0001006837-24-000155 | 10-Q | XBRL Viewer

Investments

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

6. Investments

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


Date	Measurement Alternative		Equity Method		Fair Value		Total
September 30, 2024	$	0.9	$	0.9	$	—	$	1.8
December 31, 2023	$	0.9	$	0.9	$	—	$	1.8

The Company's investments as of both September 30, 2024, and December 31, 2023, were comprised of investments in MediBeacon, Triple Ring and Scaled Cell. The Company's investments in Scaled Cell and MediBeacon are measured using the equity method of accounting, and the Company's investment in Triple Ring is measured using the measurement alternative method. The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, Investments—Equity Securities, whereby the Company can elect to measure an equity security without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value (net asset value) at its cost minus impairment, if any.

The Company's share of net losses from its equity method investments was zero and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, and totaled $2.3 million and $5.8 million for the nine months ended September 30, 2024 and 2023, respectively.

MediBeacon

Pansend accounts for its preferred stock investment in MediBeacon under the equity method of accounting, inclusive of any fixed maturity securities (notes) issued by MediBeacon to Pansend. During the nine months ended September 30, 2024, MediBeacon issued an aggregate $2.3 million of 12% convertible notes to Pansend with each note due to Pansend in three years from date of issuance. As a result of these note issuances with MediBeacon, during the nine months ended September 30, 2024, Pansend recognized $2.3 million of equity method losses which were previously unrecognized because Pansend's carrying amount of its investment in MediBeacon had been previously reduced to zero. As of September 30, 2024, MediBeacon's total outstanding principal due to Pansend was $12.0 million.

Interest income earned by Pansend from the MediBeacon notes totaled $0.3 million and $0.1 million, for the three months ended September 30, 2024 and 2023, respectively, and totaled $1.0 million and $0.3 million for the nine months ended September 30, 2024 and 2023, respectively.

As a result of an equity transaction in the first quarter of 2023 at MediBeacon with Huadong Medicine Co. Ltd ("Huadong"), a publicly traded company on the Shenzhen Stock Exchange, Pansend's ownership in MediBeacon decreased from approximately 47.2% as of December 31, 2022, to approximately 46.2% subsequent to the transaction, and as a result, Pansend recognized a gain of $3.8 million, which was included in Other income, net, in the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2023, and which increased Pansend's carrying amount of its investment in MediBeacon. Concurrently, Pansend recognized equity method losses of $3.8 million which were previously unrecognized because Pansend's carrying amount of its investment in MediBeacon had been previously reduced to zero.

As of September 30, 2024, Pansend's carrying amount of its investment in MediBeacon remained at zero, inclusive of the $12.0 million in convertible and secured promissory notes which have been offset against recognized equity method losses, and has cumulative unrecognized equity method losses relating to MediBeacon of $10.9 million.

HMN

On March 6, 2023, the Company, through New Saxon 2019 Limited (“New Saxon”), an indirect subsidiary of GMH, closed on the sale of its remaining 19.0% interest in HMN to subsidiaries and an affiliate of Hengtong Optic-Electric Co Ltd. The sale was consummated pursuant to the terms of a supplemental agreement entered into by the parties in June 2022. New Saxon received gross proceeds of $54.2 million and interest income of $0.5 million, of which $4.4 million was withheld for a foreign tax payment, and $15.9 million was distributed to GMH's non-controlling interest holders and redeemable non-controlling interest holders pursuant to the partnership agreement. New Saxon recognized a gain on sale of $12.2 million, which was included in Other income, net, in the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2023.

Debt Obligations - Non-Operating Corporate Narrative (Details)		3 Months Ended		9 Months Ended
	Apr. 26, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	May 08, 2025	May 09, 2024	May 08, 2024	Dec. 31, 2023 USD ($)	May 09, 2023 USD ($)	Dec. 31, 2021 USD ($)	Feb. 01, 2021 USD ($) $ / shares
Debt Instrument [Line Items]
Accured interest		$ 47,900,000		$ 47,900,000					$ 17,100,000
Cash paid for interest				$ 43,900,000	$ 43,600,000
Non-Operating Corporate \| CGIC
Debt Instrument [Line Items]
Face amount										$ 35,100,000
Non-Operating Corporate \| DBMGi
Debt Instrument [Line Items]
Interest rate							16.00%	9.00%
Interest rate, effective percentage		17.50%		17.50%
Debt covenant, mandatory prepayment, proceeds from certain asset sales, amount threshold		$ 3,000,000		$ 3,000,000
Debt covenant, mandatory prepayment, proceeds from equity sales percentage		12.50%		12.50%
Non-Operating Corporate \| DBMGi \| Forecast
Debt Instrument [Line Items]
Interest rate						32.00%
Secured Debt \| CGIC
Debt Instrument [Line Items]
Repayments of long-term debt	$ 4,100,000
8.50% Senior Secured Notes due 2026 \| Secured Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Face amount											$ 330,000,000
Interest rate		8.50%		8.50%							8.50%	8.50%
Debt issued, percentage of par value											100.00%
Interest rate, effective percentage											9.30%
Debt issuance costs											$ 10,800,000
Amortization of discount on investments, net		$ 7,600,000	$ 7,500,000	$ 22,800,000	22,600,000
Outstanding debt		330,000,000.0		330,000,000.0					330,000,000.0
8.50% Senior Secured Notes due 2026 \| Secured Debt \| Non-Operating Corporate \| CGIC
Debt Instrument [Line Items]
Interest cost relating to contractual interest coupon		1,400,000	1,600,000	4,300,000	2,500,000
Cash paid for interest		$ 1,600,000	500,000	$ 3,300,000	1,000,000
7.50% Convertible Senior Notes due 2026 \| Non-Operating Corporate
Debt Instrument [Line Items]
Interest rate		7.50%		7.50%
Outstanding debt		$ 48,900,000		$ 48,900,000					51,800,000
7.50% Convertible Senior Notes due 2026 \| Convertible Debt \| Non-Operating Corporate
Debt Instrument [Line Items]
Face amount												$ 51,800,000
Interest rate												7.50%
Debt issued, percentage of par value												100.00%
Interest rate, effective percentage												3.21%
Debt issuance costs												$ 1,100,000
Amortization of discount on investments, net		400,000	500,000	1,300,000	1,400,000
Embedded conversion feature, fair value												12,300,000
Unamortized premium		4,300,000		4,300,000								$ 12,300,000
Debt instrument, repurchase principal amount		2,900,000		2,900,000
Debt Instrument repurchase amount		1,100,000		1,100,000
Accured interest		100,000		100,000
Gain on debt repurchase		1,900,000		1,900,000
Outstanding debt		52,800,000		52,800,000
Debt issuance costs, net		$ 400,000		$ 400,000
Convertible notes, conversion ratio				0.2342971
Conversion price (in usd per share) \| $ / shares												$ 42.31
Share price (in usd per share) \| $ / shares		$ 3.70		$ 3.70
Interest cost relating to contractual interest coupon		$ 400,000	$ 500,000	$ 1,300,000	$ 1,400,000
Revolving Credit Agreement \| Line of Credit \| Non-Operating Corporate \| Revolving Credit Facility
Debt Instrument [Line Items]
Face amount		20,000,000		20,000,000
Line of credit outstanding		20,000,000		$ 20,000,000					$ 20,000,000
Basis spread on variable rate				5.75%
Commitment fee percentage				1.00%
Asset sale prepayment requirement threshold		$ 10,000,000		$ 10,000,000

Equity and Temporary Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Equity and Temporary Equity

15. Equity and Temporary Equity

Authorized Share Capital

The Company held its annual meeting of stockholders on June 18, 2024, where the Company’s stockholders approved an increase in the authorized number of common shares from 160,000,000 to 250,000,000.

Reverse Stock Split

Refer to Note 2. Summary of Significant Accounting Policies for information on the 2024 Reverse Stock Split.

Rights Offering and Concurrent Private Placement

On March 8, 2024, the Company commenced a $19.0 million rights offering ("Rights Offering") for its common stock. Pursuant to the Rights Offering, the Company distributed to each holder of the Company’s common stock, Series A-3 Convertible Participating Preferred Stock, Series A-4 Convertible Participating Preferred Stock and the 2026 Convertible Notes as of March 6, 2024 (the “rights offering record date”), transferable subscription rights to purchase 0.2858 shares of the Company’s common stock at a price of $0.70 per whole share (on a pre Reverse Stock Split basis).

Per the concurrent investment agreement entered into with Lancer Capital (the "Investment Agreement"), the Rights Offering was backstopped by Lancer Capital, an investment fund led by Avram A. Glazer, the Chairman of the Board and the Company’s largest stockholder. Due to limitations on the common stock that can be issued to Lancer Capital under the rules of the New York Stock Exchange ("NYSE"), in lieu of exercising its subscription rights, pursuant to the Investment Agreement, Lancer Capital would purchase up to $19.0 million of the Company’s newly issued Series C Non-Voting Participating Convertible Preferred Stock (the “Series C Preferred Stock”), for an issue price of $1,000 per share. In connection with the backstop commitment, and as a result of limitations in the amount common equity that can be raised under the Company’s effective shelf registration statement on Form S-3, Lancer Capital also agreed to purchase an additional $16.0 million of Series C Preferred Stock in a private placement transaction ("Concurrent Private Placement") which was to close concurrently with the settlement of the Rights Offering. Lancer Capital did not receive any compensation or other consideration for entering into or consummating the Investment Agreement.

As the Rights Offering had not yet settled by March 28, 2024, in accordance with the Investment Agreement, Lancer Capital purchased $25.0 million of Series C Preferred Stock, referred to as the "equity advance." On April 24, 2024, the Company completed and closed on the Rights Offering and issued a total of 530,611 shares of common stock (5,306,105 shares of common stock on a pre Reverse Stock Split basis) for $3.7 million. Based on the number of shares of common stock actually sold upon exercise of the rights to third party investors, there were no excess shares of Series C Preferred Stock purchased by Lancer Capital under the equity advance that the Company was required to redeem, and Lancer Capital purchased an additional approximately 6,286 Series C Preferred Stock for $6.3 million under the backstop commitment. In total, the Company received $35.0 million in aggregate gross proceeds related to the Rights Offering and Concurrent Private Placement and incurred $1.8 million in dealer manager fees and other related costs which have been capitalized into Additional paid in capital ("APIC"). INNOVATE has been utilizing and expects to continue to use the net proceeds from the Rights Offering and Concurrent Private Placement for general corporate purposes, including debt service and working capital. In addition, as a result of the closing of the Rights Offering and Concurrent Private Placement, a mandatory prepayment was required on the CGIC Unsecured Note, and consequently, on April 26, 2024, INNOVATE redeemed $4.1 million of the CGIC Unsecured Note.

Under the rules of the NYSE, because the shares purchased by Lancer Capital were greater than 20% of the Company's common stock outstanding before the issuance of the Series C Preferred Stock, those shares of Series C Preferred Stock were not allowed to be converted until stockholder approval of such issuance was obtained. On June 18, 2024, the Company held its annual shareholder meeting where Company's shareholder's approved the conversion of the Series C Preferred Stock into common stock. As a result, approximately 31,286 shares of Series C Preferred Stock, which were held by Lancer Capital, were converted into 4,469,390 shares of common stock (44,693,895 shares of common stock on a pre Reverse Stock Split basis). See "Series C Preferred Stock" below for additional information.

The Company waived its Tax Benefits Preservation Plan to permit persons exercising rights to acquire 4.9% or more of the outstanding common stock upon the exercise thereof without becoming an Acquiring Person (as defined in the Tax Benefits Preservation Plan).

Preferred Shares

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


	September 30, 2024	December 31, 2023

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	10,000	10,000

Series C Preferred Stock

On March 5, 2024, the Company's Board of Directors approved a Certificate of Designation for 35,000 Series C Non-Voting participating Convertible Preferred Shares (the "Series C Preferred Stock"). The certificate of designation authorized the existing 20,000,000 shares of preferred stock, par value $0.001 to apply to this series. On March 28, 2024, the Company amended its amended and restated certificate of incorporation by filing the Certificate of Designations of the Series C Preferred Stock (the “Series C Certificate of Designations”) with the Secretary of State of the State of Delaware.

The Series C Preferred Stock was intended to be the economic equivalent of common stock, participating on an as-converted basis in all dividends, distributions, merger consideration and all other consideration receivable by holders of common stock, and a means through which the Backstop Arrangement and Concurrent Private Placement could be effected prior to the completion of the stockholder vote and the satisfaction of any other regulatory requirements.

The issued Series C Preferred Stock was classified as temporary equity as it was not mandatorily redeemable due to the presence of substantive conversion features and would only have become mandatorily redeemable on the sixth anniversary of initial issuance if not previously converted. The Series C Preferred Stock was recognized at fair value upon issuance, net of total allocated issuance costs. As the Series C Preferred Stock was contingently redeemable, subsequent accretion to redemption value including accreted dividends would only have occurred if the contingency was resolved and the redemption had become probable (i.e., if stockholder approval was no longer reasonably possible).

On March 28, 2024, INNOVATE issued and sold 25,000 shares of its Series C Preferred Stock, par value $0.001 per share for the aggregate purchase price of $25.0 million to Lancer Capital. On April 24, 2024, INNOVATE issued and sold an additional approximately 6,286 shares of its Series C Preferred Stock for the aggregate purchase price of $6.3 million to Lancer Capital. The Series C Preferred Stock became convertible upon the approval of shareholders during the annual shareholder meeting held on June 18, 2024, and consequently the approximately 31,286 Series C Preferred Stock held by Lancer Capital were converted at their conversion price of $0.70 (on a pre Reverse Stock Split basis) into 4,469,390 shares of INNOVATE's common stock (44,693,895 on a pre Reverse Stock Split basis).

Prior to the conversion, holders of the Series C Preferred Stock were entitled to receive dividends anytime the Company declared a dividend on its common stock (excluding dividends consisting in whole or in part of common stock). The dividend amount would be based on the number of shares (including fractions) of common stock into which the shares of Series C Preferred Stock were convertible on the applicable record date multiplied by the dividend per share declared on the Company's common stock. As of September 30, 2024, there were no Series C Preferred Stock outstanding. On September 30, 2024, the Company filed a Certificate of Elimination to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, eliminating from the Second Amended and Restated Certificate of Incorporation all matters set forth in the Certificate of Designation with respect to its Series C Non-Voting Participating Convertible Preferred Stock, no shares of which were then issued and outstanding.

Series A-3 and Series A-4 Shares

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

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 have been classified as temporary equity in the Company's Consolidated Balance Sheet, with a combined redemption value of $16.1 million and with a current fair value of $16.4 million as of September 30, 2024, which is inclusive of the $0.3 million accrued dividend payable on October 15, 2024. On September 30, 2024, the Company filed a Certificate of Elimination to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, eliminating from the Second Amended and Restated Certificate of Incorporation all matters set forth in the Certificate of Designation with respect to its Series A Preferred Stock and Series A-2 Preferred Stock, no shares of which were then issued and outstanding.

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, (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.

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 a history of paying dividends on its Series A-3 and Series A-4 Preferred Stock and expects to continue to 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. Each share of Series A-3 was initially convertible at an accrued value of $1,000 per share divided by a conversion price of $4.25 (as it may be adjusted from time to time, the "Series A-3 Conversion Price"), and each share of Series A-4 was initially convertible at an accrued value of $1,000 per share divided by a conversion price of $8.25 (as it may be adjusted from time to time, the "Series A-4 Conversion Price") (collectively the “Conversion Prices” and unadjusted for the Reverse Stock Split). The Conversion Prices are subject to adjustment for dividends, certain distributions, 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). Actual conversion prices at the time of the exchange in 2021 were $3.52 for the Series A and $5.33 for the Series A-2 (on a pre Reverse Stock Split basis). As a result of the Rights Offering and Concurrent Private Placement, and due to the anti-dilution provisions contained in the terms of the Series A-3 Preferred Stock and Series A-4 Preferred Stock, as of April 24, 2024, the conversion price of the Series A-3 Preferred Stock was adjusted to $2.38 (on a pre Reverse Stock Split basis) and the conversion price of the Series A-4 Preferred Stock was adjusted to $3.47 (on a pre Reverse Stock Split basis). As a result of the Reverse Stock Split, the conversion prices were further adjusted, and as of August 8, 2024, the conversion price of the Series A-3 Preferred Stock was adjusted to $23.63, and the conversion price of the Series A-4 Preferred Stock was adjusted to $34.40.

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

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

Redemption by the Company / "Company Call Option". At any time, the Company may redeem the Series A-3/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/Series A-4), subject to the holder's right to convert prior to such redemption.

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

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

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

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

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

As of December 31, 2023, the Series A-3 Preferred Stock and Series A-4 Preferred Stock were convertible into 174,070 (1,740,700 on a pre Reverse Stock Split basis) and 187,554 (1,875,533 on a pre Reverse Stock Split basis) shares, respectively of INNOVATE's common stock. As a result of the Rights Offering and Concurrent Private Placement in 2024, and due to the anti-dilution provisions contained in the terms of the Series A-3 Preferred Stock and Series A-4 Preferred Stock, the conversion prices were adjusted, and as of April 24, 2024, the Series A-3 Preferred Stock and Series A-4 Preferred Stock were convertible into 256,986 (2,569,858 on a pre Reverse Stock Split basis) and 288,177 (2,881,761 on a pre Reverse Stock Split basis) shares, respectively, of INNOVATE's common stock. As of September 30, 2024, subsequent to the Reverse Stock Split, the Series A-3 Preferred Stock and Series A-4 Preferred Stock were convertible into 259,212 and 290,672 shares, respectively, of INNOVATE's common stock.

Series A-3 and Series A-4 Preferred Share Dividends

During the nine months ended September 30, 2024, and 2023, INNOVATE's Board of Directors (the "Board") declared cash dividends with respect to INNOVATE’s issued and outstanding Series A-3 Preferred Stock and Series A-4 Preferred Stock, as presented in the following tables (in millions):


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

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


2023
Declaration Date and Holders of Record Date	March 31, 2023		June 30, 2023		September 30, 2023

Payment Date	April 17, 2023		July 14, 2023		October 13, 2023
Total Dividend	$	0.3	$	0.3	$	0.3

DBMGi Series A Preferred Stock

Issuance. On November 30, 2018, CGIC purchased 40,000 shares of DBM Global Intermediate Holdco Inc.'s Series A Fixed-to-Floating Rate Perpetual Preferred Stock (the “DBMGi Series A Preferred Stock”), which was then eliminated in consolidation. DBM Global Intermediate Holdco Inc. ("DBMGi") is 100% owned by INNOVATE and owns 91.2% of DBMG. On July 1, 2021, as a part of the sale of CGIC, which resulted in the deconsolidation of the entity, the Company was deemed to have issued $40.9 million of DBMGi Series A Preferred Stock to the then deconsolidated CGIC. Upon the deemed issuance of the DBMGi Series A Preferred Stock on July 1, 2021, the DBMGi Series A Preferred Stock was classified as temporary equity in the Company's Consolidated Balance Sheet. There are 500,000 shares with a par value of $0.001 each authorized for issuance. Subsequent to the issuance of the DBMGi Series A Preferred Stock, 1,820.25 shares were issued as payment in kind for dividends, resulting in a total of 41,820.25 shares of DBMGi's Series A Preferred Stock outstanding.

Redemption. The DBMGi Series A Preferred Stock was redeemable at any time, in whole or in part, at the option of the Company, or at any time or by the holder prior to July 2026. On March 15, 2023, DBMGi received a redemption notice from CGIC requesting that DBMGi redeem 41,820.25 shares of DBMGi Series A Preferred Stock, representing all of the issued and outstanding shares of DBMGi Series A Preferred Stock, within 60 days of the notice, or by May 15, 2023. On May 9, 2023, the Company entered into a Stock Purchase Agreement and Subordinated Unsecured Promissory Note with CGIC whereby INNOVATE purchased the 41,820.25 shares of DBMGi Series A Preferred Stock for full satisfaction of the redemption notice. In full consideration of the DBMGi Series A Preferred Stock as well as the accrued dividend of $0.4 million, the Company paid CGIC $7.1 million on May 9, 2023, and issued a subordinated unsecured promissory note to CGIC in the principal amount of $35.1 million. The promissory note is due February 28, 2026, and bore interest at 9.0% per annum through May 8, 2024, bears interest at 16.0% per annum from May 9, 2024, to May 8, 2025, and 32.0% per annum thereafter. Refer to Note 11. Debt Obligations for additional information on the promissory note.

The DBMGi Series A Preferred Stock was measured each reporting period at its maximum redemption value, which was equal to the stated value plus all accrued, accumulated and unpaid dividends as of the end of each reporting period, as they were currently redeemable. The carrying amount as of May 9, 2023, was $41.8 million as well as the accrued dividend of $0.4 million and, subsequently, there was no gain or loss on the purchase of the DBMGi Series A Preferred Stock from CGIC.

Dividends. The DBMGi Series A Preferred Stock accrued a cumulative quarterly cash or payment in kind dividend at a rate of (a) for the first five years following the date of issuance, (i) 9.00% per annum if dividends are paid in kind or (ii) 8.25% per annum if dividends are paid in cash and (b) starting on the fifth anniversary of the date of issuance, a rate per annum equal to (i) LIBOR (as defined in the Certificate of Designation) plus a spread of 5.85% (together, the “LIBOR Rate”) per annum, plus 0.75% if dividends are paid in kind or (ii) the LIBOR Rate per annum in the case of dividends paid in cash. Subsequent to the transition away from LIBOR beginning in 2023, the Certificate of Designation allows for a LIBOR Successor Rate, which allows the Company to reasonably determine an alternate benchmark rate (including any mathematical or other adjustments to the benchmarks (if any) incorporated therein) giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks. Subsequent to May 9, 2023, the date that INNOVATE purchased the DBMGi Series A Preferred Stock, the dividends were eliminated on consolidation.

During the nine months ended September 30, 2023, DBMGi's Board of Directors declared dividends with respect to DBMGi’s issued and outstanding DBMGi Series A Preferred Stock. The dividend paid on April 17, 2023 was paid in cash and no dividends were subsequently declared; however, in connection with the Stock Purchase Agreement entered into with CGIC on May 9, 2023, an equivalent amount of the dividends that had accrued through May 8, 2023 was paid to CGIC on May 9, 2023 as part of the purchase price: $0.1 million was paid in cash and $0.3 million was included in the principal amount of the new unsecured note that was issued on May 9, 2023. The dividend that accrued for the remaining portion of that period was eliminated on consolidation subsequent to the purchase. The declared dividends and equivalent amounts paid during the nine months ended September 30, 2023, are presented in the following table (in millions):

Declaration Date and Holders of Record Date

March 31, 2023

May 9, 2023

Payment Date

April 17, 2023

May 9, 2023

Total Dividend

0.9

0.4

R2 Technologies Non-Controlling Interests

The Company has non-redeemable and redeemable non-controlling interests related to R2 Technologies in the form of common stock and in the form of convertible preferred stock that is redeemable upon the occurrence of a change in control, as defined in the respective agreements. If an event is not solely within the control of the Company, it is classified outside of permanent equity in the mezzanine section of the Company's Consolidated Balance Sheets. The Company adjusts the carrying value of the non-controlling interests based on an allocation of subsidiary earnings (losses) based on ownership interests. As of September 30, 2024, and December 31, 2023, it was not deemed probable that the amounts relating to convertible preferred stock in non-controlling interests will become redeemable as no change in control has occurred or is expected to occur; therefore, no additional adjustments or remeasurements were required under ASC 480-10, Distinguishing Liabilities from Equity.

On June 20, 2024, Pansend closed on a new Series D Preferred Stock ("Series D") investment in R2 Technologies. As part of the transaction, R2 Technologies converted $15.5 million of intercompany notes with Pansend into Series D shares. The total converted amount of $15.5 million consisted of $13.7 million in principal amount and $1.8 million of accrued interest owed to Pansend, which were eliminated in consolidation. Pansend also invested an additional $5.8 million of cash into R2 Technologies in exchange for $5.8 million of Series D shares for a total new additional investment of $21.3 million in convertible participating preferred stock, which increased Pansend's ownership in R2 Technologies to 81.4% as compared to 56.8% prior to the transaction. Pansend's ownership in R2 Technologies was 81.4% and 56.6%, as of September 30, 2024, and December 31, 2023, respectively.

As a result of the allocation of losses in accordance with ASC 810, Consolidation, the redeemable non-controlling interest related to R2 Technologies was negative $0.3 million and negative $1.0 million as of September 30, 2024, and December 31, 2023, respectively. As of September 30, 2024, and December 31, 2023, the Company had negative $3.9 million and negative $10.5 million, respectively, of R2 Technologies non-controlling interests reflected within Non-controlling interests within the Consolidated Balance Sheets.

Liquidation Preference

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

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

R2 Technologies' total liquidation preference upon a hypothetical liquidation event, including the liquidation preference for Pansend Life Sciences, LLC, was $140.7 million and $112.3 million as of September 30, 2024 and December 31, 2023, respectively, of which $50.8 million and $48.0 million as of September 30, 2024 and December 31, 2023, respectively, was attributable to redeemable and non-redeemable non-controlling interests, inclusive of initial preferred stock and unpaid accreted dividends. However, as of both September 30, 2024, and December 31, 2023, R2 Technologies had negative net assets after consideration of intercompany and third party debt, as applicable, and, therefore, there would be no legally available funds to satisfy such liquidation preferences upon a hypothetical liquidation event.

Stockholders’ Rights Agreement - Tax Benefits Preservation Plan

On May 6, 2024, the Company terminated its Tax Benefits Preservation Plan entered into on April 1, 2023 (the “2023 Preservation Plan”) because the Company’s Board of Directors determined that the 2023 Preservation Plan was no longer necessary or desirable for the preservation of the Company’s ability to use its tax net operating losses and other certain tax assets. In connection with the termination of the 2023 Preservation Plan, the Company has taken routine actions to deregister the related preferred stock purchase rights under the Securities Exchange Act of 1934, and to delist the preferred stock purchase rights from the NYSE. These actions were administrative in nature and had no effect on the Company’s common stock, which will continue to be listed on the NYSE.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: 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 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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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplementary Financial Information - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash, Cash Equivalents, Restricted Cash, And Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning of the period	$ 80.8	$ 80.4
Restricted cash included in other current assets, beginning of period	0.9	0.3
Restricted cash included in other assets (non-current), beginning of period	0.6	1.5
Cash, cash equivalents and restricted cash, beginning of period	82.3	82.2
Cash and cash equivalents, end of the period	51.0	55.7
Restricted cash included in other current assets, end of period	0.9	0.0
Restricted cash included in other assets (non-current), end of period	0.6	1.4
Cash, cash equivalents and restricted cash, end of period	52.5	57.1
Total cash, cash equivalents and restricted cash	52.5	57.1
Supplemental cash flow information:
Cash paid for interest	43.9	43.6
Cash paid for income taxes, net of refunds	2.5	7.4
Non-cash investing and financing activities:
Unsecured note issued in connection with purchase of preferred stock and payment of dividends	0.0	35.1
Accrued interest, exit fees and other fees capitalized into principal debt	5.4	2.4
Property, plant and equipment included in accounts payable or accrued expenses	$ 0.6	$ 1.1

Revenue and Contracts in Process - Schedule of Infrastructure Segment Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Contract assets	$ 113.8	$ 118.6
Contract liabilities	(85.5)	(153.5)
Infrastructure
Segment Reporting Information [Line Items]
Cost in excess of billings and estimated earnings	50.1	73.8
Conditional retainage	63.7	44.8
Contract assets	113.8	118.6
Billings in excess of costs and estimated earnings	(125.8)	(229.3)
Conditional retainage	40.3	75.8
Contract liabilities	$ (85.5)	$ (153.5)

Equity and Temporary Equity - DBMGi Series A Preferred Shares Narrative (Details) - USD ($)							3 Months Ended		9 Months Ended
	May 09, 2023	Apr. 17, 2023	Mar. 15, 2023	Jul. 02, 2021	Jul. 01, 2021	Nov. 30, 2018	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 08, 2025	May 09, 2024	May 08, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)							20,000,000		20,000,000					20,000,000
Preferred stock, par value (in usd per share)							$ 0.001		$ 0.001					$ 0.001
Purchase of preferred stock									$ 0	$ 7,000,000.0
Preferred stock dividends declared							$ 300,000	$ 300,000	900,000	2,100,000
Dividend payments									$ 900,000	1,800,000
DBMG
Class of Stock [Line Items]
Controlling interest (approximately)							91.20%		91.20%
DBMG \| DBMGi
Class of Stock [Line Items]
Controlling interest (approximately)							91.20%		91.20%
DBMGi \| Innovate Corp
Class of Stock [Line Items]
Controlling interest (approximately)							100.00%		100.00%
Series A shares issued and outstanding
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)							500,000		500,000					500,000
Preferred stock, par value (in usd per share)							$ 0.001		$ 0.001					$ 0.001
Preferred stock, shares outstanding (in shares)							0		0
DBMGi
Class of Stock [Line Items]
Issuance of common stock (in shares)	41,820.25
Redeemed (in shares)			41,820.25
Number of days notice			60 days
Accrued dividend payable	$ 400,000
Gain (loss) on purchase of stock	0
Preferred stock, initial dividend rate period									5 years
Preferred stock, dividend, paid in kind percentage									9.00%
Preferred stock, dividend paid in cash, percentage									8.25%
DBMGi \| LIBOR
Class of Stock [Line Items]
Preferred stock, dividend, basis spread on variable rate									5.85%
DBMGi \| Paid In Kind
Class of Stock [Line Items]
Preferred stock, dividend, basis spread on variable rate									0.75%
DBMGi \| Non-Operating Corporate
Class of Stock [Line Items]
Interest rate												16.00%	9.00%
Preferred stock value outstanding	41,800,000
DBMGi \| Non-Operating Corporate \| Forecast
Class of Stock [Line Items]
Interest rate											32.00%
DBMGi \| Preferred stock and fixed maturities
Class of Stock [Line Items]
Dividends preferred stock paid in kind (in shares)				1,820.25
DBMGi \| Series A shares issued and outstanding
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)				41,820.25
Dividend payments	400,000	$ 900,000
DBMGi \| Series A shares issued and outstanding \| Discontinued Operations \| CGIC
Class of Stock [Line Items]
Proceeds from divestiture of businesses					$ 40,900,000
CGIC
Class of Stock [Line Items]
Purchase of preferred stock	7,100,000
CGIC \| Non-Operating Corporate
Class of Stock [Line Items]
Face amount	35,100,000
CGIC \| Preferred stock and fixed maturities
Class of Stock [Line Items]
Preferred stock dividends declared										$ 0
Dividend payments	100,000
Dividends, preferred stock, paid-in-kind	$ 300,000
CGIC \| Series A shares issued and outstanding
Class of Stock [Line Items]
Issuance of common stock (in shares)					6,125
Consolidation, Eliminations \| DBMGi \| Series A shares issued and outstanding
Class of Stock [Line Items]
Issuance of common stock (in shares)						40,000

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and consumables	$ 19.7	$ 21.0
Work in process	0.5	0.6
Finished goods	0.8	0.8
Total inventory	$ 21.0	$ 22.4

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease liability, current portion	$ 13.0	$ 13.5
Other	3.3	2.6
Total other current liabilities	$ 16.3	$ 16.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)

Sep. 30, 2024

$ / shares

Dec. 31, 2023

$ / shares

Preferred stock, par value (in usd per share) | $ / shares

$ 0.001

Preferred stock, shares authorized (in shares)

20,000,000

Common stock, par value (in usd per share) | $ / shares

$ 0.001

Common stock, authorized (in shares)

250,000,000

160,000,000

Common stock, shares issued (in shares)

^[1]

13,314,857

8,072,300

Common stock, shares outstanding (in shares)

^[1]

13,166,057

7,923,500

Treasury stock, common shares (in shares)

^[1]

148,800

Series A-3 , A-4 Preferred Stock

Preferred stock, par value (in usd per share) | $ / shares

$ 0.001

Preferred stock, shares authorized (in shares)

20,000,000

Series A-3 Preferred Stock

Preferred stock, shares issued (in shares)

6,125

Preferred stock, shares outstanding (in shares)

6,125

Series A-4 Preferred Stock

Preferred stock, shares issued (in shares)

10,000

Preferred stock, shares outstanding (in shares)

10,000

[1]	Shares issued and shares outstanding as of December 31, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company uses the Annual Effective Tax Rate ("ETR") approach of ASC 740-270, Income Taxes - Interim Reporting, to calculate its interim tax provision Income tax expense was $3.1 million and $1.1 million for the three months ended September 30, 2024 and 2023, respectively, and income tax expense was $3.9 million and $3.2 million for the nine months ended September 30, 2024 and 2023, respectively. The Company's income tax expense primarily relates to expense as calculated under ASC 740, Income Taxes ("ASC 740") for taxpaying entities. For the three and nine months ended September 30, 2024, the annual effective tax rate calculation for the interim tax provision included the tax expense associated with the INNOVATE U.S. consolidated group due to the Tax Cut and Jobs Act's 80% 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. The annual effective tax rate calculated for the three and nine months ended September 30, 2023 interim tax provisions included an unrepeated $1.1 million tax benefit, consisting of a current tax expense of $4.4 million related to a foreign tax payment and a deferred tax benefit of $5.5 million related to the reversal of the deferred tax liability associated with the $11.3 million put option, both of which were related to the sale of New Saxon's 19.0% investment in HMN on March 6, 2023. Additionally, for the three and nine months ended September 30, 2023, the tax benefits associated with losses generated by the INNOVATE U.S. consolidated group and 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, 2023, the Company had gross U.S. net operating loss carryforwards available to reduce future taxable income of the U.S. consolidated group in the amount of $189.6 million. The Company expects that approximately $129.6 million of the gross U.S. net operating loss carryforwards would be available to offset taxable income in 2024 and later periods. Subsequent to the quarter, the 2023 U.S. Consolidated tax return was filed, which resulted in an additional $11.4 million of net operating losses that would be available to offset taxable income in 2024 and later periods. The amount of U.S. net operating loss 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 IRS. Additionally, as of December 31, 2023, the Company had $137.8 million of gross U.S. net operating loss carryforwards from its subsidiaries that do not qualify to be included in the INNOVATE U.S. consolidated income tax return, including $92.8 million from R2 Technologies, $42.6 million from DTV America, and other entities of $2.4 million. Of the $137.8 million of gross U.S. net operating loss carryforwards, $101.7 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, 2024 and 2023 related to uncertain tax positions that would impact the effective income tax rate if recognized. The Company has reduced the net operating loss carryforward by $58.7 million for uncertain tax positions based on our interpretation of tax laws and regulations that are subject to varied interpretation 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 2002-2023 remain open for examination. The Company is currently under examination in various domestic 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 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in millions):


	September 30, 2024		December 31, 2023

Raw materials and consumables	$	19.7	$	21.0
Work in process	0.5		0.6
Finished goods	0.8		0.8
Total inventory	$	21.0	$	22.4

Equity and Temporary Equity - R2 Technologies Non-Controlling Interests Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Jun. 20, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 19, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Loans to equity method investee		$ 2.3	$ 1.0
Redeemable non-controlling interest		$ (0.3)			$ (1.0)
R2 Technologies
Class of Stock [Line Items]
Debt converted, principal amount	$ 13.7
Debt converted, accrued interest	1.8
Loans to equity method investee	5.8
Equity Method	$ 21.3
R2 Technologies \| R2 Technologies
Class of Stock [Line Items]
Beneficial ownership percentage	81.40%	81.40%		56.80%	56.60%
R2 Technologies \| Series D Preferred Stock
Class of Stock [Line Items]
Debt conversion amount	$ 15.5
Issuance of common stock	$ 5.8
R2 Technologies
Class of Stock [Line Items]
Redeemable non-controlling interest		$ (0.3)			$ (1.0)
Liquidation preference		140.7			112.3
Liquidation preference attributable to redeemable non-controlling interests		50.8			48.0
R2 Technologies \| Non-Controlling Interests
Class of Stock [Line Items]
Redeemable non-controlling interest		$ (3.9)			$ (10.5)

Goodwill and Intangibles, Net - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 09, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 2.0	$ 1.7	$ 5.8	$ 9.2
K09AAF-D
Finite-Lived Intangible Assets [Line Items]
Asset acquisition consideration	$ 0.3

- Definition

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

+ References + Details

Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment, net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 276.1	$ 292.3
Less: Accumulated depreciation	143.5	137.7
Property, plant, and equipment and finance lease right-of-use asset, net	132.6	154.6
Equipment, furniture and fixtures, and software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	203.0	210.7
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	36.8	42.9
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	18.6	25.8
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	10.3	4.8
Plant and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 7.4	$ 8.1

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

9. Leases

The Company has entered into operating and finance lease agreements primarily for land, office space, equipment and vehicles, expiring between 2024 and 2045. Right-of-use lease assets and lease liabilities consisted of the following (in millions):


	Balance Sheet Location	September 30, 2024		December 31, 2023

Right-of-use assets:
Operating lease	Other assets (non-current)	$	53.4	$	58.0
Finance lease	Property, plant and equipment, net	0.6		2.3
Total right-of-use assets		$	54.0	$	60.3

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	13.0	$	13.5
Non-current portion of operating lease	Other liabilities	43.1		48.6
Finance lease	Debt obligations	0.7		2.4
Total lease liabilities		$	56.8	$	64.5

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	0.1	$	0.1	$	0.3	$	0.3
Interest on lease liabilities	—		—		—		0.1
Net finance lease cost	0.1		0.1		0.3		0.4
Operating lease cost	4.1		5.7		13.0		17.3

Variable lease cost	0.1		0.2		0.4		0.5
Sublease income	(0.1)		(0.1)		(0.5)		(0.5)
Total lease cost	$	4.2	$	5.9	$	13.2	$	17.7

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)	$	4.6	$	5.8	$	14.4	$	17.8
Operating cash flows from finance leases	$	—	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.1	$	0.1	$	0.3	$	0.3

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	7.4	$	4.4	$	13.6	$	8.9
Finance leases	$	—	$	—	$	—	$	0.6

(1) For the nine months ended September 30, 2024, excludes $4.0 million received for a lease modification incentive.

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


	September 30, 2024		December 31, 2023

Weighted-average remaining lease term (years) - operating leases	7.5		7.5
Weighted-average remaining lease term (years) - finance leases	2.7		1.6
Weighted-average discount rate - operating leases	6.0	%	5.6	%
Weighted-average discount rate - finance leases	5.3	%	6.8	%

Future minimum lease commitments (undiscounted) as of September 30, 2024, were as follows (in millions):


	Operating Leases		Finance Leases
2024 (remaining period)	$	4.4	$	0.1
2025	14.8		0.3
2026	11.0		0.2
2027	8.4		0.2
2028	5.9		—
Thereafter	24.9		—
Total future minimum lease payments	69.4		0.8
Less: amounts representing interest	(13.3)		(0.1)
Total lease liability	$	56.1	$	0.7

In November 2021, INNOVATE entered into a ten-year lease arrangement for a special purpose space in Palm Beach, Florida, which was amended in February 2023 to extend the term of the lease to 15 years, with future monthly lease payments of approximately $0.2 million over the entire lease term and annual common area maintenance charges of $0.6 million, both of which are subject to a 3% annual upward adjustment, with total square footage of 25,184, as amended. The lease had not yet commenced for accounting purposes as the space is still under construction, and, therefore, future lease payments were not recorded on the Company's Consolidated Balance Sheets. In December 2023, the Company entered into a sublease agreement with Palm Beach Cultural Innovation Center, Inc. (“PBCIC”), a Florida not-for-profit corporation and related party to Avram A. Glazer, the Chairman of INNOVATE's Board of Directors, who is also on the board of directors of PBCIC. Pursuant to the sublease, PBCIC would have use of the underlying space and, as consideration, PBCIC agreed to undertake all of the tenant’s build-out costs and related obligations under the lease agreement between the Company, as tenant, and RPP Palm Beach Property LP, as landlord. Effective March 29, 2024, the Company assigned the lease, as amended, and the sublease to an affiliate of Avram A. Glazer, releasing the Company of all obligations under the lease, as amended, and the sublease. The Company previously recorded $1.1 million in prepaid rent related to this lease, which was written-off in December 2023 upon the execution of the sublease to PBCIC. While there have been no new expenses incurred during 2024, the Company also previously incurred other expenses of $1.1 million since inception related to the special purpose space and PBCIC, of which $0.6 million is included in Selling, general and administrative in the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2023.

In December 2021, the Company entered into a five-year lease agreement for corporate office space in West Palm Beach, Florida, that would, on commencement of the lease, require future monthly lease payments of approximately $0.1 million over the entire lease term, subject to 3% annual upward adjustment. This lease had not yet commenced as the building was still under construction, and therefore, other than a $0.2 million deposit included in Other assets as of December 31, 2023, future lease payments were not recorded on the Company's Consolidated Balance Sheets. On March 29, 2024, the Company assigned the lease to Lancer Capital, an entity controlled by Avram A. Glazer, releasing the Company of all obligations under the lease. The $0.2 million security deposit on the lease was also assigned to Lancer Capital and written-off in March 2024.

Leases

9. Leases


	Balance Sheet Location	September 30, 2024		December 31, 2023

Right-of-use assets:
Operating lease	Other assets (non-current)	$	53.4	$	58.0
Finance lease	Property, plant and equipment, net	0.6		2.3
Total right-of-use assets		$	54.0	$	60.3

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	13.0	$	13.5
Non-current portion of operating lease	Other liabilities	43.1		48.6
Finance lease	Debt obligations	0.7		2.4
Total lease liabilities		$	56.8	$	64.5

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	0.1	$	0.1	$	0.3	$	0.3
Interest on lease liabilities	—		—		—		0.1
Net finance lease cost	0.1		0.1		0.3		0.4
Operating lease cost	4.1		5.7		13.0		17.3

Variable lease cost	0.1		0.2		0.4		0.5
Sublease income	(0.1)		(0.1)		(0.5)		(0.5)
Total lease cost	$	4.2	$	5.9	$	13.2	$	17.7

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)	$	4.6	$	5.8	$	14.4	$	17.8
Operating cash flows from finance leases	$	—	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.1	$	0.1	$	0.3	$	0.3

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	7.4	$	4.4	$	13.6	$	8.9
Finance leases	$	—	$	—	$	—	$	0.6

(1) For the nine months ended September 30, 2024, excludes $4.0 million received for a lease modification incentive.

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


	September 30, 2024		December 31, 2023

Weighted-average remaining lease term (years) - operating leases	7.5		7.5
Weighted-average remaining lease term (years) - finance leases	2.7		1.6
Weighted-average discount rate - operating leases	6.0	%	5.6	%
Weighted-average discount rate - finance leases	5.3	%	6.8	%

Future minimum lease commitments (undiscounted) as of September 30, 2024, were as follows (in millions):


	Operating Leases		Finance Leases
2024 (remaining period)	$	4.4	$	0.1
2025	14.8		0.3
2026	11.0		0.2
2027	8.4		0.2
2028	5.9		—
Thereafter	24.9		—
Total future minimum lease payments	69.4		0.8
Less: amounts representing interest	(13.3)		(0.1)
Total lease liability	$	56.1	$	0.7

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Company's Restricted Stock Activity

A summary of INNOVATE’s restricted stock activity (as adjusted for the Reverse Stock Split) is as follows:


	Number of Shares (as adjusted for the Reverse Stock Split)	Weighted Average Grant Date Fair Value (as adjusted for the Reverse Stock Split)
Unvested - December 31, 2022	114,180	$	25.60
Granted	50,696	$	25.70
Vested	(102,304)	$	23.20

Unvested - December 31, 2023	62,572	$	29.48
Granted	129,502	$	5.87
Vested	(40,268)	$	27.64

Unvested - September 30, 2024	151,806	$	9.83

Schedule of Company's Stock Option Activity

A summary of INNOVATE’s stock option activity (as adjusted for the Reverse Stock Split) is as follows:


	Number of Stock Options (as adjusted for the Reverse Stock Split)	Weighted Average Exercise Price (as adjusted for the Reverse Stock Split)
Outstanding - December 31, 2022	499,515	$	50.20



Expired	(35,233)	$	31.20
Outstanding and exercisable- December 31, 2023	464,282	$	51.68



Expired	(446,550)	$	52.02
Outstanding and exercisable - September 30, 2024	17,732	$	43.18

Property, Plant and Equipment, Net - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) building	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) building	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) building
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 6.1	$ 6.1	$ 19.0	$ 18.5
Depreciation expense within cost of revenue	3.7	$ 3.8	11.6	$ 11.8
Finance lease	0.6		0.6		$ 2.3
Property, plant, and equipment and finance lease right-of-use asset, gross	276.1		276.1		292.3
Property, plant and equipment, net	132.6		132.6		154.6
Assets held for sale	$ 7.3		$ 7.3		$ 3.1
Number of buildings held-for-sale \| building	1		1		2
Assets held for sale					$ 3.1
Internal-Use Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, gross	$ 14.2		$ 14.2		15.0
Property, plant and equipment, net	$ 4.1		$ 4.1		$ 5.9

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory

5. Inventory

Inventory consisted of the following (in millions):


	September 30, 2024		December 31, 2023

Raw materials and consumables	$	19.7	$	21.0
Work in process	0.5		0.6
Finished goods	0.8		0.8
Total inventory	$	21.0	$	22.4

Revenue and Contracts in Process - Schedule of Contract Assets and Contract Liabilities and Recognized Earnings (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Costs incurred on contracts in progress	$ 2,725.7	$ 2,811.8
Estimated earnings	471.8	510.1
Contract revenue earned on uncompleted contracts	3,197.5	3,321.9
Less: progress billings	3,169.2	3,356.8
Net of cost earned on uncompleted contracts	28.3	(34.9)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	113.8	118.6
Contract liabilities	(85.5)	(153.5)
Net contract assets (liabilities)	$ 28.3	$ (34.9)

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	21. Subsequent Events Refer to Note 14. Share-based Compensation for details related to an amendment to the Company's Second A&R 2014 Plan and equity awards for the Company's Interim CEO that became effective on October 29, 2024, subsequent to quarter end.

Basic and Diluted Loss Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Common Share

18. Basic and Diluted 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 and Series C Preferred Stock that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, shares of any unvested restricted stock and Series C Preferred Stock of the Company are considered participating securities; however, unvested restricted stock do not participate in losses and, as such, are excluded from the computation of basic earnings (loss) per share during periods of net losses. The dilutive effect, if applicable, of stock options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the "if-converted method" if this measurement is determined to be more dilutive than the treasury stock method in a period.

The Company had no dilutive common stock equivalents during the three and nine months ended September 30, 2024, and 2023, due to the results from continuing operations being a loss, net of tax. For the three and nine months ended September 30, 2024, 151,806 and 111,449, respectively, of common stock equivalents from unvested restricted stock were excluded from the weighted average number of shares used to calculate diluted loss per share as their inclusion would have been anti-dilutive. Other instruments that may, in the future, if the average market price of the Company's stock exceeds the conversion prices, have a dilutive effect on earnings per share, but were excluded from the computations of diluted net loss per share, and may be excluded from computations of diluted earnings (loss) per share in the future, are: convertible preferred stock, convertible debt, stock options and restricted stock units. Refer to Note 14. Share-based Compensation and Note 15. Equity and Temporary Equity for additional information on INNOVATE's equity instruments.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(16.2)		$	(8.6)		$	(22.4)		$	(28.3)
Net loss attributable to non-controlling interest and redeemable non-controlling interest	1.2			1.6			4.4			2.4
Net loss attributable to INNOVATE Corp.	(15.0)			(7.0)			(18.0)			(25.9)
Less: Preferred dividends	0.3			0.3			0.9			2.1




Net loss attributable to common stockholders and participating preferred stockholders	$	(15.3)		$	(7.3)		$	(18.9)		$	(28.0)

Loss allocable to common shares:
Participating shares
Weighted average common shares outstanding	12,966,322			7,841,847			9,928,679			7,801,240
Unvested restricted stock	—			—			—			—
Series C Preferred stock	—			—			1,265,381			—
Total	12,966,322			7,841,847			11,194,060			7,801,240

Percentage of loss allocated to:
Common stock	100.0		%	100.0		%	88.7		%	100.0		%
Unvested restricted stock	—		%	—		%	—		%	—		%
Series C Preferred stock	—		%	—		%	11.3		%	—		%

Numerator for loss per share


Net loss attributable to common stock holders, basic and diluted	$	(15.3)		$	(7.3)		$	(16.8)		$	(28.0)
Net loss attributable to Series C holder, basic and diluted	$	—		$	—		$	(2.1)		$	—






Denominator for loss per share:
Weighted average common shares outstanding - basic and diluted	12,966,322			7,841,847			9,928,679			7,801,240


Weighted average Series C shares outstanding - basic and diluted	—			—			1,265,381			—


Loss per common share - basic and diluted	$	(1.18)		$	(0.93)		$	(1.69)		$	(3.59)
Loss per Series C share - basic and diluted	$	—		$	—		$	(1.69)		$	—

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (22,400,000)	$ (28,300,000)
Adjustments to reconcile net loss to cash used in operating activities
Share-based compensation expense	1,100,000	2,000,000.0
Depreciation and amortization (including amounts in cost of revenue)	24,800,000	27,700,000
Gain on lease modification	(8,400,000)	0
Amortization of deferred financing costs and debt discount	5,600,000	4,800,000
Net loss on repurchase or extinguishment of debt	300,000	0
Loss from equity investees	2,300,000	5,800,000
Realized and unrealized gains on equity method investments	0	(16,000,000.0)
Asset impairment expense	0	600,000
Deferred income tax expense (benefit)	200,000	(5,300,000)
Other operating activities, net	(500,000)	1,300,000
Changes in assets and liabilities:
Accounts receivable	93,500,000	(37,400,000)
Contract assets	4,800,000	(5,900,000)
Other current assets	(1,500,000)	(2,500,000)
Inventory	1,400,000	300,000
Other assets	7,000,000.0	8,500,000
Accounts payable	(58,900,000)	(52,800,000)
Accrued liabilities	(3,200,000)	10,400,000
Contract liabilities	(68,000,000.0)	63,600,000
Other current liabilities	100,000	(8,700,000)
Other liabilities	(10,500,000)	(2,800,000)
Cash used in operating activities	(32,300,000)	(34,700,000)
Cash flows from investing activities
Purchase of property, plant and equipment	(11,800,000)	(13,900,000)
Proceeds from disposal of property, plant and equipment	9,900,000	1,500,000
Loans to equity method investee	(2,300,000)	(1,000,000.0)
Proceeds from sale of equity method investments	0	54,200,000
Cash paid for asset acquisitions	(300,000)	0
Other investing activities	500,000	400,000
Cash (used in) provided by investing activities	(4,000,000.0)	41,200,000
Cash flows from financing activities
Proceeds from rights offering and private placement, net of issuance costs	33,200,000	0
Proceeds from lines of credit	40,000,000.0	87,000,000.0
Payments on lines of credit	(65,000,000.0)	(77,000,000.0)
Proceeds from other debt obligations, net of deferred financing costs	24,800,000	5,300,000
Principal payments on other debt obligations and repurchase of debt	(25,700,000)	(20,800,000)
Purchase of preferred stock	0	(7,000,000.0)
Payments to non-controlling interests and redeemable non-controlling interests related to sale of equity method investment	0	(15,900,000)
Dividend payments	(900,000)	(1,800,000)
Other financing activities	0	(400,000)
Cash provided by (used in) financing activities	6,400,000	(30,600,000)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	100,000	(1,000,000.0)
Net decrease in cash and cash equivalents, including restricted cash	(29,800,000)	(25,100,000)
Cash, cash equivalents and restricted cash, beginning of period	82,300,000	82,200,000
Cash, cash equivalents and restricted cash, end of period	$ 52,500,000	$ 57,100,000

Debt Obligations - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jun. 28, 2024	Dec. 31, 2023	Dec. 31, 2021	Feb. 01, 2021
Debt Instrument [Line Items]
Obligations under finance leases	$ 0.7		$ 2.4
Total aggregate finance lease and debt payments	699.2		722.8
Unamortized issuance discount, issuance premium, and deferred financing costs	(7.6)		(13.0)
Less: current portion of debt obligations	(189.2)		(30.5)
Debt obligations, net of current portion	502.4		679.3
Infrastructure
Debt Instrument [Line Items]
Obligations under finance leases	0.7		2.4
Total aggregate finance lease and debt payments	176.8		198.8
Infrastructure \| PRIME minus 0.75% Line of Credit due 2025 \| Line of Credit \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt	$ 75.0		100.0
Infrastructure \| 3.25% Term Loan due 2026 \| Term Loan \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	3.25%
Outstanding debt	$ 76.3		91.4
Infrastructure \| PRIME minus 0.75% Term Loan due 2026 \| Line of Credit \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt	24.8		$ 0.0
Infrastructure \| PRIME minus 0.75% Term Loan due 2026 \| Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding debt		$ 25.0
Infrastructure \| 4.00% Note due 2024 \| Term Loan
Debt Instrument [Line Items]
Interest rate			4.00%
Outstanding debt	$ 0.0		$ 5.0
Infrastructure \| Prime Rate \| PRIME minus 0.75% Line of Credit due 2025 \| Line of Credit \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Infrastructure \| Prime Rate \| PRIME minus 0.75% Term Loan due 2026 \| Line of Credit \| DBM Global Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Spectrum
Debt Instrument [Line Items]
Total aggregate finance lease and debt payments	$ 69.7		69.7
Spectrum \| 8.50% Note due 2025
Debt Instrument [Line Items]
Interest rate	8.50%
Outstanding debt	$ 19.3		19.3
Spectrum \| 11.45% Notes due 2025
Debt Instrument [Line Items]
Interest rate	11.45%
Outstanding debt	$ 50.4		50.4
Life Sciences
Debt Instrument [Line Items]
Outstanding debt	28.4
Total aggregate finance lease and debt payments			17.4
Less: current portion of debt obligations	$ (22.8)
Life Sciences \| 20.00% Notes due 2024
Debt Instrument [Line Items]
Interest rate	20.00%
Short-term debt	$ 22.8		17.4
Non-Operating Corporate
Debt Instrument [Line Items]
Total aggregate finance lease and debt payments	$ 429.9		436.9
Non-Operating Corporate \| 8.50% Senior Secured Notes due 2026 \| Secured Debt
Debt Instrument [Line Items]
Interest rate	8.50%			8.50%	8.50%
Outstanding debt	$ 330.0		330.0
Non-Operating Corporate \| 7.50% Convertible Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate	7.50%
Outstanding debt	$ 48.9		51.8
Non-Operating Corporate \| SOFR plus 5.75% Line of Credit due 2025
Debt Instrument [Line Items]
Outstanding debt	20.0		20.0
Non-Operating Corporate \| CGIC Unsecured Note due 2026
Debt Instrument [Line Items]
Outstanding debt	$ 31.0		$ 35.1
Non-Operating Corporate \| SOFR \| SOFR plus 5.75% Line of Credit due 2025
Debt Instrument [Line Items]
Basis spread on variable rate	5.75%

Basic and Diluted Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Basic Loss Per Common Share to Diluted Loss Per Common Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(16.2)		$	(8.6)		$	(22.4)		$	(28.3)
Net loss attributable to non-controlling interest and redeemable non-controlling interest	1.2			1.6			4.4			2.4
Net loss attributable to INNOVATE Corp.	(15.0)			(7.0)			(18.0)			(25.9)
Less: Preferred dividends	0.3			0.3			0.9			2.1




Net loss attributable to common stockholders and participating preferred stockholders	$	(15.3)		$	(7.3)		$	(18.9)		$	(28.0)

Loss allocable to common shares:
Participating shares
Weighted average common shares outstanding	12,966,322			7,841,847			9,928,679			7,801,240
Unvested restricted stock	—			—			—			—
Series C Preferred stock	—			—			1,265,381			—
Total	12,966,322			7,841,847			11,194,060			7,801,240

Percentage of loss allocated to:
Common stock	100.0		%	100.0		%	88.7		%	100.0		%
Unvested restricted stock	—		%	—		%	—		%	—		%
Series C Preferred stock	—		%	—		%	11.3		%	—		%

Numerator for loss per share


Net loss attributable to common stock holders, basic and diluted	$	(15.3)		$	(7.3)		$	(16.8)		$	(28.0)
Net loss attributable to Series C holder, basic and diluted	$	—		$	—		$	(2.1)		$	—






Denominator for loss per share:
Weighted average common shares outstanding - basic and diluted	12,966,322			7,841,847			9,928,679			7,801,240


Weighted average Series C shares outstanding - basic and diluted	—			—			1,265,381			—


Loss per common share - basic and diluted	$	(1.18)		$	(0.93)		$	(1.69)		$	(3.59)
Loss per Series C share - basic and diluted	$	—		$	—		$	(1.69)		$	—

Investments - Schedule of Company Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total	$ 1,800,000		$ 1,800,000		$ 1,800,000
Loss from equity investees	0	$ 1,500,000	2,300,000	$ 5,800,000
Common Stock
Schedule of Equity Method Investments [Line Items]
Measurement Alternative	900,000		900,000		900,000
Equity Method	900,000		900,000		900,000
Fair Value	0		0		0
Total	$ 1,800,000		$ 1,800,000		$ 1,800,000

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Basic and Diluted Loss Per Common Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive common stock equivalents (in shares)	0	0	0	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	151,806		111,449

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

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


Date	Measurement Alternative		Equity Method		Fair Value		Total
September 30, 2024	$	0.9	$	0.9	$	—	$	1.8
December 31, 2023	$	0.9	$	0.9	$	—	$	1.8

Equity and Temporary Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stock by Class

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


	September 30, 2024	December 31, 2023

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	10,000	10,000

Schedule of Cash, PIK and Special Cash Dividends


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

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


2023
Declaration Date and Holders of Record Date	March 31, 2023		June 30, 2023		September 30, 2023

Payment Date	April 17, 2023		July 14, 2023		October 13, 2023
Total Dividend	$	0.3	$	0.3	$	0.3

The declared dividends and equivalent amounts paid during the nine months ended September 30, 2023, are presented in the following table (in millions):

Declaration Date and Holders of Record Date

March 31, 2023

May 9, 2023

Payment Date

April 17, 2023

May 9, 2023

Total Dividend

0.9

0.4

- Definition

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

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+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

19. Fair Value of Financial Instruments

Fair Value of Financial Instruments Not Measured at Fair Value

The following tables presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis. The tables exclude carrying amounts for cash and cash equivalents and restricted cash, accounts receivable and contract assets, accounts payable, contract liabilities and other current liabilities, and other assets and liabilities that approximate fair value due to relatively short periods to maturity (in millions):


September 30, 2024					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		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)	$	690.9	$	615.7	$	296.1	$	319.6	$	—
Total liabilities not accounted for at fair value	$	690.9	$	615.7	$	296.1	$	319.6	$	—

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

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


December 31, 2023					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		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)	$	707.4	$	621.8	$	283.2	$	338.6	$	—
Total liabilities not accounted for at fair value	$	707.4	$	621.8	$	283.2	$	338.6	$	—

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

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

Debt Obligations. The fair value of the Company’s long-term obligations was determined using reporting from externally quoted market prices for INNOVATE's 8.50% 2026 Senior Secured Notes and for INNOVATE's 7.50% Convertible Senior Notes due 2026, which are reflected as Level 1 fair value measurements. All other long-term obligations of the Company are reflected as Level 2 fair value measurements, as this methodology 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. Certain long-term obligations have a fair value estimate equal to their carrying value due to recent transaction activity. The fair value of the debt instruments is disclosed for informational purposes and does not necessarily represent the amount that would be realized upon settlement or transfer.

- Definition

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

+ References

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+ Details

Revenue and Contracts in Process

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue and Contracts in Process

3. Revenue and Contracts in Process

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Infrastructure	$	232.8	$	369.3	$	845.9	$	1,043.4
Life Sciences	3.0		0.6		5.7		1.8
Spectrum	6.4		5.4		18.9		16.8

Total revenue	$	242.2	$	375.3	$	870.5	$	1,062.0

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


	September 30, 2024		December 31, 2023


Infrastructure	$	182.3	$	271.5
Life Sciences	0.5		0.3
Spectrum	1.7		1.4
Total accounts receivables with customers	$	184.5	$	273.2

As of January 1, 2023, accounts receivable, net, from contracts with customers totaled $250.4 million.

Infrastructure Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Industrial	$	64.7	$	115.9	$	242.5	$	322.7
Commercial	57.1		100.6		230.9		311.4
Transportation	58.2		75.5		228.0		176.7
Healthcare	40.9		38.3		114.4		114.4
Convention	1.8		35.5		10.3		97.0
Government	3.9		1.6		5.6		8.2
Energy	1.9		1.0		5.7		7.0
Leisure	4.3		0.9		6.9		5.5
Total revenue from contracts with customers	$	232.8	$	369.3	$	844.3	$	1,042.9
Other revenue	—		—		1.6		0.5
Total Infrastructure segment revenue	$	232.8	$	369.3	$	845.9	$	1,043.4

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


	September 30, 2024		December 31, 2023
Costs incurred on contracts in progress	$	2,725.7	$	2,811.8
Estimated earnings	471.8		510.1
Contract revenue earned on uncompleted contracts	3,197.5		3,321.9
Less: progress billings	3,169.2		3,356.8
	$	28.3	$	(34.9)

The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	$	113.8	$	118.6
Contract liabilities	(85.5)		(153.5)
	$	28.3	$	(34.9)


	September 30, 2024		December 31, 2023

Cost in excess of billings and estimated earnings	$	50.1	$	73.8
Conditional retainage	63.7		44.8
Contract assets	$	113.8	$	118.6

Billings in excess of costs and estimated earnings	$	(125.8)	$	(229.3)
Conditional retainage	40.3		75.8
Contract liabilities	$	(85.5)	$	(153.5)

As of January 1, 2023, contract assets were $165.1 million and contract liabilities were $98.6 million.

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

The change in contract assets during the nine months ended September 30, 2024, is a result of the recording of $63.6 million of contract assets driven by new commercial projects, offset by $68.4 million of contract assets transferred to receivables from contract assets recognized at the beginning of the period, including from certain large projects at or nearing completion and the corresponding billing of amounts previously recorded as contract assets.

The change in contract liabilities during the nine months ended September 30, 2024, is a result of the recording of periodic contract liabilities of $78.3 million driven largely by new commercial projects, offset by revenue recognized that was included in the contract liability balance at the beginning of the period in the amount of $146.3 million, including from certain large projects at or nearing completion.

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of September 30, 2024, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):


	Within One Year		Within Five Years		Total
Healthcare	$	211.3	$	105.3	$	316.6
Commercial	204.6		4.4		209.0
Industrial	111.7		7.5		119.2
Transportation	134.0		75.3		209.3
Leisure	21.0		1.1		22.1
Government	14.7		—		14.7
Convention	11.0		—		11.0
Energy	2.1		—		2.1
Remaining unsatisfied performance obligations	$	710.4	$	193.6	$	904.0

DBMG's remaining unsatisfied performance obligations increase with awards of new contracts and decrease as it performs work and recognizes revenue on existing contracts. DBMG includes a project within its remaining unsatisfied performance obligations at such time the project is awarded and agreement on contract terms has been reached. DBMG's remaining unsatisfied performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of total transaction price can be made. DBMG expects to recognize this revenue approximately within the next 2.5 years.

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

Life Sciences Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Systems and consumables revenue	$	3.0	$	0.6	$	5.7	$	1.8






Total Life Sciences segment revenue	$	3.0	$	0.6	$	5.7	$	1.8

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,
	2024		2023		2024		2023
Broadcast station	$	6.4	$	5.4	$	18.9	$	16.2


Other	—		—		—		0.6


Total Spectrum segment revenue	$	6.4	$	5.4	$	18.9	$	16.8

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

As of September 30, 2024, the transaction price allocated to remaining unsatisfied performance obligations consisted of $18.0 million of broadcast station revenues of which $9.6 million is expected to be recognized within one year and $8.4 million is expected to be recognized within the next 3 years.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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, 2023, filed with the SEC on March 6, 2024. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2024. Certain prior amounts have been reclassified or combined to conform to the current year presentation.
Going Concern	Going Concern The accompanying unaudited Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. However, as of the date of these financial statements, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. The principal conditions leading to this conclusion are the upcoming maturities of current debt at certain of the Company's subsidiaries as well as from certain cross-default provisions in the Company's Senior Secured Notes. Based on these conditions, the Company may not be able to meet its obligations at maturity and comply with certain cross-default provisions under the Senior Secured Notes over the next 12 months. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The inability to refinance or extend the maturity of the current debt at the Company's subsidiaries, 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 refinancing the debt at Broadcasting and DBMG, pursuing asset sales, and raising additional capital. However, there can be no assurance that the Company will have the ability to raise additional capital when needed, be successful in any asset sales, or refinance 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 date. There can be no assurance that these plans will be successfully implemented or that they will mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. These unaudited Condensed Consolidated Financial Statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, or expenses that may result if the Company is unable to continue as a going concern.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the Company’s unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”). ASU 2023-01 clarified the accounting for leasehold improvements for leases under common control. The guidance was effective for the Company beginning on January 1, 2024, and did not have an impact on the Company's Condensed Consolidated Financial Statements. SEC and Accounting Pronouncements Issued But Pending Adoption On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 improves income tax disclosures by adding requirements related to the tax rate reconciliation, disaggregation of income taxes paid and other miscellaneous tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, 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. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 improves reportable segment disclosures by requiring enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, 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. On March 6, 2024, the Securities and Exchange Commission (“SEC”) published final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which mandates climate-related disclosures in companies’ annual reports and registration statements. The quantitative and qualitative disclosures required for registrants include the material impacts of climate-related risks over their business strategy and operations; risk management and governance process over climate-related risks; climate-related goals material to their business strategy and operations, if any; material expenditures and impact on financial estimates resulting from their climate-related risk management process; financial information regarding severe weather events as well as carbon offsets and renewable energy credits, if applicable; and metrics surrounding Greenhouse Gas ("GHG") emissions. Of these disclosures, the requirement surrounding GHG emissions does not apply to smaller reporting companies ("SRCs"). In October 2023, California passed climate-related disclosure mandates which are similar to but broader than the SEC’s proposed rules. The SEC's final rules applicable to SRCs are effective beginning on January 1, 2027, while the regulations under California's disclosure mandates are effective as of January 1, 2026. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating these pending climate-related disclosure requirements, which will only have a potential impact on the disclosures within the Company's annual reports and registration statements.
Subsequent Events	Subsequent Events ASC 855, Subsequent Events requires the Company to evaluate events that occur after the balance sheet date as of which the financial statements are issued, and to determine whether adjustments to or additional disclosures in the financial statements are necessary.

Summary of Significant Accounting Policies - Narrative (Details)

Aug. 08, 2024

Sep. 30, 2024

$ / shares

Aug. 07, 2024

Dec. 31, 2023

$ / shares

Subsidiary, Sale of Stock [Line Items]

Common stock, par value (in usd per share) | $ / shares

$ 0.001

Reverse stock split, conversion ratio

0.1

Common stock, shares outstanding (in shares)

13,166,057

^[1]

7,923,500

^[1]

Incremental shares issued for fractional shares (in shares)

113,064

Previously Reported

Subsidiary, Sale of Stock [Line Items]

Common stock, shares outstanding (in shares)

130,529,931

[1]	Shares issued and shares outstanding as of December 31, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

Accounts Receivable, Net - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Receivables [Abstract]
Accounts receivable, net	$ 190.8	$ 278.4	$ 254.9

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Litigation The Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain, and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of any such matter will not have a material adverse effect upon the Company’s Condensed Consolidated Financial Statements. 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. 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. DTV Derivative Litigation On March 15, 2021, 22 DTV stockholders and eight holders of DTV stock options filed a stockholder class action and derivative complaint in the Delaware Court of Chancery in an action styled Bocock, et al., v. HC2 Holdings, Inc. et al., C.A. No. 2021-0224 (Del. Ch.). Plaintiffs named as defendants INNOVATE (f/k/a HC2 Holdings, Inc.), HC2 Broadcasting Holdings, Inc., HC2 Broadcasting Inc., and Continental General Insurance Corporation (the “INNOVATE Entities”) and certain current and former officers and directors of the INNOVATE Entities and DTV, including Philip Falcone, Michael Sena, Wayne Barr, Jr., Les Levi, Paul Voigt, Ivan Minkov, and Paul Robinson (the “Individual Defendants”). Plaintiffs principally allege that the defendants breached their fiduciary duties and/or aided and abetted breaches of fiduciary duty by participating in a “scheme” in which the INNOVATE Entities (i) acquired majority voting and operating control over DTV; (ii) exploited that control to misappropriate DTV’s assets and business opportunities for the benefit of the INNOVATE Entities; and (iii) purchased DTV stock at a discount to fair value and diminished the value of DTV stock options. Plaintiffs allege that the Individual Defendants (i) “prompted” the INNOVATE Entities to purchase more than 100 low-power television (“LPTV”) broadcast stations originally identified for potential acquisition by DTV, (ii) allowed the INNOVATE Entities to misappropriate DTV technology, known as “DTV Cast,” (iii) caused DTV to transfer unspecified LPTV broadcasting station licenses to INNOVATE affiliates “without paying any value,” and (iv) transferred to the INNOVATE Entities unspecified DTV broadcasting stations that had been “repacked” by the FCC. Defendants moved to dismiss the Complaint on May 19, 2021. On June 23, 2021, plaintiffs amended their complaint. In the amended complaint, plaintiffs assert the same claims they asserted in their initial complaint, added a claim for waste associated with DTV’s purported transfer of licenses and construction permits for less than fair value, and dropped Paul Robinson as a defendant. Defendants moved to dismiss the amended complaint in its entirety on August 25, 2021, and the parties completed briefing on the motions to dismiss on November 10, 2021. The Court heard argument on the motions to dismiss on March 29, 2022. On June 28, 2022, the Court requested that the parties submit supplemental briefing on the motions to dismiss by July 20, 2022. The parties completed the supplemental briefing on July 20, 2022. On October 28, 2022, the Court issued a Memorandum Opinion on Defendants’ motion to dismiss the Complaint. First, the Court dismissed all claims against Continental General Insurance Corporation for lack of personal jurisdiction. Second, the Court dismissed all claims the stockholder plaintiffs purported to assert directly. Third, the Court dismissed as time-barred all claims challenging conduct that occurred before March 15, 2018, including claims challenging (i) the November 2017 acquisition of Azteca America by INNOVATE; (ii) INNOVATE’s purported usurpation of the so-called “DTV Cast” technology; and (iii) the WFWC-CD Station acquisition. Fourth, the Court dismissed claims associated with the INNOVATE Entities’ purported purchases of unidentified broadcasting stations. Fifth, the Court dismissed all claims challenging the Expense Sharing Agreement, and the Right to Use Agreement between INNOVATE and DTV, and certain Stock-Based Compensation Agreements. Sixth, the Court dismissed the aiding and abetting claim against the INNOVATE Entities. Seventh, the Court dismissed the civil conspiracy claim as to all defendants. Lastly, the Court dismissed the option-holders’ claim for tortious interference with prospective business opportunities. Thus, after the Court issued its October 28, 2022 Memorandum Opinion, the only claims to survive Defendants’ motion to dismiss are (i) a derivative claim against the INNOVATE Entities (other than Continental General), Levi, and Falcone for breach of fiduciary duty in connection with the $0.1 million Frank Digital acquisition; (ii) a derivative claim for breach of fiduciary duty against the INNOVATE Entities (other than Continental General), in their capacities as DTV’s controlling stockholders, relating to the sale of six licenses (for less than $0.5 million) in connection with the Gray Media sale (the "Gray Media Claim"); (iii) a derivative claim for breach of fiduciary duty against the INNOVATE Entities (other than Continental General) and Levi in connection with the transfer of licenses ultimately sold to TV-49 for $0.1 million; and (iv) a derivative claim for waste against Levi and Falcone in connection with the sale of two stations to Lowcountry, which Lowcountry later sold for $0.2 million and $0.4 million, respectively. On February 8, 2024, the Court granted Plaintiffs’ motion for leave to file a second amended complaint. The proposed second amended complaint (i) names DTV as a nominal defendant, (ii) removes the Gray Media Claim, and (iii) removes all Plaintiffs other than James Bocock and Stan V. Smith on Behalf of the Stan V. Smith Trust dated April 30, 1993. The Court ordered Plaintiffs to file their second amended complaint on or before February 13, 2024. On February 14, 2024, Plaintiffs filed their second amended complaint. The INNOVATE Entities and Levi answered the second amended complaint on February 26, 2024. On April 22, 2024, the Court entered a case schedule culminating in a three-day trial from February 10-12, 2025. On July 22, 2024, the parties reached an agreement in principle to settle the litigation, which was not material. On September 12, 2024, the parties filed a Stipulation and Agreement of Compromise, Settlement and Release setting forth the terms of the settlement and a proposed schedule for the submission of the settlement for Court approval. On September 17, 2024, the Court entered the parties’ proposed scheduling order and scheduled a settlement hearing for December 20, 2024 at 11:00 a.m. Marin Hospital Replacement Litigation On October 20, 2022, McCarthy Building Companies, Inc. (“McCarthy”) filed suit against Schuff Steel Company (“Schuff”), a subsidiary of DBMG, and Quality Assurance Engineering, Inc. dba Consolidated Engineering Laboratories (“CEL”) in the Superior Court of the State of California for the County of Marin, styled McCarthy Building Companies, Inc. v. Schuff Steel Company; Quality Engineering, Inc. dba Consolidated Engineering Laboratories, et al., Case No. CIV2203963 (the “Action”). In the Action, McCarthy alleges damages and delays caused by alleged failures in fabrication, erection, welding, and quality control by Schuff and improper quality assurance responsibilities by CEL on the Marin General Hospital Replacement Building (the “Project”). McCarthy asserts claims against Schuff for breach of contract, express indemnity, breach of express warranties, negligence, equitable implied indemnity, breach of implied warranties, and declaratory relief. On February 13, 2023, Schuff filed its response denying liability to McCarthy and asserting a Cross-Complaint against McCarthy, and other companies involved in the design, construction, and quality assurance, who potentially are liable for damages and delays alleged by McCarthy on the Project. In the Cross-Complaint, Schuff asserts claims for breach of contract, violation of statute, equitable indemnity apportionment, and contribution and express indemnity (the “Cross-Complaint”). Schuff intends to vigorously defend this Action and aggressively pursue the Cross-Complaint and cannot reasonably estimate any range of potential loss at this time. Meruelo Television Litigation On August 8, 2023, Meruelo Television, LLC (“Plaintiff”) commenced a lawsuit in the Superior Court of the State of California, Los Angeles County, subsequently removed to federal court in the U.S. District Court for the Central District of California, titled Meruelo Television, LLC v. HC2 Network, Inc. (C.D.Cal.) Case No. 2:23-cv-08184-AB-BFM (the “Lawsuit”), asserting claims against defendants HC2 Network, Inc. (“HC2”) and INNOVATE Corp. (“INNOVATE” or the “Company” and, together with HC2, the “Defendants”). On April 9, 2024, Plaintiff and Defendants filed in the Lawsuit a Stipulation of Dismissal, as so-ordered by the Court on April 16, 2024, whereby Plaintiff dismissed without prejudice its claims as against INNOVATE, while retaining its claim against HC2. On October 28, 2024, the parties stipulated to dismiss the remaining claims in the Lawsuit. On November 1, 2024, the Court entered an Order dismissing of the Lawsuit with prejudice. Other Commitments and Contingencies Letters of Credit and Performance Bonds As of September 30, 2024, DBMG had outstanding letters of credit of $0.1 million under credit and security agreements and performance bonds of $216.4 million. As of December 31, 2023, DBMG had outstanding letters of credit of $0.1 million under credit and security agreements and performance bonds of $360.8 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+ and AA.

Fair Value of Financial Instruments - Narrative (Details) - Non-Operating Corporate	Sep. 30, 2024	Dec. 31, 2021	Feb. 01, 2021
8.50% Senior Secured Notes due 2026 \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	8.50%	8.50%	8.50%
7.50% Convertible Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	7.50%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)	Aug. 08, 2024
Income Statement [Abstract]
Reverse stock split, conversion ratio	0.1

Revenue and Contracts in Process - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Revenue from External Customer [Line Items]
Accounts receivable, net, contracts with customers			$ 250.4
Contract assets	$ 113.8	$ 118.6
Contract liabilities	85.5	$ 153.5
Infrastructure
Revenue from External Customer [Line Items]
Contract assets			165.1
Contract liabilities			$ 98.6
Contract assets, increase due to new projects	63.6
Contract assets, reclassified to receivables	68.4
Contract liabilities, increase due to new projects	78.3
Contract liabilities, revenue recognized	146.3
Remaining performance obligation amount	$ 904.0
Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Remaining performance obligation amount	$ 710.4
Infrastructure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Revenue from External Customer [Line Items]
Remaining performance obligation period	5 years
Remaining performance obligation amount	$ 193.6
Infrastructure \| DBMG \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue from External Customer [Line Items]
Remaining performance obligation period	2 years 6 months
Spectrum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Broadcast station
Revenue from External Customer [Line Items]
Remaining performance obligation amount	$ 18.0
Spectrum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Broadcast station \| Within One Year
Revenue from External Customer [Line Items]
Remaining performance obligation period	1 year
Remaining performance obligation amount	$ 9.6
Spectrum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Broadcast station \| Within Five Years
Revenue from External Customer [Line Items]
Remaining performance obligation period	3 years
Remaining performance obligation amount	$ 8.4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (16.2)	$ (8.6)	$ (22.4)	$ (28.3)
Other comprehensive income (loss)
Foreign currency translation adjustment, net of tax	1.0	(0.8)	0.3	(1.9)
Disposition of equity method investment, net of tax	0.0	0.0	0.0	(9.1)
Other comprehensive income (loss)	1.0	(0.8)	0.3	(11.0)
Comprehensive loss	(15.2)	(9.4)	(22.1)	(39.3)
Comprehensive loss attributable to non-controlling interests and redeemable non-controlling interests	1.1	1.6	4.4	5.1
Comprehensive loss attributable to INNOVATE Corp.	$ (14.1)	$ (7.8)	$ (17.7)	$ (34.2)

- 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.

+ References

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Organization and Business (Details) - segment	9 Months Ended
Organization and Business (Details) - segment	Sep. 30, 2024	Dec. 31, 2023
Business And Organization [Line Items]
Number of reportable segments	3
MediBeacon Inc.
Business And Organization [Line Items]
Percentage of ownership (approximately)	45.90%
Triple Ring
Business And Organization [Line Items]
Ownership percentage, fully diluted basis	1.70%
Scaled Cell
Business And Organization [Line Items]
Percentage of ownership (approximately)	20.10%
HMN
Business And Organization [Line Items]
Percentage of ownership (approximately)	19.00%
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)		56.60%
HC2 Broadcasting Holdings, Inc
Business And Organization [Line Items]
Controlling interest (approximately)	98.00%
Noncontrolling interest, ownership percentage by parent, fully diluted basis	85.80%
DTV America
Business And Organization [Line Items]
Controlling interest (approximately)	69.20%
Minority Holders
Business And Organization [Line Items]
Percentage of proxy and voting rights from minority holders	2.80%
GMSL
Business And Organization [Line Items]
Controlling interest (approximately)	72.80%

Revenue and Contracts in Process (Tables)

9 Months Ended

Sep. 30, 2024

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,
	2024		2023		2024		2023

Infrastructure	$	232.8	$	369.3	$	845.9	$	1,043.4
Life Sciences	3.0		0.6		5.7		1.8
Spectrum	6.4		5.4		18.9		16.8

Total revenue	$	242.2	$	375.3	$	870.5	$	1,062.0

Schedule of Accounts Receivable, net

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


	September 30, 2024		December 31, 2023


Infrastructure	$	182.3	$	271.5
Life Sciences	0.5		0.3
Spectrum	1.7		1.4
Total accounts receivables with customers	$	184.5	$	273.2

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


	September 30, 2024		December 31, 2023

Contracts in progress	$	182.5	$	271.7

Trade receivables	2.1		1.9
Other receivables	6.3		5.2
Allowance for expected credit losses	(0.1)		(0.4)
Total	$	190.8	$	278.4

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,
	2024		2023		2024		2023
Industrial	$	64.7	$	115.9	$	242.5	$	322.7
Commercial	57.1		100.6		230.9		311.4
Transportation	58.2		75.5		228.0		176.7
Healthcare	40.9		38.3		114.4		114.4
Convention	1.8		35.5		10.3		97.0
Government	3.9		1.6		5.6		8.2
Energy	1.9		1.0		5.7		7.0
Leisure	4.3		0.9		6.9		5.5
Total revenue from contracts with customers	$	232.8	$	369.3	$	844.3	$	1,042.9
Other revenue	—		—		1.6		0.5
Total Infrastructure segment revenue	$	232.8	$	369.3	$	845.9	$	1,043.4

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Systems and consumables revenue	$	3.0	$	0.6	$	5.7	$	1.8






Total Life Sciences segment revenue	$	3.0	$	0.6	$	5.7	$	1.8

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Broadcast station	$	6.4	$	5.4	$	18.9	$	16.2


Other	—		—		—		0.6


Total Spectrum segment revenue	$	6.4	$	5.4	$	18.9	$	16.8

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

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


	September 30, 2024		December 31, 2023
Costs incurred on contracts in progress	$	2,725.7	$	2,811.8
Estimated earnings	471.8		510.1
Contract revenue earned on uncompleted contracts	3,197.5		3,321.9
Less: progress billings	3,169.2		3,356.8
	$	28.3	$	(34.9)

The above is included in the accompanying Condensed Consolidated Balance Sheets under the following line items:
Contract assets	$	113.8	$	118.6
Contract liabilities	(85.5)		(153.5)
	$	28.3	$	(34.9)

Schedule of Contract with Customer, Asset and Liability


	September 30, 2024		December 31, 2023

Cost in excess of billings and estimated earnings	$	50.1	$	73.8
Conditional retainage	63.7		44.8
Contract assets	$	113.8	$	118.6

Billings in excess of costs and estimated earnings	$	(125.8)	$	(229.3)
Conditional retainage	40.3		75.8
Contract liabilities	$	(85.5)	$	(153.5)

Schedule of Remaining Performance Obligations

As of September 30, 2024, the transaction price allocated to remaining unsatisfied performance obligations consisted of the following (in millions):


	Within One Year		Within Five Years		Total
Healthcare	$	211.3	$	105.3	$	316.6
Commercial	204.6		4.4		209.0
Industrial	111.7		7.5		119.2
Transportation	134.0		75.3		209.3
Leisure	21.0		1.1		22.1
Government	14.7		—		14.7
Convention	11.0		—		11.0
Energy	2.1		—		2.1
Remaining unsatisfied performance obligations	$	710.4	$	193.6	$	904.0

Investments - HMN Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Mar. 06, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Gross proceeds				$ 0.0	$ 54.2
Noncontrolling interest		$ (1.2)	$ (1.6)	$ (4.4)	(2.4)
HMN
Schedule of Equity Method Investments [Line Items]
Ownership percentage sold	19.00%
Gross proceeds	$ 54.2
Interest income	0.5
Foreign tax payment	4.4		$ 4.4		4.4
Noncontrolling interest	$ 15.9
Gain on sale of investment					$ 12.2

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

Related Parties - Life Sciences Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenue	$ 242,200,000	$ 375,300,000	$ 870,500,000	$ 1,062,000,000
Related receivables from this subsidiary	0		0			$ 0
Share-based compensation expense	300,000	800,000	1,100,000	2,000,000
Life Sciences
Related Party Transaction [Line Items]
Revenue	3,000,000.0	600,000	5,700,000	1,800,000
Life Sciences \| R2 Technologies \| Related Party
Related Party Transaction [Line Items]
Interest rate					20.00%
Revenue	600,000	0	800,000	200,000
Share-based compensation expense	200,000	$ 100,000	400,000	$ 200,000
20.00% Notes due 2024 \| Life Sciences
Related Party Transaction [Line Items]
Short-term debt	$ 22,800,000		$ 22,800,000			$ 17,400,000
Interest rate	20.00%		20.00%

Goodwill and Intangibles, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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

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


	Infrastructure		Spectrum		Total



Balance as of December 31, 2023	$	105.7	$	21.4	$	127.1




Translation adjustments	—		—		—
Balance as of September 30, 2024	$	105.7	$	21.4	$	127.1

Schedule of Indefinite-Lived Intangible Assets

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


	September 30, 2024		December 31, 2023

FCC licenses	$	106.6	$	106.3

Total	$	106.6	$	106.3

Schedule of Intangible Assets Subject to Amortization

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


	Weighted-Average Original Useful Life	September 30, 2024							December 31, 2023
		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.2		$	(10.6)	$	14.6	$	25.2		$	(9.4)	$	15.8
Customer relationships and contracts	11 years	87.6			(48.0)		39.6		87.6			(44.2)		43.4
Channel sharing arrangements	35 years	12.6			(2.1)		10.5		12.6			(1.8)		10.8
Other	10 years	3.9			(1.8)		2.1		3.9			(1.3)		2.6
Total		$	129.3		$	(62.5)	$	66.8	$	129.3		$	(56.7)	$	72.6

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Equity and Temporary Equity - Authorized Share Capital (Details) - shares	Sep. 30, 2024	Jun. 18, 2024	Jun. 17, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock, authorized (in shares)	250,000,000	250,000,000	160,000,000	160,000,000

Operating Segments and Related Information - Schedule of Company's Operating Segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 242,200,000	$ 375,300,000	$ 870,500,000	$ 1,062,000,000
Revenue	242,200,000	375,300,000	870,500,000	1,062,000,000
Income (loss) from operations	5,900,000	10,700,000	37,500,000	12,500,000
Interest expense	(21,200,000)	(17,100,000)	(54,900,000)	(49,000,000.0)
Loss from equity investees	0	(1,500,000)	(2,300,000)	(5,800,000)
Other income, net	2,200,000	400,000	1,200,000	17,200,000
Loss from operations before income taxes	(13,100,000)	(7,500,000)	(18,500,000)	(25,100,000)
Depreciation and Amortization	4,400,000	4,000,000.0	13,200,000	15,900,000
Cost of revenue	3,700,000	3,800,000	11,600,000	11,800,000
Depreciation and amortization (including amounts in cost of revenue)			24,800,000	27,700,000
Total depreciation and amortization	8,100,000	7,800,000	24,800,000	27,700,000
Capital Expenditures	3,100,000	5,700,000	11,800,000	13,900,000
Non-Operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	(3,000,000.0)	(4,800,000)	(9,300,000)	(12,700,000)
Depreciation and Amortization	0	0	100,000	100,000
Capital Expenditures	0	0	0	300,000
Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	232,800,000	369,300,000	845,900,000	1,043,400,000
Revenue	232,800,000	369,300,000	844,300,000	1,042,900,000
Infrastructure \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	12,300,000	20,900,000	57,100,000	41,900,000
Depreciation and Amortization	3,000,000.0	2,600,000	8,900,000	11,600,000
Cost of revenue	3,700,000	3,800,000	11,500,000	11,700,000
Depreciation and amortization (including amounts in cost of revenue)	6,700,000	6,400,000	20,400,000	23,300,000
Capital Expenditures	2,800,000	5,500,000	10,700,000	12,500,000
Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,000,000.0	600,000	5,700,000	1,800,000
Revenue	3,000,000.0	600,000	5,700,000	1,800,000
Life Sciences \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	(3,300,000)	(3,300,000)	(10,500,000)	(11,600,000)
Depreciation and Amortization	100,000	100,000	300,000	300,000
Cost of revenue	0	0	100,000	100,000
Depreciation and amortization (including amounts in cost of revenue)	100,000	100,000	400,000	400,000
Capital Expenditures	0	0	100,000	300,000
Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	6,400,000	5,400,000	18,900,000	16,800,000
Revenue	6,400,000	5,400,000	18,900,000	16,800,000
Spectrum \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	(100,000)	(2,100,000)	200,000	(3,200,000)
Depreciation and Amortization	1,300,000	1,300,000	3,900,000	3,900,000
Capital Expenditures	300,000	200,000	1,000,000.0	800,000
Other \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Income (loss) from operations	$ 0	$ 0	$ 0	$ (1,900,000)

Leases - Schedule of Right-of-use Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Right-of-use assets:
Operating lease	$ 53.4	$ 58.0
Finance lease	0.6	2.3
Total right-of-use assets	54.0	60.3
Lease liabilities:
Current portion of operating lease	13.0	13.5
Non-current portion of operating lease	43.1	48.6
Finance lease	0.7	2.4
Total lease liabilities	$ 56.8	$ 64.5
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Debt obligations	Debt obligations

Operating Segments and Related Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable geographic segments	1
Number of reportable operating segments	3

Related Parties - Infrastructure Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) plane	Dec. 31, 2022 plane
Related Party Transaction [Line Items]
Interest expense	$ 21,200	$ 17,100	$ 54,900	$ 49,000
Accured interest	$ 47,900		$ 47,900		$ 17,100
Banker Steel \| Planes \| Related Party \| Infrastructure
Related Party Transaction [Line Items]
Number of planes leased \| plane						2
Number of plane leases terminated \| plane					2
Lease expense		300		1,000
DMBG and Donald Banker \| Related Party \| Infrastructure \| Banker Steel Acquisition \| Subordinated Debt
Related Party Transaction [Line Items]
Subordinated borrowing, interest rate			4.00%		4.00%
Donald Banker \| Infrastructure \| Banker Steel Acquisition \| Subordinated Debt
Related Party Transaction [Line Items]
Scheduled payment amount			$ 5,000
Donald Banker \| Related Party \| Infrastructure \| Banker Steel Acquisition \| Subordinated Debt
Related Party Transaction [Line Items]
Subordinated borrowing, interest rate					8.00%
Interest expense		$ 300	$ 25	$ 1,300
Accured interest					$ 100
Donald Banker \| Related Party \| Infrastructure \| Banker Steel Acquisition \| Subordinated Debt \| Donald Banker's Family Trust
Related Party Transaction [Line Items]
Controlling interest (approximately)					25.00%

Leases - Schedule of Future Payments of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (remaining period)	$ 4.4
2025	14.8
2026	11.0
2027	8.4
2028	5.9
Thereafter	24.9
Total future minimum lease payments	69.4
Less: amounts representing interest	(13.3)
Total lease liability	56.1
Finance Leases
2024 (remaining period)	0.1
2025	0.3
2026	0.2
2027	0.2
2028	0.0
Thereafter	0.0
Total future minimum lease payments	0.8
Less: amounts representing interest	(0.1)
Total lease liability	$ 0.7	$ 2.4

Revenue and Contracts in Process - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 184.5	$ 273.2
Infrastructure
Segment Reporting Information [Line Items]
Total accounts receivables with customers	182.3	271.5
Life Sciences
Segment Reporting Information [Line Items]
Total accounts receivables with customers	0.5	0.3
Spectrum
Segment Reporting Information [Line Items]
Total accounts receivables with customers	$ 1.7	$ 1.4

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,261,379
Amendment Flag	false
Document Fiscal Year Focus	2024
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

Operating Segments and Related Information - Schedules of Concentration of Risk, by Risk Factor (Details) - Sales Revenue, Net - Customer Concentration Risk - Infrastructure	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	11.10%	26.80%	17.70%	27.50%
Customer B
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	12.90%		10.50%
Customer C
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		13.90%		12.90%

Equity and Temporary Equity - Rights Offering Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Jun. 18, 2024

Apr. 26, 2024

Apr. 24, 2024

Mar. 28, 2024

Mar. 08, 2024

Mar. 31, 2024

Sep. 30, 2024

Dec. 31, 2023

Class of Stock [Line Items]

Common stock, shares issued (in shares)

^[1]

13,314,857

8,072,300

Consent rights percentage (at least)

4.90%

Series C Preferred Stock

Class of Stock [Line Items]

Issuance of common stock (in shares)

25,000

Rights Offering

Class of Stock [Line Items]

Issuance of common stock (in shares)

0.2858

Sale of stock (in USD per share)

$ 0.70

Common stock, shares issued (in shares)

530,611

Cash proceeds from the sale of common stock

$ 3.7

Excess stock issued (in shares)

Rights Offering | Previously Reported

Class of Stock [Line Items]

Common stock, shares issued (in shares)

5,306,105

Rights Offering | Lancer Capital | Series C Preferred Stock

Class of Stock [Line Items]

Unit price (in USD per share)

$ 1,000

Private Placement | Series C Preferred Stock

Class of Stock [Line Items]

Consideration to be received on sale of stock

$ 25.0

Private Placement | Lancer Capital | Preferred stock and fixed maturities

Class of Stock [Line Items]

Issuance of preferred stock in private placement

$ 16.0

Rights Offering And Concurrent Private Placement

Class of Stock [Line Items]

Cash proceeds from the sale of common stock

$ 35.0

Stock issuance cost other offering expenses

$ 1.8

Rights Offering And Concurrent Private Placement | Series C Preferred Stock

Class of Stock [Line Items]

Sale of stock (in USD per share)

$ 0.70

Issuance of common stock (in shares)

31,286

Number of shares to be issued upon conversion of preferred stock (in shares)

4,469,390

Rights Offering And Concurrent Private Placement | Series C Preferred Stock | Previously Reported

Class of Stock [Line Items]

Number of shares to be issued upon conversion of preferred stock (in shares)

44,693,895

Rights Offering And Concurrent Private Placement | Lancer Capital | Series C Preferred Stock

Class of Stock [Line Items]

Issuance of common stock (in shares)

6,286

Lancer Capital | Rights Offering

Class of Stock [Line Items]

Consideration to be received on sale of stock

$ 19.0

Lancer Capital | Private Placement | Series C Preferred Stock

Class of Stock [Line Items]

Consideration to be received on sale of stock

$ 6.3

Issuance of common stock (in shares)

6,286

CGIC | Secured Debt

Class of Stock [Line Items]

Repayments of long-term debt

$ 4.1

[1]	Shares issued and shares outstanding as of December 31, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

Debt Obligations

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt Obligations

11. Debt Obligations

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


	September 30, 2024		December 31, 2023
Infrastructure
PRIME minus 0.75% Line of Credit due 2025	$	75.0	$	100.0
3.25% Term Loan due 2026	76.3		91.4
PRIME minus 0.75% Term Loan due 2026	24.8		—
4.00% Note due 2024	—		5.0

Obligations under finance leases	0.7		2.4
Total Infrastructure	$	176.8	$	198.8

Spectrum
8.50% Note due 2025	$	19.3	$	19.3
11.45% Notes due 2025	50.4		50.4


Total Spectrum	$	69.7	$	69.7

Life Sciences
20.00% Notes due 2024	$	22.8	17.4

Total Life Sciences	$	22.8	$	17.4

Non-Operating Corporate
8.50% Senior Secured Notes due 2026	$	330.0	$	330.0
7.50% Convertible Senior Notes due 2026	48.9		51.8
SOFR plus 5.75% Line of Credit due 2025	20.0		20.0
CGIC Unsecured Note due 2026	31.0		35.1
Total Non-Operating Corporate	$	429.9	$	436.9

Total outstanding principal	$	699.2	$	722.8
Unamortized issuance discount, issuance premium, and deferred financing costs	(7.6)		(13.0)
Less: current portion of debt obligations	(189.2)		(30.5)
Debt obligations, net of current portion	$	502.4	$	679.3

As of September 30, 2024, estimated future aggregate finance lease and debt payments, including interest, were as follows (in millions):


	Finance Leases		Debt		Total
2024 (remaining period)	$	0.1	$	38.1	$	38.2
2025	0.3		246.3		246.6
2026	0.2		508.4		508.6
2027	0.2		—		0.2


Total minimum principal and interest payments	0.8		792.8		793.6
Less: Amount representing interest	(0.1)		(94.3)		(94.4)
Total aggregate finance lease and debt payments	$	0.7	$	698.5	$	699.2

The interest rates on finance leases ranged from approximately 3.0% to 6.8%.

Infrastructure

DBMG has a $135.0 million Revolving Line with UMB that bears interest at a prime rate minus a spread with an interest rate floor of 4.25%. As of September 30, 2024 and December 31, 2023, the outstanding balance was $75.0 million and $100.0 million, respectively. The effective interest rate on the Revolving Line with UMB was 7.52% and 8.33% as of September 30, 2024, and December 31, 2023, respectively. The Revolving Line with UMB matures on August 15, 2025, and interest is paid monthly. The Revolving Line with UMB also includes a commitment fee equal to 0.25% per annum times the average daily unused availability under the line. DBMG also has a $76.3 million 3.25% term loan due 2026 (the "3.25% UMB Term Loan"), which expires May 31, 2026, and bears interest at an annual rate of 3.25% with an effective interest rate of 3.3%. Interest is paid monthly.

On June 28, 2024, DBM and UMB entered into the Third Amendment to the UMB Credit Agreement. The amendment added an incremental separate term loan of $25.0 million to the existing credit facility, with the same interest rate as the Revolving Line with UMB and the same maturity date as the initial $76.3 million 3.25% UMB Term Loan. Principal payments and interest are paid monthly. The UMB term loans and Revolving Line with UMB associated with the Infrastructure segment contain customary restrictive and financial covenants related to debt levels and performance, including a Fixed Charge Coverage Ratio covenant, as defined in their agreements.

The 4.00% note matured on March 31, 2024, and was fully redeemed on April 2, 2024. Refer to Note 16. Related Parties for additional information.

Spectrum

The maturity date of Spectrum's 8.50% and 11.45% Notes, is August 15, 2025, as amended. The exit fees associated with the notes, which are payable on the earlier of maturity or repayment of the principal, were recorded as original issue discount and are being amortized over the remaining life of the notes, which is assumed to be the maturity date. A corresponding liability of $15.9 million is reflected within Other Current Liabilities in the Condensed Consolidated Balance Sheet as of September 30, 2024, and a corresponding liability of $15.9 million was reflected within Other Liabilities (non-current) in the Consolidated Balance Sheet as of December 31, 2023. Interest is capitalized and payable upon maturity of the notes. As of September 30, 2024, the effective interest rates on the notes, as amended, ranged from 20.6% to 24.0% per annum.

During November 2023, concurrently with Broadcasting's execution of the Ninth Amendment to Secured Notes, which among other things extended the maturity of the notes, INNOVATE entered into a related side letter with the lenders, whereby INNOVATE agreed to utilize proceeds from the sale of certain of its existing operations, as allowable under the Company's current agreements and indentures and after all other required payments have been made, for repayment of a portion of Broadcasting's Senior Secured Notes. Assuming there are sufficient proceeds remaining after such repayment, an additional $1.0 million fee is payable if repayment occurs by November 9, 2024, or $2.0 million if repayment occurs after that date. In exchange for the additional fee, the institutional investors will return their equity interests in HC2 Broadcasting Holdings, Inc. and their equity interests in DTV America.

Life Sciences

R2 Technologies had various short-term notes with Lancer Capital, which expired on January 31, 2024, and, effective January 31, 2024, a new 20% note with an aggregate original principal amount of $20.0 million was issued, which was comprised of all prior outstanding principal amounts and unpaid accrued interest of $2.6 million which was capitalized into the new principal balance. Interest on the note accrued at 20% per annum and was payable monthly in arrears, in cash or, if not paid in cash, accrued and unpaid interest was capitalized monthly into the principal balance. The 20% $20.0 million note also included an exit fee of 10.5% of the principal amount being repaid if repaid anytime from April 1, 2024, through April 30, 2024. As a result of the addition of the exit fee effective January 31, 2024, the transaction was determined to be an extinguishment of debt under ASC 470-50, Debt - Modifications and Extinguishments, and the exit fee payable to the existing lender of $2.2 million was included as a loss on debt extinguishment within Other income, net in the Condensed Consolidated Statement of Operations.

The original maturity date of the 20% $20.0 million note was April 30, 2024, or within five business days of the date on which R2 Technologies receives an aggregate $20.0 million from the consummation of a debt or equity financing or has a change in control, as defined in the agreement, with an optional prepayment of the entire then-outstanding and unpaid principal and accrued interest upon five-days written notice to Lancer Capital. Effective May 17, 2024, the maturity date of the note was extended to December 31, 2024, and the exit fees were amended. The May 17, 2024 amendment was determined to be a modification of debt under ASC 470-50, Debt - Modifications and Extinguishments, as the terms of the debt were not determined to be substantially different, including taking into consideration the ability to prepay the debt at anytime, and, therefore, the increases in exit fees are being amortized using the effective interest method.

The initial exit fee, as amended, as of September 30, 2024 was equal to 11.39% of the principal amount being repaid and continues to increase by 0.17% each month thereafter until maturity. Effective July 31, 2024, an additional exit fee of $1.0 million was incurred under the amendment, which increases by $1.0 million each month until the end of November 2024. If unpaid prior to maturity, the total exit fees payable will be $7.9 million. The exit fees are being amortized over the term of the note using the effective interest rate method and are included in interest expense. The exit fees are payable on the earliest of the maturity date, the date of the acceleration of the principal amount of the note for any reason or, if any portion of the note is prepaid at any time, the date of such prepayment of the note.

Interest expense, including amortization of all exit fees, related to the note(s) with Lancer Capital was $4.5 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively, and was $6.4 million and $2.0 million for the nine months ended September 30, 2024 and 2023, respectively. In accordance with the note agreement, unpaid cash interest due of $2.8 million incurred subsequent to January 31, 2024, has been capitalized into the principal balance. As of September 30, 2024, the total outstanding amount relating to the note was $28.4 million, inclusive of $22.8 million of principal and capitalized interest which is included within Current portion of debt obligations on the Condensed Consolidated Balance Sheet, and $5.6 million in total accrued exit fees which are included within Accrued liabilities on the Condensed Consolidated Balance Sheet. As of December 31, 2023, accrued interest, which had not yet been capitalized into the principal balance, was $2.4 million.

Non-Operating Corporate

2026 Senior Secured Notes

The Company has $330.0 million aggregate principal amount of 8.50% senior secured notes due February 1, 2026 (the "2026 Senior Secured Notes"), which were issued in 2021 at 100% of par. The 2026 Senior Secured Notes have a stated annual interest rate of 8.50% and have an effective interest rate of 9.3%, which reflects $10.8 million of deferred financing fees, including underwriting fees. Interest is 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 $7.6 million and $7.5 million for the three months ended September 30, 2024 and 2023, respectively, and was $22.8 million and $22.6 million, for the nine months ended September 30, 2024 and 2023, respectively.

2026 Convertible Notes

The original $51.8 million aggregate principal amount of 7.50% convertible notes (the "2026 Convertible Notes") were issued under a separate indenture dated February 1, 2021, between the Company and U.S. Bank, as trustee (the "Convertible Indenture"). The 2026 Convertible Notes were issued 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 a fair value of $12.3 million, which was recorded as a premium on the 2026 Convertible Notes. The 2026 Convertible Notes mature on August 1, 2026 unless earlier converted, redeemed or purchased. The 2026 Convertible Notes have an effective interest rate of 3.21%, which reflects the initial $12.3 million premium and $1.1 million of deferred financing fees.

During the three and nine months ended September 30, 2024, INNOVATE repurchased $2.9 million principal amount of its 2026 Convertible Notes at a market discount for $1.1 million, which is inclusive of accrued interest of $0.1 million, and recognized a $1.9 million gain on debt repurchase within Other income, net in the Condensed Consolidated Statement of Operations. As of September 30, 2024, the 2026 Convertible Notes held by third parties had a net carrying value of $52.8 million inclusive of an unamortized premium of $4.3 million and unamortized deferred financing costs of $0.4 million. Each $1,000 of principal of the 2026 Convertible Notes is convertible into 23.6327 shares of our common stock, which is equivalent to a conversion price of approximately $42.31 per share, both as adjusted for the 2024 Reverse Stock Split and subject to further adjustment upon the occurrence of specified events. Based on the closing price of our common stock of $3.70 on September 30, 2024, the if-converted value of the 2026 Convertible Notes did not exceed its principal value.

Interest is payable semi-annually in arrears on February 1st and August 1st of each year. Aggregate interest expense recognized relating to both the contractual interest coupon and amortization of discount net of premium and deferred financing costs was $0.4 million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively, and was $1.3 million and $1.4 million for the nine months ended September 30, 2024 and 2023, 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, 2024, and December 31, 2023, the outstanding balance was $20.0 million. The maturity date of the Revolving Line of Credit, as amended on May 6, 2024, is May 16, 2025. The Revolving Line of Credit has an interest rate margin applicable to loans borrowed under the Revolving Line of Credit of 5.75%, and interest is paid quarterly in arrears. The benchmark rates for the interest are SOFR-based rates. The Revolving Line of Credit also includes a commitment fee at a per annum rate of 1.0% calculated based off the actual daily amount of unused availability under the Revolving Line of Credit with MSD, and also includes a requirement for a prepayment if net cash proceeds from certain asset sales in excess of $10.0 million are received. The affirmative and negative covenants governing the Revolving Line of Credit are substantially consistent with the affirmative and negative covenants contained in the indenture that governs the 2026 Senior Secured Notes.

CGIC Unsecured Note Due 2026

On May 9, 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”), the Company issued a subordinated unsecured promissory note to Continental General Insurance Company ("CGIC") in the principal amount of $35.1 million (the "CGIC Unsecured Note"). Refer to Note 15. Equity and Temporary Equity for additional information. The CGIC Note, which is due February 28, 2026, bore interest at 9.0% per annum through May 8, 2024, bears interest at 16.0% per annum from May 9, 2024 to May 8, 2025, and 32.0% per annum thereafter. The effective interest rate on the note is 17.5%, as adjusted. The CGIC Unsecured Note also requires a mandatory prepayment from the proceeds from certain asset sales and the greater of $3.0 million or 12.5% of the net proceeds from certain equity sales. Other covenants in the CGIC Unsecured Note are generally consistent with the Company's Indenture governing the 8.50% Senior Secured Notes due 2026, dated as of February 1, 2021, by and among the Company, the guarantors party thereto and U.S. Bank National Association. As a result of the closing of the Rights Offering on April 24, 2024, INNOVATE redeemed $4.1 million of the CGIC Unsecured Note on April 26, 2024.

For the three months ended September 30, 2024 and 2023, interest expense recognized relating to the CGIC Unsecured Note was $1.4 million and $1.6 million, respectively, and cash paid for interest to CGIC was $1.6 million and $0.5 million, respectively. For the nine months ended September 30, 2024 and 2023, interest expense recognized relating to the CGIC Unsecured Note was $4.3 million and $2.5 million, respectively, and cash paid for interest to CGIC was $3.3 million and $1.0 million, respectively.

INNOVATE is in compliance with its debt covenants as of September 30, 2024.

- 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 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance lease cost:
Amortization of right-of-use assets	$ 0.1	$ 0.1	$ 0.3	$ 0.3
Interest on lease liabilities	0.0	0.0	0.0	0.1
Net finance lease cost	0.1	0.1	0.3	0.4
Operating lease cost	4.1	5.7	13.0	17.3
Variable lease cost	0.1	0.2	0.4	0.5
Sublease income	(0.1)	(0.1)	(0.5)	(0.5)
Total lease cost	$ 4.2	$ 5.9	$ 13.2	$ 17.7

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

7. Property, Plant and Equipment, Net

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


	September 30, 2024		December 31, 2023


Equipment, furniture and fixtures, and software	$	203.0	$	210.7
Building and leasehold improvements	36.8		42.9
Land	18.6		25.8
Construction in progress	10.3		4.8
Plant and transportation equipment	7.4		8.1
	$	276.1	$	292.3
Less: Accumulated depreciation	143.5		137.7
Total	$	132.6	$	154.6

Depreciation expense was $6.1 million and $6.1 million for the three months ended September 30, 2024 and 2023, respectively. These amounts included $3.7 million and $3.8 million of depreciation expense recognized within cost of revenue for the three months ended September 30, 2024 and 2023, respectively.

Depreciation expense was $19.0 million and $18.5 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts included $11.6 million and $11.8 million of depreciation expense recognized within cost of revenue for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, and December 31, 2023, the net book value of equipment held under finance leases included in PP&E was $0.6 million and $2.3 million, respectively. As of September 30, 2024 and December 31, 2023, the gross value of capitalized internal-use software included in PP&E was $14.2 million and $15.0 million, respectively, and the net book value was $4.1 million and $5.9 million, respectively.

Assets held-for-sale are presented separately in the Condensed Consolidated Balance Sheets. As of September 30, 2024, the $7.3 million in assets held-for-sale primarily consisted of one building and land and the associated building and land improvements at the Company's Infrastructure segment. As of December 31, 2023, $3.1 million in assets held-for-sale primarily consisted of two buildings and the associated building improvements at the Company's Infrastructure segment, which were sold subsequent to year-end.

Share-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

14. Share-based Compensation

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $0.3 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively, and was $1.1 million and $2.0 million for the nine months ended September 30, 2024 and 2023, respectively.

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 stock-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

A summary of INNOVATE’s restricted stock activity (as adjusted for the Reverse Stock Split) is as follows:


	Number of Shares (as adjusted for the Reverse Stock Split)	Weighted Average Grant Date Fair Value (as adjusted for the Reverse Stock Split)
Unvested - December 31, 2022	114,180	$	25.60
Granted	50,696	$	25.70
Vested	(102,304)	$	23.20

Unvested - December 31, 2023	62,572	$	29.48
Granted	129,502	$	5.87
Vested	(40,268)	$	27.64

Unvested - September 30, 2024	151,806	$	9.83

The aggregate vesting date fair value of the restricted stock awards which vested during the nine months ended September 30, 2024 and 2023 was $0.3 million and $1.7 million, respectively. As of September 30, 2024, the total unrecognized stock-based compensation expense related to unvested restricted stock awards was $1.0 million and is expected to be recognized over the remaining weighted-average period of 1.4 years.

Stock Options

A summary of INNOVATE’s stock option activity (as adjusted for the Reverse Stock Split) is as follows:


	Number of Stock Options (as adjusted for the Reverse Stock Split)	Weighted Average Exercise Price (as adjusted for the Reverse Stock Split)
Outstanding - December 31, 2022	499,515	$	50.20



Expired	(35,233)	$	31.20
Outstanding and exercisable- December 31, 2023	464,282	$	51.68



Expired	(446,550)	$	52.02
Outstanding and exercisable - September 30, 2024	17,732	$	43.18

As of September 30, 2024, the intrinsic value and weighted-average remaining life of the Company's outstanding and exercisable stock options were zero and approximately 3.8 years, respectively. The maximum contractual term of the Company's exercisable stock options is approximately ten years. As of September 30, 2024, there were no unvested stock options and no unrecognized stock-based compensation expense related to unvested stock options.

Amendment to Second and Restated 2014 Omnibus Equity Award Plan and Interim CEO Equity Awards

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

Subsequent to quarter end, on October 29, 2024, when the Plan Amendment became effective, the following awards which were previously awarded to the Company's Interim CEO subject to stockholder approval of the Plan Amendment to increase the number of shares of common stock available thereunder to satisfy the settlement of the grant ("Share Approval Condition") became effective: (i) 95,322 of restricted stock unit awards ("RSU's"), which were awarded on October 11, 2023; (ii) 100,000 option awards with a strike price of $25.00 (as retroactively adjusted for the Reverse Stock Split in 2024) and an expiration date of September 15, 2033, which were awarded on September 15, 2023; (iii) 142,857 of RSUs, which were awarded on August 19, 2024; and (iv) 100,000 option awards with a strike price of $4.22 and an expiration date of September 15, 2034, which were awarded on September 15, 2024.

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued expenses	$ 12.7	$ 14.3
Accrued payroll and employee benefits	32.0	29.2
Accrued interest and exit fees	47.9	17.1
Accrued sales and use taxes	0.2	9.8
Accrued income taxes	0.5	0.4
Total accrued liabilities	$ 93.3	$ 70.8

Revenue and Contracts in Process - Schedule of Life Sciences Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 242.2	$ 375.3	$ 870.5	$ 1,062.0
Life Sciences
Segment Reporting Information [Line Items]
Revenue	3.0	0.6	5.7	1.8
Systems and consumables revenue \| Life Sciences
Segment Reporting Information [Line Items]
Revenue	$ 3.0	$ 0.6	$ 5.7	$ 1.8

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Goodwill and Intangibles, Net - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 127.1
Translation adjustments	0.0
Ending balance	127.1
Infrastructure
Goodwill [Roll Forward]
Beginning balance	105.7
Translation adjustments	0.0
Ending balance	105.7
Spectrum
Goodwill [Roll Forward]
Beginning balance	21.4
Translation adjustments	0.0
Ending balance	$ 21.4

- Definition

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

+ References

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-Subparagraph (SX 210.5-02(15))
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+ Details

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 Income (Loss)

Non-controlling Interest

Temporary Equity

Beginning balance (in shares) at Dec. 31, 2022

^[1]

7,879,000

Beginning balance at Dec. 31, 2022

$ (90.6)

$ (121.3)

$ 0.1

$ 330.1

$ (5.3)

$ (452.1)

$ 5.9

^[2]

$ 30.7

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

Share-based compensation

2.0

Preferred stock dividends

(1.3)

$ (0.9)

Issuance of common stock (in shares)

^[1]

50,500

Taxes paid in lieu of shares issued for share-based compensation (in shares)

^[1]

(6,000.0)

Taxes paid in lieu of shares issued for share-based compensation

(0.1)

Distributions to non-controlling interests

(10.7)

0.0

(10.7)

(5.2)

Transactions with non-controlling interests

0.0

(3.0)

3.0

Net (loss) income

(23.9)

(25.9)

2.0

Other comprehensive income (loss)

(10.6)

(8.3)

^[2]

(2.3)

(0.4)

Ending balance (in shares) at Sep. 30, 2023

^[1]

7,923,500

Ending balance at Sep. 30, 2023

(135.2)

(157.9)

$ 0.1

327.8

(5.4)

(478.0)

(2.4)

^[2]

22.7

Beginning balance at Dec. 31, 2022

61.0

Increase (Decrease) in Temporary Equity [Roll Forward]

DBMGi preferred stock repurchase

(41.8)

Net loss

(4.4)

Ending balance at Sep. 30, 2023

8.3

Beginning balance (in shares) at Jun. 30, 2023

^[1]

7,923,500

Beginning balance at Jun. 30, 2023

(128.1)

(150.9)

$ 0.1

327.0

(5.4)

(471.0)

(1.6)

^[2]

22.8

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

Share-based compensation

0.8

Preferred stock dividends

0.0

(0.3)

Transactions with non-controlling interests

(0.1)

0.0

(0.1)

0.1

Net (loss) income

(7.1)

(7.0)

(0.1)

Other comprehensive income (loss)

(0.7)

(0.8)

^[2]

0.1

(0.1)

Ending balance (in shares) at Sep. 30, 2023

^[1]

7,923,500

Ending balance at Sep. 30, 2023

$ (135.2)

(157.9)

$ 0.1

327.8

(5.4)

(478.0)

(2.4)

^[2]

22.7

Beginning balance at Jun. 30, 2023

10.1

Increase (Decrease) in Temporary Equity [Roll Forward]

Net loss

(1.5)

Ending balance at Sep. 30, 2023

8.3

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

7,923,500

^[3]

7,923,500

^[4]

Beginning balance at Dec. 31, 2023

$ (151.7)

(165.5)

$ 0.1

328.2

(5.4)

(487.3)

(1.1)

^[5]

13.8

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

Share-based compensation

1.1

Preferred stock dividends

(0.9)

(0.3)

Issuance of common stock (in shares)

^[4]

129,500

Rights offering, net of transaction costs (in shares)

^[4]

530,600

Rights offering, net of transaction costs

1.9

Series C preferred share conversion (in shares)

^[4]

4,469,400

Series C Preferred Share Conversion

31.3

(31.3)

Reverse stock split (in shares)

^[4]

113,100

Reverse stock split

0.0

$ (0.1)

0.1

Effect of Series D investment in R2 Technologies

(1.1)

(13.2)

12.1

1.1

Transactions with non-controlling interests

(0.1)

0.1

Net (loss) income

(21.9)

(18.0)

(3.9)

Other comprehensive income (loss)

$ 0.3

0.3

^[5]

Ending balance (in shares) at Sep. 30, 2024

13,166,057

^[3]

13,166,100

^[4]

Ending balance at Sep. 30, 2024

$ (141.1)

(163.1)

$ 0.0

348.4

(5.4)

(505.3)

(0.8)

^[5]

22.0

Beginning balance at Dec. 31, 2023

15.4

Increase (Decrease) in Temporary Equity [Roll Forward]

Issuance of preferred stock in private placement

31.3

Net loss

(0.5)

Ending balance at Sep. 30, 2024

15.8

Beginning balance (in shares) at Jun. 30, 2024

^[4]

13,053,000

Beginning balance at Jun. 30, 2024

(126.1)

(149.0)

$ 0.1

348.3

(5.4)

(490.3)

(1.7)

^[5]

22.9

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

Share-based compensation

0.3

Preferred stock dividends

(0.3)

Reverse stock split (in shares)

^[4]

113,100

Reverse stock split

0.0

$ (0.1)

0.1

Transactions with non-controlling interests

0.1

0.0

0.1

Net (loss) income

(16.1)

(15.0)

(1.1)

Other comprehensive income (loss)

$ 1.0

0.9

^[5]

0.1

0.0

Ending balance (in shares) at Sep. 30, 2024

13,166,057

^[3]

13,166,100

^[4]

Ending balance at Sep. 30, 2024

$ (141.1)

$ (163.1)

$ 0.0

$ 348.4

$ (5.4)

$ (505.3)

$ (0.8)

^[5]

$ 22.0

Beginning balance at Jun. 30, 2024

15.9

Increase (Decrease) in Temporary Equity [Roll Forward]

Net loss

(0.1)

Ending balance at Sep. 30, 2024

$ 15.8

[1]	The number of shares has been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Refer to Note 2. Summary of Significant Accounting Policies.
[2]	Inclusive of other comprehensive loss, foreign currency cumulative translation adjustments totaled a loss of $3.6 million as of September 30, 2023.
[3]	Shares issued and shares outstanding as of December 31, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.
[4]	The number of shares has been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Refer to Note 2. Summary of Significant Accounting Policies.
[5]	Inclusive of other comprehensive income (loss), foreign currency cumulative translation adjustments totaled a loss of $2.1 million as of September 30, 2024.

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid assets	$ 10.6	$ 11.2
Income tax receivable	1.4	2.1
Restricted cash - current	0.9	0.9	$ 0.0	$ 0.3
Other	3.1	0.4
Total other current assets	$ 16.0	$ 14.6

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 242.2	$ 375.3	$ 870.5	$ 1,062.0
Infrastructure
Segment Reporting Information [Line Items]
Total revenue	232.8	369.3	845.9	1,043.4
Life Sciences
Segment Reporting Information [Line Items]
Total revenue	3.0	0.6	5.7	1.8
Spectrum
Segment Reporting Information [Line Items]
Total revenue	$ 6.4	$ 5.4	$ 18.9	$ 16.8

- 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

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+ Details

Revenue and Contracts in Process - Schedule of Spectrum Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Spectrum segment revenue	$ 242.2	$ 375.3	$ 870.5	$ 1,062.0
Spectrum
Segment Reporting Information [Line Items]
Total Spectrum segment revenue	6.4	5.4	18.9	16.8
Broadcast station \| Spectrum
Segment Reporting Information [Line Items]
Total Spectrum segment revenue	6.4	5.4	18.9	16.2
Other \| Spectrum
Segment Reporting Information [Line Items]
Total Spectrum segment revenue	$ 0.0	$ 0.0	$ 0.0	$ 0.6

- Definition

+ References

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Nonrecurring Basis


September 30, 2024					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		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)	$	690.9	$	615.7	$	296.1	$	319.6	$	—
Total liabilities not accounted for at fair value	$	690.9	$	615.7	$	296.1	$	319.6	$	—

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

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


December 31, 2023					Fair Value Measurement Using:
	Carrying Value		Estimated Fair Value		Level 1		Level 2		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)	$	707.4	$	621.8	$	283.2	$	338.6	$	—
Total liabilities not accounted for at fair value	$	707.4	$	621.8	$	283.2	$	338.6	$	—

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

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

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, and Equipment, net

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


	September 30, 2024		December 31, 2023


Equipment, furniture and fixtures, and software	$	203.0	$	210.7
Building and leasehold improvements	36.8		42.9
Land	18.6		25.8
Construction in progress	10.3		4.8
Plant and transportation equipment	7.4		8.1
	$	276.1	$	292.3
Less: Accumulated depreciation	143.5		137.7
Total	$	132.6	$	154.6

Accounts Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Accounts Receivable, net

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


	September 30, 2024		December 31, 2023


Infrastructure	$	182.3	$	271.5
Life Sciences	0.5		0.3
Spectrum	1.7		1.4
Total accounts receivables with customers	$	184.5	$	273.2

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


	September 30, 2024		December 31, 2023

Contracts in progress	$	182.5	$	271.7

Trade receivables	2.1		1.9
Other receivables	6.3		5.2
Allowance for expected credit losses	(0.1)		(0.4)
Total	$	190.8	$	278.4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Income Statement [Abstract]

Revenues

$ 242,200,000

$ 375,300,000

$ 870,500,000

$ 1,062,000,000

Cost of revenue

194,000,000.0

316,600,000

708,100,000

907,100,000

Gross profit

48,200,000

58,700,000

162,400,000

154,900,000

Operating expenses:

Selling, general and administrative

37,400,000

43,800,000

119,800,000

126,600,000

Depreciation and amortization

4,400,000

4,000,000.0

13,200,000

15,900,000

Other operating loss (income)

500,000

200,000

(8,100,000)

(100,000)

Income from operations

5,900,000

10,700,000

37,500,000

12,500,000

Other (expense) income:

Interest expense

(21,200,000)

(17,100,000)

(54,900,000)

(49,000,000.0)

Loss from equity investees

(1,500,000)

(2,300,000)

(5,800,000)

Other income, net

2,200,000

400,000

1,200,000

17,200,000

Loss from operations before income taxes

(13,100,000)

(7,500,000)

(18,500,000)

(25,100,000)

Income tax expense

(3,100,000)

(1,100,000)

(3,900,000)

(3,200,000)

Net loss

(16,200,000)

(8,600,000)

(22,400,000)

(28,300,000)

Net loss attributable to non-controlling interests and redeemable non-controlling interests

1,200,000

1,600,000

4,400,000

2,400,000

Net loss attributable to INNOVATE Corp.

(15,000,000.0)

(7,000,000.0)

(18,000,000.0)

(25,900,000)

Less: Preferred dividends

300,000

900,000

2,100,000

Net loss attributable to common stockholders and participating preferred stockholders, basic

(15,300,000)

(7,300,000)

(18,900,000)

(28,000,000.0)

Net loss attributable to common stockholders and participating preferred stockholders, diluted

$ (15,300,000)

$ (7,300,000)

$ (18,900,000)

$ (28,000,000.0)

Loss per common share - basic (in usd per share)

^[1]

$ (1.18)

$ (0.93)

$ (1.69)

$ (3.59)

Loss per common share - diluted (in usd per share)

^[1]

$ (1.18)

$ (0.93)

$ (1.69)

$ (3.59)

Weighted average common shares outstanding - basic (in shares)

^[1]

12,966,322

7,841,847

9,928,679

7,801,240

Weighted average common shares outstanding - diluted (in shares)

^[1]

12,966,322

7,841,847

9,928,679

7,801,240

[1]	Basic and diluted loss per common share and weighted average common shares outstanding for the three and nine months ended September 30, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

Operating Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedules of Concentration of Risk, by Risk Factor

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


		Three Months Ended September 30,		Nine Months Ended September 30,
	Segment	2024	2023	2024	2023
Customer A	Infrastructure	11.1%	26.8%	17.7%	27.5%
Customer B	Infrastructure	12.9%	*	10.5%	*
Customer C	Infrastructure	*	13.9%	*	12.9%

*Less than 10% revenue concentration

Schedule of Company's Operating Segments

Summarized financial information with respect to the Company’s operating segments is as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Infrastructure	$	232.8	$	369.3	$	845.9	$	1,043.4
Life Sciences	3.0		0.6		5.7		1.8
Spectrum	6.4		5.4		18.9		16.8



Total revenue	$	242.2	$	375.3	$	870.5	$	1,062.0


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Income (loss) from operations
Infrastructure	$	12.3	$	20.9	$	57.1	$	41.9
Life Sciences	(3.3)		(3.3)		(10.5)		(11.6)
Spectrum	(0.1)		(2.1)		0.2		(3.2)
Other	—		—		—		(1.9)
Non-Operating Corporate	(3.0)		(4.8)		(9.3)		(12.7)

Total income from operations	$	5.9	$	10.7	$	37.5	$	12.5


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of the consolidated segment income from operations to consolidated (loss) from operations before income taxes:
Income from operations	$	5.9	$	10.7	$	37.5	$	12.5
Interest expense	(21.2)		(17.1)		(54.9)		(49.0)




Loss from equity investees	—		(1.5)		(2.3)		(5.8)

Other income, net	2.2		0.4		1.2		17.2
Loss from operations before income taxes	$	(13.1)	$	(7.5)	$	(18.5)	$	(25.1)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Depreciation and Amortization
Infrastructure	$	3.0	$	2.6	$	8.9	$	11.6
Infrastructure recognized within cost of revenue	3.7		3.8		11.5		11.7
Total Infrastructure	6.7		6.4		20.4		23.3
Life Sciences	0.1		0.1		0.3		0.3
Life Sciences recognized within cost of revenue	—		—		0.1		0.1
Total Life Sciences	0.1		0.1		0.4		0.4
Spectrum	1.3		1.3		3.9		3.9

Non-Operating Corporate	—		—		0.1		0.1
Total depreciation and amortization	$	8.1	$	7.8	$	24.8	$	27.7


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Capital Expenditures (*)
Infrastructure	$	2.8	$	5.5	$	10.7	$	12.5
Life Sciences	—		—		0.1		0.3
Spectrum	0.3		0.2		1.0		0.8

Non-Operating Corporate	—		—		—		0.3
Total	$	3.1	$	5.7	$	11.8	$	13.9

(*) The above capital expenditures exclude assets acquired under finance lease and other financing obligations.

Schedule of Segment Reporting for Long-term investments, Property and Equipment - Net and Assets


	September 30, 2024		December 31, 2023

Investments

Life Sciences	$	1.8	$	1.8



Total	$	1.8	$	1.8

The Company's equity method investments in the Life Sciences segment included in the table above totaled $0.9 million as of both September 30, 2024, and December 31, 2023.


	September 30, 2024		December 31, 2023

Total Assets
Infrastructure	$	684.0	$	851.4
Life Sciences	12.4		8.3
Spectrum	176.7		176.6

Non-Operating Corporate	24.1		7.3

Total	$	897.2	$	1,043.6

Share-based Compensation - Schedule of Company's Restricted Stock Activity (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Shares (as adjusted for the Reverse Stock Split)
Unvested at beginning of period (in shares)	62,572	114,180
Granted (in shares)	129,502	50,696
Vested (in shares)	(40,268)	(102,304)
Unvested at end of period (in shares)	151,806	62,572
Weighted Average Grant Date Fair Value (as adjusted for the Reverse Stock Split)
Unvested at beginning of period (in usd per share)	$ 29.48	$ 25.60
Granted (in usd per share)	5.87	25.70
Vested (in usd per share)	27.64	23.20
Unvested at end of period (in usd per share)	$ 9.83	$ 29.48

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Not Measured at Fair Value (Details) - Nonrecurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Assets
Measurement alternative investment	$ 0.9	$ 0.9
Total assets not accounted for at fair value	0.9	0.9
Liabilities
Debt obligations	690.9	707.4
Total liabilities not accounted for at fair value	690.9	707.4
Estimated Fair Value
Assets
Measurement alternative investment	0.9	0.9
Total assets not accounted for at fair value	0.9	0.9
Liabilities
Debt obligations	615.7	621.8
Total liabilities not accounted for at fair value	615.7	621.8
Estimated Fair Value \| 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	296.1	283.2
Total liabilities not accounted for at fair value	296.1	283.2
Estimated Fair Value \| Level 2
Assets
Measurement alternative investment	0.0	0.9
Total assets not accounted for at fair value	0.0	0.9
Liabilities
Debt obligations	319.6	338.6
Total liabilities not accounted for at fair value	319.6	338.6
Estimated Fair Value \| Level 3
Assets
Measurement alternative investment	0.9	0.0
Total assets not accounted for at fair value	0.9	0.0
Liabilities
Debt obligations	0.0	0.0
Total liabilities not accounted for at fair value	$ 0.0	$ 0.0

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease ROUs and Lease Liabilities

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


	Balance Sheet Location	September 30, 2024		December 31, 2023

Right-of-use assets:
Operating lease	Other assets (non-current)	$	53.4	$	58.0
Finance lease	Property, plant and equipment, net	0.6		2.3
Total right-of-use assets		$	54.0	$	60.3

Lease liabilities:
Current portion of operating lease	Other current liabilities	$	13.0	$	13.5
Non-current portion of operating lease	Other liabilities	43.1		48.6
Finance lease	Debt obligations	0.7		2.4
Total lease liabilities		$	56.8	$	64.5

Schedule of Components of Lease Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Finance lease cost:
Amortization of right-of-use assets	$	0.1	$	0.1	$	0.3	$	0.3
Interest on lease liabilities	—		—		—		0.1
Net finance lease cost	0.1		0.1		0.3		0.4
Operating lease cost	4.1		5.7		13.0		17.3

Variable lease cost	0.1		0.2		0.4		0.5
Sublease income	(0.1)		(0.1)		(0.5)		(0.5)
Total lease cost	$	4.2	$	5.9	$	13.2	$	17.7

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases(1)	$	4.6	$	5.8	$	14.4	$	17.8
Operating cash flows from finance leases	$	—	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.1	$	0.1	$	0.3	$	0.3

Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	7.4	$	4.4	$	13.6	$	8.9
Finance leases	$	—	$	—	$	—	$	0.6

(1) For the nine months ended September 30, 2024, excludes $4.0 million received for a lease modification incentive.

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


	September 30, 2024		December 31, 2023

Weighted-average remaining lease term (years) - operating leases	7.5		7.5
Weighted-average remaining lease term (years) - finance leases	2.7		1.6
Weighted-average discount rate - operating leases	6.0	%	5.6	%
Weighted-average discount rate - finance leases	5.3	%	6.8	%

Schedule of Operating Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of September 30, 2024, were as follows (in millions):


	Operating Leases		Finance Leases
2024 (remaining period)	$	4.4	$	0.1
2025	14.8		0.3
2026	11.0		0.2
2027	8.4		0.2
2028	5.9		—
Thereafter	24.9		—
Total future minimum lease payments	69.4		0.8
Less: amounts representing interest	(13.3)		(0.1)
Total lease liability	$	56.1	$	0.7

Schedule of Finance Lease, Liability, Maturity

Future minimum lease commitments (undiscounted) as of September 30, 2024, were as follows (in millions):


	Operating Leases		Finance Leases
2024 (remaining period)	$	4.4	$	0.1
2025	14.8		0.3
2026	11.0		0.2
2027	8.4		0.2
2028	5.9		—
Thereafter	24.9		—
Total future minimum lease payments	69.4		0.8
Less: amounts representing interest	(13.3)		(0.1)
Total lease liability	$	56.1	$	0.7

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Operating lease liability, net of current portion	$ 43.1	$ 48.6
Accrued interest and exit fees (non-current portion)	1.8	30.8
Other	2.9	3.3
Total other liabilities	$ 47.8	$ 82.7

Goodwill and Intangibles, Net - Schedule of Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 106.6	$ 106.3
FCC licenses
Acquired Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 106.6	$ 106.3

Commitments and Contingencies (Details) $ in Millions	Feb. 12, 2025	Mar. 15, 2021 plaintiff lPTVBroadcastStation	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 28, 2022 USD ($) license station
Credit And Security Agreements \| DBMG
Loss Contingencies [Line Items]
Letters of credit outstanding			$ 0.1	$ 0.1
Performance Bonds \| DBMG
Loss Contingencies [Line Items]
Letters of credit outstanding			$ 216.4	$ 360.8
Frank Digital Acquisition
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.1
Gray Media Sale
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.5
Number of licenses sold \| license					6
TV-49, Licences, Breach Of Fiduciary Duty
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.1
Sale Of Stations
Loss Contingencies [Line Items]
Number of stations sold \| station					2
Sale Of Station One
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.2
Sale Of Station Two
Loss Contingencies [Line Items]
Estimate of possible loss					$ 0.4
Sale Of Station Two \| Forecast
Loss Contingencies [Line Items]
Number of trial days	3 days
DTV America Corporation Stockholders
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		22
DTV America Corporation Stock Option Holders
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		8
Number of LPTV broadcast stations included in litigation (more than) \| lPTVBroadcastStation		100

Supplementary Financial Information (Tables)

9 Months Ended

Sep. 30, 2024

Offsetting [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,
	2024		2023		2024		2023
Gain on sale of investment	$	—	$	—	$	—	$	12.2
Gain on step-up of equity method investment	—		—		—		3.8
Net gain (loss) on repurchase or extinguishment of debt	1.9		—		(0.3)		—
Other	0.3		0.4		1.5		1.2
Total other income, net	$	2.2	$	0.4	$	1.2	$	17.2

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,
	2024		2023
Cash and cash equivalents, beginning of the period	$	80.8	$	80.4
Restricted cash included in other current assets	0.9		0.3
Restricted cash included in other assets (non-current)	0.6		1.5
Total cash, cash equivalents and restricted cash, beginning of the period	$	82.3	$	82.2

Cash and cash equivalents, end of the period	$	51.0	$	55.7
Restricted cash included in other current assets	0.9		—
Restricted cash included in other assets (non-current)	0.6		1.4
Total cash and cash equivalents and restricted cash, end of the period	$	52.5	$	57.1









Supplemental cash flow information:
Cash paid for interest	$	43.9	$	43.6
Cash paid for income taxes, net of refunds	$	2.5	$	7.4

Non-cash investing and financing activities:
Unsecured note issued in connection with purchase of preferred stock and payment of dividends	$	—	$	35.1
Accrued interest, exit fees and other fees capitalized into principal debt	$	5.4	$	2.4
Property, plant and equipment included in accounts payable or accrued expenses	$	0.6	$	1.1

Schedule of Cash and Cash Equivalents


	Nine Months Ended September 30,
	2024		2023
Cash and cash equivalents, beginning of the period	$	80.8	$	80.4
Restricted cash included in other current assets	0.9		0.3
Restricted cash included in other assets (non-current)	0.6		1.5
Total cash, cash equivalents and restricted cash, beginning of the period	$	82.3	$	82.2

Cash and cash equivalents, end of the period	$	51.0	$	55.7
Restricted cash included in other current assets	0.9		—
Restricted cash included in other assets (non-current)	0.6		1.4
Total cash and cash equivalents and restricted cash, end of the period	$	52.5	$	57.1









Supplemental cash flow information:
Cash paid for interest	$	43.9	$	43.6
Cash paid for income taxes, net of refunds	$	2.5	$	7.4

Non-cash investing and financing activities:
Unsecured note issued in connection with purchase of preferred stock and payment of dividends	$	—	$	35.1
Accrued interest, exit fees and other fees capitalized into principal debt	$	5.4	$	2.4
Property, plant and equipment included in accounts payable or accrued expenses	$	0.6	$	1.1

Basic and Diluted Loss Per Common Share - Schedule of Calculation of Basic Loss Per Common Share to Diluted Loss Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net loss

$ (16.2)

$ (8.6)

$ (22.4)

$ (28.3)

Net loss attributable to non-controlling interests and redeemable non-controlling interests

1.2

1.6

4.4

2.4

Net loss attributable to INNOVATE Corp.

(15.0)

(7.0)

(18.0)

(25.9)

Less: Preferred dividends

0.3

0.9

2.1

Net loss attributable to common stockholders and participating preferred stockholders, basic

(15.3)

(7.3)

(18.9)

(28.0)

Net loss attributable to common stockholders and participating preferred stockholders, diluted

$ (15.3)

$ (7.3)

$ (18.9)

$ (28.0)

Loss allocable to common shares:

Weighted average common shares outstanding - basic (in shares)

^[1]

12,966,322

7,841,847

9,928,679

7,801,240

Unvested restricted stock (in shares)

Series C preferred stock (as-converted basis) (in shares)

1,265,381

Total (in shares)

12,966,322

7,841,847

11,194,060

7,801,240

Percentage of loss allocated to:

Common stock (as percent)

100.00%

88.70%

100.00%

Unvested restricted stock (as percent)

0.00%

Series C Preferred stock (as percent)

0.00%

11.30%

0.00%

Numerator and denominator for (loss) per share

Net loss attributable to common stock holders, basic

$ (15.3)

$ (7.3)

$ (16.8)

$ (28.0)

Net loss attributable to common stock holders, diluted

(15.3)

(7.3)

(16.8)

(28.0)

Net loss attributable to Series C holder, basic

0.0

(2.1)

0.0

Net loss attributable to Series C holder, diluted

$ 0.0

$ (2.1)

$ 0.0

Weighted average common shares/ Series C shares outstanding - basic (in shares)

^[1]

12,966,322

7,841,847

9,928,679

7,801,240

Weighted average common shares/ Series C shares outstanding - diluted (in shares)

^[1]

12,966,322

7,841,847

9,928,679

7,801,240

Loss per common share/ series C share - basic (in usd per share)

^[1]

$ (1.18)

$ (0.93)

$ (1.69)

$ (3.59)

Loss per common share/ series C share - diluted (in usd per share)

^[1]

$ (1.18)

$ (0.93)

$ (1.69)

$ (3.59)

Series C Preferred Stock

Loss allocable to common shares:

Weighted average common shares outstanding - basic (in shares)

1,265,381

Numerator and denominator for (loss) per share

Weighted average common shares/ Series C shares outstanding - basic (in shares)

1,265,381

Weighted average common shares/ Series C shares outstanding - diluted (in shares)

1,265,381

Loss per common share/ series C share - basic (in usd per share)

$ 0

$ (1.69)

$ 0

Loss per common share/ series C share - diluted (in usd per share)

$ 0

$ (1.69)

$ 0

[1]	Basic and diluted loss per common share and weighted average common shares outstanding for the three and nine months ended September 30, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

Equity and Temporary Equity - Series A-3 and Series A-4 Shares Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				9 Months Ended
	Aug. 08, 2024	Apr. 24, 2024	Jul. 01, 2021	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Consent rights percentage (at least)				4.90%
Series A shares issued and outstanding
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				0
Preferred stock, shares outstanding (in shares)				0
Preferred stock conversion price (in usd per share)			$ 3.52
Series A-2 shares issued and outstanding
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				0
Preferred stock, shares outstanding (in shares)				0
Preferred stock conversion price (in usd per share)			$ 5.33
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Preferred stock cumulative cash dividend rate				7.50%
Preferred stock dividend rate				4.00%
Accreting dividend threshold rate				7.25%
Volume weighted average price threshold percentage				150.00%
Preferred stock force conversion, trading days to calculate volume weighted average price				30 days
Preferred stock trading days to calculate volume weighted average price (at least)				20 days
Preferred stock trading days to calculate volume weighted average price, trading day period				30 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]
Preferred stock, shares issued (in shares)				6,125	6,125
Preferred stock, shares outstanding (in shares)				6,125	6,125
Accrued value per share (in usd per share)				$ 1,000
Preferred stock conversion price (in usd per share)				$ 4.25
Number of shares to be issued upon conversion of preferred stock (in shares)		256,986		259,212	174,070
Series A-3 Preferred Stock \| Previously Reported
Class of Stock [Line Items]
Number of shares to be issued upon conversion of preferred stock (in shares)		2,569,858			1,740,700
Series A-3 Preferred Stock \| Private Placement
Class of Stock [Line Items]
Preferred stock conversion price (in usd per share)	$ 23.63	$ 2.38
Series A-4 Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				10,000	10,000
Preferred stock, shares outstanding (in shares)				10,000	10,000
Preferred stock conversion price (in usd per share)				$ 8.25
Number of shares to be issued upon conversion of preferred stock (in shares)		288,177		290,672	187,554
Series A-4 Preferred Stock \| Previously Reported
Class of Stock [Line Items]
Number of shares to be issued upon conversion of preferred stock (in shares)		2,881,761			1,875,533
Series A-4 Preferred Stock \| Private Placement
Class of Stock [Line Items]
Preferred stock conversion price (in usd per share)	$ 34.40	$ 3.47
Series A- 4 Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				10,000	10,000
Preferred stock, shares outstanding (in shares)				10,000	10,000
Accrued value per share (in usd per share)				$ 1,000
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			$ 16.1
Preferred stock value outstanding				$ 16.4
Accrued dividend payable				$ 0.3

Accounts Receivable, Net

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Accounts Receivable, Net

4. Accounts Receivable, Net

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


	September 30, 2024		December 31, 2023

Contracts in progress	$	182.5	$	271.7

Trade receivables	2.1		1.9
Other receivables	6.3		5.2
Allowance for expected credit losses	(0.1)		(0.4)
Total	$	190.8	$	278.4

As of January 1, 2023, accounts receivable, net totaled $254.9 million.

Related Parties - Non-Operating Corporate Narrative (Details) - USD ($)						1 Months Ended	3 Months Ended			9 Months Ended
	Jun. 18, 2024	Apr. 26, 2024	Apr. 24, 2024	Mar. 28, 2024	Mar. 08, 2024	Sep. 30, 2018	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 05, 2024	Dec. 31, 2023	May 09, 2023	Feb. 01, 2021
Non-Operating Corporate
Related Party Transaction [Line Items]
Lease term						75 months
7.50% Convertible Senior Notes due 2026 \| Non-Operating Corporate
Related Party Transaction [Line Items]
Interest rate							7.50%			7.50%
7.50% Convertible Senior Notes due 2026 \| Convertible Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Face amount															$ 51,800,000
Interest rate															7.50%
CGIC \| Non-Operating Corporate
Related Party Transaction [Line Items]
Face amount														$ 35,100,000
CGIC \| Secured Debt
Related Party Transaction [Line Items]
Repayments of long-term debt		$ 4,100,000
Series C Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares)				25,000
Private Placement \| Series C Preferred Stock
Related Party Transaction [Line Items]
Consideration to be received on sale of stock				$ 25,000,000
Private Placement \| Series C Preferred Stock \| Lancer Capital
Related Party Transaction [Line Items]
Consideration to be received on sale of stock			$ 6,300,000
Issuance of common stock (in shares)			6,286
Rights Offering And Concurrent Private Placement \| Series C Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares)	31,286
Number of shares to be issued upon conversion of preferred stock (in shares)	4,469,390
Rights Offering And Concurrent Private Placement \| Series C Preferred Stock \| Previously Reported
Related Party Transaction [Line Items]
Number of shares to be issued upon conversion of preferred stock (in shares)	44,693,895
Lancer Capital \| 7.50% Convertible Senior Notes due 2026 \| Convertible Debt \| Non-Operating Corporate
Related Party Transaction [Line Items]
Number of shares to be issued upon conversion of preferred stock (in shares)							47,265			47,265
Face amount							$ 2,000,000			$ 2,000,000			$ 2,000,000
Interest expense							$ 37,500		$ 112,500	$ 37,500	$ 112,500
Lancer Capital \| Innovate Corp
Related Party Transaction [Line Items]
Percentage of proxy and voting rights from minority holders			52.10%				49.50%	48.80%		49.50%		29.10%
Lancer Capital \| Rights Offering For Existing Shareholders
Related Party Transaction [Line Items]
Backstop commitment amount								$ 19,000,000
Consideration to be received on sale of stock				$ 25,000,000
Issuance of common stock (in shares)				25,000
Lancer Capital \| Private Placement \| Preferred stock and fixed maturities
Related Party Transaction [Line Items]
Issuance of preferred stock in private placement					$ 16,000,000			$ 16,000,000
Lancer Capital \| Rights Offering And Concurrent Private Placement \| Series C Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock (in shares)			6,286

Debt Obligations - Spectrum Narrative (Details) - Spectrum - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Aug. 15, 2025	Nov. 09, 2024	Sep. 30, 2024	Dec. 31, 2023
Forecast
Debt Instrument [Line Items]
Exit fees	$ 2.0	$ 1.0
Minimum \| Senior Notes
Debt Instrument [Line Items]
Interest rate, effective percentage			20.60%
Maximum \| Senior Notes
Debt Instrument [Line Items]
Interest rate, effective percentage			24.00%
8.50% Note due 2025
Debt Instrument [Line Items]
Interest rate			8.50%
11.45% Notes due 2025
Debt Instrument [Line Items]
Interest rate			11.45%
Exit fees (non-current portion)			$ 15.9	$ 15.9

Debt Obligations - Infrastructure Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jun. 28, 2024	Dec. 31, 2023
Infrastructure \| 4.00% Note due 2024 \| Term Loan
Debt Instrument [Line Items]
Interest rate			4.00%
Outstanding debt	$ 0.0		$ 5.0
Revolving Credit Facility \| Infrastructure
Debt Instrument [Line Items]
Interest rate, effective percentage	7.52%		8.33%
Commitment fee percentage	0.25%
Revolving Credit Facility \| Infrastructure \| PRIME minus 0.75% Line of Credit due 2025 \| Line of Credit \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Outstanding debt	$ 75.0		$ 100.0
Revolving Credit Facility \| Infrastructure \| 3.25% Term Loan due 2026 \| Term Loan \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Interest rate	3.25%
Outstanding debt	$ 76.3		91.4
Revolving Credit Facility \| Infrastructure \| PRIME minus 0.75% Term Loan due 2026 \| Line of Credit \| DBM Global Credit Facilities
Debt Instrument [Line Items]
Outstanding debt	24.8		$ 0.0
Revolving Credit Facility \| Infrastructure \| PRIME minus 0.75% Term Loan due 2026 \| Term Loan
Debt Instrument [Line Items]
Outstanding debt		$ 25.0
Revolving Credit Facility \| UMB Bank \| Infrastructure
Debt Instrument [Line Items]
Line of credit, maximum amount	$ 135.0
Interest rate	3.25%
Interest rate, effective percentage	3.30%
Revolving Credit Facility \| UMB Bank \| Infrastructure \| Term Loan
Debt Instrument [Line Items]
Interest rate	3.25%
Minimum
Debt Instrument [Line Items]
Finance lease, interest rate	3.00%
Minimum \| Revolving Credit Facility \| UMB Bank \| Infrastructure
Debt Instrument [Line Items]
Interest rate	4.25%
Maximum
Debt Instrument [Line Items]
Finance lease, interest rate	6.80%

Revenue and Contracts in Process - Schedule of Infrastructure Segment Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 242.2	$ 375.3	$ 870.5	$ 1,062.0
Total Infrastructure segment revenue	242.2	375.3	870.5	1,062.0
Infrastructure
Disaggregation of Revenue [Line Items]
Revenue	232.8	369.3	844.3	1,042.9
Other revenue	0.0	0.0	1.6	0.5
Total Infrastructure segment revenue	232.8	369.3	845.9	1,043.4
Infrastructure \| Industrial
Disaggregation of Revenue [Line Items]
Revenue	64.7	115.9	242.5	322.7
Infrastructure \| Commercial
Disaggregation of Revenue [Line Items]
Revenue	57.1	100.6	230.9	311.4
Infrastructure \| Transportation
Disaggregation of Revenue [Line Items]
Revenue	58.2	75.5	228.0	176.7
Infrastructure \| Healthcare
Disaggregation of Revenue [Line Items]
Revenue	40.9	38.3	114.4	114.4
Infrastructure \| Convention
Disaggregation of Revenue [Line Items]
Revenue	1.8	35.5	10.3	97.0
Infrastructure \| Government
Disaggregation of Revenue [Line Items]
Revenue	3.9	1.6	5.6	8.2
Infrastructure \| Energy
Disaggregation of Revenue [Line Items]
Revenue	1.9	1.0	5.7	7.0
Infrastructure \| Leisure
Disaggregation of Revenue [Line Items]
Revenue	$ 4.3	$ 0.9	$ 6.9	$ 5.5

Accounts Receivable, Net - Accounts Receivable, net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Receivables [Abstract]
Contracts in progress	$ 182.5	$ 271.7
Trade receivables	2.1	1.9
Other receivables	6.3	5.2
Allowance for expected credit losses	(0.1)	(0.4)
Total	$ 190.8	$ 278.4	$ 254.9

Equity and Temporary Equity - Series C Preferred Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 18, 2024	Apr. 24, 2024	Mar. 28, 2024	Sep. 30, 2024	Mar. 05, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)				20,000,000		20,000,000
Preferred stock, par value (in usd per share)				$ 0.001		$ 0.001
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)					35,000
Preferred stock, shares authorized (in shares)					20,000,000
Preferred stock, par value (in usd per share)			$ 0.001		$ 0.001
Issuance of common stock (in shares)			25,000
Preferred stock, shares outstanding (in shares)				0
Series C Preferred Stock \| Rights Offering And Concurrent Private Placement
Class of Stock [Line Items]
Issuance of common stock (in shares)	31,286
Sale of stock (in USD per share)	$ 0.70
Number of shares to be issued upon conversion of preferred stock (in shares)	4,469,390
Series C Preferred Stock \| Rights Offering And Concurrent Private Placement \| Previously Reported
Class of Stock [Line Items]
Number of shares to be issued upon conversion of preferred stock (in shares)	44,693,895
Series C Preferred Stock \| Private Placement
Class of Stock [Line Items]
Consideration to be received on sale of stock			$ 25.0
Series C Preferred Stock \| Private Placement \| Lancer Capital
Class of Stock [Line Items]
Issuance of common stock (in shares)		6,286
Consideration to be received on sale of stock		$ 6.3
Series C Preferred Stock \| Lancer Capital
Class of Stock [Line Items]
Proceeds from issuance of preferred stock			$ 25.0
Series C Preferred Stock \| Lancer Capital \| Rights Offering And Concurrent Private Placement
Class of Stock [Line Items]
Issuance of common stock (in shares)		6,286
Series C Non-Voting Participating Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)				0
Preferred stock, shares outstanding (in shares)				0

Operating Segments and Related Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Operating Segments and Related Information

17. Operating Segments and Related Information

The Company currently has one primary reportable geographic segment - United States, and primarily all revenue is derived in the United States. The Company has 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.

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


		Three Months Ended September 30,		Nine Months Ended September 30,
	Segment	2024	2023	2024	2023
Customer A	Infrastructure	11.1%	26.8%	17.7%	27.5%
Customer B	Infrastructure	12.9%	*	10.5%	*
Customer C	Infrastructure	*	13.9%	*	12.9%

*Less than 10% revenue concentration

Summarized financial information with respect to the Company’s operating segments is as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Infrastructure	$	232.8	$	369.3	$	845.9	$	1,043.4
Life Sciences	3.0		0.6		5.7		1.8
Spectrum	6.4		5.4		18.9		16.8



Total revenue	$	242.2	$	375.3	$	870.5	$	1,062.0


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Income (loss) from operations
Infrastructure	$	12.3	$	20.9	$	57.1	$	41.9
Life Sciences	(3.3)		(3.3)		(10.5)		(11.6)
Spectrum	(0.1)		(2.1)		0.2		(3.2)
Other	—		—		—		(1.9)
Non-Operating Corporate	(3.0)		(4.8)		(9.3)		(12.7)

Total income from operations	$	5.9	$	10.7	$	37.5	$	12.5


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of the consolidated segment income from operations to consolidated (loss) from operations before income taxes:
Income from operations	$	5.9	$	10.7	$	37.5	$	12.5
Interest expense	(21.2)		(17.1)		(54.9)		(49.0)




Loss from equity investees	—		(1.5)		(2.3)		(5.8)

Other income, net	2.2		0.4		1.2		17.2
Loss from operations before income taxes	$	(13.1)	$	(7.5)	$	(18.5)	$	(25.1)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Depreciation and Amortization
Infrastructure	$	3.0	$	2.6	$	8.9	$	11.6
Infrastructure recognized within cost of revenue	3.7		3.8		11.5		11.7
Total Infrastructure	6.7		6.4		20.4		23.3
Life Sciences	0.1		0.1		0.3		0.3
Life Sciences recognized within cost of revenue	—		—		0.1		0.1
Total Life Sciences	0.1		0.1		0.4		0.4
Spectrum	1.3		1.3		3.9		3.9

Non-Operating Corporate	—		—		0.1		0.1
Total depreciation and amortization	$	8.1	$	7.8	$	24.8	$	27.7


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Capital Expenditures (*)
Infrastructure	$	2.8	$	5.5	$	10.7	$	12.5
Life Sciences	—		—		0.1		0.3
Spectrum	0.3		0.2		1.0		0.8

Non-Operating Corporate	—		—		—		0.3
Total	$	3.1	$	5.7	$	11.8	$	13.9

(*) The above capital expenditures exclude assets acquired under finance lease and other financing obligations.


	September 30, 2024		December 31, 2023

Investments

Life Sciences	$	1.8	$	1.8



Total	$	1.8	$	1.8

The Company's equity method investments in the Life Sciences segment included in the table above totaled $0.9 million as of both September 30, 2024, and December 31, 2023.


	September 30, 2024		December 31, 2023

Total Assets
Infrastructure	$	684.0	$	851.4
Life Sciences	12.4		8.3
Spectrum	176.7		176.6

Non-Operating Corporate	24.1		7.3

Total	$	897.2	$	1,043.6

- Definition

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

+ References

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+ Details

Other Assets, Accrued Liabilities and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

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

Schedule of Other Current Assets

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


	September 30, 2024		December 31, 2023

Prepaid assets	$	10.6	$	11.2
Income tax receivable	1.4		2.1
Restricted cash - current	0.9		0.9
Other	3.1		0.4
Total other current assets	$	16.0	$	14.6

Schedule of Other Assets

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


	September 30, 2024		December 31, 2023

Right-of-use assets	$	53.4	$	58.0
Restricted cash - non-current	0.6		0.6
Other	6.4		2.7
Total other assets	$	60.4	$	61.3

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	September 30, 2024		December 31, 2023

Accrued expenses	$	12.7	$	14.3
Accrued payroll and employee benefits	32.0		29.2
Accrued interest and exit fees	47.9		17.1
Accrued sales and use taxes	0.2		9.8
Accrued income taxes	0.5		0.4
Total accrued liabilities	$	93.3	$	70.8

Schedule of Other Current Liabilities

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


	September 30, 2024		December 31, 2023

Operating lease liability, current portion	$	13.0	$	13.5

Other	3.3		2.6
Total other current liabilities	$	16.3	$	16.1

Schedule of Other Liabilities

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


	September 30, 2024		December 31, 2023

Operating lease liability, net of current portion	$	43.1	$	48.6

Accrued interest and exit fees (non-current portion)	1.8		30.8



Other	2.9		3.3


Total other liabilities	$	47.8	$	82.7

Share-based Compensation - Narrative (Details) - USD ($)					3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 15, 2024	Aug. 19, 2024	Oct. 11, 2023	Sep. 15, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense					$ 300,000	$ 800,000	$ 1,100,000	$ 2,000,000
Intrinsic value of options outstanding					$ 0		$ 0
Average remaining life of option outstanding							3 years 9 months 18 days
Maximum contractual term of company's exercisable options							10 years
Unvested stock options (in shares)					0		0
Compensation expense unrecognized					$ 0		$ 0
Common stock, par value (in usd per share)					$ 0.001		$ 0.001		$ 0.001
Second A&R 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)					101,943		101,943
Plan Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of award shares (in shares)					1,300,000		1,300,000
Options granted (in shares)	100,000			100,000
Strike price (in usd per share)	$ 4.22			$ 25.00
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of restricted common stock vested							$ 300,000	$ 1,700,000
Unrecognized compensation expense					$ 1,000,000.0		$ 1,000,000.0
Unrecognized compensation expense, period for recognition							1 year 4 months 24 days
Settlement of the grant (in shares)							129,502		50,696
Restricted Stock \| Plan Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement of the grant (in shares)		142,857	95,322
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

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt and Finance Lease Obligations

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


	September 30, 2024		December 31, 2023
Infrastructure
PRIME minus 0.75% Line of Credit due 2025	$	75.0	$	100.0
3.25% Term Loan due 2026	76.3		91.4
PRIME minus 0.75% Term Loan due 2026	24.8		—
4.00% Note due 2024	—		5.0

Obligations under finance leases	0.7		2.4
Total Infrastructure	$	176.8	$	198.8

Spectrum
8.50% Note due 2025	$	19.3	$	19.3
11.45% Notes due 2025	50.4		50.4


Total Spectrum	$	69.7	$	69.7

Life Sciences
20.00% Notes due 2024	$	22.8	17.4

Total Life Sciences	$	22.8	$	17.4

Non-Operating Corporate
8.50% Senior Secured Notes due 2026	$	330.0	$	330.0
7.50% Convertible Senior Notes due 2026	48.9		51.8
SOFR plus 5.75% Line of Credit due 2025	20.0		20.0
CGIC Unsecured Note due 2026	31.0		35.1
Total Non-Operating Corporate	$	429.9	$	436.9

Total outstanding principal	$	699.2	$	722.8
Unamortized issuance discount, issuance premium, and deferred financing costs	(7.6)		(13.0)
Less: current portion of debt obligations	(189.2)		(30.5)
Debt obligations, net of current portion	$	502.4	$	679.3

Schedule of Maturities of Debt and Finance Lease Obligations

As of September 30, 2024, estimated future aggregate finance lease and debt payments, including interest, were as follows (in millions):


	Finance Leases		Debt		Total
2024 (remaining period)	$	0.1	$	38.1	$	38.2
2025	0.3		246.3		246.6
2026	0.2		508.4		508.6
2027	0.2		—		0.2


Total minimum principal and interest payments	0.8		792.8		793.6
Less: Amount representing interest	(0.1)		(94.3)		(94.4)
Total aggregate finance lease and debt payments	$	0.7	$	698.5	$	699.2

Equity and Temporary Equity - Schedule of Cash, PIK and Special Cash Dividends (Details) - USD ($) $ in Millions								3 Months Ended						9 Months Ended
	Oct. 15, 2024	Jul. 15, 2024	Apr. 15, 2024	Oct. 13, 2023	Jul. 14, 2023	May 09, 2023	Apr. 17, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Dividend payments														$ 0.9	$ 1.8
Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Total Dividend								$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3
Dividend payments		$ 0.3	$ 0.3	$ 0.3	$ 0.3		$ 0.3
Series A shares issued and outstanding \| DBMGi
Class of Stock [Line Items]
Total Dividend												$ 0.4	$ 0.9
Dividend payments						$ 0.4	$ 0.9
Subsequent Event \| Series A-3 and A-4 Preferred Stock
Class of Stock [Line Items]
Dividend payments	$ 0.3

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Subparagraph (SX 210.5-02(28))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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 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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-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (Parenthetical) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Other comprehensive loss	$ 1.0	$ (0.7)	$ 0.3	$ (10.6)
Foreign Currency Cumulative Translation Adjustments
Other comprehensive loss	$ 2.1	$ 3.6	$ 2.1	$ 3.6

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 4.6	$ 5.8	$ 14.4	$ 17.8
Operating cash flows from finance leases	0.0	0.0	0.0	0.1
Financing cash flows from finance leases	0.1	0.1	0.3	0.3
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	7.4	4.4	13.6	8.9
Finance leases	$ 0.0	$ 0.0	0.0	$ 0.6
Lease modification incentive			$ 4.0

Investments - MedicBeacon Narrative (Details) - MediBeacon Inc. - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Beneficial ownership percentage	45.90%		45.90%
Huadong
Schedule of Equity Method Investments [Line Items]
Beneficial ownership percentage						46.20%	47.20%
Life Sciences
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 0		$ 0		$ 0		$ 0
Notes receivable	12,000,000		12,000,000
Interest income	300,000	$ 100,000	1,000,000	$ 300,000
Gain on sale of investment				3,800,000
Realized loss, equity issuance				$ 3,800,000
Cumulative unrecognized loss on equity method investments	10,900,000		10,900,000
Notes Receivable \| Life Sciences
Schedule of Equity Method Investments [Line Items]
Notes receivable, face amount	$ 2,300,000		$ 2,300,000
Notes receivable interest rate, percentage	12.00%		12.00%
Notes receivable term			3 years
Realized loss			$ 2,300,000
Notes receivable	$ 12,000,000		$ 12,000,000

Equity and Temporary Equity - Schedule of Stock by Class (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	10,000	10,000
Preferred stock, shares outstanding (in shares)	10,000	10,000

- Definition

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

+ References

+ Details

Leases - Narrative (Details)	1 Months Ended			3 Months Ended		9 Months Ended		24 Months Ended
Leases - Narrative (Details)	Mar. 31, 2024 USD ($)	Feb. 28, 2023 USD ($) ft²	Dec. 31, 2021 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2021
Lessee, Lease, Description [Line Items]
Selling, general and administrative				$ 37,400,000	$ 43,800,000	$ 119,800,000	$ 126,600,000
West Palm Beach, Florida, Lease Commencing November 2023
Lessee, Lease, Description [Line Items]
Lease, term of contract		15 years								10 years
Monthly payment amount		$ 200,000
Annual maintenance charge		$ 600,000
Percentage of annual adjustment in lease payment and charges		3.00%
Square footage leased \| ft²		25,184
Prepaid rent									$ 1,100,000
Selling, general and administrative						$ 0	$ 600,000	$ 1,100,000
West Palm Beach, Florida, Lease Commencing Fourth Quarter 2023
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract			5 years
Monthly lease payments			$ 100,000
Percentage of annual adjustment in lease payment and charges			3.00%
Deposits assets								$ 200,000
Security deposit written off	$ 200,000

Goodwill and Intangibles, Net - Schedule of Definite Lived Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 129.3	$ 129.3
Accumulated Amortization	(62.5)	(56.7)
Net	$ 66.8	72.6
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	15 years
Gross Carrying Amount	$ 25.2	25.2
Accumulated Amortization	(10.6)	(9.4)
Net	$ 14.6	15.8
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	11 years
Gross Carrying Amount	$ 87.6	87.6
Accumulated Amortization	(48.0)	(44.2)
Net	$ 39.6	43.4
Channel sharing arrangements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	35 years
Gross Carrying Amount	$ 12.6	12.6
Accumulated Amortization	(2.1)	(1.8)
Net	$ 10.5	10.8
Other
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Original Useful Life	10 years
Gross Carrying Amount	$ 3.9	3.9
Accumulated Amortization	(1.8)	(1.3)
Net	$ 2.1	$ 2.6

- 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

Income Taxes (Details) - USD ($)		3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Mar. 06, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Nov. 06, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense		$ 3,100,000	$ 1,100,000	$ 3,900,000	$ 3,200,000
Income tax provision, interim tax			1,100,000		1,100,000
Deferred tax benefit				200,000	(5,300,000)
Deferred tax liability		4,300,000		4,300,000			$ 4,100,000
Unrecognized tax benefits that would impact effective tax rate		$ 0		0			0
Operating loss carryforwards, decrease for uncertain tax positions				$ 58,700,000	58,700,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards							189,600,000
Operating loss carryforwards, US							129,600,000
Domestic Tax Authority \| Subsequent Event
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, US						$ 11,400,000
Domestic Tax Authority \| Various Nonconsolidated Subsidiaries
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards							137,800,000
Net operating loss, not subject to expiration							101,700,000
Net operating losses subject to expiration							36,100,000
Domestic Tax Authority \| R2 Technologies
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards							92,800,000
Domestic Tax Authority \| DTV America
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards							42,600,000
Domestic Tax Authority \| Other Entities
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards							$ 2,400,000
HMN
Operating Loss Carryforwards [Line Items]
Current foreign tax expense (benefit)	$ 4,400,000		4,400,000		4,400,000
Deferred tax benefit			$ 5,500,000		$ 5,500,000
Deferred tax liability	$ 11,300,000
Ownership percentage sold	19.00%

Debt Obligations - Life Sciences Narrative (Details) - USD ($)		3 Months Ended		8 Months Ended	9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Accured interest		$ 47,900,000		$ 47,900,000	$ 47,900,000			$ 17,100,000
Current portion of debt obligations		189,200,000		189,200,000	189,200,000			30,500,000
Life Sciences
Debt Instrument [Line Items]
Outstanding debt		28,400,000		28,400,000	28,400,000
Current portion of debt obligations		$ 22,800,000		$ 22,800,000	$ 22,800,000
R2 Technologies \| Related Party \| Life Sciences
Debt Instrument [Line Items]
Interest rate	20.00%
Face amount	$ 20,000,000
Accured interest	$ 2,600,000							$ 2,400,000
Exit fee (as a percent)	10.50%				11.39%
Exit fees					$ 2,200,000
Debt covenant, maturity, number of days after event	5 days
Debt covenant, proceeds received amount to cause debt maturity	$ 20,000,000
Optional prepayment, number of days written notice	5 days
Increase in exit fee (as a percent)		0.17%		0.17%	0.17%
Additional exit fee payable		$ 1,000,000		$ 1,000,000	$ 1,000,000
Increase in exit fee per month		1,000,000		1,000,000	1,000,000
Interest cost relating to contractual interest coupon		4,500,000	$ 800,000		6,400,000	$ 2,000,000
Interest costs capitalized				2,800,000
Exit fees (non-current portion)		$ 5,600,000		$ 5,600,000	$ 5,600,000
R2 Technologies \| Related Party \| Life Sciences \| Forecast
Debt Instrument [Line Items]
Additional exit fee payable							$ 7,900,000

Debt Obligations - Schedule of Aggregate Debt and Finance Lease Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finance Leases
2024 (remaining period)	$ 0.1
2025	0.3
2026	0.2
2027	0.2
Total future minimum lease payments	0.8
Less: Amount representing interest	(0.1)
Total lease liability	0.7	$ 2.4
Debt
2024 (remaining period)	38.1
2025	246.3
2026	508.4
2027	0.0
Total minimum principal and interest payments	792.8
Less: Amount representing interest	(94.3)
Total aggregate finance lease and debt payments	698.5
Total
2024 (remaining period)	38.2
2025	246.6
2026	508.6
2027	0.2
Total minimum principal and interest payments	793.6
Less: Amount representing interest	(94.4)
Total aggregate finance lease and debt payments	$ 699.2	$ 722.8

Operating Segments and Related Information - Schedule of Segment Reporting for Long-term investments, Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	$ 1.8	$ 1.8
Assets	897.2	1,043.6
Operating Segments \| Infrastructure
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	684.0	851.4
Operating Segments \| Life Sciences
Revenues from External Customers and Long-Lived Assets [Line Items]
Investments	1.8	1.8
Equity method investments	0.9	0.9
Assets	12.4	8.3
Operating Segments \| Spectrum
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	176.7	176.6
Non-Operating Corporate
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 24.1	$ 7.3

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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

- Definition

+ References + Details

Supplementary Financial Information- Schedule of Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Offsetting Assets [Line Items]
Net gain (loss) on repurchase or extinguishment of debt			$ (0.3)	$ 0.0
Total other income, net	$ 2.2	$ 0.4	1.2	17.2
HMN
Offsetting Assets [Line Items]
Gain on sale of investment	0.0	0.0	0.0	12.2
Gain on step-up of equity method investment	0.0	0.0	0.0	3.8
Net gain (loss) on repurchase or extinguishment of debt	1.9	0.0	(0.3)	0.0
Other	0.3	0.4	1.5	1.2
Total other income, net	$ 2.2	$ 0.4	$ 1.2	$ 17.2

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Parties	16. Related Parties Non-Operating Corporate During the first quarter of 2024, in connection with the Rights Offering, the Company entered into an Investment Agreement with Lancer Capital, an entity controlled by Avram A. Glazer, pursuant to which Lancer Capital agreed to the Backstop Commitment to purchase up to $19.0 million of Series C Preferred Stock in connection with the Rights Offering and to purchase $16.0 million of Series C Preferred Stock in a Concurrent Private Placement, of which $25.0 million would be purchased before the closing of the Rights Offering if the Rights Offering did not close by March 28, 2024. As a result of the extension of the Rights Offering, on March 28, 2024, Lancer Capital funded the equity advance of $25.0 million to the Company and received 25,000 shares of Series C Preferred Stock. As a result, Lancer Capital's beneficial ownership increased from 29.1% as of March 5, 2024, immediately prior to the start of the Rights Offering, to 48.8% as of March 31, 2024. On April 24, 2024, as a result of the closing of the Rights Offering and Concurrent Private Placement, Lancer Capital purchased an additional approximately 6,286 shares of Series C Preferred Stock for $6.3 million, increasing Lancer Capital's beneficial ownership to 52.1%. On June 18, 2024, the Company held its annual shareholder meeting where the Company's shareholders approved the conversion of the Series C Preferred Stock into common stock. As a result, approximately 31,286 Series C Preferred Stock held by Lancer Capital were converted into 4,469,390 shares of INNOVATE's common stock (44,693,895 on a pre Reverse Stock Split basis). Refer to Note 15. Equity and Temporary Equity for additional information. As of September 30, 2024, Lancer Capital's beneficial ownership was 49.5%. Lancer Capital held $2.0 million of principal amount of the Company's $51.8 million 7.50% 2026 Convertible Notes, as of both September 30, 2024 and December 31, 2023. As of September 30, 2024, the $2.0 million in 7.5% notes are convertible into 47,265 shares of common stock of INNOVATE. Refer to Note 11. Debt Obligations for additional information on the 2026 Convertible Notes. During both the three and nine months ended September 30, 2024 and 2023, Lancer Capital earned $37.5 thousand and $112.5 thousand, respectively, in interest relating to these notes. In December 2023, the Company entered into a sublease agreement for a special purpose space with PBCIC, a Florida not-for-profit corporation and related party to Avram A. Glazer, the Chairman of INNOVATE's Board of Directors and a significant shareholder, who is also on the board of directors of PBCIC. In March 2024, the Company assigned this lease to an entity controlled by Mr. Glazer. In addition, in March 2024, the Company assigned a lease for office space to an entity controlled by Mr. Glazer. Refer to Note 9. Leases for additional information. In September 2018, the Company entered into a 75-month lease for office space which expires in December 2024. As part of the agreement, INNOVATE was able to pay a lower security deposit and lease payments and received favorable lease terms as consideration for landlord required cross default language in the event of default of the shared space leased by Harbinger Capital Partners, a company controlled by a former CEO of INNOVATE and formerly a related party, in the same building. With the adoption of ASC 842, Leases, as of January 1, 2019, this lease was recognized as a right-of-use asset and lease liability on the Consolidated Balance Sheets. On May 9, 2023, the Company entered into a Stock Purchase Agreement and Subordinated Unsecured Promissory Note with CGIC in the principal amount of $35.1 million. CGIC is a former significant shareholder and is the shareholder of the Series A-3 Preferred Stock and Series A-4 Preferred Stock. As a result of the closing of the Rights Offering on April 24, 2024, INNOVATE redeemed $4.1 million of the CGIC Unsecured Note on April 26, 2024. Refer to Note 11. Debt Obligations and Note 15. Equity and Temporary Equity for additional information. Infrastructure Banker Steel previously leased two planes from Banker Aviation, LLC, a former related party and entity that is owned by Donald Banker, who was the CEO of Banker Steel until December 2023. Both leases had been terminated by the fourth quarter of 2023. For the three and nine months ended September 30, 2023, DBMG incurred related lease expenses of $0.3 million and $1.0 million, respectively. DBMG and Banker Steel, jointly and severally, had a subordinated 4.0% note payable to Banker Steel's former owner, in which Donald Banker's family trust has a 25% interest, and jointly and severally also had a subordinated 8.0% note payable to Donald Banker's family trust, the latter of which was fully paid off in December 2023. The 4.0% note and associated accrued interest matured on March 31, 2024, and was fully redeemed on April 2, 2024. During the nine months ended September 30, 2024, DBMG made $5.0 million in scheduled principal payments on the 4.0% note. DBMG incurred aggregate interest expense related to these notes of $0.3 million for the three months ended September 30, 2023, and $25 thousand and $1.3 million for the nine months ended September 30, 2024 and 2023, respectively. Accrued interest was $0.1 million as of December 31, 2023. Life Sciences As of September 30, 2024 and December 31, 2023, R2 Technologies had $22.8 million and $17.4 million, respectively, in principal amount of 20.0% senior secured promissory notes due to Lancer Capital. Refer to Note 11. Debt Obligations for additional information. R2 Technologies recognized $0.6 million of revenue from sales with a subsidiary of Huadong, a related party of R2 Technologies, for the three months ended September 30, 2024 and recognized no revenue for the three months ended September 30, 2023. R2 Technologies recognized $0.8 million and $0.2 million of revenue from sales and profit sharing agreements with a subsidiary of Huadong, a related party of R2 Technologies, respectively, for the nine months ended September 30, 2024 and 2023. As of both September 30, 2024 and December 31, 2023, there were no related receivables from this subsidiary of Huadong. Stock compensation and royalty expenses related to Blossom Innovations, LLC, an investor of R2 Technologies since 2014, totaled $0.2 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and totaled $0.4 million and $0.2 million, for the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 6. Investments for transactions with equity method investees of the Company.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)
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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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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (years) - operating leases	7 years 6 months	7 years 6 months
Weighted-average remaining lease term (years) - finance leases	2 years 8 months 12 days	1 year 7 months 6 days
Weighted-average discount rate - operating leases	6.00%	5.60%
Weighted-average discount rate - finance leases	5.30%	6.80%

Other Assets, Accrued Liabilities and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Right-of-use assets	$ 53.4	$ 58.0
Restricted cash - non-current	0.6	0.6	$ 1.4	$ 1.5
Other	6.4	2.7
Total other assets	$ 60.4	$ 61.3

Other Assets, Accrued Liabilities and Other Liabilities

9 Months Ended

Sep. 30, 2024

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

Other Assets, Accrued Liabilities and Other Liabilities

10. Other Assets, Accrued Liabilities and Other Liabilities

Other Current Assets

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


	September 30, 2024		December 31, 2023

Prepaid assets	$	10.6	$	11.2
Income tax receivable	1.4		2.1
Restricted cash - current	0.9		0.9
Other	3.1		0.4
Total other current assets	$	16.0	$	14.6

Other Assets

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


	September 30, 2024		December 31, 2023

Right-of-use assets	$	53.4	$	58.0
Restricted cash - non-current	0.6		0.6
Other	6.4		2.7
Total other assets	$	60.4	$	61.3

Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	September 30, 2024		December 31, 2023

Accrued expenses	$	12.7	$	14.3
Accrued payroll and employee benefits	32.0		29.2
Accrued interest and exit fees	47.9		17.1
Accrued sales and use taxes	0.2		9.8
Accrued income taxes	0.5		0.4
Total accrued liabilities	$	93.3	$	70.8

Other Current Liabilities

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


	September 30, 2024		December 31, 2023

Operating lease liability, current portion	$	13.0	$	13.5

Other	3.3		2.6
Total other current liabilities	$	16.3	$	16.1

Other Liabilities

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


	September 30, 2024		December 31, 2023

Operating lease liability, net of current portion	$	43.1	$	48.6

Accrued interest and exit fees (non-current portion)	1.8		30.8



Other	2.9		3.3


Total other liabilities	$	47.8	$	82.7

Supplementary Financial Information

9 Months Ended

Sep. 30, 2024

Offsetting [Abstract]

Supplementary Financial Information

20. Supplementary Financial Information

Other income, net

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Gain on sale of investment	$	—	$	—	$	—	$	12.2
Gain on step-up of equity method investment	—		—		—		3.8
Net gain (loss) on repurchase or extinguishment of debt	1.9		—		(0.3)		—
Other	0.3		0.4		1.5		1.2
Total other income, net	$	2.2	$	0.4	$	1.2	$	17.2

Supplemental Cash Flow Information


	Nine Months Ended September 30,
	2024		2023
Cash and cash equivalents, beginning of the period	$	80.8	$	80.4
Restricted cash included in other current assets	0.9		0.3
Restricted cash included in other assets (non-current)	0.6		1.5
Total cash, cash equivalents and restricted cash, beginning of the period	$	82.3	$	82.2

Cash and cash equivalents, end of the period	$	51.0	$	55.7
Restricted cash included in other current assets	0.9		—
Restricted cash included in other assets (non-current)	0.6		1.4
Total cash and cash equivalents and restricted cash, end of the period	$	52.5	$	57.1









Supplemental cash flow information:
Cash paid for interest	$	43.9	$	43.6
Cash paid for income taxes, net of refunds	$	2.5	$	7.4

Non-cash investing and financing activities:
Unsecured note issued in connection with purchase of preferred stock and payment of dividends	$	—	$	35.1
Accrued interest, exit fees and other fees capitalized into principal debt	$	5.4	$	2.4
Property, plant and equipment included in accounts payable or accrued expenses	$	0.6	$	1.1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Current assets

Cash and cash equivalents

$ 51.0

$ 80.8

Accounts receivable, net

190.8

278.4

Contract assets

113.8

118.6

Inventory

21.0

22.4

Assets held for sale

7.3

3.1

Other current assets

16.0

14.6

Total current assets

399.9

517.9

Investments

1.8

Deferred tax asset

2.0

Property, plant and equipment, net

132.6

154.6

Goodwill

127.1

Intangibles, net

173.4

178.9

Other assets

60.4

61.3

Total assets

897.2

1,043.6

Current liabilities

Accounts payable

83.7

142.9

Accrued liabilities

93.3

70.8

Current portion of debt obligations

189.2

30.5

Contract liabilities

85.5

153.5

Other current liabilities

16.3

16.1

Total current liabilities

468.0

413.8

Deferred tax liability

4.3

4.1

Debt obligations

502.4

679.3

Other liabilities

47.8

82.7

Total liabilities

1,022.5

1,179.9

Commitments and contingencies

Temporary equity

Redeemable non-controlling interest

(0.3)

(1.0)

Total temporary equity

15.8

15.4

Stockholders’ deficit

Common stock

^[1]

0.0

0.1

Additional paid-in capital

348.4

328.2

Treasury stock, at cost: 148,800 shares as of both September 30, 2024 and December 31, 2023

^[1]

(5.4)

Accumulated deficit

(505.3)

(487.3)

Accumulated other comprehensive loss

(0.8)

(1.1)

Total INNOVATE Corp. stockholders’ deficit

(163.1)

(165.5)

Non-controlling interest

22.0

13.8

Total stockholders’ deficit

(141.1)

(151.7)

Total liabilities, temporary equity and stockholders’ deficit

897.2

1,043.6

Series A-3 , A-4 Preferred Stock

Temporary equity

Preferred stock

$ 16.1

$ 16.4

[1]	Shares issued and shares outstanding as of December 31, 2023, have been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

Organization and Business	9 Months Ended
Organization and Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business INNOVATE Corp. ("INNOVATE" and, together with its consolidated subsidiaries, the "Company", "we" and "our") is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. While the Company generally intends to acquire controlling equity interests in its operating subsidiaries, the Company may invest to a limited extent in a variety of non-controlling equity interest positions or debt instruments. The Company’s shares of common stock trade on the New York Stock Exchange ("NYSE") under the symbol "VATE". The Company currently has three reportable segments, plus our Other segment, based on management’s organization of the enterprise: Infrastructure, Life Sciences, Spectrum, and Other which includes businesses that do not meet the separately reportable segment thresholds. 1.The Company's Infrastructure segment is comprised of DBM Global Inc. ("DBMG") and its wholly-owned subsidiaries. DBMG is a fully integrated industrial construction, structural steel and facility maintenance provider that provides fabrication and erection of structural steel and heavy steel plate services and also fabricates trusses and girders and specializes in the fabrication and erection of large-diameter water pipe and water storage tanks, as well as 3-D Building Information Modeling (“BIM”) and detailing. DBMG provides these services on commercial, industrial, and infrastructure construction projects such as high- and low-rise buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills and power plants. Through GrayWolf Industrial Inc. ("GrayWolf"), DBMG provides integrated solutions for digital engineering, modeling and detailing, construction, heavy equipment installation and facility services including maintenance, repair, and installation to a diverse range of end markets. Through Aitken Manufacturing, Inc., DBMG manufactures pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters, separators and a variety of customized products. Through Banker Steel, a division of Schuff Steel Company, DBMG provides full-service fabricated structural steel and erection services primarily for the U.S. East Coast and Southeast commercial and industrial construction markets, in addition to full design-assist services. The Company maintains a 91.2% controlling interest in DBMG. 2.The Company's Life Sciences segment is comprised of Pansend Life Sciences, LLC ("Pansend"), its subsidiaries and its equity investments. Pansend maintains controlling interests of 80.0% in Genovel Orthopedics, Inc. ("Genovel"), which seeks to develop products to treat early osteoarthritis of the knee and 81.4% in R2 Technologies, Inc. ("R2 Technologies") (56.6% as of December 31, 2023), which develops aesthetic and medical technologies for the skin. Pansend also invests in other early stage or developmental stage healthcare companies and, as of September 30, 2024, had a 45.9% 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, a 1.7% fully diluted interest in Triple Ring Technologies, Inc. ("Triple Ring"), a science and technology co-development company, and a 20.1% interest in Scaled Cell Solutions, Inc. ("Scaled Cell"), an immunotherapy company developing a novel autologous cell therapy system to potentially improve current CAR-T treatments. 3.The Company's Spectrum segment is comprised of HC2 Broadcasting Holdings Inc. ("Broadcasting") and its subsidiaries. Broadcasting strategically acquired and operates over-the-air broadcasting stations across the United States. The Company maintains a 98.0% controlling interest in Broadcasting and maintains a controlling interest of approximately 69.2%, inclusive of 2.8% proxy rights from minority holders of DTV America Corporation ("DTV"). On a fully diluted basis, the Company would have an 85.8% controlling interest in Broadcasting. 4.The Company's Other segment represents all other businesses or investments that do not meet the definition of a segment individually or in the aggregate. Included in the Other segment is TIC Holdco, Inc. ("TIC"), and the former Marine Services segment, which includes its holding company, Global Marine Holdings, LLC ("GMH"), in which the Company maintains a 72.8% controlling interest. GMH's prior period results included its subsidiary's prior 19.0% equity method investment in HMN International Co., Ltd., formerly known as Huawei Marine Networks Co. (“HMN”), until it was sold on March 6, 2023. Refer to Note 6. Investments for additional information.

Goodwill and Intangibles, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles, Net

8. Goodwill and Intangibles, Net

Goodwill

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


	Infrastructure		Spectrum		Total



Balance as of December 31, 2023	$	105.7	$	21.4	$	127.1




Translation adjustments	—		—		—
Balance as of September 30, 2024	$	105.7	$	21.4	$	127.1

Indefinite-lived Intangible Assets

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


	September 30, 2024		December 31, 2023

FCC licenses	$	106.6	$	106.3

Total	$	106.6	$	106.3

On August 9, 2024, the Spectrum segment completed the purchase of K09AAF-D, a Low Power Television license and station for a total consideration of $0.3 million. The acquisition was accounted for as an asset acquisition.

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, 2024							December 31, 2023
		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.2		$	(10.6)	$	14.6	$	25.2		$	(9.4)	$	15.8
Customer relationships and contracts	11 years	87.6			(48.0)		39.6		87.6			(44.2)		43.4
Channel sharing arrangements	35 years	12.6			(2.1)		10.5		12.6			(1.8)		10.8
Other	10 years	3.9			(1.8)		2.1		3.9			(1.3)		2.6
Total		$	129.3		$	(62.5)	$	66.8	$	129.3		$	(56.7)	$	72.6

Amortization expense for definite lived intangible assets was $2.0 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively. Amortization expense for definite lived intangible assets was $5.8 million and $9.2 million for the nine months ended September 30, 2024 and 2023, respectively. Amortization expense is included in Depreciation and amortization in the Condensed Consolidated Statements of Operations.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
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, 2023, filed with the SEC on March 6, 2024. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2024. Certain prior amounts have been reclassified or combined to conform to the current year presentation. Reverse Stock Split On August 8, 2024, the Company effected a 1-for-10 reverse stock split of its issued and outstanding common stock (the “Reverse Stock Split”) following stockholder approval. The Reverse Stock Split became effective at 5:00 p.m. Eastern Standard Time. The Reverse Stock Split was implemented for the primary purpose of regaining compliance with the minimum bid price requirement for continued listing of the Company’s common stock on the NYSE. As a result of the Reverse Stock Split, every ten shares of the Company’s common stock issued and outstanding were automatically reclassified and changed into one new share of the Company’s common stock, with whole shares issued for fractional shares. Proportionate adjustments were made to the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company’s equity incentive plans and conversion of the Company’s outstanding convertible securities. The common stock issued pursuant to the Reverse Stock Split will remain fully paid and non-assessable. The Reverse Stock Split did not change the $0.001 par value per share of the common stock or the authorized number of shares of common stock or preferred stock. As a result of the Reverse Stock Split, the number of outstanding common shares was reduced from 130,529,931 to 13,166,057, inclusive of an additional 113,064 incremental whole shares issued for fractional shares. Unless noted, all share and per share amounts of common stock, options and restricted stock and any associated debt or preferred stock conversion rates contained in the historical periods presented within these unaudited Condensed Consolidated Financial Statements have been retroactively adjusted to reflect the one-for-ten Reverse Stock Split as if it had occurred at the beginning of the earliest period presented. Refer to Note 15. Equity and Temporary Equity for information relating to other adjustments resulting from the Reverse Stock Split. Going Concern The accompanying unaudited Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. However, as of the date of these financial statements, there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. The principal conditions leading to this conclusion are the upcoming maturities of current debt at certain of the Company's subsidiaries as well as from certain cross-default provisions in the Company's Senior Secured Notes. Based on these conditions, the Company may not be able to meet its obligations at maturity and comply with certain cross-default provisions under the Senior Secured Notes over the next 12 months. Management has evaluated the significance of these conditions in relation to the Company's ability to meet its obligations. The inability to refinance or extend the maturity of the current debt at the Company's subsidiaries, 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 refinancing the debt at Broadcasting and DBMG, pursuing asset sales, and raising additional capital. However, there can be no assurance that the Company will have the ability to raise additional capital when needed, be successful in any asset sales, or refinance 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 date. There can be no assurance that these plans will be successfully implemented or that they will mitigate the conditions that raise substantial doubt about the Company's ability to continue as a going concern. These unaudited Condensed Consolidated Financial Statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, or expenses that may result if the Company is unable to continue as a going concern. Use of Estimates and Assumptions The preparation of the Company’s unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Recent Accounting Pronouncements Accounting Pronouncements Adopted in the Current Year In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”). ASU 2023-01 clarified the accounting for leasehold improvements for leases under common control. The guidance was effective for the Company beginning on January 1, 2024, and did not have an impact on the Company's Condensed Consolidated Financial Statements. SEC and Accounting Pronouncements Issued But Pending Adoption On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 improves income tax disclosures by adding requirements related to the tax rate reconciliation, disaggregation of income taxes paid and other miscellaneous tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, 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. On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 improves reportable segment disclosures by requiring enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, 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. On March 6, 2024, the Securities and Exchange Commission (“SEC”) published final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which mandates climate-related disclosures in companies’ annual reports and registration statements. The quantitative and qualitative disclosures required for registrants include the material impacts of climate-related risks over their business strategy and operations; risk management and governance process over climate-related risks; climate-related goals material to their business strategy and operations, if any; material expenditures and impact on financial estimates resulting from their climate-related risk management process; financial information regarding severe weather events as well as carbon offsets and renewable energy credits, if applicable; and metrics surrounding Greenhouse Gas ("GHG") emissions. Of these disclosures, the requirement surrounding GHG emissions does not apply to smaller reporting companies ("SRCs"). In October 2023, California passed climate-related disclosure mandates which are similar to but broader than the SEC’s proposed rules. The SEC's final rules applicable to SRCs are effective beginning on January 1, 2027, while the regulations under California's disclosure mandates are effective as of January 1, 2026. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating these pending climate-related disclosure requirements, which will only have a potential impact on the disclosures within the Company's annual reports and registration statements. Subsequent Events ASC 855, Subsequent Events requires the Company to evaluate events that occur after the balance sheet date as of which the financial statements are issued, and to determine whether adjustments to or additional disclosures in the financial statements are necessary. Refer to Note 21. Subsequent Events.

Share-based Compensation - Schedule of Company's Stock Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Stock Options (as adjusted for the Reverse Stock Split)
Outstanding at beginning of period (in shares)	464,282	499,515
Expired (in shares)	(446,550)	(35,233)
Outstanding at end of period (in shares)	17,732	464,282
Weighted Average Exercise Price (as adjusted for the Reverse Stock Split)
Outstanding at beginning of period (in usd per share)	$ 51.68	$ 50.20
Expired (in usd per share)	52.02	31.20
Outstanding at end of period (in usd per share)	$ 43.18	$ 51.68

Revenue and Contracts in Process - Schedule of Infrastructure Segment Revenue (Details) - Infrastructure $ in Millions	Sep. 30, 2024 USD ($)
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 904.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 710.4
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 193.6
Remaining performance obligation period	5 years
Healthcare
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 316.6
Healthcare \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 211.3
Remaining performance obligation period	1 year
Healthcare \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 105.3
Remaining performance obligation period	5 years
Commercial
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 209.0
Commercial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 204.6
Remaining performance obligation period	1 year
Commercial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 4.4
Remaining performance obligation period	5 years
Industrial
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 119.2
Industrial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 111.7
Remaining performance obligation period	1 year
Industrial \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 7.5
Remaining performance obligation period	5 years
Transportation
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 209.3
Transportation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 134.0
Remaining performance obligation period	1 year
Transportation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 75.3
Remaining performance obligation period	5 years
Leisure
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 22.1
Leisure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 21.0
Remaining performance obligation period	1 year
Leisure \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 1.1
Remaining performance obligation period	5 years
Government
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 14.7
Government \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 14.7
Remaining performance obligation period	1 year
Government \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.0
Remaining performance obligation period	5 years
Convention
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 11.0
Convention \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 11.0
Remaining performance obligation period	1 year
Convention \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.0
Remaining performance obligation period	5 years
Energy
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 2.1
Energy \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within One Year
Segment Reporting Information [Line Items]
Remaining performance obligations	2.1
Energy \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 \| Within Five Years
Segment Reporting Information [Line Items]
Remaining performance obligations	$ 0.0