INNOVATE Corp. announced its consolidated results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, consolidated revenue was $236.6 million, a decrease from $290.0 million in Q4 2023. However, the net loss attributable to common stockholders improved to $16.6 million, or $1.29 per fully diluted share, compared to a net loss of $20.7 million, or $1.60 per share, in the prior year period.
For the full year 2024, consolidated revenue was $1.11 billion, down from $1.42 billion in 2023. The full-year net loss attributable to common stockholders also showed significant improvement, narrowing to $34.6 million, or $3.08 per fully diluted share, from a net loss of $62.2 million, or $4.81 per share, in 2023. Total Adjusted EBITDA for Q4 2024 was $14.0 million, down from $20.0 million in Q4 2023.
Operationally, the Infrastructure segment, DBM Global, finished the year with an adjusted backlog of $1.1 billion, positioning it for execution in 2025. In Life Sciences, MediBeacon's TGFR system received FDA approval in January 2025, a major milestone. R2 Technologies continued its strong momentum in Q4, announcing collaborations with Woodhouse Spas and leading skincare brands. The Spectrum segment delivered double-digit revenue growth in both the fourth quarter and for the full year 2024. The company also reduced its total debt by $54.5 million year-over-year.
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