Filing Flows › Innovate (VATE) › Q1 2026 › vs Q4 2025
Innovate (VATE) Q1 2026 vs Q4 2025 (quarter over quarter)
Innovate's revenue fell $17.9M (-5%) from $383M in Q4 2025 to $365M in Q1 2026. The biggest changes: Infrastructure −$16.0M (-4%); Life Sciences −$1.5M (-48%); Spectrum −$400K (-7%).
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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 12.4% | 26.4% | -14.0 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Infrastructure | $358M | $374M | −$16.0M | -4% |
| Spectrum | $5.3M | $5.7M | −$400K | -7% |
| Life Sciences | $1.6M | $3.1M | −$1.5M | -48% |
| Revenue | $365M | $383M | −$17.9M | -5% |
| Net loss | $17.1M | $7.6M | $9.5M | +125% |
| Costs & expenses | $382M | $392M | −$10.1M | -3% |
| Operating costs | $355M | $368M | −$13.6M | -4% |
| Interest & other, net | $24.2M | $23.6M | $600K | +3% |
| Income tax | $2.9M | −$1.7M | $4.6M | — |
| Cost of revenue | $311M | $324M | −$12.5M | -4% |
| SG&A | $39.4M | $40.6M | −$1.2M | -3% |
| Other operating costs | $4.1M | $4.0M | $100K | +2% |
| Operating cash sources | $62.6M | $109M | −$46.1M | -42% |
| Depreciation & amortization | $7.4M | $7.6M | −$200K | -3% |
| Share-based compensation | $600K | $500K | $100K | +20% |
| Working capital & other | $54.6M | $101M | −$46.0M | -46% |
| Net loss absorbed | $17.1M | $7.6M | $9.5M | +125% |
| Operating cash flow | $45.5M | $101M | −$55.6M | -55% |
| Free cash flow (OCF − capex) | $45.3M | $101M | −$55.8M | -55% |
| Capital expenditures | $200K | $0 | $200K | — |
Questions
How much did Innovate's revenue grow quarter over quarter in Q1 2026?
Innovate's revenue fell $17.9M (-5%) from $383M in Q4 2025 to $365M in Q1 2026.
What drove Innovate's revenue change in Q1 2026?
Infrastructure −$16.0M (-4%); Life Sciences −$1.5M (-48%); Spectrum −$400K (-7%).