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

Press Release: ID:nGNXwCDFp

(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.)