Innovate Corp
innovatecorp.comWhat Do They Do?
Provides structural-steel construction and related design and engineering services for commercial, industrial and infrastructure projects. Also supports healthcare and biotechnology product development and operates over-the-air broadcasting stations.
10-K for FY2025, filed Mar 26, 2026DBM Global Inc. (“DBMG”) is a fully integrated construction company offering both construction and professional services primarily through…View ↗
DBMG provides these services on commercial, industrial, and infrastructure construction projects such as high- and low-rise buildings and…View ↗
(ii)Pansend Life Sciences, LLC ("Pansend") (Life Sciences), our subsidiary focused on supporting healthcare and biotechnology product…View ↗
(iii)HC2 Broadcasting Holdings Inc. and its subsidiaries ("Broadcasting") (Spectrum), a strategic operator of Over-The-Air ("OTA")…View ↗
How Do They Make Money?
Infrastructure makes up 97% of revenue; customers hire DBMG for primarily fixed-price construction projects, with project revenue earned as work progresses.
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10-K for FY2025, filed Mar 26, 2026
FY2025 revenue by reportable segment ↗
$1.2B
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10-K for FY2025, filed Mar 26, 2026
$1.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Infrastructure
Recurring
10-K for FY2025, filed Mar 26, 2026 |
97%
FY2022: 100%
|
Infrastructure, FY2025
$1.2B Sources
|
Recurring |
|
Life Sciences
|
1.0% |
Life Sciences, FY2025
$12.5M Sources
|
|
|
Spectrum
|
1.9% |
Spectrum, FY2025
$23.2M Sources
|
Who Are Their Customers?
Government agencies, private project owners, general contractors and engineering firms seek DBMG for project work; DBMG wins contracts through competitive bids or negotiation.
10-K for FY2025, filed Mar 26, 2026DBMG obtains contracts through competitive bidding or negotiation, which generally are fixed-price, cost-plus, unit cost, or time and…View ↗
General managers along with sales managers lead DBMG’s sales and marketing efforts. Each general manager is primarily responsible for…View ↗
DBMG competes for new project opportunities through its relationships and interaction with its active and prospective customer base which…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $60.6M in FY2025, but brought in more cash than it spent: $146.1M of free cash flow.
10-K for FY2025, filed Mar 26, 2026
$28.7MView ↗
10-K for FY2025, filed Mar 26, 2026
−$60.6MView ↗
10-K for FY2025, filed Mar 26, 2026
$146.1MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$10.7MView ↗
- ▲ Now profitable
- vs −$19.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Sep 2, 2026
Completed sale of a controlling interest in Broadcasting
At closing, INNOVATE received 25% of the surviving entity's shares.
Sources
8-K, filed Sep 2, 2026
At the closing of the Merger, the shares of common stock of HC2 (other than shares held by Merger Sub) were converted into the right to…View ↗
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Aug 10, 2026
Agreed to sell DBMG to IES Holdings
The proposed transaction has base consideration valued at $650 million and is expected to close in the quarter ending December 31, 2026, subject to customary closing conditions.
Sources
8-K, filed Aug 10, 2026
On August 7, 2026, INNOVATE Corp., a Delaware corporation (the “Company”), entered into a Transaction Agreement (the “Transaction…View ↗
Flat. Revenue was $1.2B in FY2025, about the same as the $1.2B of FY2021.
Planned segment sales
The company previously planned to operate and manage Infrastructure, Life Sciences and Spectrum; it has since begun sales processes for Infrastructure and Spectrum and expects to focus on the remaining portfolio.
10-K for FY2022, filed Mar 14, 2023 10-K for FY2025, filed Mar 26, 2026We expect to focus on operating and managing our portfolio of companies and building value in Infrastructure, Life Sciences and Spectrum in…View ↗
As a result of the addition of new milestone covenants to certain of the Company’s debt agreements in connection with the refinancing…View ↗
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