Filing Flows › Innovate (VATE) › Q2 2026 › vs Q1 2026
Innovate (VATE) Q2 2026 vs Q1 2026 (quarter over quarter)
Innovate's revenue rose $56.8M (+16%) from $365M in Q1 2026 to $422M in Q2 2026. The biggest changes: Infrastructure +$56.1M (+16%); Life Sciences +$600K (+38%); Spectrum Segment +$100K (+2%). Gross margin 18.9% against 14.7% (+4.2 pts).
Innovate, Q2 2026: revenue $422M (+74% year over year), operating margin 8.2%, net earnings $10.7M, operating cash flow −$24.6M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 18.9% | 14.7% | +4.2 pts |
| Operating margin | 8.2% | 2.7% | +5.4 pts |
| Net margin | 2.5% | -4.6% | +7.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Infrastructure | $414M | $358M | $56.1M | +16% |
| Spectrum Segment | $5.4M | $5.3M | $100K | +2% |
| Life Sciences | $2.2M | $1.6M | $600K | +38% |
| Revenue | $422M | $365M | $56.8M | +16% |
| Gross profit | $79.5M | $53.5M | $26.0M | +49% |
| Cost of revenue | $342M | $311M | $30.8M | +10% |
| Operating profit | $34.5M | $10.0M | $24.5M | +245% |
| Operating expenses | $45.0M | $43.5M | $1.5M | +3% |
| Pre-tax earnings | $25.5M | −$14.2M | $39.7M | — |
| Other expense, net | $9.0M | $24.2M | −$15.2M | -63% |
| SG&A | $41.5M | $39.4M | $2.1M | +5% |
| Other operating costs | $3.5M | $4.1M | −$600K | -15% |
| Net earnings | $10.7M | −$16.8M | $27.5M | — |
| Minority interests | $1.7M | −$300K | $2.0M | — |
| Income tax | $13.1M | $2.9M | $10.2M | +352% |
| Operating cash sources | $42.7M | −$54.3M | $97.0M | — |
| Depreciation & amortization | $7.0M | $7.4M | −$400K | -5% |
| Share-based compensation | $400K | $600K | −$200K | -33% |
| Cash used in operations | $24.6M | −$45.5M | $70.1M | — |
| Working capital & other | $42.7M | −$54.3M | $97.0M | — |
Questions
How much did Innovate's revenue grow quarter over quarter in Q2 2026?
Innovate's revenue rose $56.8M (+16%) from $365M in Q1 2026 to $422M in Q2 2026.
What drove Innovate's revenue change in Q2 2026?
Infrastructure +$56.1M (+16%); Life Sciences +$600K (+38%); Spectrum Segment +$100K (+2%).