The following is a summary of the INNOVATE Corp. (VATE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• INNOVATE Corp. reported Q1 2024 revenues of $315.2 million and adjusted EBITDA of $12.8 million.

• The margin expanded by approximately 150 basis points to 14.6% in gross and went up year-over-year by approximately 70 basis points to 5.9% in adjusted EBITDA.

• Life Sciences revenue increased to $1 million, gaining $0.5 million from the prior year quarter while Spectrum raised its adjusted EBITDA to $1.6 million from $0.4 million in the prior year quarter.

• The company reported a net loss of $17.7 million or $0.22 per share.

Business Progress:

• INNOVATE projects significant business growth in 2024 and beyond due to the surge in new work activity in the industrial and modularization sectors of the market.

• R2 is expanding its market by launching their product in the Middle East after achieving record high system sales in North America for two consecutive quarters.

• Continued progress is being made in exploring opportunities for non-cash flowing businesses, and optimism remains about the overall M&A market with hopes of resolving financial structure issues in 2024.

More details: Innovate Corp IR

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