Filing Flows

Filing Flows › Companies › Innovate › Cash flow

Innovate cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$24.7M in Q2 2026 · $141M over twelve months

Operating cash flow−$24.6M
Capital spending−$100K
Free cash flow−$24.7M
Cash / net income-2.0×

Analysis

In Q2 2026, Innovate generated −$24.6M of operating cash flow and spent $100K on capital projects, leaving free cash flow of −$24.7M. That is $64.8M less than in Q2 2025 ($40.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $141M; the largest uses were other investing ($32.8M), net borrowing (+) / repaid (−) ($30.5M), other financing ($19.3M); besides operations, cash came from asset & business sales ($300K); the cash balance rose by $56.9M.

Operating cash flow was −$24.6M against net income of $12.4M — -2.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$100M, accrued liabilities +$37.7M, deferred revenue +$25.4M.

Free cash flow

Innovate: free cash flow by quarterInnovate: free cash flow by quarter−$31.5MQ3 2024$34.2MQ4 2024−$18.8MQ1 2025$40.1MQ2 2025$19.0MQ3 2025$101MQ4 2025$45.3MQ1 2026−$24.7MQ2 2026
Operating cash flow less capital spending.
Innovate: operating cash flow against capital spendingInnovate: operating cash flow against capital spendingOperating cash flowCapital spending−$28.4M$3.1MQ3 2024$41.4M$7.2MQ4 2024−$14.1M$4.7MQ1 2025$40.4M$300KQ2 2025$19.2M$200KQ3 2025$101M$0Q4 2025$45.5M$200KQ1 2026−$24.6M$100KQ2 2026
Latest (Q2 2026): Operating cash flow −$24.6M, Capital spending $100K.

Capital allocation, year by year

Innovate: where the cash came from (up) and went (down), by fiscal yearInnovate: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $27.0MFY2021: Net borrowing $28.8MFY2021: Asset sales $87.2MFY2021: Capital spending −$24.1MFY2021: Acquisitions −$128MFY2021: Dividends −$2.9M$143MFY2021FY2022: Operating cash flow −$9.5MFY2022: Net borrowing $73.8MFY2022: Asset sales $2.0MFY2022: Capital spending −$20.7MFY2022: Dividends −$5.2M$75.8MFY2022FY2023: Operating cash flow $26.5MFY2023: Net borrowing −$40.3MFY2023: Asset sales $1.6MFY2023: Capital spending −$18.4MFY2023: Dividends −$2.2M$28.1MFY2023FY2024: Operating cash flow $9.1MFY2024: Net borrowing −$55.4MFY2024: Shares issued $33.2MFY2024: Asset sales $10.1MFY2024: Capital spending −$19.0MFY2024: Dividends −$1.2M$52.4MFY2024FY2025: Operating cash flow $147MFY2025: Net borrowing −$31.2MFY2025: Asset sales $1.4MFY2025: Capital spending −$500KFY2025: Dividends −$2.2M$148MFY2025
Over these 5 years operating cash flow totalled $200M; the largest uses were acquisitions ($128M) and net borrowing ($127M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$87.8M
Debt$626M
Net debt$539M
Due within a year$145M

Innovate funds itself: free cash flow was $141M over the last twelve months, and $87.8M of cash and investments stands against $626M of debt ($145M due within a year, 0.6× covered by cash).

Innovate: debt maturities by year (FY2025)Innovate: debt maturities by year (FY2025)$145MYear 1$466MYear 2$5.8MYear 3$6.4MYear 4$63.6MYear 5
Principal due in each year as disclosed in the annual report, against $87.8M of cash and investments now.

Where the cash came from and went

Innovate: sources (+) and uses (−) of cash, Q2 2026Innovate: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$42.9MOperating cash flow−$24.6MOther investing−$10.9MNet borrowing (+) / repaid (−)−$5.1MOther financing−$3.7MNot reconciled$1.9MDividends−$300KCapital spending−$100KExchange rates−$100K
Innovate: sources (+) and uses (−) of cash, TTM to Q2 2026Innovate: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$141MCash drawn (+) / kept (−)−$56.9MOther investing−$32.8MNet borrowing (+) / repaid (−)−$30.5MOther financing−$19.3MDividends−$1.8MCapital spending−$500KAsset & business sales$300KNot reconciled$300K

From profit to cash

Innovate: net income to operating cash flow, Q2 2026Innovate: net income to operating cash flow, Q2 2026Net income$12.4MDepreciation & amortization$7.0MStock-based pay$400KDeferred taxes−$100KOther non-cash$1.3MReceivables−$100MInventory$600KPayables$11.7MAccrued liabilities$37.7MDeferred revenue$25.4MContract assets$1.9MPrepaid and other assets−$15.5MOther liabilities$1.1MOperating cash flow−$24.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$24.6M−$100K−$300K−$5.1M$42.9M−$24.7M
Q1 2026$45.5M−$200K−$400K−$10.0M−$22.5M$45.3M
Q4 2025$101M—−$700K−$5.1M−$76.6M$101M
Q3 2025$19.2M−$200K−$400K−$10.3M−$700K$19.0M
Q2 2025$40.4M−$300K−$800K−$20.7M−$1.5M$40.1M
Q1 2025−$14.1M−$4.7M−$300K$4.9M$15.4M−$18.8M
Q4 2024$41.4M−$7.2M−$300K−$30.1M$3.2M$34.2M
Q3 2024−$28.4M−$3.1M−$300K$4.9M$29.2M−$31.5M

Innovate: income statement and cash flow

Innovate, Q2 2026: revenue $422M (+74% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

Innovate: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.