Innovate Corp. revenue by segment VATE

Annual Quarterly

Innovate Corp. splits its revenue 2 ways in its filings. By operating segments, the largest line in fiscal 2025, which ended Dec 31, 2025 was Infrastructure at $1.2 billion, 97% of the total. By sales mix, the largest line in fiscal 2025, which ended Dec 31, 2025 was Commercial Revenue at $371.9 million, 30% of the total.

USD in millions. The percent under a figure is the change from the year before.

Line	FY 2026 Jun 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Revenue	1,516	1,246	1,107	1,423	1,637	1,205	717	756	1,774	1,634	1,558
Operating segments
Infrastructure	1,484 +55.2% share 97.9%	1,210 +12.9% share 97.1%	1,072 -23.3% share 96.8%	1,396 -12.4% share 98.1%	1,594 +37.5% share 97.3%	1,160 +71.5% share 96.2%	676 share 94.3%	—	—	—	—
Spectrum	22 -12.4% share 1.5%	23 -9.7% share 1.9%	26 +14.2% share 2.3%	22 -41.9% share 1.6%	39 -7.9% share 2.4%	42 +4.2% share 3.5%	40 share 5.6%	—	—	—	—
Life Sciences	10 -25.4% share 0.7%	12 +27.6% share 1.0%	10 +197.0% share 0.9%	3 -23.3% share 0.2%	4 +22.9% share 0.3%	4 share 0.3%	—	—	—	—	—
Sales mix
Commercial Revenue	470 +89.6% share 31.0%	372 +27.1% share 29.8%	293 -23.6% share 26.4%	383 share 26.9%	—	—	218 share 30.4%	—	—	—	—
Industrial Revenue	467 +76.5% share 30.8%	307 share 24.6%	—	—	410 +40.0% share 25.0%	292 share 24.3%	—	—	—	—	—
Transportation Revenue	182 -4.7% share 12.0%	193 -29.9% share 15.5%	275 -5.8% share 24.9%	292 share 20.5%	—	53 share 4.4%	—	—	—	—	—
Healthcare Revenue	177 +14.5% share 11.6%	173 +14.2% share 13.9%	152 share 13.7%	—	130 share 7.9%	—	—	—	—	—	—
Government Revenue	148 +153.6% share 9.8%	129 +1000.9% share 10.3%	12 +4.5% share 1.1%	11 share 0.8%	—	68 +4.6% share 5.6%	65 share 9.1%	—	—	—	—
Energy Revenue	34 +387.1% share 2.2%	14 +87.5% share 1.1%	7 -21.7% share 0.7%	9 share 0.6%	—	—	—	—	—	—	—
Convention Revenue	2 -85.4% share 0.1%	9 -37.1% share 0.7%	14 -88.7% share 1.3%	124 -8.8% share 8.7%	136 share 8.3%	—	11 share 1.5%	—	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions. Each group is a separate split of total revenue, so the groups are not added together. Share of revenue is that line divided by total revenue. The first column adds the latest year-to-date segment amount to the last fiscal year and subtracts the year-ago year-to-date amount. More on our methodology.

Company profile

Industry: Fabricated Structural Metal Products (SIC 3440)
Listed as: VATE (NYSE)
Fiscal year ends: December 31
Incorporated in: DE
Headquarters: New York, NY
SEC filer status: Non-accelerated filer, Smaller reporting company
SEC CIK: 1006837
Former names: HC2 Holdings, Inc. (until Sep 10, 2021); HC2 HOLDINGS, INC. (until Sep 10, 2021); PTGi HOLDING, INC. (until Apr 11, 2014); PRIMUS TELECOMMUNICATIONS GROUP INC (until Oct 18, 2013)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.