Spectrum Segment


	September 30, 2026		December 31, 2025
	Infrastructure		Spectrum		Infrastructure		Total
Assets
Current assets
Cash and cash equivalents (1)	$	86.6	$	3.8	$	103.1	$	106.9
Accounts receivable, net (2)	347.6		1.7		237.7		239.4
Contract assets (3)	80.4		—		64.1		64.1
Inventory	13.1		—		15.3		15.3

Other current assets	46.4		1.3		12.8		14.1
Total current assets	$	574.1	$	6.8	$	433.0	$	439.8






Non-current assets
Deferred tax asset	$	2.0	$	—	$	2.0	$	2.0
Property, plant and equipment, net (4)	161.9		10.2		131.5		141.7
Goodwill (5)	105.8		21.4		105.6		127.0
Intangibles, net (6)	42.6		118.0		46.4		164.4
Other assets (7)	64.0		18.1		40.4		58.5
Total non-current assets	$	376.3	$	167.7	$	325.9	$	493.6
Total assets held for sale	$	950.4	$	174.5	$	758.9	$	933.4

Liabilities
Current liabilities
Accounts payable (8)	$	162.1	$	0.8	$	137.4	$	138.2
Accrued liabilities (9)	60.5		57.8		43.2		101.0
Current portion of debt obligations (10)	67.2		62.8		5.6		68.4
Contract liabilities (3)	248.5		—		171.9		171.9

Other current liabilities	11.1		5.1		8.5		13.6
Total current liabilities	$	549.4	$	126.5	$	366.6	$	493.1



Non-current liabilities
Deferred tax liability	$	1.6	$	2.7	$	2.0	$	4.7
Debt obligations (10)	—		—		80.3		80.3
Other liabilities	56.3		16.8		29.5		46.3
Total non-current liabilities	$	57.9	$	19.5	$	111.8	$	131.3
Total liabilities held for sale	$	607.3	$	146.0	$	478.4	$	624.4

(2) Accounts receivable concentrations of 10% and greater were as follows:

Segment

September 30,
2026

December 31,
2025

Customer A

Infrastructure

27.6%

29.9%

Customer B

Infrastructure

10.3%

*Less than 10% concentration

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


	September 30, 2026		December 31, 2025

Costs incurred on contracts in progress	$	2,041.5	$	1,365.3
Estimated earnings	308.9		194.4
Contract revenue earned on uncompleted contracts	2,350.4		1,559.7
Less: progress billings	2,518.5		1,667.5
	$	(168.1)	$	(107.8)

The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	$	80.4	$	64.1
Contract liabilities	(248.5)		(171.9)
	$	(168.1)	$	(107.8)


	September 30, 2026		December 31, 2025

Cost in excess of billings and estimated earnings	$	37.2	$	28.7
Conditional retainage	43.2		35.4
Contract assets	$	80.4	$	64.1

Billings in excess of costs and estimated earnings	$	(308.9)	$	(218.1)
Conditional retainage	60.4		46.2
Contract liabilities	$	(248.5)	$	(171.9)

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

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


	September 30, 2026		December 31, 2025


Equipment, furniture and fixtures, and software	$	199.7	$	221.2
Building and leasehold improvements	42.1		42.4
Land	20.7		25.3
Construction in progress	35.1		16.3
Plant and transportation equipment	5.7		6.7
	$	303.3	$	311.9
Less: Accumulated depreciation	141.4		170.2
Total	$	161.9	$	141.7

The Company ceased depreciation on long-lived assets for our Spectrum and Infrastructure segments, subsequent to their classification as held for sale.

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


	Infrastructure		Spectrum		Total



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




Disposal of controlling interest in Spectrum	—		(21.4)		(21.4)
Translation adjustments	0.2		—		0.2
Balance as of September 30, 2026	$	105.8	$	—	$	105.8

(6) Intangible assets, net, consisted of the following (in millions)

Indefinite-Lived Intangible Assets

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


	September 30, 2026		December 31, 2025

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

Total	$	—	$	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	September 30, 2026
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 Years	$	25.2		$	(13.8)	$	11.4
Customer relationships and contracts	11 Years	87.6			(57.0)		30.6

Other	7 Years	2.6			(2.0)		0.6
Total		$	115.4		$	(72.8)	$	42.6


	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	7 Years	2.5			(2.0)		0.5
Total		$	127.9		$	(71.4)	$	56.5

The Company ceased amortization on long-lived assets for our Spectrum and Infrastructure segments, subsequent to their classification as held for sale.

(7) Other assets, which are reflected within non-current assets in the summarized assets and liabilities held for sale, consisted of the following (in millions):


	September 30, 2026		December 31, 2025

Right-of-use assets	$	62.5	$	52.7
Restricted cash - non-current	0.6		0.6
Other	0.9		5.2
Total other assets	$	64.0	$	58.5

(8) Accounts payable concentrations of 10% and greater were as follows:

Segment

September 30,
2026

December 31,
2025

Supplier A

Infrastructure

15.8%

23.9%

(9) Accrued liabilities consisted of the following (in millions):


	September 30, 2026		December 31, 2025

Accrued expenses	$	13.2	$	11.4
Accrued payroll and employee benefits	46.0		35.3
Accrued interest and exit fees	0.1		53.7
Accrued sales and use taxes	0.2		—
Accrued income taxes	1.0		0.6
Total accrued liabilities	$	60.5	$	101.0

(10) Debt obligations consisted of the following (in millions):


	Maturity Date		September 30, 2026		December 31, 2025

Infrastructure
SOFR plus 2.50% Revolving Credit Facility	May 20, 2030	*	$	—	$	15.0
SOFR plus 2.50% Term Loan	May 20, 2030	*	68.6		72.6
Obligations under finance leases	Various		0.1		0.1
Total Infrastructure			$	68.7	$	87.7

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

Total outstanding principal			$	68.7	$	157.4
Unamortized premium net of unamortized deferred financing costs			(1.5)		(8.7)
Less: current portion of debt obligations			(67.2)		(68.4)
Debt obligations, net of current portion			$	—	$	80.3

Schedule of Fair value, Debt Obligation

The fair values of debt obligations held for sale were as follows (in millions):


					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

September 30, 2026 (1)	$	67.1	$	68.6	$	—	$	68.6	$	—
December 31, 2025 (1)(2)	$	148.6	$	195.9	$	—	$	87.6	$	108.3

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

Schedule of Lease Right-of-use Assets and Liabilities

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


	Location within summarized assets and liabilities held for sale:	September 30, 2026		December 31, 2025

Right-of-use assets:
Operating lease	Other assets (non-current)	$	62.5	$	52.7
Finance lease	Property, plant and equipment, net	0.1		0.1
Total right-of-use assets		$	62.6	$	52.8

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	11.1	$	12.8
Non-current portion of operating lease	Other liabilities	54.8		42.8
Finance lease	Debt obligations	0.1		0.1
Total lease liabilities		$	66.0	$	55.7

Schedule of Components of Lease Expense

The weighted-average remaining lease terms and the weighted-average discount rates for the Spectrum and Infrastructure segments' leases were as follows:


	September 30, 2026		December 31, 2025

Weighted-average remaining lease term (years) - operating leases	8.1		6.6
Weighted-average remaining lease term (years) - finance leases	2.0		2.1
Weighted-average discount rate - operating leases	5.8	%	6.4	%
Weighted-average discount rate - finance leases	5.2	%	5.0	%

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	—	$	—	$	0.1	$	0.2

Net finance lease cost	$	—	$	—	$	0.1	$	0.2
Operating lease cost	5.0		4.4		14.7		13.2

Variable lease cost	0.1		0.2		0.4		0.5

Total non-current lease cost	$	5.1	$	4.6	15.2		13.9
Short-term lease costs	13.4		6.8		28.0		22.2
Total lease cost	$	18.5	$	11.4	$	43.2	$	36.1

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (1)	$	4.3	$	4.4	$	13.7	$	14.3

Financing cash flows for finance leases	$	—	$	—	$	0.1	$	0.2

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	1.9	$	5.5	$	40.8	$	10.6
Finance leases	$	—	$	—	$	—	$	0.1

Schedule of Operating Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of September 30, 2026, were as follows (in millions):


	Operating Leases		Finance Leases
2026 (remaining period)	$	3.1	$	0.1
2027	14.4		—
2028	11.6		—
2029	8.8		—
2030	7.4		—
Thereafter	37.9		—
Total future minimum lease payments	83.2		0.1
Less: amounts representing interest	(17.3)		—
Total lease liability	$	65.9	$	0.1

Schedule of Finance Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of September 30, 2026, were as follows (in millions):


	Operating Leases		Finance Leases
2026 (remaining period)	$	3.1	$	0.1
2027	14.4		—
2028	11.6		—
2029	8.8		—
2030	7.4		—
Thereafter	37.9		—
Total future minimum lease payments	83.2		0.1
Less: amounts representing interest	(17.3)		—
Total lease liability	$	65.9	$	0.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Supplementary Financial Information - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning of the period	$ 5.1	$ 15.8
Restricted cash included in other assets (non-current), beginning of period	0.0	0.0
Total cash, cash equivalents and restricted cash, beginning of the period	5.1	15.8
Cash and cash equivalents, end of the period	4.9	2.6
Restricted cash included in other assets (non-current), end of period	0.0	0.0
Total cash and cash equivalents and restricted cash, end of the period	4.9	2.6
Cash and cash equivalents and restricted cash classified in Assets held for sale, end of period	87.2	33.6
Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, beginning of the period.	112.0	48.8
Cash, cash equivalents and restricted cash, beginning of period	112.6	49.4
Cash and cash equivalents, including cash and cash equivalents in Assets held for Sale, end of the period.	91.5	35.6
Cash, cash equivalents and restricted cash, end of period	92.1	36.2
Cash (used in) provided by held for sale operating activities	72.1	69.3
Cash provided by (used in) held for sale investing activities	50.8	17.8
Supplemental cash flow information:
Cash paid for interest	9.9	27.1
Cash paid for income taxes, net of refunds	2.4	4.6
Non-cash investing and financing activities:
Accrued interest and fees capitalized into principal debt	56.4	63.1
Accrued dividends capitalized into principal debt	0.0	0.5
Exchange of preferred stock for debt	0.0	9.1
Property, plant and equipment included in accounts payable or accrued expenses	1.5	1.1
Spectrum
Non-cash investing and financing activities:
Property, plant and equipment included in accounts payable or accrued expenses	1.5	1.1
Spectrum \| Bridge Loan \| Bridge Loan Facility \| Line of Credit
Non-cash investing and financing activities:
Interest costs capitalized	0.8
Discontinued Operations
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents classified in Assets held for sale, beginning of the period	106.9	33.0
Restricted cash classified in Assets held for sale, beginning of period	0.6	0.6
Total cash and cash equivalents and restricted cash classified in Assets held for sale, beginning of the period	107.5	33.6
Cash and cash equivalents classified in Assets held for sale, end of the period	86.6	33.0
Restricted cash classified in Assets held for sale, end of period	0.6	0.6
Cash and cash equivalents and restricted cash classified in Assets held for sale, end of period	$ 87.2	$ 33.6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
Statement [Line Items]
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)	14,035,360	13,818,904
Common stock, shares outstanding (in shares)	13,858,322	13,655,062
Treasury stock, common shares (in shares)	177,038	163,842
Series A-3 , A-4 Preferred Stock
Statement [Line Items]
Temporary equity, par value (in usd per share)	$ 0.001	$ 0.001
Temporary equity, shares authorized (in shares)	20,000,000	20,000,000
Series A-3 Preferred Stock
Statement [Line Items]
Temporary equity, shares outstanding (in shares)	6,125	6,125
Temporary equity, shares issued (in shares)	6,125	6,125
Series A-4 Preferred Stock
Statement [Line Items]
Temporary equity, shares outstanding (in shares)	1,937	1,937
Temporary equity, shares issued (in shares)	1,937	1,937

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 28.3	$ (9.6)	$ 23.6	$ (56.4)
Other comprehensive (loss) income
Foreign currency translation adjustment, net of tax	(0.1)	(0.2)	0.1	0.9
Sale of controlling interest in Broadcasting	(1.2)	0.0	(1.2)	0.0
Other comprehensive (loss) income	(1.3)	(0.2)	(1.1)	0.9
Comprehensive income (loss)	27.0	(9.8)	22.5	(55.5)
Comprehensive (income) loss attributable to non-controlling interests and redeemable non-controlling interests	(1.8)	0.7	(3.2)	3.1
Comprehensive income (loss) attributable to INNOVATE Corp.	$ 25.2	$ (9.1)	$ 19.3	$ (52.4)

- 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.

+ References + Details

- Definition

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

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+ Details

Debt Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Aug. 03, 2026	Dec. 31, 2025	Sep. 01, 2025	Aug. 31, 2025	Aug. 04, 2025	Dec. 31, 2021	Feb. 01, 2021
Debt Instrument [Line Items]
Total aggregate debt principal payments	$ 583.3		$ 529.8
Unamortized issuance discount, issuance premium, and deferred financing costs	(8.8)		(16.8)
Less: current portion of debt obligations	(574.5)		(513.0)
Debt obligations, net of current portion	0.0		0.0
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments	530.9		481.9
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments	51.5		46.8
Lancer Promissory Note \| Senior Notes \| Life Sciences
Debt Instrument [Line Items]
Outstanding debt	$ 52.4		47.9
10.50% Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Outstanding debt		$ 21.6
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	10.50%				10.50%
Outstanding debt	$ 400.9		360.4
Total aggregate debt principal payments	$ 392.8		345.5
9.50% Convertible Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	9.50%					9.50%
Outstanding debt	$ 58.9		53.5
Total aggregate debt principal payments	58.0		52.5
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Outstanding debt	$ 51.1		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
Debt Instrument [Line Items]
Outstanding debt	$ 0.0					$ 0.2
7.50% Convertible Senior Notes \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	7.50%
Outstanding debt			$ 0.2
7.50% Convertible Senior Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate								7.50%

Debt Obligations

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Debt Obligations

7. Debt Obligations

Debt obligations, excluding debt obligations for our segments held for sale, consisted of the following (in millions):


	Maturity Date	September 30, 2026		December 31, 2025
Life Sciences











Lancer Promissory Note	December 31, 2026	$	52.4	$	47.9


Non-Operating Corporate
10.50% Senior Secured Notes	February 1, 2027	$	400.9	$	360.4
9.50% Convertible Senior Secured Notes	March 1, 2027	58.9		53.5
CGIC Promissory Note	April 30, 2027	51.1		45.9
SOFR plus 5.75% Revolving Line of Credit	December 31, 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
Total Non-Operating Corporate		$	530.9	$	481.9

Total outstanding principal		$	583.3	$	529.8
Unamortized issuance discount, issuance premium, and deferred financing costs		(8.8)		(16.8)
Less: current portion of debt obligations		(574.5)		(513.0)
Debt obligations, net of current portion		$	—	$	—

As of September 30, 2026, estimated future aggregate principal debt payments based on contractual maturities, excluding interest and exit fees, were as follows (in millions) (1):



2026 (remaining period)	$	72.4
2027	510.9






Total aggregate debt principal payments	$	583.3

(1) The table does not reflect the October 5, 2026 repayment of $20.0 million principal amount of the Revolving Line of Credit and the October 15, 2026 partial redemption of $325.0 million principal amount of the 10.50% 2027 Senior Secured Notes, each in connection with the closing of the DBMG Sale subsequent to quarter end. See below for additional information.

Life Sciences

R2 Technologies has an Amended and Restated Senior Secured Promissory Note (the “Lancer Note”) with Lancer Capital LLC (“Lancer”), a related party, which was entered into on August 4, 2025. The Lancer Note, which was previously amended multiple times, has an interest rate of 12% and no longer has certain exit and default fees. Accrued and unpaid interest is capitalized monthly into the principal balance. 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.

On July 31, 2026, the maturity of the Lancer Note was extended from August 1, 2026 to the earlier of December 31, 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. Concurrently, Lancer and R2 Technologies entered into a forbearance agreement: until the earlier of a Change of Control of R2 Technologies or December 31, 2026, Lancer will not exercise its remedies for any event of default, but it will not waive any default. All other terms were unchanged, and interest continues to accrue at 12.0%, paid in kind. The Company determined that the amendment was a troubled debt restructuring under ASC 470-60; however, as the future undiscounted cash payments exceed the note’s carrying amount, no gain was recognized.

As of September 30, 2026 and December 31, 2025, the effective interest rate on the note, as amended, was 12.0% and 17.0%, respectively. Interest expense, including amortization of fees, related to the Lancer Note was $1.7 million and $3.1 million for the three months ended September 30, 2026 and 2025, respectively, and was $5.8 million and $12.8 million for the nine months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026 and 2025, in accordance with the 12% note agreement, $4.5 million and $3.8 million, respectively, of accrued interest (excluding exit fees and extension fees for the nine months ended September 30, 2025) was capitalized 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 was amortized through July 31, 2026 using the effective interest rate method and is included in interest expense.

As of September 30, 2026, the total carrying amount and principal amount relating to the note, which is included within the Current portion of debt obligations in the Condensed Consolidated Balance Sheet, was $52.4 million, and includes all capitalized interest and fees. 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.

Non-Operating Corporate

10.50% 2027 Senior Secured Notes

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 are being 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. On July 31, 2026, the parties to the 10.50% 2027 Senior Secured Notes Indenture amended the indenture to permit interest for the period from February 1, 2026 through July 31, 2026 on 10.50% 2027 Senior Secured Notes held by consenting holders to be paid in kind in respect of the August 1, 2026 interest payment by increasing the principal amount of the notes or issuing additional notes. Consenting holders also received a consent fee equal to 1.5% of the principal amount of the notes, for which they granted consent, paid through the issuance of additional 10.50% 2027 Senior Secured Notes. 10.50% 2027 Senior Secured Notes held by non-consenting holders remained subject to the existing cash interest payment requirements. As a result, on August 3, 2026, the total outstanding principal amount of 10.50% 2027 Senior Secured Notes increased by $21.6 million and the Company paid $3.1 million in cash interest rather than $19.9 million (which would otherwise have been due). The total consent fee, reflecting the principal amount of additional note issuances, was $4.8 million and was recorded as an additional OID which is being amortized into interest expense over the term of the notes using the effective interest rate method. The supplemental indenture also permitted related additional note issuances and waived defaults arising from the amendments and issuances. All subsequent interest payments are payable in cash.

Aggregate interest expense for the 10.50% 2027 Senior Secured Notes, including the contractual interest coupon and amortization of fees was $15.3 million and $8.2 million for the three months ended September 30, 2026 and 2025, respectively, and was $41.6 million and $8.2 million for the nine months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026, the total carrying amount related to the notes was $392.8 million, inclusive of $400.9 million aggregate principal outstanding (which includes capitalized interest), partially offset by $7.8 million of unamortized OID and $0.3 million of unamortized deferred financing fees. As of December 31, 2025, the total carrying amount related to the notes 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 16.8% and 14.4% as of September 30, 2026 and December 31, 2025, respectively.

Subsequent to quarter-end on October 15, 2026, the Company made a partial redemption for $325.0 million in principal amount of its 10.50% 2027 Senior Secured Notes for a cash purchase price equal to 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of redemption. The total payment was $332.0 million, inclusive of $7.0 million in unpaid accrued interest and $325.0 million in principal. The Company must apply the net proceeds from sale of the Stock Consideration following expiration of the related Lock-Up Period (as defined in Note 3. Disposals and Assets and Liabilities Held for Sale) to redeem the remaining 10.50% 2027 Senior Secured Notes within 15 days after receipt. The amount of remaining 10.50% 2027 Senior Secured Notes that are required by their terms to be redeemed is dependent on the amount of proceeds the Company receives upon sale of the Stock Consideration following the expiration of the Lock-Up Period. However, because the terms of the 10.50% 2027 Senior Secured Notes do not permit redemption of the 2027 Convertible Notes while the 10.50% 2027 Senior Secured Notes remain outstanding, the Company must redeem all 10.50% 2027 Senior Secured Notes prior to the required redemption of the 2027 Convertible Notes unless alternative arrangements are made.

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

The 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 the Company to meet certain milestones with respect to strategic alternatives for its 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 which included separate milestone requirements. On August 7, 2026, the Company entered into the DBMG Transaction Agreement by and among the Company, IES, Merger Sub and DBMGi. Pursuant to the DBMG Transaction Agreement, upon the terms and subject to the conditions thereof, (i) Seller sold, and Merger Sub purchased from Seller, approximately 91.2% of the outstanding shares of common stock of DBMG and (ii) immediately following the Acquisition, Merger Sub merged with and into DBMG pursuant to Section 253 of the DGCL, with DBMG surviving the merger as a wholly owned subsidiary of IES. As a result of the execution of the DBMG Transaction Agreement, the aforementioned milestones were satisfied in full. The transaction closed on October 5, 2026 and a portion of the proceeds were applied for a partial $325.0 million principal redemption of the 10.50% 2027 Senior Secured Notes as described above. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for additional information on the DBMG Sale.

If the Company completes certain asset 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.

In connection with the DBMG Sale, on August 7, 2026 (refer to Note 3. Disposals and Assets and Liabilities Held for Sale), the Company, certain subsidiary guarantors, and U.S. Bank Trust Company, National Association, as trustee and collateral trustee, entered into a supplemental indenture (the “DBMG Senior Secured Notes Supplemental Indenture”) to the 10.50% 2027 Senior Secured Notes Indenture. The DBMG Senior Secured Notes Supplemental Indenture was entered into with the consent of the holders required under the 10.50% 2027 Senior Secured Notes Indenture. The DBMG Senior Secured Notes Supplemental Indenture amended the 10.50% 2027 Senior Secured Notes Indenture to, among other things, permit and provide for the DBMG Sale and waive any and all defaults, events of default or other defaults that may have occurred, or that may arise under the 10.50% 2027 Senior Secured Notes Indenture as a result thereof. Pursuant to the DBMG Senior Secured Notes Supplemental Indenture, the DBMG Sale did not constitute an “Asset Sale” or a “Change of Control” under the 10.50% 2027 Senior Secured Notes Indenture, and net cash proceeds from the DBMG Sale, after any permitted repayment of revolving debt under the Revolving Line of Credit, were required to be applied to redeem the 10.50% 2027 Senior Secured Notes within 15 days after receipt. Under the DBMG Senior Secured Notes Supplemental Indenture, all net cash proceeds of the DBMG Sale are required to be held in a deposit account subject to a control agreement, and all non-cash proceeds of the DBMG Sale are required to be subject to a valid and enforceable perfected lien in favor of the collateral trustee for the benefit of the holders of the applicable series of Notes. The DBMG Senior Secured Notes Supplemental Indenture also provides for the release of liens on collateral disposed of in connection with the DBMG Sale.

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.

In connection with the Spectrum agreements entered into on May 29, 2026 (refer to Note 3. Disposals and Assets and Liabilities Held for Sale), the Company, certain subsidiary guarantors, and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and notes collateral agent (in such capacity, the “Collateral Agent”), entered into an amended supplemental indenture (the “Amended 10.50% 2027 Senior Secured Notes Supplemental Indenture”) to the 10.50% 2027 Senior Secured Notes Indenture. Pursuant to the Amended 10.50% 2027 Senior Secured Notes Supplemental Indenture, certain provisions of the 10.50% 2027 Senior Secured Notes Indenture, including certain definitions and negative covenants, were amended with the consent of the holders of at least a majority in aggregate principal amount of the Notes outstanding voting as a single class (the “Requisite Holders”). In addition, the Requisite Holders consented to the transactions related to the Spectrum Merger and the New Spectrum Loan Agreement and waived any and all defaults, events of default or other defaults that may have occurred, or that may arise under the indentures as a result thereof.

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 8.50% 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 $2.6 million and $17.9 million for the three and nine months ended September 30, 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 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 following amounts were recorded as an OID or deferred financing cost and are being amortized into interest expense over the term of the 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 2027 Convertible Notes accrue interest at a rate of 9.50% 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. On July 31, 2026, the parties to the 2027 Convertible Notes Indenture amended that indenture to permit interest for the period from February 1, 2026 through July 31, 2026 on 2027 Convertible Notes held by consenting holders to be paid in kind in respect of the August 1, 2026 interest payment by increasing the principal amount of the 2027 Convertible Notes or issuing additional notes. Consenting holders also received a consent fee equal to 1.5% of the principal amount of the 2027 Convertible Notes for which they granted consent, paid through the issuance of additional 2027 Convertible Notes. Notes held by non-consenting holders remained subject to the existing cash interest payment requirements. As a result, on August 3, 2026, the total outstanding principal amount of 2027 Convertible Notes increased by $2.9 million and the Company paid $0.5 million in cash interest rather than $2.7 million (which would otherwise have been due). The total consent fee, reflecting the principal amount of additional note issuances, was $0.7 million and was recorded as additional OID which is being amortized into interest expense over the term of the 2027 Convertible Notes using the effective interest rate method. The supplemental indenture also permitted related additional note issuances and waived defaults arising from the amendments and issuances. All subsequent interest payments are payable in cash.

Aggregate interest expense, including the contractual interest coupon and amortization was $1.8 million and $1.0 million for the three months ended September 30, 2026 and 2025, respectively, and was $4.8 million and $1.0 million for the nine months ended September 30, 2026 and 2025, respectively. The effective interest rate on the 2027 Convertible Notes was 13.1% and 11.1% as of September 30, 2026 and December 31, 2025, respectively.

As of September 30, 2026, the total carrying amount related to the notes was $58.0 million, inclusive of $58.9 million aggregate principal outstanding (which includes capitalized interest), partially offset by a remaining unamortized net OID of $0.8 million and unamortized deferred financing fees of $0.1 million. As of December 31, 2025, the total carrying amount related to the notes 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.

Subject to and upon compliance with the provisions of the 2027 Convertible Notes Indenture, each holder has the right, at such holder’s option, at any time prior to the close of business on the business day immediately preceding the maturity date, to convert the principal amount of any such notes, or any portion of such principal amount, into cash, shares of the Company's common stock or a combination thereof, at the election of the Company, 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), 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 September 30, 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 1,391,979 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 September 30, 2026, the if-converted value of the 2027 Convertible Notes did not exceed its principal value.

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 asset sales, the 2027 Convertible 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 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, subject to certain conditions, the Company may be required to purchase all or any portion of the 2027 Convertible Notes for cash at 100% of the principal amount to be purchased, plus accrued and unpaid interest, including additional interest, if any, to, but excluding, the applicable purchase date. 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 of 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 the 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.

In connection with the Spectrum agreements entered into on May 29, 2026 (refer to Note 3. Disposals and Assets and Liabilities Held for Sale), the Company, certain subsidiary guarantors, and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and notes collateral agent (in such capacity, the “2027 Convertible Notes Collateral Agent”), entered into an amended supplemental indenture (the “Amended 2027 Convertible Notes Supplemental Indenture”) to the 2027 Convertible Notes Indenture. Pursuant to the Amended 2027 Convertible Notes Supplemental Indenture, certain provisions of the 2027 Convertible Notes Indenture, including certain definitions and negative covenants, were amended with the consent of the holders of at least a majority in aggregate principal amount of the notes outstanding voting as a single class (the “2027 Convertible Notes Requisite Holders”). In addition, the 2027 Convertible Notes Requisite Holders consented to the transactions related to the Spectrum Merger and the New Spectrum Loan Agreement and waived any and all defaults, events of default or other defaults that may have occurred, or that may arise under the indentures as a result thereof.

In connection with the DBMG Sale, on August 7, 2026 (refer to Note 3. Disposals and Assets and Liabilities Held for Sale), the Company, certain subsidiary guarantors, and U.S. Bank Trust Company, National Association, as trustee and collateral trustee, entered into a supplemental indenture (the “DBMG 2027 Convertible Notes Supplemental Indenture”) to the 2027 Convertible Notes Indenture. The DBMG 2027 Convertible Notes Supplemental Indenture was entered into with the consent of the holders required under the 2027 Convertible Notes Indenture. The DBMG 2027 Convertible Notes Supplemental Indenture amended the 2027 Convertible Notes Indenture to, among other things, permit and provide for the DBMG Sale and waive any and all defaults, events of default or other defaults that may have occurred, or that may arise under the 2027 Convertible Notes Indenture as a result thereof. In addition, the DBMG 2027 Convertible Notes Supplemental Indenture clarified that a sale of DBMG constitutes a fundamental change to allow the 2027 Convertible Notes Indenture to require that the Company make an offer to purchase the 2027 Convertible Notes at a price in cash equal to 100% of the principal amount thereof (unless earlier redeemed), together with accrued and unpaid interest, if any, to the date of purchase, for settlement within approximately 45 days of closing the DBMG Sale. Under the DBMG 2027 Convertible Notes Supplemental Indenture, all net cash proceeds of the DBMG Sale are required to be held in a deposit account subject to a control agreement, and all non-cash proceeds of the DBMG Sale are required to be subject to a valid and enforceable perfected lien in favor of the collateral trustee for the benefit of the holders of the applicable series of Notes. The DBMG 2027 Convertible Notes Supplemental Indenture also provides for the release of liens on collateral disposed of in connection with the DBMG Sale.

On October 9, 2026, in connection with the closing of the DBMG Sale, the Company entered into a supplemental indenture (the “DBMG Closing Supplemental Indenture”) to the 2027 Convertible Notes Indenture. The DBMG Closing Supplemental Indenture amends the 2027 Convertible Notes Indenture to (i) require the redemption of all 2027 Convertible Notes on the 15th business day following the termination of the Lock-Up Period applicable to the Stock Consideration the Company received in connection with the DBMG Sale for a cash purchase price equal to 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of redemption and (ii) correspondingly, confirm that no offer to repurchase the 2027 Convertible Notes need be made. The Lock-Up Period will expire upon the earlier of December 4, 2026 and the date that a registration statement that registers the resale by the Company of all shares received as Stock Consideration in connection with the DBMG Sale is declared effective. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for additional information on the DBMG Sale and Lock-Up Period.

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 in 2025, the Company had $0.2 million aggregate principal remaining of the 2026 Convertible Notes. The 2026 Convertible Notes matured on August 1, 2026 and were redeemed in full on August 3, 2026.

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.

The effective interest rate on the remaining 2026 Convertible Notes as of December 31, 2025 was 3.0%.

Interest was 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 insignificant for the three and nine months ended September 30, 2026, and was $0.1 million and $0.9 million for the three and nine months ended September 30, 2025, respectively.

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 September 30, 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 28, 2026, is December 31, 2026.

Subsequent to quarter end, upon closing of the DBMG Sale on October 5, 2026, a portion of the proceeds were applied to fully repay and terminate the Revolving Line of Credit. The aggregate outstanding balance upon such repayment was $20.7 million, reflective of a $20.0 million principal balance and total accrued and unpaid interest, exit and extension fees of $0.7 million. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for additional information on the DBMG Sale.

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 September 30, 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 Revolving Line of 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.

In connection with the Spectrum agreements entered into on May 29, 2026, the Company entered into a ninth amendment (the “Ninth Amendment”) to the Revolving Line of Credit agreement with MSD. Pursuant to the Ninth Amendment, certain provisions of the Revolving Line of Credit agreement, including certain definitions and negative covenants, were amended with the consent of MSD. In addition, MSD consented to the transactions related to the Spectrum Merger and the New Spectrum Loan Agreement and waived any and all defaults, events of default or other defaults that may have occurred, or that may arise under the Revolving Line of Credit agreement as a result thereof.

On August 28, 2026, the Company and MSD entered into a Tenth Amendment to Credit Agreement, which among other things, extended the maturity of the Revolving Line of Credit agreement to December 31, 2026, and added a new 1.50% exit fee that is payable on the earlier of maturity date or date of prepayment of the debt. The additional exit fee of $0.3 million is being amortized into interest expense over the remaining 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 a stated interest rate of 16.0% and an effective interest rate of 14.6% as of both September 30, 2026 and December 31, 2025. Interest on the amended CGIC Note was paid monthly and in kind through August 31, 2026. All interest payments thereafter will be payable in cash, in arrears. In August 2025, 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, was entered into in 2023 in connection with the redemption of DBM Global Intermediate Holdco Inc.'s Series A Fixed-to-Floating Rate Perpetual Preferred Stock (the “DBMGi Series A Preferred Stock”), had a principal amount of $35.1 million, an original maturity date of February 28, 2026, and bore interest at 9.0% per annum through May 8, 2024, 16.0% per annum from May 9, 2024 to May 8, 2025, and 32.0% per annum thereafter.

For the three months ended September 30, 2026 and 2025, interest expense recognized relating to the CGIC Note, including the contractual interest coupon and amortization of the discount, was $1.9 million and $1.5 million, respectively, and cash paid for interest to CGIC was $0.7 million and zero, respectively, for the three months ended September 30, 2026 and 2025. For the nine months ended September 30, 2026 and 2025, interest expense recognized relating to the CGIC Note, including the contractual interest coupon and amortization of the discount, was $5.4 million and $4.2 million, respectively, and cash paid for interest to CGIC was $0.7 million and $3.2 million, respectively. During the nine months ended September 30, 2026 and 2025, in accordance with the terms of the amended CGIC Note, $5.2 million and $1.1 million of interest, respectively, was capitalized into the principal balance. As of September 30, 2026, the total carrying amount related to the CGIC Note was $51.5 million, inclusive of $51.1 million of principal (including capitalized interest) and a net unamortized premium of $0.4 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 CGIC 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Disposals and Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Held For Sale Of the Infrastructure and Spectrum Segment (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current assets
Total current assets	$ 574.1	$ 439.8
Non-current assets
Total assets held for sale	376.3	493.6
Current liabilities
Total current liabilities	549.4	493.1
Non-current liabilities
Total liabilities held for sale	57.9	131.3
Disposal Group, Held-for-Sale, Not Discontinued Operations
Current assets
Cash and cash equivalents		106.9
Accounts receivable, net		239.4
Contract assets		64.1
Inventory		15.3
Other current assets		14.1
Total current assets		439.8
Non-current assets
Deferred tax asset		2.0
Property, plant and equipment, net		141.7
Goodwill		127.0
Intangibles, net		164.4
Other assets		58.5
Total non-current assets		493.6
Total assets held for sale		933.4
Current liabilities
Accounts payable		138.2
Accrued liabilities		101.0
Current portion of debt obligations		68.4
Contract liabilities		171.9
Other current liabilities		13.6
Total current liabilities		493.1
Non-current liabilities
Deferred tax liability		4.7
Debt obligations		80.3
Other liabilities		46.3
Total non-current liabilities		131.3
Total liabilities held for sale		624.4
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Current assets
Cash and cash equivalents		3.8
Accounts receivable, net		1.7
Contract assets		0.0
Inventory		0.0
Other current assets		1.3
Total current assets		6.8
Non-current assets
Deferred tax asset		0.0
Property, plant and equipment, net		10.2
Goodwill		21.4
Intangibles, net		118.0
Other assets		18.1
Total non-current assets		167.7
Total assets held for sale		174.5
Current liabilities
Accounts payable		0.8
Accrued liabilities		57.8
Current portion of debt obligations		62.8
Contract liabilities		0.0
Other current liabilities		5.1
Total current liabilities		126.5
Non-current liabilities
Deferred tax liability		2.7
Debt obligations		0.0
Other liabilities		16.8
Total non-current liabilities		19.5
Total liabilities held for sale		146.0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Current assets
Cash and cash equivalents	86.6	103.1
Accounts receivable, net	347.6	237.7
Contract assets	80.4	64.1
Inventory	13.1	15.3
Other current assets	46.4	12.8
Total current assets	574.1	433.0
Non-current assets
Deferred tax asset	2.0	2.0
Property, plant and equipment, net	161.9	131.5
Goodwill	105.8	105.6
Intangibles, net	42.6	46.4
Other assets	64.0	40.4
Total non-current assets	376.3	325.9
Total assets held for sale	950.4	758.9
Current liabilities
Accounts payable	162.1	137.4
Accrued liabilities	60.5	43.2
Current portion of debt obligations	67.2	5.6
Contract liabilities	248.5	171.9
Other current liabilities	11.1	8.5
Total current liabilities	549.4	366.6
Non-current liabilities
Deferred tax liability	1.6	2.0
Debt obligations	0.0	80.3
Other liabilities	56.3	29.5
Total non-current liabilities	57.9	111.8
Total liabilities held for sale	$ 607.3	$ 478.4

Disposals and Assets and Liabilities Held for Sale - Schedule of Changes in the Carrying Amount of Goodwill (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 127.0
Disposal of controlling interest in Spectrum	(21.4)
Translation adjustments	0.2
Ending balance	105.8
Infrastructure
Goodwill [Roll Forward]
Beginning balance	105.6
Disposal of controlling interest in Spectrum	0.0
Translation adjustments	0.2
Ending balance	105.8
Spectrum
Goodwill [Roll Forward]
Beginning balance	21.4
Disposal of controlling interest in Spectrum	(21.4)
Translation adjustments	0.0
Ending balance	$ 0.0

- Definition

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

+ References

+ Details

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Carrying Value
Assets
Measurement alternative investment	$ 4.2	$ 0.9
Total assets not accounted for at fair value	4.2	0.9
Liabilities
Debt obligations	574.5	513.0
Total liabilities not accounted for at fair value	574.5	513.0
Estimated Fair Value
Assets
Measurement alternative investment	4.2	0.9
Total assets not accounted for at fair value	4.2	0.9
Liabilities
Debt obligations	569.1	446.2
Total liabilities not accounted for at fair value	569.1	446.2
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	469.2	359.6
Total liabilities not accounted for at fair value	469.2	359.6
Estimated Fair Value \| Significant Unobservable Inputs (Level 3)
Assets
Measurement alternative investment	4.2	0.9
Total assets not accounted for at fair value	4.2	0.9
Liabilities
Debt obligations	99.9	86.6
Total liabilities not accounted for at fair value	$ 99.9	$ 86.6

Disposals and Assets and Liabilities Held for Sale - Schedule of Debt Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Aug. 04, 2025	May 20, 2025
Debt Instrument [Line Items]
Total aggregate debt principal payments	$ 583.3	$ 529.8
Unamortized issuance discount, issuance premium, and deferred financing costs	(8.8)	(16.8)
Current portion of debt obligations	574.5	513.0
Debt obligations, net of current portion	0.0	0.0
Disposal Group, Held-for-Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Obligations under finance leases	0.1
Total aggregate debt principal payments	68.7	157.4
Unamortized issuance discount, issuance premium, and deferred financing costs	(1.5)	(8.7)
Current portion of debt obligations	67.2	68.4
Debt obligations, net of current portion	0.0	80.3
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Debt Instrument [Line Items]
Obligations under finance leases	0.1	0.1
Total aggregate debt principal payments	68.7	87.7
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Debt Instrument [Line Items]
Total aggregate debt principal payments	0.0	69.7
SOFR plus 2.50% Revolving Credit Facility \| Line of Credit \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Debt Instrument [Line Items]
Interest rate				2.50%
SOFR plus 2.50% Term Loan \| Line of Credit \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Debt Instrument [Line Items]
Interest rate				2.50%
8.50% Note \| Senior Notes \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Debt Instrument [Line Items]
Interest rate			8.50%
Outstanding debt	0.0	19.3
11.45% Notes \| Senior Notes \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Debt Instrument [Line Items]
Interest rate			11.45%
Outstanding debt	0.0	50.4
Revolving Credit Facility \| SOFR plus 2.50% Revolving Credit Facility \| Line of Credit \| DBM Global Credit Facilities \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Debt Instrument [Line Items]
Outstanding debt	0.0	15.0
Revolving Credit Facility \| SOFR plus 2.50% Term Loan \| Term Loan \| DBM Global Credit Facilities \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Debt Instrument [Line Items]
Outstanding debt	$ 68.6	$ 72.6

Disposals and Assets and Liabilities Held for Sale - Infrastructure Debt And Spectrum Debt Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended	9 Months Ended
	May 29, 2026	May 20, 2025	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	May 28, 2026	Dec. 31, 2025	Aug. 04, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Net gain (loss) on extinguishment of debt			$ (0.4)	$ 0.0		$ 18.0	$ (0.3)
Disposal Group, Held-for-Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operations [Line Items]
Carrying value			67.1			67.1			$ 148.6
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum \| DTV
Disposal Group, Including Discontinued Operations [Line Items]
Disposal ownership, percentage	76.50%							69.20%
HC2 Broadcasting Holdings, Inc \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Disposal ownership, percentage	100.00%							98.00%
Senior Notes \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Exercise price of warrants (in usd per share)										$ 0.01
Senior Notes \| HC2 Broadcasting Holdings, Inc \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Shares held by lenders (in shares)								20,408
Warrants held by lenders (in shares)								145,825
Senior Notes \| DTV America Corporation \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Shares held by lenders (in shares)								2,222,222
DBM Global Credit Facilities \| Line of Credit \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Disposal Group, Including Discontinued Operations [Line Items]
Line of credit, maximum amount		$ 220.0
Deferred financing fees			1.8			1.8
DBM Global Credit Facilities \| Line of Credit \| Third-Party \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Disposal Group, Including Discontinued Operations [Line Items]
Deferred financing fees			$ 0.1			$ 0.1
DBM Global Credit Facilities \| Line of Credit \| Revolving Credit Facility \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Disposal Group, Including Discontinued Operations [Line Items]
Line of credit, maximum amount		135.0
Accordion feature to increase line of credit		$ 50.0
DBM Global Credit Facilities \| Line of Credit \| Revolving Credit Facility \| UMB Bank \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Disposal Group, Including Discontinued Operations [Line Items]
Basis spread on variable rate		4.25%
Interest rate, effective percentage			6.40%			6.40%			6.80%
Commitment fee percentage		0.50%
Availability for revolving loans			$ 129.2			$ 129.2			$ 119.9
DBM Global Credit Facilities \| Line of Credit \| Secured Debt \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Disposal Group, Including Discontinued Operations [Line Items]
Line of credit, maximum amount		$ 85.0
DBM Global Credit Facilities \| Line of Credit \| Secured Debt \| UMB Bank \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Infrastructure
Disposal Group, Including Discontinued Operations [Line Items]
Interest rate, effective percentage			7.00%			7.00%			7.40%
Senior Notes, 8.50% and 11.50% \| Senior Notes \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Face amount										$ 69.7
8.50% Note \| Senior Notes \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Interest rate										8.50%
11.45% Notes \| Senior Notes \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Interest rate										11.45%
Bridge Loan Facility \| Line of Credit \| Bridge Loan \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spectrum
Disposal Group, Including Discontinued Operations [Line Items]
Debt extinguishment amount	$ 104.8
Face amount	105.0
Interest rate			8.00%			8.00%
Carrying value	123.2
Accrued interest and exit fees	56.8
Net gain (loss) on extinguishment of debt			$ (0.4)		$ 18.4	$ 18.0
Transaction cost, net	$ 2.9

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Refer to Note 3. Disposals and Assets and Liabilities Held for Sale and Note 7. Debt Obligations for details regarding the October 5, 2026 closing of the DBMG Sale, repayment and termination of the DBMG Credit Agreement and Revolving Line of Credit, and related Corporate debt redemptions. On October 9, 2026, the Company entered into the DBMG Closing Supplemental Indenture requiring redemption of all 2027 Convertible Notes on the 15th business day following termination of the Stock Consideration lock-up period, at 100% of principal plus accrued and unpaid interest to, but excluding, the redemption date, and confirming that no repurchase offer is required. The lock-up period expires upon the earlier of December 4, 2026 and date of effectiveness of the registration statement for resale of the Stock Consideration. Refer also to Note 10. Share-based Compensation for the October 2, 2026 designation of outstanding equity awards as Replacement Awards, under which vesting does not accelerate solely upon the DBMG Sale closing and accelerates only upon an Involuntary Termination of the applicable participant within two years following closing, as defined in the Plan.

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 01, 2026	Dec. 31, 2025
Schedule of Investments [Line Items]
Total	$ 59.4		$ 59.4			$ 1.8
Loss from equity investees	0.4	$ 0.0	0.4	$ 5.9
Broadcasting
Schedule of Investments [Line Items]
Equity method investments	57.6		57.6
Broadcasting \| HC2 Broadcasting Holdings, Inc
Schedule of Investments [Line Items]
Option to purchase additional ownership percentage					15.00%
Common Stock
Schedule of Investments [Line Items]
Equity method investments	55.2		55.2			0.9
Measurement Alternative	4.2		4.2			0.9
Total	59.4		59.4			1.8
Common Stock \| Broadcasting
Schedule of Investments [Line Items]
Measurement Alternative	3.3		3.3
Common Stock \| Broadcasting \| Significant Other Observable Inputs (Level 2)
Schedule of Investments [Line Items]
Equity method investments	54.3		54.3
Common Stock \| MediBeacon Inc.
Schedule of Investments [Line Items]
Equity method investments	0.0		0.0
Common Stock \| Scaled Cell
Schedule of Investments [Line Items]
Equity method investments	$ 0.9		$ 0.9
Common Stock \| Triple Ring
Schedule of Investments [Line Items]
Measurement Alternative						$ 0.9

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 and nine months ended September 30, 2026, are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2026. Certain prior period amounts have been reclassified or combined to conform to the current period presentation. For example: (i) prior period assets and liabilities of the Spectrum and Infrastructure segments have been reclassified as held for sale; and (ii) Certain transaction costs previously reported in Selling, General and Administrative costs ("SG&A") have been reclassified during the three and nine months to the Gain on sale of controlling interest in subsidiary line item for the completed Spectrum transaction (refer to Note 3. Disposals and Assets and Liabilities Held for Sale); and (iii) the prior period Loss on debt extinguishment was reclassified from Other income, net, to a separate line item in the statement of operations.
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 and required redemptions of the Company's debt obligations. Based on these conditions, the Company may not be able to meet its obligations at maturity and upon required redemption. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for additional information regarding debt redemption obligations arising from the DBMG Sale and Note 7. Debt Obligations for additional information regarding the Company's debt obligations. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The potential inability to repay, refinance or extend the maturity or required redemption 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 using proceeds from the anticipated sale of the IES shares received in the DBMG Sale to repay outstanding debt obligations, pursuing other asset sales, and potentially refinancing debt and raising additional capital. However, the amount of any proceeds from the sale of its IES shares will depend on the market price of the IES shares at the time of sale, and there can be no assurance that such proceeds will be sufficient to repay all or a substantial portion of those obligations. In addition, there can be no assurance that the Company will 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. Based on the September 30, 2026 market value of the IES common stock, received as partial consideration under the DBMG Sale, there would not be sufficient proceeds available for the Company to repay all of its debt instruments when required. If the Company is unable to obtain sufficient other available funds when required to repay all of the debt instruments, a shortfall could result in defaults or cross-defaults, accelerate other obligations and further impair the Company’s ability to continue as a going concern. If the Company fails to consummate sufficient cash proceeds from the sale of the IES common stock or otherwise fund required redemptions, the Company would be in violation of covenants under the remaining indebtedness (absent waivers or amendments), and would likely be unable to satisfy the Company's debt service obligations and may be unable 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.
Held for Sale and Discontinued Operations	Held for Sale Classification and Discontinued Operations In accordance with ASC 205-20, the Company generally reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has or will have a major effect on the Company's operations and financial results when the business is disposed of or classified as held for sale. The held for sale criteria are assessed as of the balance sheet date. A disposal is not separately presented as discontinued operations, if the anticipated transaction will involve the disposal of substantially all of the Company's net assets. Under ASC 360-10, assets may be classified as held for sale even though the discontinued operations criterion is not met.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year On 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 September 9, 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sales Restrictions ("ASU 2026-03"). The amendments in ASU 2026-03 apply to investment companies within the scope of Topic 946 and provide an exception to Topic 820 requiring that a contractual restriction on the sale of an equity security be considered in measuring the fair value of the equity security. ASU 2026-03 also requires these investment companies to disclose the amount of the discount attributable to the contractual sale restriction. ASU 2026-03 is effective prospectively for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. As of September 30, 2026, the Company did not meet the definition of an investment company within the scope of Topic 946; however, the Company will likely meet the definition of an investment company in the future. The Company is currently evaluating the potential effect of this ASU on the Company's Condensed Consolidated Financial Statements. On April 23, 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends 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 Subsequent to quarter end, the Company participated in a number of significant transactions or other events, including: –the closing of the sale of DBMG; and –the repayment of certain debt. Refer to Note 3. Disposals and Assets and Liabilities Held for Sale and to Note 7. Debt Obligations for additional information. 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

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-Name Accounting Standards Codification
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+ Details

Disposals and Assets and Liabilities Held for Sale - Schedule of Future Payments of Lease Liabilities (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations $ in Millions	Sep. 30, 2026 USD ($)
Operating Leases
2026 (remaining period)	$ 3.1
2027	14.4
2028	11.6
2029	8.8
2030	7.4
Thereafter	37.9
Total future minimum lease payments	83.2
Less: amounts representing interest	(17.3)
Total lease liability	65.9
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

Commitments and Contingencies - Schedule of Revenue Concentrations (Details) - Revenue - Customer Concentration Risk - Infrastructure	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026
Customer A
Concentration Risk [Line Items]
Concentration risk percentage	21.50%	18.20%	24.50%
Customer B
Concentration Risk [Line Items]
Concentration risk percentage			10.80%
Customer C
Concentration Risk [Line Items]
Concentration risk percentage	13.60%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ 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

Revenue and Contracts in Process - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Total accounts receivable with customers	$ 0.2	$ 1.8
Life Sciences
Segment Reporting [Line Items]
Total accounts receivable with customers	$ 0.2	$ 1.8

- 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

Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	490.6	$	1.2	$	3.7	$	—	$	—	$	495.5
Cost of revenue	415.7		0.8		2.1		—		—		418.6
Selling, general and administrative expenses	37.0		1.7		0.1		6.6		—		45.4
Depreciation and amortization	1.2		—		—		—		—		1.2
Other operating (income) loss (1)	0.9		—		(0.2)		—		—		0.7
Income (loss) from operations	$	35.8	$	(1.3)	$	1.7	$	(6.6)	$	—	$	29.6


























Other data:
Capital cash expenditures	$	28.4	$	—	$	0.3	$	—	$	—	$	28.7

	Three Months Ended September 30, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	338.4	$	3.1	$	5.6	$	—	$	—	$	347.1
Cost of revenue	292.3		2.2		2.9		—		—		297.4
Selling, general and administrative expenses	27.0		3.6		2.0		7.0		—		39.6
Depreciation and amortization	3.0		0.1		1.2		—		—		4.3
Other operating loss (income) (1)	0.1		—		(0.4)		—		—		(0.3)
Income (loss) from operations	$	16.0	$	(2.8)	$	(0.1)	$	(7.0)	$	—	$	6.1

























Other data:
Capital cash expenditures	$	7.0	$	—	$	0.8	$	—	$	—	$	7.8

(1) Other operating loss for the three months ended September 30, 2026, primarily consisted of losses on the sales of various properties. Other operating income for the three months ended September 30, 2025, primarily consisted of a gain on legal settlement at the Company's Spectrum segment.


	Nine Months Ended September 30, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,262.5	$	5.0	$	14.4	$	—	$	—	$	1,281.9
Cost of revenue	1,060.3		3.5		8.2		—		—		1,072.0
Selling, general and administrative expenses	103.1		5.6		4.9		12.7		—		126.3
Depreciation and amortization	6.9		0.1		1.9		—		—		8.9
Other operating (income) loss (1)	0.9		—		(0.3)		—		—		0.6
Income (loss) from operations	$	91.3	$	(4.2)	$	(0.3)	$	(12.7)	$	—	$	74.1

























Other data:
Capital cash expenditures	$	47.2	$	—	$	1.4	$	—	$	—	$	48.6


	Nine Months Ended September 30, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	836.4	$	9.4	$	17.5	$	—	$	—	$	863.3
Cost of revenue	707.2		6.6		8.7		—		—		722.5
Selling, general and administrative expenses	83.1		11.1		5.8		12.5		—		112.5
Depreciation and amortization	9.2		0.3		3.6		—		—		13.1
Other operating loss (income) (1)	1.2		—		(0.4)		—		—		0.8
Income (loss) from operations	$	35.7	$	(8.6)	$	(0.2)	$	(12.5)	$	—	$	14.4

























Other data:
Capital cash expenditures	$	16.2	$	—	$	2.4	$	—	$	—	$	18.6

(1) Other operating loss for the nine months ended September 30, 2026, primarily consisted of losses on the sales of various properties. Other operating loss for the nine months ended September 30, 2025, primarily consisted of a loss on lease modification and losses on the sales of various properties at the Company's Infrastructure segment, partially offset by a gain on legal settlement at the Company's Spectrum segment.


Certain balance sheet data:
	September 30, 2026
	Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		Sub-Total		Infrastructure - Held for Sale		Spectrum - Held for Sale		Sub-Total - Held for Sale		Total
Investments (1)	$	1.8	$	57.6	$	—	$	—	$	59.4	$	—	$	—	$	—	$	59.4
Total assets	$	7.1	$	57.6	$	5.2	$	—	$	69.9	$	950.4	$	—	$	950.4	$	1,020.3

	December 31, 2025
	Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		Sub-Total		Infrastructure - Held for Sale		Spectrum - Held for Sale		Sub-Total - Held for Sale		Total
Investments (1)	$	1.8	$	—	$	—	$	—	$	1.8	$	—	$	—	$	—	$	1.8
Total assets	$	9.6	$	—	$	7.1	$	—	$	16.7	$	758.9	$	174.5	$	933.4	$	950.1

(1) The Company's equity method investment in its Spectrum segment totaled $54.3 million and zero as of September 30, 2026 and December 31, 2025, respectively. The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both September 30, 2026 and December 31, 2025. Refer to Note 5. Investments for further details on the Company's investments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Reconciliation of the consolidated segment income from operations to consolidated income (loss) from operations before income taxes:
Income from operations	$	29.6	$	6.1	$	74.1	$	14.4
Gain on sale of controlling interest in subsidiary	32.9		—		32.9		—
Interest expense	(31.1)		(23.4)		(83.2)		(65.0)
(Loss) gain on extinguishment of debt	(0.4)		—		18.0		(0.3)


Loss from equity investees	(0.4)		—		(0.4)		(5.9)

Other income, net	0.6		0.6		1.1		4.6
Income (loss) from operations before income taxes	$	31.2	$	(16.7)	$	42.5	$	(52.2)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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-Topic 280
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-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt and Finance Lease Obligations

Debt obligations, excluding debt obligations for our segments held for sale, consisted of the following (in millions):


	Maturity Date	September 30, 2026		December 31, 2025
Life Sciences











Lancer Promissory Note	December 31, 2026	$	52.4	$	47.9


Non-Operating Corporate
10.50% Senior Secured Notes	February 1, 2027	$	400.9	$	360.4
9.50% Convertible Senior Secured Notes	March 1, 2027	58.9		53.5
CGIC Promissory Note	April 30, 2027	51.1		45.9
SOFR plus 5.75% Revolving Line of Credit	December 31, 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
Total Non-Operating Corporate		$	530.9	$	481.9

Total outstanding principal		$	583.3	$	529.8
Unamortized issuance discount, issuance premium, and deferred financing costs		(8.8)		(16.8)
Less: current portion of debt obligations		(574.5)		(513.0)
Debt obligations, net of current portion		$	—	$	—

Schedule of Maturities of Debt and Finance Lease Obligations

As of September 30, 2026, estimated future aggregate principal debt payments based on contractual maturities, excluding interest and exit fees, were as follows (in millions) (1):



2026 (remaining period)	$	72.4
2027	510.9






Total aggregate debt principal payments	$	583.3

Debt Obligations - Non-Operating Corporate 10.50% Senior Secured Notes due 2027 Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Oct. 15, 2026	Aug. 03, 2026	Aug. 04, 2025	Aug. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Jan. 31, 2026	Sep. 30, 2026	Sep. 30, 2025	Oct. 05, 2026	Jul. 31, 2026	Dec. 31, 2025	Sep. 01, 2025	Dec. 31, 2021
Debt Instrument [Line Items]
Total aggregate debt principal payments					$ 583,300,000			$ 583,300,000				$ 529,800,000
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments					530,900,000			530,900,000				481,900,000
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments					$ 51,500,000			$ 51,500,000				46,800,000
10.50% Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Consent fee percentage											1.50%
Outstanding debt		$ 21,600,000
Interest paid		3,100,000
Expected interest due		19,900,000
Transaction cost, net		$ 4,800,000
10.50% Senior Secured Notes \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Interest rate										10.50%
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate				10.50%	10.50%			10.50%
Face amount				$ 360,400,000
Deferred financing fees					$ 300,000			$ 300,000				1,000,000.0
Interest expense, debt							$ 18,900,000
Outstanding debt					400,900,000			400,900,000				360,400,000
Amortization of debt issuance costs					15,300,000	$ 8,200,000		41,600,000	$ 8,200,000
Total aggregate debt principal payments					392,800,000			392,800,000				345,500,000
Unamortized discount					$ 7,800,000			$ 7,800,000				$ 13,900,000
Interest rate, effective percentage					16.80%			16.80%				14.40%
Redemption price percentage			101.00%
Debt covenant, asset sale prepayment requirement threshold 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
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate \| Subsequent Event
Debt Instrument [Line Items]
Subsequent event debt redeemed amount	$ 325,000,000.0
Redemption price percentage	100.00%
Repayments of debt	$ 332,000,000.0
Accrued interest paid	$ 7,000,000.0
8.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate					8.50%			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			$ 0				$ 1,900,000	$ 1,900,000
Interest rate, effective percentage														9.30%

Investments- Broadcasting (Details) - Broadcasting	Sep. 01, 2026
Schedule of Investments [Line Items]
Beneficial ownership percentage	25.00%
HC2 Broadcasting Holdings, Inc
Schedule of Investments [Line Items]
Beneficial ownership percentage	25.00%
Option to purchase additional ownership percentage	15.00%
Option to purchase additional ownership percentage, period	18 months

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

Equity and Temporary Equity

9 Months Ended

Sep. 30, 2026

Temporary Equity Disclosure [Abstract]

Equity and Temporary Equity

11. Equity and Temporary Equity

Common Stock

At-the-Market Offering

On August 10, 2026, the Company entered into an Open Market Sale AgreementSM (the “Sales Agreement”) with Jefferies LLC (“Jefferies”). Under the Sales Agreement, the Company may offer and sell, from time to time, through Jefferies as its sales agent, shares (the “Shares”) of its common stock, par value $0.001 per share (the “Common Stock”) for aggregate gross sales proceeds not to exceed $31.0 million.

The Company will pay Jefferies a commission equal to 3.0% of the gross sales proceeds of any Shares sold through Jefferies under the Sales Agreement. The Company is not obligated to sell any Shares under the Sales Agreement and as of September 30, 2026, no shares have been sold under the At-the-Market Offering (“ATM Program”).

The shelf registration statement under which the ATM Program was established expired on October 6, 2026. Sales require the filing of a prospectus supplement under the Company’s new Registration Statement on Form S-3 (File No. 333-298167), filed with the SEC on August 10, 2026, as amended on August 19, 2026 and declared effective on August 21, 2026. The Company has not yet filed that supplement. Any sales will depend on market conditions, and there can be no assurance that proceeds will be available when needed.

The Company incurred $1.0 million in expenses related to the ATM Program for both the three and nine months ended September 30, 2026.

Preferred Shares

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


	September 30, 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

On June 30, 2026, the holder of our outstanding Series A-3 and Series A-4 Preferred Stock delivered a redemption notice requiring the Company to redeem those shares at the redemption price (accrued value plus all accrued and unpaid dividends, to the extent not included in the accrued value). The Company did not have sufficient legally available funds to pay the redemption price in cash or other assets. Under the terms of the certificates of designation, because the preferred shares were not redeemed when required, they remain outstanding and continue to be entitled to all powers, designations, preferences, and other rights, including the right to accrual and payment of dividends and conversion rights. Accordingly, because the shares remain outstanding and the holder continues to be entitled to the contractual rights and preferences associated with those shares, the Series A-3 and Series A-4 Preferred Stock continue to be classified in temporary equity.

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 redemption date was 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 7. 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. The Series A-3 and remaining A-4 Preferred Stock have a combined redemption value of $9.9 million (which includes accreted dividends) and $0.8 million in accrued cash dividends as of September 30, 2026.

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 2026, the Board has not declared any cash dividends with respect to INNOVATE’s issued and outstanding Series A-3 Preferred Stock and Series A-4 Preferred Stock. Aggregate quarterly dividends of $0.4 million, $0.3 million and $0.4 million, respectively, for the first, second and third quarters 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.

During the three months ended March 31, 2025, the Board declared $0.3 million in cash dividends with respect to INNOVATE’s issued and outstanding Series A-3 Preferred Stock and Series A-4 Preferred Stock to holders of record as of March 31, 2025. The dividend was paid on April 15, 2025. During the second and third quarters of 2025, the Board did not declare any cash dividends with respect to INNOVATE’s issued and outstanding Series A-3 Preferred Stock and Series A-4 Preferred Stock. Aggregate quarterly dividends of $0.7 million and $0.5 million for the second and third quarters of 2025, respectively, included the annual cash dividend of 7.5% per annum which was accrued and also the accreting dividend of 7.25% per annum.

In addition, during the second quarter of 2025, the Company recorded the accretion and accrual of additional dividends of $1.3 million related to prior years, and $0.2 million related to the first quarter of 2025. This included cumulative accreting dividends, which were recorded following the determination that such dividends had accreted due to the daily VWAP of the Company's common stock trading at less than $1 at various dates since 2022, as adjusted for the 2024 Reverse Stock Split. These adjustments during the second quarter of 2025 that related to prior years resulted in: (i) an increase in the accrued value of the preferred stock of $1.3 million; (ii) a decrease in Additional Paid-In Capital (APIC) of $1.3 million; (iii) an increase in accrued liabilities of $0.1 million; and (iv) an increase in net loss attributable to common shareholders of $1.3 million. The Company evaluated the effects of the adjustment, both qualitatively and quantitatively, and does not believe the adjustment was material to any 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 7. Debt Obligations for additional information.

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 September 30, 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 September 30, 2026, the Series A-3 Preferred Stock and Series A-4 Preferred Stock, including the accrued value of accreting dividends, were convertible into 317,749 and 69,036 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 became 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). However, the Company did not have sufficient legally available funds to pay the redemption price in cash or other assets, upon receipt of the redemption notice (as disclosed above). Under the terms of the certificates of designation, because the preferred shares were not redeemed when required, they remain outstanding and continue to be entitled to all powers, designations, preferences, and other rights, including the right to accrual and payment of dividends and conversion rights and continue to be classified in temporary equity.

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.

Each share of Series A-3 and Series A-4 that is not so redeemed when entitled to cause the Company to redeem the shares, will be automatically converted into shares of the Company's common stock at the Conversion Price then in effect.

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-3 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.

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.

R2 Technologies Non-Controlling Interests

The Company has non-controlling interests related to R2 Technologies in the form of common stock and previously also had redeemable non-controlling interests in the form of convertible preferred stock that was 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 December 31, 2025, it was not deemed probable that the amounts relating to convertible preferred stock reflected in redeemable non-controlling interests would become redeemable as no change in control has occurred or was expected to occur; therefore, no additional adjustments or remeasurements were required at that time under ASC 480-10, Distinguishing Liabilities from Equity.

On July 28, 2026, R2 Technologies' preferred equity outstanding, and outstanding intercompany 13.0% convertible promissory notes due to Pansend with an aggregated principal balance of $7.8 million and total accrued interest of $1.1 million, were all converted into common equity. In addition, subsequent to the conversion on July 28, 2026, Pansend purchased 500 shares of Series A-1 convertible participating preferred stock of R2 Technologies ("R2 Series A Preferred Stock") for a total of $0.5 million and Pansend purchased an additional 1,000 shares of R2 Series A Preferred Stock during August, 2026 for a total of $1.0 million. As a result of these transactions Pansend's controlling interest in R2 Technologies increased from 80.8% prior to the transactions, to 86.7%. All intercompany transactions are eliminated on consolidation. R2 Technologies issued additional shares of common stock to the consenting converting holders in connection with the conversions. As the Company retained control of R2 Technologies, the transactions were accounted for as equity transactions in accordance with ASC 810, with no gain or loss recognized in the Condensed Consolidated Statements of Operations, and the change in the Company’s ownership interest reflected as a reallocation between additional paid-in capital ("APIC") and non-controlling interests, and the previously redeemable non-controlling interests in R2 Technologies reclassified from temporary equity to permanent equity.

Deemed dividend. The difference between the previous negative carrying amounts of the noncontrolling interests preferred stock and the fair value of the new common stock issued to noncontrolling interests of $10.3 million was recognized as a deemed dividend within APIC (reflected within transactions with non-controlling interests) and is reflected in our earnings per share calculations as a component of net income attributable to common stockholders and participating preferred stockholders. Refer to Note 14. Basic and Diluted Earnings (Loss) Per Common Share.

There were no remaining redeemable non-controlling interests related to R2 Technologies as of September 30, 2026. As a result of the allocation of losses, the redeemable non-controlling interest related to R2 Technologies was negative $1.0 million as of December 31, 2025. As of September 30, 2026 and December 31, 2025, the Company had negative $7.2 million and negative $9.2 million, respectively, of R2 Technologies non-controlling interests reflected within Non-controlling interests within the Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S45
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Disposals and Assets and Liabilities Held for Sale - Schedule of Property, Plant and Equipment, Net (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($) building	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) building	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Property, Plant, and Equipment [Line Items]
Total	$ 0.0		$ 0.0		$ 0.1
Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	303.3		303.3		311.9
Less: Accumulated depreciation	141.4		141.4		170.2
Total	161.9		161.9		141.7
Depreciation expense	1.9	$ 5.7	12.9	$ 17.1
Depreciation expense within cost of revenue	1.4	$ 3.2	8.1	$ 9.7
Other assets held for sale	$ 5.4		$ 5.4
Long-lived asset, number held for sale \| building	1		1
Equipment, furniture and fixtures, and software \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 199.7		$ 199.7		221.2
Building and leasehold improvements \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	42.1		42.1		42.4
Land \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	20.7		20.7		25.3
Construction in progress \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	35.1		35.1		16.3
Plant and transportation equipment \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	5.7		5.7		6.7
Internal Use Software \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant, and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	23.1		23.1		21.0
Total	$ 6.0		$ 6.0		$ 6.6

Debt Obligations - Non-Operating Corporate CGIC Promissory Note Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Aug. 04, 2026 shares	Aug. 31, 2025 USD ($) businessDay shares	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jan. 31, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Aug. 03, 2026 USD ($)	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 04, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 08, 2025	May 09, 2024	May 08, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Cash paid for interest						$ 9.9	$ 27.1
Total aggregate debt principal payments			$ 583.3			583.3					$ 529.8
Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable			0.4	$ 0.5		0.4	0.5		$ 0.3	$ 0.4		$ 0.5	$ 0.7
CGIC \| Series A-3 and A-4 Preferred Stock
Debt Instrument [Line Items]
Dividends payable			0.8			0.8
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments			530.9			530.9					481.9
Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate debt principal payments			$ 51.5			$ 51.5					$ 46.8
10.50% Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Outstanding debt								$ 21.6
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate		10.50%	10.50%			10.50%
Interest rate, effective percentage			16.80%			16.80%					14.40%
Outstanding debt			$ 400.9			$ 400.9					$ 360.4
Face amount		$ 360.4
Interest expense, debt					$ 18.9
Total aggregate debt principal payments			392.8			392.8					345.5
Debt instrument, prepayment business due day \| businessDay		2
CGIC Promissory Note \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Outstanding debt			51.1			51.1					45.9
Debt instrument, unamortized premium, net			$ 0.4			$ 0.4					$ 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%			14.60%					14.60%
Shares exchanged for additional principal amount (in shares) \| shares	8,063	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			$ 1.9	1.5		$ 5.4	4.2
Cash paid for interest			$ 0.7	$ 0.0		0.7	3.2
Interest costs capitalized						$ 5.2	$ 1.1
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

Organization and Business (Details) - segment	9 Months Ended
Organization and Business (Details) - segment	Sep. 30, 2026	Aug. 31, 2026	May 29, 2026	May 28, 2026	Dec. 31, 2025
Business And Organization [Line Items]
Number of reportable segments	3
MediBeacon Inc.
Business And Organization [Line Items]
Beneficial ownership percentage	44.60%
Triple Ring
Business And Organization [Line Items]
Ownership percentage, fully diluted basis	1.60%
Scaled Cell
Business And Organization [Line Items]
Beneficial ownership percentage	20.10%
Spectrum \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| CONX
Business And Organization [Line Items]
Disposal ownership, percentage			75.00%
Spectrum \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| HC2 Broadcasting Holdings, Inc
Business And Organization [Line Items]
Disposal ownership, percentage			25.00%
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)	86.70%				81.00%
HC2 Broadcasting Holdings, Inc
Business And Organization [Line Items]
Controlling interest (approximately)	25.00%	100.00%			98.00%
HC2 Broadcasting Holdings, Inc \| Spectrum \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Business And Organization [Line Items]
Disposal ownership, percentage			100.00%	98.00%
DTV America Corporation
Business And Organization [Line Items]
Controlling interest (approximately)		100.00%	76.50%		69.20%
Minority Holders
Business And Organization [Line Items]
Percentage of proxy and voting rights from minority holders					2.80%

Subsequent Events (Details) - Subsequent Event	Oct. 05, 2026	Oct. 02, 2026
Replacement Awards
Subsequent Event [Line Items]
Share-based payment award, award vesting period (in years)		2 years
10.50% Senior Secured Notes \| Secured Debt
Subsequent Event [Line Items]
Debt instrument, remaining redemption, period	15 days
Debt instrument, redemption price, percentage of principal redeemed	100.00%

Revenue and Contracts in Process

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue and Contracts in Process

4. Revenue and Contracts in Process

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue
Infrastructure	$	490.6	$	338.4	$	1,262.5	$	836.4
Life Sciences	1.2		3.1		5.0		9.4
Spectrum	3.7		5.6		14.4		17.5

Total revenue	$	495.5	$	347.1	$	1,281.9	$	863.3

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


	September 30, 2026		December 31, 2025



Life Sciences	0.2		1.8

Total accounts receivable with customers	$	0.2	$	1.8

As of January 1, 2025, accounts receivable, net, from contracts with customers, as recast to exclude assets held for sale, totaled $1.5 million.

Infrastructure Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Industrial	$	186.6	$	85.1	$	481.3	$	219.1
Commercial	144.2		116.1		371.6		246.2
Healthcare	79.1		48.6		158.8		124.2
Government	26.6		36.1		94.3		84.5
Transportation	37.6		48.6		113.0		134.6
Energy	14.2		1.8		38.4		5.5
Leisure	—		1.7		0.2		12.9
Convention	2.1		0.2		3.6		8.3
Total revenue from contracts with customers	$	490.4	$	338.2	$	1,261.2	$	835.3
Other revenue	0.2		0.2		1.3		1.1
Total Infrastructure segment revenue	$	490.6	$	338.4	$	1,262.5	$	836.4

Life Sciences Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Systems and consumables revenue	$	1.2	$	3.1	$	5.0	$	9.4






Total Life Sciences segment revenue	$	1.2	$	3.1	$	5.0	$	9.4

Spectrum Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026(1)		2025		2026(2)		2025
Broadcast station	$	3.7	$	5.6	$	14.4	$	17.5





Total Spectrum segment revenue	$	3.7	$	5.6	$	14.4	$	17.5

(1) Includes Broadcast station revenue for the two months ended August 31, 2026.

(2) Includes Broadcast station revenue for the eight months ended August 31, 2026.

- 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
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), foreign currency cumulative translation adjustment	$ (3.2)	$ (3.3)	$ (3.7)	$ (4.5)

Disposals and Assets and Liabilities Held for Sale - Schedule of Revenue Concentrations (Details) - Accounts Receivable - Customer Concentration Risk - Infrastructure - Disposal Group, Held-for-Sale, Not Discontinued Operations	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Customer A
Disposal Group, Including Discontinued Operations [Line Items]
Concentration risk percentage	27.60%	29.90%
Customer B
Disposal Group, Including Discontinued Operations [Line Items]
Concentration risk percentage		10.30%

- Definition

+ 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

Summary of Significant Accounting Policies (Details)	Sep. 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Revenue Concentrations

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

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Segment

Revenue

Customer A

Infrastructure

21.5%

18.2%

24.5%

Customer B

Infrastructure

10.8%

Customer C

Infrastructure

13.6%

Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for accounts receivable concentrations.

Disposals and Assets and Liabilities Held for Sale - Schedule of Accounts Payable Concentrations (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Supplier A \| Accounts Payable \| Supplier Concentration Risk \| Infrastructure \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operations [Line Items]
Concentration risk percentage	15.80%	23.90%

- Definition

+ 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

Equity and Temporary Equity (Tables)

9 Months Ended

Sep. 30, 2026

Temporary Equity Disclosure [Abstract]

Schedule of Stock by Class

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


	September 30, 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

- Definition

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

+ References

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+ Details

Investments - MediBeacon Narrative (Details) - USD ($)			9 Months Ended
Investments - MediBeacon Narrative (Details) - USD ($)	Jul. 02, 2026	Jan. 17, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Schedule of Investments [Line Items]
Gain on sale of investments			$ 100,000	$ 5,200,000
MediBeacon Inc. \| Life Sciences
Schedule of Investments [Line Items]
Realized loss, equity issuance				5,900,000
Equity method			0	0
Gain on sale of investments				4,400,000
Equity method investment, interest				1,500,000
Cumulative unrecognized loss on equity method investments			23,300,000
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
MediBeacon Inc. \| Notes Receivable, Maturity of July 5, 2026 \| Life Sciences
Schedule of Investments [Line Items]
Notes receivable, face amount	$ 500,000
MediBeacon Inc. \| Notes Receivable \| Life Sciences
Schedule of Investments [Line Items]
Notes receivable, face amount	900,000
Accrued interest receivable	400,000		20,000		$ 400,000
Realized loss, equity issuance	400,000
Equity method	$ 0
Interest rate	8.00%
Notes receivable convertible conversion price discount percentage	20.00%
Convertible notes receivable, conversion price	$ 74.00
Notes receivable			900,000		$ 500,000
Interest income			$ 50,000	$ 100,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Revenue	$ 495.5	$ 347.1	$ 1,281.9	$ 863.3
Cost of revenue	418.6	297.4	1,072.0	722.5
Gross profit	76.9	49.7	209.9	140.8
Operating expenses:
Selling, general and administrative	45.4	39.6	126.3	112.5
Depreciation and amortization	1.2	4.3	8.9	13.1
Other operating loss (income)	0.7	(0.3)	0.6	0.8
Income (loss) from operations	29.6	6.1	74.1	14.4
Other income (expense):
Gain on sale of controlling interest in subsidiary	32.9	0.0	32.9	0.0
Interest expense	(31.1)	(23.4)	(83.2)	(65.0)
(Loss) gain on extinguishment of debt	(0.4)	0.0	18.0	(0.3)
Loss from equity investees	(0.4)	0.0	(0.4)	(5.9)
Other income, net	0.6	0.6	1.1	4.6
Income (loss) from operations before income taxes	31.2	(16.7)	42.5	(52.2)
Income tax (expense) benefit	(2.9)	7.1	(18.9)	(4.2)
Net income (loss)	28.3	(9.6)	23.6	(56.4)
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests	(1.8)	0.7	(3.2)	3.2
Net income (loss) attributable to INNOVATE Corp.	26.5	(8.9)	20.4	(53.2)
Less: Preferred stock dividends	0.4	0.5	1.1	3.0
Less: Deemed dividend on subsidiary preferred stock attributable to non-controlling interests	10.3	0.0	10.3	0.0
Net income (loss) attributable to common stockholders and participating preferred stockholders	$ 15.8	$ (9.4)	$ 9.0	$ (56.2)
Earnings (loss) per common share
Basic (in usd per share)	$ 1.12	$ (0.71)	$ 0.64	$ (4.27)
Diluted (in usd per share)	$ 1.10	$ (0.71)	$ 0.63	$ (4.27)
Weighted-average common shares outstanding
Basic (in shares)	13,524,185	13,264,799	13,415,551	13,176,043
Diluted (in shares)	13,704,485	13,264,799	13,600,594	13,176,043

Debt Obligations - Life Sciences Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended
	Aug. 04, 2025	Sep. 30, 2026	Sep. 30, 2025	Jan. 31, 2026	Sep. 30, 2026	Sep. 30, 2025	Oct. 05, 2026	Aug. 03, 2026	Dec. 31, 2025	Aug. 31, 2025	Jul. 31, 2025	Aug. 04, 2024	Jan. 31, 2024
Debt Instrument [Line Items]
Payments on lines of credit					$ 15,000,000.0	$ 111,800,000
Current portion of debt obligations		$ 574,500,000			574,500,000				$ 513,000,000.0
10.50% Senior Secured Notes \| Secured Debt
Debt Instrument [Line Items]
Outstanding debt								$ 21,600,000
10.50% Senior Secured Notes \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Interest rate							10.50%
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Payments on lines of credit					$ 20,000,000.0
Interest rate		10.50%			10.50%					10.50%
Interest rate, effective percentage		16.80%			16.80%				14.40%
Interest expense, debt				$ 18,900,000
Face amount										$ 360,400,000
Outstanding debt		$ 400,900,000			$ 400,900,000				$ 360,400,000
Unamortized discount		$ 7,800,000			$ 7,800,000				$ 13,900,000
10.50% Senior Secured Notes \| Secured Debt \| Non-Operating Corporate \| Subsequent Event
Debt Instrument [Line Items]
Redemption of debt							$ 325,000,000.0
Lancer Promissory Note \| Life Sciences \| R2 Technologies \| Related Party
Debt Instrument [Line Items]
Interest rate	12.00%	12.00%			12.00%						12.00%
Optional prepayment, number of days written notice	5 days
Interest rate, effective percentage		12.00%			12.00%				17.00%
Interest expense, debt		$ 1,700,000	$ 3,100,000		$ 5,800,000	12,800,000
Interest costs capitalized					4,500,000	$ 3,800,000
Face amount	$ 43,500,000
Short-term debt		52,400,000			52,400,000				$ 47,900,000
Current portion of debt obligations		$ 52,400,000			$ 52,400,000				46,600,000
Outstanding debt									47,900,000
Unamortized discount									$ 1,300,000
Senior Notes, Due 2025, 20.00% \| Life Sciences \| R2 Technologies \| Related Party
Debt Instrument [Line Items]
Face amount	$ 20,000,000.0
Short-term debt													$ 17,400,000
Accrued interest and exit fees												$ 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

Debt Obligations - Non-Operating Corporate 8.50% Senior Secured Notes due 2026 Narrative (Details) - Secured Debt - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2025	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2026	Aug. 03, 2026	Dec. 31, 2025	Sep. 01, 2025	Dec. 31, 2021
8.50% Senior Secured Notes \| Non-Operating Corporate
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		$ 2,600,000	$ 17,900,000
10.50% Senior Secured Notes
Debt Instrument [Line Items]
Outstanding debt					$ 21,600,000
10.50% Senior Secured Notes \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate	10.50%			10.50%
Face amount	$ 360,400,000
Outstanding debt				$ 400,900,000		$ 360,400,000
Interest rate, effective percentage				16.80%		14.40%

Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Leases

6. 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 2038.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	—	$	—	$	0.1	$	0.2

Net finance lease cost	$	—	$	—	$	0.1	$	0.2
Operating lease cost	5.0		4.4		14.7		13.2

Variable lease cost	0.1		0.2		0.4		0.5

Total non-current lease cost	$	5.1	$	4.6	15.2		13.9
Short-term lease costs	13.4		6.8		28.0		22.2
Total lease cost	$	18.5	$	11.4	$	43.2	$	36.1

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (1)	$	4.3	$	4.4	$	13.7	$	14.3

Financing cash flows for finance leases	$	—	$	—	$	0.1	$	0.2

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	1.9	$	5.5	$	40.8	$	10.6
Finance leases	$	—	$	—	$	—	$	0.1

Leases

6. Leases

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	—	$	—	$	0.1	$	0.2

Net finance lease cost	$	—	$	—	$	0.1	$	0.2
Operating lease cost	5.0		4.4		14.7		13.2

Variable lease cost	0.1		0.2		0.4		0.5

Total non-current lease cost	$	5.1	$	4.6	15.2		13.9
Short-term lease costs	13.4		6.8		28.0		22.2
Total lease cost	$	18.5	$	11.4	$	43.2	$	36.1

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (1)	$	4.3	$	4.4	$	13.7	$	14.3

Financing cash flows for finance leases	$	—	$	—	$	0.1	$	0.2

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	1.9	$	5.5	$	40.8	$	10.6
Finance leases	$	—	$	—	$	—	$	0.1

Commitments and Contingencies

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. 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 are 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, a reasonable estimate of any range of potential loss cannot be determined at this time. The Company is not itself party to this litigation and, as a result of the DBMG Sale subsequent to quarter-end, the Company no longer owns GrayWolf as of October 5, 2026.

Other Commitments and Contingencies

In connection with the Spectrum Merger and the DBMG Sale, the Company and/or certain subsidiaries undertook indemnification obligations under the respective transaction agreements. These obligations cover indemnification for the buyers for losses arising from breaches of representations and warranties, covenants and certain pre-closing taxes. Applicable survival periods, thresholds, caps and exceptions vary by transaction and claim type. Both transactions are also subject to customary post-closing purchase price adjustments.

As of September 30, 2026, no indemnification claims have been asserted, and the Company has not recorded a liability for these obligations because it believes the likelihood of material payments is remote.

Letters of Credit and Performance Bonds

As of September 30, 2026, DBMG had outstanding letters of credit of $5.8 million under credit and security agreements and performance bonds of $850.8 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 September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Segment

Revenue

Customer A

Infrastructure

21.5%

18.2%

24.5%

Customer B

Infrastructure

10.8%

Customer C

Infrastructure

13.6%

Refer to Note 3. Disposals and Assets and Liabilities Held for Sale for accounts receivable concentrations.

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Finance lease cost:
Amortization of right-of-use assets	$ 0.0	$ 0.0	$ 0.1	$ 0.2
Net finance lease cost	0.0	0.0	0.1	0.2
Operating lease cost	5.0	4.4	14.7	13.2
Variable lease cost	0.1	0.2	0.4	0.5
Total non-current lease cost	5.1	4.6	15.2	13.9
Short-term lease costs	13.4	6.8	28.0	22.2
Total lease cost	$ 18.5	$ 11.4	$ 43.2	$ 36.1

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2026	Nov. 09, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		13,854,658
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
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

Segments and Related Information - Schedule of Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	$ 495.5	$ 347.1	$ 1,281.9	$ 863.3
Cost of revenue	418.6	297.4	1,072.0	722.5
Selling, general and administrative expenses	45.4	39.6	126.3	112.5
Depreciation and amortization	1.2	4.3	8.9	13.1
Other operating loss (income)	0.7	(0.3)	0.6	0.8
Income (loss) from operations	29.6	6.1	74.1	14.4
Other data:
Capital cash expenditures	28.7	7.8	48.6	18.6
Investments	59.4		59.4		$ 1.8
Total assets	1,020.3		1,020.3		950.1
Investments	59.4		59.4		1.8
Total assets	69.9		69.9		16.7
Total assets, held for sale	376.3		376.3		493.6
Life Sciences
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	1.2	3.1	5.0	9.4
Spectrum
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	3.7	5.6	14.4	17.5
Infrastructure
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	490.6	338.4	1,262.5	836.4
Operating Segments
Other data:
Investments	0.0		0.0		0.0
Total assets	950.4		950.4		933.4
Operating Segments \| Life Sciences
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	1.2	3.1	5.0	9.4
Cost of revenue	0.8	2.2	3.5	6.6
Selling, general and administrative expenses	1.7	3.6	5.6	11.1
Depreciation and amortization	0.0	0.1	0.1	0.3
Other operating loss (income)	0.0	0.0	0.0	0.0
Income (loss) from operations	(1.3)	(2.8)	(4.2)	(8.6)
Other data:
Capital cash expenditures	0.0	0.0	0.0	0.0
Investments	1.8		1.8		1.8
Total assets	7.1		7.1		9.6
Equity method investments	0.9		0.9		0.9
Operating Segments \| Spectrum
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	3.7	5.6	14.4	17.5
Cost of revenue	2.1	2.9	8.2	8.7
Selling, general and administrative expenses	0.1	2.0	4.9	5.8
Depreciation and amortization	0.0	1.2	1.9	3.6
Other operating loss (income)	(0.2)	(0.4)	(0.3)	(0.4)
Income (loss) from operations	1.7	(0.1)	(0.3)	(0.2)
Other data:
Capital cash expenditures	0.3	0.8	1.4	2.4
Investments, held for sale	57.6		57.6		0.0
Total assets, held for sale	57.6		57.6		0.0
Equity method investments	54.3		54.3		0.0
Operating Segments \| Infrastructure
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	490.6	338.4	1,262.5	836.4
Cost of revenue	415.7	292.3	1,060.3	707.2
Selling, general and administrative expenses	37.0	27.0	103.1	83.1
Depreciation and amortization	1.2	3.0	6.9	9.2
Other operating loss (income)	0.9	0.1	0.9	1.2
Income (loss) from operations	35.8	16.0	91.3	35.7
Other data:
Capital cash expenditures	28.4	7.0	47.2	16.2
Investments	0.0		0.0		0.0
Total assets	950.4		950.4		758.9
Operating Segments \| Spectrum - Held for Sale
Other data:
Investments, held for sale	0.0		0.0		0.0
Total assets, held for sale	0.0		0.0		174.5
Non-Operating Corporate
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	0.0	0.0	0.0	0.0
Cost of revenue	0.0	0.0	0.0	0.0
Selling, general and administrative expenses	6.6	7.0	12.7	12.5
Depreciation and amortization	0.0	0.0	0.0	0.0
Other operating loss (income)	0.0	0.0	0.0	0.0
Income (loss) from operations	(6.6)	(7.0)	(12.7)	(12.5)
Other data:
Capital cash expenditures	0.0	0.0	0.0	0.0
Investments	0.0		0.0		0.0
Total assets	5.2		5.2		7.1
Other and Eliminations
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Revenue	0.0	0.0	0.0	0.0
Cost of revenue	0.0	0.0	0.0	0.0
Selling, general and administrative expenses	0.0	0.0	0.0	0.0
Depreciation and amortization	0.0	0.0	0.0	0.0
Other operating loss (income)	0.0	0.0	0.0	0.0
Income (loss) from operations	0.0	0.0	0.0	0.0
Other data:
Capital cash expenditures	0.0	$ 0.0	0.0	$ 0.0
Investments	0.0		0.0		0.0
Total assets	$ 0.0		$ 0.0		$ 0.0

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2026
Related Party Transactions [Abstract]
Related Parties	12. Related Parties Non-Operating Corporate As of September 30, 2026, Lancer Capital held $2.4 million of the Company's 2027 Convertible Notes. This amount includes (i) $2.2 million of the Company's 2027 Convertible Notes that 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, with the resulting principal amount of the 2027 Convertible Notes including (i) capitalized interest and extension fees of $0.2 million, (ii) paid-in-kind interest of $0.1 million capitalized into the principal balance of the note on February 1, 2026 and (iii) $0.1 million of 2027 Convertible Notes issued on August 3, 2026, in connection with paid-in-kind interest accrued as of August 1, 2026. As of September 30, 2026, the $2.4 million in 2027 Convertible Notes is convertible into 57,734 shares of common stock of INNOVATE. As of December 31, 2025, Lancer Capital held $2.2 million in 2027 Convertible Notes which were convertible into 51,874 shares of common stock of INNOVATE. For the nine months ended September 30, 2026 and 2025, Lancer Capital earned $0.2 million and $0.1 million, respectively, in interest relating to these notes. Refer to Note 7. Debt Obligations for additional information on the 2027 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. On June 30, 2026, CGIC delivered a redemption notice requiring the Company to redeem the Company's Series A-3 Preferred Stock and Series A-4 Preferred Stock at the redemption price (accrued value plus all accrued and unpaid dividends, to the extent not included in the accrued value). Refer to Note 11. Equity and Temporary Equity for information on the redemption notice delivered with respect to the Company’s outstanding Series A-3 and Series A-4 Preferred Stock. In addition, as of September 30, 2026 and December 31, 2025, the Company owed $51.1 million and $45.9 million, respectively, in principal amount of a promissory note owed to CGIC. Refer to Note 7. Debt Obligations for additional information. During the nine months ended September 30, 2026, the Company paid $0.6 million to CGIC related to a tax refund received from the IRS. Life Sciences As of September 30, 2026 and December 31, 2025, R2 Technologies had $52.4 million and $47.9 million, respectively, in principal amount of a 12.0% senior secured promissory note due to Lancer Capital. Refer to Note 7. Debt Obligations for additional information. For the three months ended September 30, 2026 and 2025, R2 Technologies recognized revenue of $20 thousand and $1.1 million, respectively from sales and profit sharing agreements with a subsidiary of Huadong, and a related party of R2 Technologies, and $1.1 million and $2.5 million for the nine months ended September 30, 2026 and 2025. There were zero and $0.6 million of related receivables from this subsidiary of Huadong as of September 30, 2026 and December 31, 2025, respectively. Royalty expenses and share-based compensation and royalty expenses related to Blossom Innovations, LLC ("Blossom"), an investor and licensor to R2 Technologies since 2014, totaled $0.1 million for each of the three months ended September 30, 2026 and 2025, respectively, and totaled $0.3 million and $0.6 million for the nine months ended September 30, 2026 and 2025, respectively. The related payables, and amounts accrued due to Blossom totaled $0.7 million and $0.5 million as of September 30, 2026, and December 31, 2025, respectively. In July 2026, R2 Technologies entered into a forbearance agreement with Blossom, deferring payment of amounts owed under its license agreement until the earlier of a change of control of R2 Technologies or December 31, 2026, in exchange for a four-year revenue share of 8% of R2 Technologies' net sales following the end of the current license royalty period, the terms of which remain subject to negotiation. Huadong and Blossom also participated in R2 Technologies’ July 2026 recapitalization, converting their preferred stock into common stock and receiving additional common shares. Refer to Note 11. Equity and Temporary Equity for additional information. Refer to Note 5. Investments for information regarding transactions with equity method investees of the Company.

- Definition

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

+ References

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	8. 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 a benefit of $7.1 million for the three months ended September 30, 2026 and 2025, respectively. Income tax expense was $18.9 million and $4.2 million for the nine months ended September 30, 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 U.S. enacted Public Law 115-97, known informally as the Tax Cuts and Jobs Act (the "TCJA") 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 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 September 30, 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 2002-2025 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
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+ Details

Disposals and Assets and Liabilities Held for Sale - Schedule of Intangible Assets Subject to Amortization (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	$ 115.4		$ 115.4		$ 127.9
Accumulated Amortization	(72.8)		(72.8)		(71.4)
Net	42.6		42.6		$ 56.5
Amortization expense	0.7	$ 1.8	4.1	$ 5.7
Amortization expense	0.7	$ 1.8	4.1	$ 5.7
Trade names
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Original Useful Life					15 years
Gross Carrying Amount	25.2		25.2		$ 25.2
Accumulated Amortization	(13.8)		(13.8)		(12.6)
Net	11.4		11.4		$ 12.6
Customer relationships and contracts
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Original Useful Life					11 years
Gross Carrying Amount	87.6		87.6		$ 87.6
Accumulated Amortization	(57.0)		(57.0)		(54.3)
Net	30.6		30.6		$ 33.3
Channel sharing arrangements
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Original Useful Life					35 years
Gross Carrying Amount					$ 12.6
Accumulated Amortization					(2.5)
Net					$ 10.1
Other
Intangible Asset, Finite-Lived [Line Items]
Weighted-Average Original Useful Life					7 years
Gross Carrying Amount	2.6		2.6		$ 2.5
Accumulated Amortization	(2.0)		(2.0)		(2.0)
Net	$ 0.6		$ 0.6		$ 0.5

Debt Obligations - Non-Operating Corporate Revolving Line of Credit Narrative (Details) - USD ($) $ in Millions				9 Months Ended
	Oct. 05, 2026	Aug. 28, 2026	Aug. 04, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Payments on lines of credit				$ 15.0	$ 111.8
Revolving Credit Facility \| Revolving Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Payments on lines of credit	$ 20.7
Revolving Credit Facility \| Revolving Credit Agreement \| Line of Credit \| Non-Operating Corporate
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
Debt instrument additional exit fee percentage		1.50%
Third party legal costs			$ 0.3
Exit fees		$ 0.3
Revolving Credit Facility \| Revolving Credit Agreement \| Line of Credit \| Non-Operating Corporate \| Subsequent Event
Debt Instrument [Line Items]
Debt extinguishment amount	$ 0.7

Segments and Related Information

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segments and Related Information

13. 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, including those within our segments held for sale 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 September 30, 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 4. 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 September 30, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	490.6	$	1.2	$	3.7	$	—	$	—	$	495.5
Cost of revenue	415.7		0.8		2.1		—		—		418.6
Selling, general and administrative expenses	37.0		1.7		0.1		6.6		—		45.4
Depreciation and amortization	1.2		—		—		—		—		1.2
Other operating (income) loss (1)	0.9		—		(0.2)		—		—		0.7
Income (loss) from operations	$	35.8	$	(1.3)	$	1.7	$	(6.6)	$	—	$	29.6


























Other data:
Capital cash expenditures	$	28.4	$	—	$	0.3	$	—	$	—	$	28.7

	Three Months Ended September 30, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	338.4	$	3.1	$	5.6	$	—	$	—	$	347.1
Cost of revenue	292.3		2.2		2.9		—		—		297.4
Selling, general and administrative expenses	27.0		3.6		2.0		7.0		—		39.6
Depreciation and amortization	3.0		0.1		1.2		—		—		4.3
Other operating loss (income) (1)	0.1		—		(0.4)		—		—		(0.3)
Income (loss) from operations	$	16.0	$	(2.8)	$	(0.1)	$	(7.0)	$	—	$	6.1

























Other data:
Capital cash expenditures	$	7.0	$	—	$	0.8	$	—	$	—	$	7.8


	Nine Months Ended September 30, 2026
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	1,262.5	$	5.0	$	14.4	$	—	$	—	$	1,281.9
Cost of revenue	1,060.3		3.5		8.2		—		—		1,072.0
Selling, general and administrative expenses	103.1		5.6		4.9		12.7		—		126.3
Depreciation and amortization	6.9		0.1		1.9		—		—		8.9
Other operating (income) loss (1)	0.9		—		(0.3)		—		—		0.6
Income (loss) from operations	$	91.3	$	(4.2)	$	(0.3)	$	(12.7)	$	—	$	74.1

























Other data:
Capital cash expenditures	$	47.2	$	—	$	1.4	$	—	$	—	$	48.6


	Nine Months Ended September 30, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	836.4	$	9.4	$	17.5	$	—	$	—	$	863.3
Cost of revenue	707.2		6.6		8.7		—		—		722.5
Selling, general and administrative expenses	83.1		11.1		5.8		12.5		—		112.5
Depreciation and amortization	9.2		0.3		3.6		—		—		13.1
Other operating loss (income) (1)	1.2		—		(0.4)		—		—		0.8
Income (loss) from operations	$	35.7	$	(8.6)	$	(0.2)	$	(12.5)	$	—	$	14.4

























Other data:
Capital cash expenditures	$	16.2	$	—	$	2.4	$	—	$	—	$	18.6


Certain balance sheet data:
	September 30, 2026
	Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		Sub-Total		Infrastructure - Held for Sale		Spectrum - Held for Sale		Sub-Total - Held for Sale		Total
Investments (1)	$	1.8	$	57.6	$	—	$	—	$	59.4	$	—	$	—	$	—	$	59.4
Total assets	$	7.1	$	57.6	$	5.2	$	—	$	69.9	$	950.4	$	—	$	950.4	$	1,020.3

	December 31, 2025
	Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		Sub-Total		Infrastructure - Held for Sale		Spectrum - Held for Sale		Sub-Total - Held for Sale		Total
Investments (1)	$	1.8	$	—	$	—	$	—	$	1.8	$	—	$	—	$	—	$	1.8
Total assets	$	9.6	$	—	$	7.1	$	—	$	16.7	$	758.9	$	174.5	$	933.4	$	950.1


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Reconciliation of the consolidated segment income from operations to consolidated income (loss) from operations before income taxes:
Income from operations	$	29.6	$	6.1	$	74.1	$	14.4
Gain on sale of controlling interest in subsidiary	32.9		—		32.9		—
Interest expense	(31.1)		(23.4)		(83.2)		(65.0)
(Loss) gain on extinguishment of debt	(0.4)		—		18.0		(0.3)


Loss from equity investees	(0.4)		—		(0.4)		(5.9)

Other income, net	0.6		0.6		1.1		4.6
Income (loss) from operations before income taxes	$	31.2	$	(16.7)	$	42.5	$	(52.2)

- Definition

The entire disclosure for segment reporting.

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+ Details