Filing Flows › Innovate (VATE) › Q1 2026
Innovate (VATE) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
Innovate (VATE) reported revenue of $365M for the first quarter 2026 (Q1 2026), +33% from a year earlier and -5% from the quarter before. Operating margin was 2.7%, net loss $17.1M (4.7% of revenue).
Innovate, Q1 2026: revenue $365M (+33% year over year), operating margin 2.7%, net loss $17.1M, operating cash flow $45.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $365M | -5% | +33% |
| Operating profit | $10.0M | -30% | +194% |
| Net earnings | −$17.1M | — | — |
| Operating cash flow | $45.5M | -55% | — |
| Free cash flow | $45.3M | -55% | — |
What changed
Revenue was $364.8M in Q1 2026, up 33% year over year and down 5% from the previous quarter. Infrastructure was the largest line at 98% of revenue. Infrastructure added $93.0M year over year (up 35%), 103% of the total change. Life Sciences declined 48%.
Gross margin was 14.7%, down 1.9 points from Q1 2025. Operating profit was $10.0M, a 2.7% margin (up 1.5 points year over year). Of the extra revenue versus Q1 2025, 7% reached operating profit, above the 1% margin then. Operating expenses grew 3% against revenue growth of 33%. The quarter ended with a net loss of $17.1M, wider than the previous quarter's $7.6M loss. Net interest and other expense of $24.2M was the main reason.
Operating cash flow was $45.5M. Non-cash charges added back $7.4M of depreciation and amortization and $600K of share-based compensation. Working capital and other items added $54.6M. Capital expenditures of $200K left free cash flow of $45.3M.
Questions
What was Innovate's revenue in the first quarter 2026?
Innovate (VATE) reported revenue of $365M for the first quarter 2026 (Q1 2026), +33% from a year earlier and -5% from the quarter before.
Was Innovate profitable in the first quarter 2026?
Operating profit was $10.0M (2.7% of revenue) and net loss $17.1M.
Source: Innovate 10-Q on SEC EDGAR.