Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56B | $1.63B | $1.98B | $1.08B | $717M | $1.21B | $1.64B | $1.42B | $1.11B | $1.25B |
| Revenue growth | — | 4.9% | 21.0% | -45.5% | -33.4% | 68.1% | 35.9% | -13.1% | -22.2% | 12.5% |
| Gross profit | — | — | — | — | $128M | $184M | $221M | $216M | $209M | $200M |
| Gross margin | — | — | — | — | 17.9% | 15.2% | 13.5% | 15.2% | 18.9% | 16.0% |
| Operating income | -$1.50M | -$1.10M | -$55.8M | $25.3M | -$28.3M | -$10.6M | $13.4M | $26.5M | $40.0M | $28.7M |
| Operating margin | -0.1% | -0.1% | -2.8% | 2.3% | -3.9% | -0.9% | 0.8% | 1.9% | 3.6% | 2.3% |
| Net income | -$94.5M | -$46.9M | $162M | -$31.5M | -$92.0M | -$228M | -$35.9M | -$35.2M | -$34.6M | -$60.6M |
| Net margin | -6.1% | -2.9% | 8.2% | -2.9% | -12.8% | -18.9% | -2.2% | -2.5% | -3.1% | -4.9% |
| EPS (diluted) | -$2.83 | -$1.16 | — | -$0.70 | -$1.88 | -$2.98 | -$0.53 | -$4.81 | -$3.08 | -$4.84 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $79.1M | $6.60M | $341M | $111M | $41.1M | $27.0M | -$9.50M | $26.5M | $9.10M | $147M |
| Capital expenditures | $29.0M | $31.9M | $39.7M | $24.7M | $17.8M | $24.1M | $20.7M | $18.4M | $1.20M | $500K |
| Free cash flow | $50.1M | -$25.3M | $302M | $86.0M | $23.3M | $2.90M | -$30.2M | $8.10M | $7.90M | $146M |
| Dividends paid | $1.30M | $500K | $500K | — | — | $2.90M | $5.20M | $2.20M | $1.20M | $2.20M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $115M | $97.9M | $301M | $23.3M | $43.8M | $45.5M | $80.4M | $80.8M | $48.8M | $112M |
| Total assets | $2.84B | $3.22B | $6.50B | $6.96B | $6.72B | $1.08B | $1.15B | $1.04B | $891M | $950M |
| Total liabilities | $2.74B | $3.00B | $6.28B | $6.49B | $6.11B | $1.07B | $1.18B | $1.18B | $1.03B | $1.17B |
| Long-term debt | $428M | — | — | — | — | — | — | — | — | — |
| Shareholders' equity | $44.2M | $73.1M | $88.1M | $350M | $560M | -$84.3M | -$121M | -$166M | -$180M | -$240M |
| Retained earnings | -$174M | -$221M | -$57.2M | -$96.7M | -$189M | -$416M | -$452M | -$487M | -$522M | -$583M |
| Shares (wtd avg diluted) | 37.3M | 42.8M | 46.8M | 44.8M | 50.3M | 77.1M | 77.5M | 7.81M | 10.7M | 13.2M |
Every figure is extracted from INNOVATE Corp.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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