Filing Flows › Innovate (VATE) › How it makes money
How Innovate (VATE) makes money
Innovate (VATE) made $422M of revenue in the second quarter 2026 (Q2 2026), +74% from a year earlier. Infrastructure brought in $414M (98%); Spectrum Segment brought in $5.4M (1%); Life Sciences brought in $2.2M (1%). Of every dollar of revenue, 19¢ was left as gross profit, 8¢ was left as operating profit, 3¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Infrastructure | $414M | 98.2% | +16% | +78% |
| Spectrum Segment | $5.4M | 1.3% | +2% | -5% |
| Life Sciences | $2.2M | 0.5% | +38% | -31% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $422M | 100.0% |
| Cost of revenue | $342M | 81.1% |
| Gross profit | $79.5M | 18.9% |
| Operating expenses | $45.0M | 10.7% |
| Operating profit | $34.5M | 8.2% |
| Income tax | $13.1M | 3.1% |
| Net earnings | $10.7M | 2.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $422M | +74% |
| Q1 2026 | $365M | +33% |
| Q4 2025 | $383M | +62% |
| Q3 2025 | $347M | +43% |
| Q2 2025 | $242M | -23% |
| Q1 2025 | $274M | -13% |
| Q4 2024 | $237M | -34% |
From Innovate's 10-Q filed Aug 6, 2026 (on EDGAR).
Questions
How does Innovate make money?
Innovate (VATE) made $422M of revenue in the second quarter 2026 (Q2 2026), +74% from a year earlier. Infrastructure brought in $414M (98%); Spectrum Segment brought in $5.4M (1%); Life Sciences brought in $2.2M (1%). Of every dollar of revenue, 19¢ was left as gross profit, 8¢ was left as operating profit, 3¢ was left as net earnings.
What is Innovate's biggest business?
Infrastructure: $414M in the second quarter 2026, 98% of revenue, +78% from a year earlier.
What is Innovate's profit margin?
Net earnings were $10.7M, 2.5% of revenue, in the second quarter 2026; the operating margin was 8.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.