Filing Flows › Innovate (VATE) › Q1 2025
Innovate (VATE) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Innovate (VATE) reported revenue of $274M for the first quarter 2025 (Q1 2025), -13% from a year earlier and +16% from the quarter before. Operating margin was 1.2%, net loss $25.8M (9.4% of revenue).
Innovate, Q1 2025: revenue $274M (-13% year over year), operating margin 1.2%, net loss $25.8M, operating cash flow −$14.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $274M | +16% | -13% |
| Operating profit | $3.4M | +36% | — |
| Net earnings | −$25.8M | — | — |
| Operating cash flow | −$14.1M | -134% | — |
What changed
Revenue was $274.2M in Q1 2025, down 13% year over year and up 16% from the previous quarter. Infrastructure was the largest line at 97% of revenue. Infrastructure lost $43.0M year over year (down 14%), 105% of the total change.
Gross margin was 16.6%, up 1.2 points from a year earlier. Operating profit was $3.4M, a 1.2% margin (up 0.4 points year over year). Operating expenses fell 8% while revenue fell 13%. The quarter ended with a net loss of $25.8M, wider than the previous quarter's $17.3M loss. Minority interests bore $1.3M of it: to shareholders the quarter was a loss of $24.5M. Net interest and other expense of $22.1M was the main reason.
Operating cash flow was −$14.1M. Non-cash charges added back $7.9M of depreciation and amortization and $800K of share-based compensation. Working capital and other items added $3.0M. Capital expenditures of $4.7M exceeded it, leaving free cash flow of −$18.8M.
Questions
What was Innovate's revenue in the first quarter 2025?
Innovate (VATE) reported revenue of $274M for the first quarter 2025 (Q1 2025), -13% from a year earlier and +16% from the quarter before.
Was Innovate profitable in the first quarter 2025?
Operating profit was $3.4M (1.2% of revenue) and net loss $25.8M.
Source: Innovate 10-Q on SEC EDGAR.