INNOVATE Corp. reported its consolidated results for the first quarter of 2025, with consolidated revenue increasing to $274.2 million, up from $269.0 million in Q1 2024. Despite the revenue growth, the company's net loss attributable to common stockholders widened to $24.5 million, or $1.89 per fully diluted share, compared to a net loss of $13.0 million, or $1.00 per share, in the prior year period.
Total Adjusted EBITDA for the first quarter was $14.0 million, a decrease from $17.0 million in Q1 2024. In the Infrastructure segment, DBM Global expanded its adjusted backlog to $1.4 billion, adding over $500 million in new projects during the quarter, signaling continued growth potential.
The Life Sciences segment saw strong momentum, with MediBeacon's FDA approval of its TGFR system in January. R2 Technologies tripled its year-over-year revenue and expanded sales and distribution into key international markets. The Spectrum segment delivered consistent year-over-year performance and introduced two new over-the-air (OTA) networks, capitalizing on new opportunities in the streaming market.
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