Operating Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Company's Operating Segments

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


	Three Months Ended June 30, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	233.1	$	3.2	$	5.7	$	—	$	—	$	242.0
Cost of revenue	191.4		2.1		2.9		—		—		196.4
Selling, general and administrative expenses	26.8		3.8		1.9		2.6		—		35.1
Depreciation and amortization	3.1		0.1		1.2		—		—		4.4
Other operating loss (1)	1.2		—		—		—		—		1.2
Income (loss) from operations	$	10.6	$	(2.8)	$	(0.3)	$	(2.6)	$	—	$	4.9
Other data:
Capital cash expenditures	$	5.1	$	(0.1)	$	1.1	$	—	$	—	$	6.1

(1) Other operating loss for the three months ended June 30, 2025, primarily consisted of a loss on lease modification and a loss on the sale of various properties at our Infrastructure segment.


	Three Months Ended June 30, 2024
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	305.2	$	1.7	$	6.2	$	—	$	—	$	313.1
Cost of revenue	243.5		1.1		2.9		—		—		247.5
Selling, general and administrative expenses	33.8		4.5		1.8		2.8		—		42.9
Depreciation and amortization	2.9		0.1		1.3		0.1		—		4.4
Other operating (income) loss (1)	(10.5)		—		0.1		(0.1)		—		(10.5)
Income (loss) from operations	$	35.5	$	(4.0)	$	0.1	$	(2.8)	$	—	$	28.8
Other data:
Capital cash expenditures	$	2.7	$	—	$	0.4	$	—	$	—	$	3.1

(1) Other operating income for the three months ended June 30, 2024, primarily consisted of a gain on lease modification and a gain on the sale of various properties at our Infrastructure segment.


	Six Months Ended June 30, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	498.0	$	6.3	$	11.9	$	—	$	—	$	516.2

Cost of revenue	414.9		4.4		5.8		—		—		425.1
Selling, general and administrative expenses	56.1		7.5		3.8		5.5		—		72.9
Depreciation and amortization	6.2		0.2		2.4		—		—		8.8
Other operating loss (1)	1.1		—		—		—		—		1.1
Income (loss) from operations	$	19.7	$	(5.8)	$	(0.1)	$	(5.5)	$	—	$	8.3


























Other data:
Capital cash expenditures	$	9.2	$	—	$	1.6	$	—	$	—	$	10.8

(1) Other operating loss for the six months ended June 30, 2025, primarily consisted of a loss on lease modification and a loss on the sale of various properties at our Infrastructure segment.


	Six Months Ended June 30, 2024
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Revenue	$	613.1	$	2.7	$	12.5	$	—	$	—	$	628.3

Cost of revenue	506.6		1.7		5.8		—		—		514.1
Selling, general and administrative expenses	64.7		8.0		3.7		6.0		—		82.4
Depreciation and amortization	5.9		0.2		2.6		0.1		—		8.8
Other operating (income) loss (1)	(8.9)		—		0.1		0.2		—		(8.6)
Income (loss) from operations	$	44.8	$	(7.2)	$	0.3	$	(6.3)	$	—	$	31.6

























Other data:
Capital cash expenditures	$	7.9	$	0.1	$	0.7	$	—	$	—	$	8.7
(1) Other operating income for the six months ended June 30, 2024, primarily consisted of a gain on lease modification and a gain on the sale of various properties at the Company's Infrastructure segment, which was partially offset by a loss on disposal related to a plant closure.

Certain balance sheet data:
	June 30, 2025
	Infrastructure		Life Sciences		Spectrum		Non-Operating Corporate		Other and Eliminations		INNOVATE
Investments (1)	$	—	$	1.8	$	—	$	2.6	$	—	$	4.4
Total assets	$	695.7	$	10.7	$	176.2	$	8.3	$	—	$	890.9

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

(1) The Company's equity method investments in its Life Sciences segment totaled $0.9 million as of both June 30, 2025 and December 31, 2024, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of the consolidated segment income from operations to consolidated (loss) income from operations before income taxes:
Income from operations	$	4.9	$	28.8	$	8.3	$	31.6
Interest expense	(21.4)		(16.5)		(41.6)		(33.7)




Loss from equity investees	—		(1.1)		(5.9)		(2.3)

Other (expense) income, net	(0.3)		0.2		3.7		(1.0)
(Loss) income from operations before income taxes	$	(16.8)	$	11.4	$	(35.5)	$	(5.4)

INNOVATE Corp. 10-Q