Filing Flows › Innovate (VATE) › Q2 2025
Innovate (VATE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Innovate (VATE) reported revenue of $242M for the second quarter 2025 (Q2 2025), -23% from a year earlier and -12% from the quarter before. Operating margin was 2.0%, net loss $21.0M (8.7% of revenue).
Innovate, Q2 2025: revenue $242M (-23% year over year), operating margin 2.0%, net loss $21.0M, operating cash flow $40.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $242M | -12% | -23% |
| Operating profit | $4.9M | +44% | — |
| Net earnings | −$21.0M | — | — |
| Operating cash flow | $40.4M | — | +88% |
| Free cash flow | $40.1M | — | +118% |
What changed
Revenue was $242.0M in Q2 2025, down 23% year over year and down 12% from the previous quarter. Infrastructure was the largest line at 96% of revenue. Infrastructure lost $72.1M year over year (down 24%), 101% of the total change.
Gross margin was 18.8%, down 2.1 points from a year earlier. Operating profit was $4.9M, a 2.0% margin (down 7.2 points year over year). Operating expenses grew 11% against a revenue fall of 23%. The quarter ended with a net loss of $21.0M, narrower than the previous quarter's $25.8M loss. Minority interests bore $1.2M of it: to shareholders the quarter was a loss of $19.8M. Net interest and other expense of $21.7M was the main reason.
Operating cash flow was $40.4M (up 88% year over year). Non-cash charges added back $7.4M of depreciation and amortization and $700K of share-based compensation. Working capital and other items added $53.3M. Capital expenditures of $300K left free cash flow of $40.1M.
Questions
What was Innovate's revenue in the second quarter 2025?
Innovate (VATE) reported revenue of $242M for the second quarter 2025 (Q2 2025), -23% from a year earlier and -12% from the quarter before.
Was Innovate profitable in the second quarter 2025?
Operating profit was $4.9M (2.0% of revenue) and net loss $21.0M.
Source: Innovate 10-Q on SEC EDGAR.