Filing Flows › Innovate (VATE) › Q4 2025
Innovate (VATE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 26, 2026
Innovate (VATE) reported revenue of $383M for the fourth quarter 2025 (Q4 2025), +62% from a year earlier and +10% from the quarter before. Operating margin was 3.7%, net loss $7.6M (2.0% of revenue).
Innovate, Q4 2025: revenue $383M (+62% year over year), operating margin 3.7%, net loss $7.6M, operating cash flow $101M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $383M | +10% | +62% |
| Operating profit | $14.3M | +134% | +472% |
| Net earnings | −$7.6M | — | — |
| Operating cash flow | $101M | +427% | +144% |
What changed
Revenue was $382.7M in Q4 2025, up 62% year over year and up 10% from the previous quarter. Infrastructure was the largest line at 98% of revenue.
Gross margin was 15.4%, down 4.2 points from Q4 2024. Operating profit was $14.3M, a 3.7% margin (up 2.7 points year over year). Of the extra revenue versus Q4 2024, 8% reached operating profit, above the 1% margin then. Operating expenses grew 2% against revenue growth of 62%. The fastest-growing cost line was Other operating costs (+14%). The quarter ended with a net loss of $7.6M, narrower than the previous quarter's $9.6M loss. Net interest and other expense of $23.6M was the main reason.
Operating cash flow was $101.1M (up 144% year over year). Non-cash charges added back $7.6M of depreciation and amortization and $500K of share-based compensation. Working capital and other items added $100.6M.
Questions
What was Innovate's revenue in the fourth quarter 2025?
Innovate (VATE) reported revenue of $383M for the fourth quarter 2025 (Q4 2025), +62% from a year earlier and +10% from the quarter before.
Was Innovate profitable in the fourth quarter 2025?
Operating profit was $14.3M (3.7% of revenue) and net loss $7.6M.
Source: Innovate 10-K on SEC EDGAR.