Filing Flows › Innovate (VATE) › Q1 2026 › vs Q1 2025
Innovate (VATE) Q1 2026 vs Q1 2025 (year over year)
Innovate's revenue rose $90.6M (+33%) from $274M in Q1 2025 to $365M in Q1 2026. The biggest changes: Infrastructure +$93.0M (+35%); Life Sciences −$1.5M (-48%); Spectrum −$900K (-15%).
Innovate, Q1 2026: revenue $365M (+33% year over year), operating margin 2.7%, net loss $17.1M, operating cash flow $45.5M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 12.4% | -6.9% | +19.3 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Infrastructure | $358M | $265M | $93.0M | +35% |
| Spectrum | $5.3M | $6.2M | −$900K | -15% |
| Life Sciences | $1.6M | $3.1M | −$1.5M | -48% |
| Revenue | $365M | $274M | $90.6M | +33% |
| Net loss | $17.1M | $25.8M | −$8.7M | -34% |
| Costs & expenses | $382M | $300M | $81.9M | +27% |
| Operating costs | $355M | $271M | $84.0M | +31% |
| Interest & other, net | $24.2M | $22.1M | $2.1M | +10% |
| Income tax | $2.9M | $7.1M | −$4.2M | -59% |
| Cost of revenue | $311M | $229M | $82.6M | +36% |
| SG&A | $39.4M | $37.8M | $1.6M | +4% |
| Other operating costs | $4.1M | $4.3M | −$200K | -5% |
| Operating cash sources | $62.6M | $11.7M | $50.9M | +435% |
| Depreciation & amortization | $7.4M | $7.9M | −$500K | -6% |
| Share-based compensation | $600K | $800K | −$200K | -25% |
| Working capital & other | $54.6M | $3.0M | $51.6M | 18× |
| Net loss absorbed | $17.1M | $25.8M | −$8.7M | -34% |
| Operating cash flow | $45.5M | −$14.1M | $59.6M | — |
| Free cash flow (OCF − capex) | $45.3M | −$18.8M | $64.1M | — |
| Capital expenditures | $200K | $4.7M | −$4.5M | -96% |
Questions
How much did Innovate's revenue grow year over year in Q1 2026?
Innovate's revenue rose $90.6M (+33%) from $274M in Q1 2025 to $365M in Q1 2026.
What drove Innovate's revenue change in Q1 2026?
Infrastructure +$93.0M (+35%); Life Sciences −$1.5M (-48%); Spectrum −$900K (-15%).