Seeking Alpha • Feb 16

Innovate Corp.: A Storied Past With A Yet-Unclear Upside; Hold For Now

Summary INNOVATE Corp. surged 150% after its subsidiary MediBeacon received FDA approval for its Transdermal Glomerular Filtration Rate (TGFR) system, boosting the market cap to $170 million. VATE's primary revenue driver is its construction and steel infrastructure unit, DBM Global, while the Life Sciences segment, especially MediBeacon, holds significant future upside potential. Despite high debt and historical challenges, VATE's innovative TGFR system and potential market share in kidney function tests present a promising growth opportunity. Investors should hold VATE stock for now, awaiting strong commercialization plans for the TGFR system to manage debt and drive further growth. Read the full article on Seeking Alpha

分析記事 • Jan 22

INNOVATE Corp.'s (NYSE:VATE) Shares Bounce 81% But Its Business Still Trails The Industry

INNOVATE Corp. ( NYSE:VATE ) shares have had a really impressive month, gaining 81% after a shaky period beforehand...

分析記事 • Jan 22

INNOVATE Corp. (NYSE:VATE) Held Back By Insufficient Growth Even After Shares Climb 81%

INNOVATE Corp. ( NYSE:VATE ) shares have had a really impressive month, gaining 81% after a shaky period beforehand...

Seeking Alpha • Jul 06

Innovate: Infrastructure Growth And Glacial AI Could Imply Undervaluation

Summary Innovate Corp. has announced new projects in the infrastructure and construction segment and plans to launch Glacial AI, a robotic cooling device. The company has recently sold assets and repurchased preferred stock, potentially improving its balance sheet. Despite risks from high debt, inflation, and failed M&A strategies, VATE stock appears undervalued. Read the full article on Seeking Alpha

Seeking Alpha • Jan 25

Best New Idea For 2023: Innovate

Summary Today, VATE costs under $3 but is a bargain beneath $4. Their infrastructure business alone is worth $1. Life Sciences offers $15-$20 of embedded optionality. It's rare to uncover a single investment in the new economy that's best-in-class. To find a company that has multiple best-in-class assets is extraordinary. Avie Glazer, Innovate Chairman Innovate Innovate (VATE) is a holding company for a rando hodgepodge of independent non-cross collateralized assets. The wide-ranging assets include a large Infrastructure services business called DBM Global, a Life Sciences segment called Pansend, and a Spectrum business comprising local broadcast stations, and various smaller on-balance sheet assets. While ordinarily I'm drawn to companies with a clear area of focus, the messiness of Innovate Corp.'s history and holdings piqued my interest. VATE could be worth as much as $15-$20 per share and much of that value could be unlocked in 2023. Their DBM Global business provides downside protection through predictable cash flow that covers the parent company debt stack, while the Spectrum business essentially pays for itself. The Pansend Life Sciences platform has misunderstood and underfollowed assets with upside catalysts in 2023. VATE Let's take a deeper look at Innovate Corp.'s three businesses: Infrastructure, Spectrum and Life Sciences. Infrastructure DBM Global is the largest fabrication and erection company in US. Its valuation covers VATE's debt stack. Record-high project backlog provides insight into next 18-24 months of revenue and earnings. DBM offers construction services on large-scale complex commercial, industrial, and infrastructure projects ranging from large infrastructure projects (e.g.: JFK Airport New Terminal One) and office complexes (e.g.: Apple global HQ, JP Morgan Chase global HQ) to large stadiums (e.g.: SOFI Stadium, LA Clippers Arena). It makes up most of VATE's current market cap. VATE VATE In addition to covering the debt stack, DBM Global offers another $1 or so of value for equity holders. This gives us some downside protection vs. a $1.29 share price as of this writing. DBM is worth a 6-7x EBITDA multiple, an 8% normalized EBITDA margin, and run-rate revenues of $1.6 billion. This EBITDA margin is below the average since 2015 of about 9.5%. The relatively modest EBITDA multiple has generated positive EBITDA-capex in every year over the past decade, with low capex intensity at only 1.3% of sales, and EBITDA-capex margins ranging between 5-10% of sales over a cycle. DBM is shifting to larger, more complex projects which could result in margins closer to 10%-11% as we saw in 2019-2020. DBM requires a considerable working capital investment as their project backlog grows, generating a near-term liquidity drain. However, point of sale contract margins have normalized, justifying the return on investment, and the higher working capital balance has been offset by an increase in the DBM revolver secured by working capital assets. Conversely, if the project backlog were to decelerate in a US recession, the accompanying reduction in working capital should be cash flow generative. In May 2021, DBM completed its acquisition of Banker Steel, giving it a full national presence from coast to coast in the US, a much bigger backlog, and additional operating synergies. DBM paid roughly 4.5x EBITDA for Banker Steel which was about half the size of DBM. DBM made an opportunistic purchase at a favorable price (announced in March 2021 during pandemic) from an existing private equity sponsor at the end of its investment life cycle, and therefore the Banker Steel acquisition multiple is not reflective of the pro forma valuation multiple warranted by DBM Global. When DBM acquired Banker Steel, the pro forma backlog was $1.5 billion. However, given the success and integration of the team, the backlog today stands at $2.2 billion, giving DBM very strong medium-term foresight into revenue and free cash flow generation. Complex large-scale construction projects take 18-24 months to complete, so the pipeline provides earnings visibility through 2024. Operating results typically lag a recession given the contracted backlog, and any reduction in future backlog should generate cash flow as working capital is released. DBM seeks to lock in commodity costs when it prices and signs a new contract, and its labor costs are generally subject to collective bargaining agreements that are fixed over certain time periods, limiting the risk of major cost overrun issues on construction projects in an inflationary environment. DBM's historical financials (including predecessor company financials and pro forma for Banker Steel) over the past decade indicate a well-managed company that has generated cash flow in every year, including during the COVID-19 pandemic in 2020, although EBITDA margins have varied from 5%-10% over the course of the business cycle and due to business mix with larger, more complex projects capturing higher margins. Sell-side analysts focus on historically weak trailing EBITDA margins, further discounting their future projections based on expectations in a recession. This approach does not account for the time lag created by the project backlog. The weak EBITDA margins reported over the last several quarters resulted from the low-margin backlog contracted during the depths of the pandemic in 2020. Unsurprisingly the demand for capitalizing complex large-scale construction projects froze during the pandemic, forcing DBM to fill its project backlog with lower contracted margins that take 18-24 months to complete. The flip side of this is the roaring demand that surged upon the re-opening from the pandemic, resulting in a record backlog of $2.2 billion contracted at the high point of sale margins. Notably, in 2019 and 2020 when DBM had large and complex projects in its backlog, EBITDA margins ranged from 9%-11%. Mid-cycle normalized EBITDA margins are 8%-9%, with upside potential due to business mix scale and complexity. The base case valuation uses an 8% EBITDA margin on a normalized basis which is beneath the 2015-2021 average of 9.5%, resulting in $128 million projected EBITDA for 2023. StW The market is overly focused on DBM Global's trailing earnings and trailing margins, which include notably below-market contracts entered into during the pandemic and rolling off by early 2023. If everything else at VATE goes horribly wrong, Infrastructure is what will salvage some value for shareholders. Spectrum One of the largest broadcasting groups in the US. Worth its cost; maybe more in a sale. HC2 Broadcasting, representing VATE's Spectrum business, is one of the largest broadcast station groups in the US, as well as one of the largest owners of broadcast spectrum. With 251 local broadcast stations with 2.3 billion MHz POPs, HC2 offers upside optionality as a spectrum repurposing play. Conservatively, it is valued at cost. Spectrum-related debt is non-recourse to the parent company. Ultimately, this asset offers the most value to a strategic acquirer with the resources to develop and repurpose spectrum. VATE Life Sciences Pansend Life Sciences is where there is real sizzle. MediBeacon's TGFR offers game-changing kidney monitoring; could receive FDA approval. R2's Glacial RX seeks a corner of the $22 billion global aesthetic dermatology market. BeneVir represents an embedded CVR, a wild card opportunity at no cost to valuation. VATE VATE's Life Sciences segment offers numerous upcoming shots on goal. It is compelling and misunderstood, most notably MediBeacon, which could be worth $16-$19 per share on its own. Value from each business is non-cross collateralized to the holding company. It comprises four investments. VATE owns 75% of Pansend's economic distributions after priority return of invested capital plus an 8% hurdle rate. Both MediBeacon and R2 Technologies could be worth significantly more than the market appreciates. A legacy CVR in BeneVir provides a little kicker to Pansend's value. VATE MediBeacon MediBeacon represents the biggest opportunity in Pansend's life sciences stable. MediBeacon's Transdermal Glomerular Filtration Rate ("TGFR") System is a non-invasive monitoring system for kidney function evaluation. Chronic kidney disease (CKD) affects over 850 million people worldwide. The TGFR System offers real-time kidney function monitoring by combining optical skin sensors with Lumitrace, a patented proprietary fluorescent tracer reagent administered intravenously. The results provide an additional vital sign for use in clinical diagnostics similar to an EKG for monitoring heart function. The FDA granted MediBeacon a Breakthrough Device designation in October 2018, which allows the FDA to work with MediBeacon to expedite regulatory review and give more timely access to novel use technologies. For the past 30 years, a measure of the kidneys' ability to filter wastes, the glomerular filtration rate - GFR, could be determined only generally. The measured level of the protein creatinine in blood tests would be inputted into a regression equation based on various factors including age, gender, ethnicity, and body mass to estimate GFR. While this methodology generally works well in stable patient populations, it breaks down in acute care settings where patients have step-function declines in GFR due to comorbidities, creating a lag in patient assessment in the ICU. MediBeacon's TGFR device would allow for real-time monitoring of GFR in the acute care ICU setting, a potential game-changer in clinical diagnostics. In short, it's better. Other applications include measuring potential kidney damage from radiocontrast agents in cardiac catheterization, measuring perioperative kidney damage in cardiac surgery, monitoring kidney function and organ rejection in transplants, and delaying End Stage Renal Disease (ESRD) in Chronic Kidney Disease (CKD) patients. Currently, MediBeacon is nearing completion of a Pivotal Study in the US and recently presented preliminary abstract results at the American Society of Nephrology Kidney Week in Nov 2022 that were extremely robust. After completion of the US Pivotal Study in the first quarter, look for the Premarket Approval - PMA - submission to the FDA and potential FDA approval by yearend. MediBeacon entered into an exclusive commercialization partnership with Huadong Medicine (ticker 000963 CH), a publicly-listed Chinese pharmaceutical company with $11 billion market cap, relating to TGFR in Greater China in 2019, and Huadong invested $25 million equity capital in MediBeacon to date, plus non-dilutive advances against future royalties in Greater China. As of the second quarter of 2022, MediBeacon had 164 granted global patents, 46 granted US patents, and 212 global pending applications. There's a significant global total addressable market for MediBeacon's TGFR device based solely on ICU applications. It will be a proprietary closed system razor/blade model where the majority of economics are derived from high-margin pull-through of Lumitrace reagent and disposable sensors. Given the annuity nature of reagent revenues and high margins, these business models typically warrant high valuations. For example, hospital clinical diagnostics company Becton Dickinson (BDX) trades at 17x forward EBITDA. The takeaway from the analysis below is that MediBeacon alone could be worth $16 to $19 per VATE share. VATE VATE VATE R2 In addition to MediBeacon, Pansend has majority ownership of R2 Technologies, an aesthetic dermatology company. R2's FDA-cleared device, the Glacial Rx platform, applies Cryomodulation (a patented cooling technology) to remove age spots, as well as lighten and brighten skin. Using a conservative valuation from R2's July 2021 post-money valuation of $150 million would place VATE's ownership stake around $85 million. But those numbers only tell a partial story. R2 received FDA approval in September 2020, following Chinese government approval in June 2020. R2 commenced commercial sales of Glacial Rx devices in 2022 and shipped 215 Glacial devices to customers globally through the third quarter of 2022. Similar to MediBeacon, R2's main investment partner is Huadong Medicine, which has invested $30 million equity to date. As of the second quarter of 2022, R2 had 105 issued patents and 46 patents pending (numbers in slide below slightly newer). Glacial RX was developed by the same dermatologist team at Harvard Medical School that developed, took public in an IPO, and ultimately sold Zeltiq Aesthetics (CoolSculpting) to Allergan at about 7x revenues for $2.5 billion in 2017. As these devices go to market, VATE could enjoy a substantial upside convexity in R2's value. Getting rid of age spots is the holy grail in aesthetic dermatology and represents a $22 billion global market opportunity. This could wildly overperform expectations. VATE BeneVir Finally, hidden in the folds of Pansend Life Sciences is a wild card stemming from the Company's 2018 sale of cancer immunotherapy startup BeneVir to Janssen Biotech (part of Johnson & Johnson JNJ)). The sale was for $140 million upfront cash plus contingent payments of up to $900 million based on achievement of certain regulatory and sales milestones. They include up to $250 million of gross payments for various regulatory approvals and up to $650 million of gross payments for certain revenue targets. Pansend owned 76% of BeneVir when it was sold, and VATE is eligible to receive 75% of the proceeds that Pansend receives from any of these contingent payments. Effectively, BeneVir represents an embedded contingent value right - CVR - within VATE. While it's safe to presume no value in the BeneVir CVR in a base case for VATE's valuation, it offers one more shot on goal. VATE History How the hell did we get here? Formerly known as HC2 Holdings, Inc., VATE is roughly 29% owned by Chairman of the Board, Avram Glazer and his Lancer Capital investment entity. Glazer began his involvement in VATE in 2020 after an activist campaign was launched by another shareholder against the prior CEO, Phil Falcone, alleging gross mismanagement and self-dealing at the company. In June 2020, Falcone was removed from the HC2 board and exited the company after a successful dissident proxy fight (HC2 was subsequently renamed Innovate Corp. in Sep 2021). Since summer 2020, the company attempted to simplify an overly complex and poorly capitalized corporate and capital structure. They sold a 30% stake in Huawei Marine Networks ((HMN)) with a remaining put option for $32 million in net cash proceeds expected to be received in by the second quarter of 2023. In November 2020, VATE faced liquidity pressures and had to issue a $65 million equity rights offering at a then deeply discounted price of $2.27 per share (well above today's stock price). Glazer/Lancer purchased over 50% of his current position through backstopping that rights offering. Glazer's overall cost basis based on 13D filings is about $2.78 per share, roughly double today's stock price. VATE sold their Clean Energy subsidiary Beyond6 and their insurance business Continental Insurance Group. They refinanced expensive 11.5% Notes into 8.5% Notes termed out to a 2026 maturity. They acquired Banker Steel, a competitor to DBM, to add scale and cash flow to the infrastructure business, enabling runway for the Life Sciences business options to play out. These deals simplified the sum-of-the-parts story, leaving a large cash-flowing Infrastructure services business, a Life Sciences business that remains misunderstood, underfollowed and valuable, and a Spectrum broadcast business. In addition, the company termed out its capital structure at lower interest rates, allowing liquidity runway to realize step-function event catalysts in the Life Sciences segment in 2023. That's how we got here. Pill

Seeking Alpha • Nov 02

Innovate GAAP EPS of -$0.09, revenue of $423M

Innovate press release (NYSE:VATE): Q3 GAAP EPS of -$0.09. Revenue of $423M (+7.1% Y/Y). The Company achieved Revenue and Adjusted EBITDA growth of 7.1% and 14.7%, respectively. For the third quarter of 2022, DBM Global reported revenue of $412.7 million, an increase of 7.8% compared to $383.0 million in the prior year quarter. Net Income was $10.4 million, compared to $6.9 million for the prior year quarter. Adjusted EBITDA increased to $27.6 million from $24.4 million in the prior year quarter.

Seeking Alpha • Aug 03

Innovate GAAP EPS of -$0.18, revenue of $392.2M

Innovate press release (NYSE:VATE): Q2 GAAP EPS of -$0.18. Revenue of $392.2M (+60.9% Y/Y). Total Adjusted EBITDA was $12.1M, compared to Total Adjusted EBITDA of $6.5M for the prior year quarter.

Seeking Alpha • Oct 27

Breaking Down Innovate's Potential

It's been a rocky few years for Innovate (FKA HCHC). An activist stepped in last year, and the company has cleaned up lots of their noncore assets. With a cleaner structure and several catalysts, VATE could quickly close the gap between the intrinsic value and share price in the next year.

Seeking Alpha • Jun 27

HC2 Holdings: A Granular Assessment

New management at HC2 Holdings, Inc. is in the process of narrowing the focus of its investments after removing prior CEO Philip Falcone in June 2020. The mini-conglomerate executed a refinancing in February 2021 that should save the holding company ~$26 million in annual interest expenses. Many questions remain as its core businesses generate very little Adj. EBITDA. With two medical device launches in 2Q20, an acquisition that should increase its Infrastructure unit by ~50%, and insider buying, HC2 merited a deeper dive. A granular and in-depth investment analysis follows in the paragraphs below.

分析記事 • Apr 13

These 4 Measures Indicate That HC2 Holdings (NYSE:HCHC) Is Using Debt Extensively

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...

分析記事 • Dec 10

The Independent Chairman of the Board of HC2 Holdings, Inc. (NYSE:HCHC), Avram Glazer, Just Bought 16% More Shares

HC2 Holdings, Inc. ( NYSE:HCHC ) shareholders (or potential shareholders) will be happy to see that the Independent...

Construction 収益成長	23.0%
収益成長率	n/a
将来の株主資本利益率	n/a
アナリストカバレッジ	None
最終更新日	n/a

日付	収益	収益	フリー・キャッシュフロー	営業活動によるキャッシュ	平均アナリスト数
3/31/2026	1,337	-56	N/A	N/A	N/A
12/31/2025	1,246	-64	120	147	N/A
9/30/2025	1,100	-75	60	87	N/A
6/30/2025	995	-80	17	39	N/A
3/31/2025	1,066	-43	1	20	N/A
12/31/2024	1,107	-36	-11	9	N/A
9/30/2024	1,232	-26	12	29	N/A
6/30/2024	1,365	-18	65	83	N/A
3/31/2024	1,420	-40	58	78	N/A
12/31/2023	1,423	-38	8	27	N/A
9/30/2023	1,471	-35	10	28	N/A
6/30/2023	1,519	-34	-48	-28	N/A
3/31/2023	1,542	-37	-43	-23	N/A
12/31/2022	1,637	-41	-30	-9	N/A
9/30/2022	1,623	-39	-56	-31	N/A
6/30/2022	1,595	-45	-40	-15	N/A
3/31/2022	1,446	-53	-59	-34	N/A
12/31/2021	1,205	-80	3	27	N/A
9/30/2021	988	-88	-69	-51	N/A
6/30/2021	764	-101	-23	-7	N/A
3/31/2021	702	-74	-13	3	N/A
12/31/2020	717	-46	23	41	N/A
9/30/2020	260	-64	83	106	N/A
6/30/2020	517	-46	101	125	N/A
3/31/2020	815	-35	86	112	N/A
12/31/2019	1,077	-18	N/A	111	N/A
9/30/2019	1,881	-1	N/A	287	N/A
6/30/2019	1,954	143	N/A	416	N/A
3/31/2019	1,972	176	N/A	375	N/A
12/31/2018	1,977	139	N/A	341	N/A
9/30/2018	1,910	145	N/A	106	N/A
6/30/2018	1,815	1	N/A	-52	N/A
3/31/2018	1,697	-67	N/A	-25	N/A
12/31/2017	1,634	-50	N/A	7	N/A
9/30/2017	1,630	-108	N/A	61	N/A
6/30/2017	1,636	-109	N/A	50	N/A
3/31/2017	1,617	-89	N/A	95	N/A
12/31/2016	1,558	-105	N/A	79	N/A
9/30/2016	1,465	-51	N/A	58	N/A
6/30/2016	1,329	-52	N/A	66	N/A
3/31/2016	1,251	-65	N/A	38	N/A
12/31/2015	1,121	-40	N/A	-28	N/A
9/30/2015	984	-16	N/A	-17	N/A
6/30/2015	890	-26	N/A	-50	N/A

データ	最終更新日（UTC時間）
企業分析	2026/05/21 06:34
終値	2026/05/21 00:00
収益	2026/03/31
年間収益	2025/12/31

パッケージ	データ	タイムフレーム	米国ソース例
会社財務	10年	損益計算書キャッシュ・フロー計算書貸借対照表	SECフォーム10-K SECフォーム10-Q
アナリストのコンセンサス予想	+プラス3年	予想財務アナリストの目標株価	アナリストリサーチレポート Blue Matrix
市場価格	30年	株価配当、分割、措置	ICEマーケットデータ SECフォームS-1
所有権	10年	トップ株主インサイダー取引	SECフォーム4 SECフォーム13D
マネジメント	10年	リーダーシップ・チーム取締役会	SECフォーム10-K SECフォームDEF 14A
主な進展	10年	会社からのお知らせ	SECフォーム8-K

INNOVATE 将来の成長

Future 基準チェック /06

主要情報

今後の成長に関する最新情報

Price target lowered to US$5.00

Recent updates

First quarter 2026 earnings released: US$1.29 loss per share (vs US$1.89 loss in 1Q 2025)

INNOVATE Corp., Annual General Meeting, Jun 11, 2026

INNOVATE Corp. to Report Q1, 2026 Results on May 14, 2026

New minor risk - Share price stability

Full year 2025 earnings released: US$4.84 loss per share (vs US$3.35 loss in FY 2024)

INNOVATE Corp. to Report Q4, 2025 Results on Mar 26, 2026

New minor risk - Share price stability

Third quarter 2025 earnings released: US$0.71 loss per share (vs US$1.18 loss in 3Q 2024)

INNOVATE Corp. to Report Q3, 2025 Results on Nov 12, 2025

Insufficient new directors

Second quarter 2025 earnings released: US$1.67 loss per share (vs US$0.80 profit in 2Q 2024)

INNOVATE Corp. to Report Q2, 2025 Results on Aug 05, 2025

First quarter 2025 earnings released: US$1.89 loss per share (vs US$1.63 loss in 1Q 2024)

INNOVATE Corp., Annual General Meeting, Jun 12, 2025

INNOVATE Corp. to Report Q1, 2025 Results on May 06, 2025

Full year 2024 earnings released: US$3.35 loss per share (vs US$4.81 loss in FY 2023)

New minor risk - Market cap size

INNOVATE Corp. to Report Q4, 2024 Results on Mar 31, 2025

Innovate Corp.: A Storied Past With A Yet-Unclear Upside; Hold For Now

INNOVATE Corp. Announces U.S. Food and Drug Administration Approved the MediBeacon TGFR for the Assessment of Kidney Function in Patients with Normal or Impaired Renal Function

INNOVATE Corp.'s (NYSE:VATE) Shares Bounce 81% But Its Business Still Trails The Industry

INNOVATE Corp. (NYSE:VATE) Held Back By Insufficient Growth Even After Shares Climb 81%

New major risk - Share price stability

Interim Chief Executive Officer recently bought US$100k worth of stock

Third quarter 2024 earnings released: US$1.18 loss per share (vs US$0.93 loss in 3Q 2023)

INNOVATE Corp. to Report Q3, 2024 Results on Nov 06, 2024

Interim Chief Executive Officer recently bought US$166k worth of stock

INNOVATE Regains Compliance with NYSE Minimum Price Requirement

Second quarter 2024 earnings released: EPS: US$0.16 (vs US$0.14 loss in 2Q 2023)

INNOVATE Corp. to Report Q2, 2024 Results on Aug 07, 2024

New major risk - Shareholder dilution

Independent Chairman of the Board exercised options to buy US$27m worth of stock.

New major risk - Share price stability

First quarter 2024 earnings released: US$0.23 loss per share (vs US$0.13 loss in 1Q 2023)

INNOVATE Corp., Annual General Meeting, Jun 13, 2024

Now 30% overvalued

INNOVATE Corp. to Report Q1, 2024 Results on May 07, 2024

Now 20% overvalued

Now 21% undervalued after recent price drop

Full year 2023 earnings released: US$0.45 loss per share (vs US$0.53 loss in FY 2022)

INNOVATE Corp. has filed a Follow-on Equity Offering in the amount of $19 million.

INNOVATE Receives Written Notice from the New York Stock Exchange Regarding Non-Compliance with the Continued Listing Standard Set in Section 802.01C of the NYSE’s Listed Company Manual

INNOVATE Corp. to Report Q4, 2023 Results on Mar 04, 2024

Third quarter 2023 earnings released: US$0.093 loss per share (vs US$0.085 loss in 3Q 2022)

INNOVATE Corp. to Report Q3, 2023 Results on Nov 09, 2023

New minor risk - Market cap size

INNOVATE Corp. to Cease Suzi Herbst as Chief Operating Officer on or Around October 20, 2023

Second quarter 2023 earnings released: US$0.14 loss per share (vs US$0.17 loss in 2Q 2022)

Innovate Corp. Announces Chief Executive Officer Changes

INNOVATE Corp. Announces the Demise of Wayne Barr, President and Director

Innovate: Infrastructure Growth And Glacial AI Could Imply Undervaluation

New major risk - Share price stability

First quarter 2023 earnings released: US$0.13 loss per share (vs US$0.18 loss in 1Q 2022)

Full year 2022 earnings released: US$0.53 loss per share (vs US$1.04 loss in FY 2021)

Best New Idea For 2023: Innovate

Third quarter 2022 earnings released: US$0.085 loss per share (vs US$0.17 loss in 3Q 2021)

Innovate GAAP EPS of -$0.09, revenue of $423M

Second quarter 2022 earnings released: US$0.16 loss per share (vs US$0.29 loss in 2Q 2021)

Innovate GAAP EPS of -$0.18, revenue of $392.2M

Independent Director recently sold US$67k worth of stock

Independent Chairman of the Board recently bought US$1.1m worth of stock

First quarter 2022 earnings: EPS and revenues miss analyst expectations

Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind

Third quarter 2021 earnings released: US$0.17 loss per share (vs US$0.38 loss in 3Q 2020)

Breaking Down Innovate's Potential

Second quarter 2021 earnings released: US$0.29 loss per share (vs US$0.098 profit in 2Q 2020)

HC2 Holdings, Inc.(NYSE:HCHC) dropped from Russell Microcap Growth Index

HC2 Holdings: A Granular Assessment

First quarter 2021 earnings released: US$0.51 loss per share (vs US$0.51 loss in 1Q 2020)

These 4 Measures Indicate That HC2 Holdings (NYSE:HCHC) Is Using Debt Extensively

Chief Financial Officer recently sold US$59k worth of stock

HC2 Holdings, Inc. to Report Q4, 2020 Results on Mar 10, 2021

New 90-day high: US$4.13

Weigel Broadcasting Co. Inc. completed the acquisition of KAZD-TV, KYAZ-TV, KMOH-TV and a Low-Power Station in Phoenix from HC2 Holdings, Inc. (NYSE:HCHC).