Filing Flows › Innovate (VATE) › Q3 2025
Innovate (VATE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Innovate (VATE) reported revenue of $347M for the third quarter 2025 (Q3 2025), +43% from a year earlier and +43% from the quarter before. Operating margin was 1.8%, net loss $9.6M (2.8% of revenue).
Innovate, Q3 2025: revenue $347M (+43% year over year), operating margin 1.8%, net loss $9.6M, operating cash flow $19.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $347M | +43% | +43% |
| Operating profit | $6.1M | +24% | — |
| Net earnings | −$9.6M | — | — |
| Operating cash flow | $19.2M | -52% | — |
| Free cash flow | $19.0M | -53% | — |
What changed
Revenue was $347.1M in Q3 2025, up 43% year over year and up 43% from the previous quarter. Infrastructure was the largest line at 97% of revenue. Infrastructure added $105.6M year over year (up 45%), 101% of the total change. Spectrum declined 12%.
Gross margin was 14.3%, down 5.6 points from a year earlier. Operating profit was $6.1M, a 1.8% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 2% margin then. Operating expenses grew 3% against revenue growth of 43%. The quarter ended with a net loss of $9.6M, narrower than the previous quarter's $21.0M loss. Minority interests bore $700K of it: to shareholders the quarter was a loss of $8.9M. Net interest and other expense of $22.8M was the main reason.
Operating cash flow was $19.2M. Non-cash charges added back $7.5M of depreciation and amortization and $700K of share-based compensation. Working capital and other items added $20.6M. Capital expenditures of $200K left free cash flow of $19.0M.
Questions
What was Innovate's revenue in the third quarter 2025?
Innovate (VATE) reported revenue of $347M for the third quarter 2025 (Q3 2025), +43% from a year earlier and +43% from the quarter before.
Was Innovate profitable in the third quarter 2025?
Operating profit was $6.1M (1.8% of revenue) and net loss $9.6M.
Source: Innovate 10-Q on SEC EDGAR.