Overview

* INNOVATE Q2 revenue falls 22.7%, driven by Infrastructure and Spectrum segments

* Company reports Q2 net loss of $22.0 mln, contrasting prior year's net income

* Adjusted EBITDA for Q2 declines 41.2%, indicating operational challenges

* INNOVATE completes refinancing transactions, extending debt maturities

Outlook

* Company anticipates continued momentum in Infrastructure projects

* INNOVATE expects stronger second half for Spectrum segment

* Company sees continued growth in Life Sciences driven by FDA approvals

* INNOVATE completed refinancing to extend debt maturities

Result Drivers

* INFRASTRUCTURE CHALLENGES - Revenue decline driven by timing and completion of large projects in the Infrastructure segment

* LIFE SCIENCES GROWTH - R2 system sales increased significantly, driven by FDA approval and expansion outside North America

* SPECTRUM DECLINE - Loss of customers and decreased advertising revenue impacted Spectrum segment performance

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $242 mln

Revenue

Q2 EPS -$1.67

Q2 Net -$22 mln

Income

Q2 $15.70

Adjusted mln

EBITDA

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)