Filing Flows › Innovate (VATE) › Q4 2024
Innovate (VATE) Q4 2024 earnings results (fourth quarter 2024)
10-K filed Mar 31, 2025
Innovate (VATE) reported revenue of $237M for the fourth quarter 2024 (Q4 2024), -34% from a year earlier and -2% from the quarter before. Operating margin was 1.1%, net loss $17.3M (7.3% of revenue).
Innovate, Q4 2024: revenue $237M (-34% year over year), operating margin 1.1%, net loss $17.3M, operating cash flow $41.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $237M | -2% | -34% |
| Operating profit | $2.5M | — | — |
| Net earnings | −$17.3M | — | — |
| Operating cash flow | $41.4M | — | -32% |
| Free cash flow | $34.2M | — | -40% |
What changed
Revenue was $236.6M in Q4 2024, down 34% year over year and down 2% from the previous quarter. Infrastructure was the largest line at 95% of revenue.
Gross margin was 19.6%, up 2.7 points from a year earlier. Operating profit was $2.5M, a 1.1% margin (down 2.8 points year over year). Operating expenses fell 7% while revenue fell 34%. The quarter ended with a net loss of $17.3M, wider than the previous quarter's $16.2M loss. Minority interests bore $700K of it: to shareholders the quarter was a loss of $16.6M. Net interest and other expense of $17.4M was the main reason.
Operating cash flow was $41.4M (down 32% year over year). Non-cash charges added back $8.1M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $48.3M. Capital expenditures of $7.2M left free cash flow of $34.2M.
Questions
What was Innovate's revenue in the fourth quarter 2024?
Innovate (VATE) reported revenue of $237M for the fourth quarter 2024 (Q4 2024), -34% from a year earlier and -2% from the quarter before.
Was Innovate profitable in the fourth quarter 2024?
Operating profit was $2.5M (1.1% of revenue) and net loss $17.3M.
Source: Innovate 10-K on SEC EDGAR.