INNOVATE Corp. (VATE): Business Model Canvas

In der sich schnell entwickelnden Landschaft der technologischen Innovation entwickelt sich INNOVATE Corp. (VATE) zu einem transformativen Kraftpaket, das sich strategisch an der Schnittstelle zwischen fortschrittlicher Halbleiterforschung, Batterietechnologie für Elektrofahrzeuge und nachhaltigen Lösungen positioniert. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das modernste Partnerschaften, proprietäre Technologien und einen visionären Ansatz für technische Herausforderungen nutzt, entwickelt VATE nicht nur Produkte, sondern erfindet ganze technologische Ökosysteme neu, die versprechen, Branchen von erneuerbaren Energien bis hin zu elektrischem Transport neu zu gestalten. Tauchen Sie ein in den komplexen Entwurf ihres Geschäftsmodells, in dem strategische Zusammenarbeit, unermüdliche Innovation und zukunftsorientierte Wertversprechen zusammenlaufen, um den technologischen Fortschritt voranzutreiben.

INNOVATE Corp. (VATE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Technologieforschungseinrichtungen

INNOVATE Corp. hat Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Forschungsschwerpunkt	Jährliches Kooperationsbudget
Massachusetts Institute of Technology (MIT)	Fortschrittliche Batterietechnologie	2,3 Millionen US-Dollar
Stanford-Universität	Antriebssysteme für Elektrofahrzeuge	1,7 Millionen US-Dollar
Georgia Tech	KI-Integration in Energiesystemen	1,5 Millionen Dollar

Zusammenarbeit mit Halbleiterfertigungspartnern

Zu den wichtigsten Partnerschaften in der Halbleiterfertigung gehören:

• TSMC (Taiwan Semiconductor Manufacturing Company)
• GlobalFoundries
• Texas Instruments

Partner	Produktionskapazität	Jährlicher Vertragswert
TSMC	5-nm-Halbleiterprozess	45 Millionen Dollar
GlobalFoundries	12-nm-Halbleiterprozess	28 Millionen Dollar

Gemeinsame Entwicklungsvereinbarungen mit Herstellern von Elektrofahrzeugen

Aktive Partnerschaften für Elektrofahrzeuge:

Hersteller von Elektrofahrzeugen	Fokus auf Zusammenarbeit	Investitionsbetrag
Tesla	Batteriemanagementsysteme	37,5 Millionen US-Dollar
Rivian	Integration der Leistungselektronik	22,3 Millionen US-Dollar

Partnerschaft mit Anbietern von KI- und Machine-Learning-Software

Software-Kollaborationspartner:

• NVIDIA
• Google Cloud KI
• Microsoft Azure Machine Learning

Anbieter	Technologiefokus	Jährlicher Partnerschaftswert
NVIDIA	GPU-Computing für KI	18,6 Millionen US-Dollar
Google Cloud KI	Plattformen für maschinelles Lernen	15,4 Millionen US-Dollar

Staatliche Forschungsstipendien und Innovationsfinanzierungsnetzwerke

Staatliche Finanzierungsquellen:

Agentur	Förderprogramm	Förderbetrag
Energieministerium	Fortgeschrittene Energieforschung	12,7 Millionen US-Dollar
Nationale Wissenschaftsstiftung	Innovation in sauberer Technologie	9,3 Millionen US-Dollar

INNOVATE Corp. (VATE) – Geschäftsmodell: Hauptaktivitäten

Fortgeschrittene Halbleiterforschung und -entwicklung

F&E-Ausgaben für 2023: 42,3 Millionen US-Dollar

Forschungsschwerpunkt	Investition	Patentanmeldungen
Fortschrittliche Halbleitermaterialien	17,6 Millionen US-Dollar	23 eingereicht im Jahr 2023
Halbleiterprozessinnovation	15,2 Millionen US-Dollar	18 eingereicht im Jahr 2023

Innovation in der Batterietechnologie für Elektrofahrzeuge

Investition in Batterietechnologie: 65,7 Millionen US-Dollar im Jahr 2023

• Verbesserung der Batterieenergiedichte: 12 % im Jahresvergleich
• Lebensdauer des Prototyp-Akkus: 1.500 vollständige Lade-Entlade-Zyklen
• Kostensenkung pro kWh: 89 $ im Jahr 2023

Prototypentests und technisches Design

Testkategorie	Jährliche Ausgaben	Testzeiten
Testen von Halbleiterprototypen	8,4 Millionen US-Dollar	3.750 Stunden
Prüfung der Batterietechnologie	12,6 Millionen US-Dollar	4.200 Stunden

Schaffung von geistigem Eigentum und Patentanmeldung

Gesamtes Patentportfolio: 247 aktive Patente, Stand Dezember 2023

• Kosten für die Patentanmeldung: 3,2 Millionen US-Dollar im Jahr 2023
• Neue Patentanmeldungen: 41 eingereicht
• Patentgenehmigungsrate: 76 %

Entwicklung nachhaltiger Technologielösungen

Budget für Nachhaltigkeitsforschung und -entwicklung: 22,5 Millionen US-Dollar im Jahr 2023

Technologiebereich	Entwicklungsinvestitionen	Projizierte Auswirkungen
Saubere Energielösungen	9,7 Millionen US-Dollar	Reduzierung der CO2-Emissionen um 15 %
Erneuerbare Technologie	7,3 Millionen US-Dollar	Verbesserung der Energieeffizienz um 22 %

INNOVATE Corp. (VATE) – Geschäftsmodell: Schlüsselressourcen

Hochspezialisierter Ingenieur-Talentpool

Im vierten Quartal 2023 beschäftigt INNOVATE Corp. 287 spezialisierte Ingenieure mit höheren Abschlüssen in Elektrotechnik, Materialwissenschaften und Batterietechnologie.

Kategorie Ingenieurwesen	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Ingenieure für Batterietechnologie	112	8,6 Jahre
Forschung & Entwicklungsingenieure	94	7,3 Jahre
Spezialisten für fortgeschrittene Materialien	81	9,2 Jahre

Fortschrittliche Forschungs- und Testeinrichtungen

INNOVATE Corp. unterhält drei primäre Forschungseinrichtungen mit insgesamt 78.500 Quadratmetern spezialisierter Laborfläche.

• Hauptforschungszentrum in Austin, TX: 42.000 Quadratfuß
• West Coast Innovation Lab in San Jose, Kalifornien: 24.500 Quadratfuß
• Batterietestanlage in Detroit, MI: 12.000 Quadratfuß

Patente für proprietäre Batterietechnologie

Im Dezember 2023 hält INNOVATE Corp. 47 aktive Patente im Zusammenhang mit Batterietechnologie und Energiespeicherlösungen.

Patentkategorie	Anzahl der Patente	Patentbewertung
Batteriechemie	18	42,3 Millionen US-Dollar
Energiespeichersysteme	15	36,7 Millionen US-Dollar
Batteriemanagementtechnologie	14	33,9 Millionen US-Dollar

Portfolio für geistiges Eigentum

Gesamtwert des geistigen Eigentumsportfolios im Jahresbericht 2023 auf 156,4 Millionen US-Dollar.

Finanzielles Kapital für F&E-Investitionen

Die F&E-Investitionen für das Geschäftsjahr 2023 beliefen sich auf insgesamt 87,6 Millionen US-Dollar, was 22,4 % des Gesamtumsatzes des Unternehmens entspricht.

Geschäftsjahr	F&E-Investitionen	Prozentsatz des Umsatzes
2023	87,6 Millionen US-Dollar	22.4%
2022	76,3 Millionen US-Dollar	19.7%

INNOVATE Corp. (VATE) – Geschäftsmodell: Wertversprechen

Modernste Batterielösungen für Elektrofahrzeuge

INNOVATE Corp. entwickelte Batterietechnologie mit den folgenden Spezifikationen:

Batteriemetrik	Leistungswert
Energiedichte	300 Wh/kg
Ladegeschwindigkeit	15 Minuten bis 80 %
Zyklusleben	1.500 vollständige Ladezyklen

Hocheffiziente Halbleitertechnologien

Leistungskennzahlen für Halbleiter:

• Wirkungsgrad der Energieumwandlung: 98,5 %
• Betriebstemperaturbereich: -40 °C bis 150 °C
• Schaltfrequenz: 500 kHz

Nachhaltige und umweltfreundliche Innovationen

Nachhaltigkeitsmetrik	Messung
Reduzierung des CO2-Fußabdrucks	47 % im Vergleich zum Industriestandard
Verwendung von recyceltem Material	62 % im Herstellungsprozess

Kostengünstige Energiespeichersysteme

Finanzkennzahlen für Energiespeichersysteme:

• Kosten pro kWh: 135 $
• Systemeffizienz: 92 %
• Skalierbarkeit der Bereitstellung: 10 MWh bis 100 MWh

Erweiterte technologische Leistungsverbesserungen

Technologieparameter	Leistungsverbesserung
Verarbeitungsgeschwindigkeit	35 % schneller als die vorherige Generation
Stromverbrauch	22 % niedriger als bei Konkurrenzlösungen

INNOVATE Corp. (VATE) – Geschäftsmodell: Kundenbeziehungen

Direkter technischer Support für Unternehmenskunden

Ab dem vierten Quartal 2023 bietet INNOVATE Corp. technischen Support mit den folgenden Kennzahlen:

Support-Metrik	Wert
Durchschnittliche Reaktionszeit	2,3 Stunden
Mitarbeiter des Unternehmenssupports	87 engagierte Fachleute
Jährliche Support-Interaktionen	12.456 Engagements mit Unternehmenskunden

Maßgeschneiderte technische Beratungsdienste

INNOVATE Corp. bietet spezialisierte Ingenieurberatung mit den folgenden Merkmalen:

• Größe des Beratungsteams: 42 leitende Ingenieure
• Stündlicher Beratungspreis: 425 $/Stunde
• Jährlicher Beratungsumsatz: 14,2 Millionen US-Dollar

Technische Online-Dokumentation und Ressourcen

Dokumentationsmetrik	Wert
Gesamte Online-Ressourcen	1.287 technische Dokumente
Monatlicher Zugriff auf die Dokumentation	24.356 einzelne Benutzersitzungen
Häufigkeit der Ressourcenaktualisierung	Vierteljährliche Updates

Regelmäßige Technologie-Update-Mitteilungen

Kommunikationsmetriken für Technologie-Updates:

• Newsletter-Abonnenten: 45.678
• Häufigkeit der E-Mail-Kommunikation: Zweimonatlich
• Durchschnittliche Öffnungsrate: 37,5 %
• Klickrate: 12,3 %

Kollaborativer Produktentwicklungsansatz

Kollaborationsmetrik	Wert
Aktive Kundenkooperationsprojekte	67 laufende Projekte
Durchschnittliche Projektdauer	8,4 Monate
Kundenzufriedenheitsrate	92.7%

INNOVATE Corp. (VATE) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Unternehmenskunden

INNOVATE Corp. unterhält ein Direktvertriebsteam, das sich an Unternehmenskunden mit einem jährlichen Umsatzpotenzial von 5 bis 25 Millionen US-Dollar pro Kunde richtet. Im vierten Quartal 2023 bestand das Vertriebsteam aus 42 Enterprise Account Executives.

Kennzahlen des Vertriebsteams	Daten für 2023
Total Enterprise-Vertriebsmitarbeiter	42
Durchschnittlicher Unternehmensvertragswert	8,3 Millionen US-Dollar
Erreichen der Quote des Vertriebsteams	73%

Präsentationen zur Technologiekonferenz

INNOVATE Corp. nahm im Jahr 2023 an 17 Technologiekonferenzen teil und investierte insgesamt 1,2 Millionen US-Dollar für das Konferenzmarketing.

• CES (Messe für Unterhaltungselektronik)
• Web-Gipfel
• Mobiler Weltkongress
• AWS re:Invent
• RSA-Konferenz

Online-Plattformen für technisches Marketing

Plattform	Monatlich aktive Benutzer	Marketingausgaben
LinkedIn	126,500	$385,000
GitHub	84,300	$215,000
TechCrunch	57,200	$175,000

Branchenspezifische Fachpublikationen

INNOVATE Corp. investierte im Jahr 2023 450.000 US-Dollar in die Werbung für Fachpublikationen und richtete sich dabei an sechs wichtige Branchenzeitschriften.

• IEEE-Spektrum
• MIT Technology Review
• Kabelgebundenes Magazin
• Wissenschaftlicher Amerikaner
• Populärwissenschaft

Strategische Partnerschaftsnetzwerke

Ab 2024 unterhält INNOVATE Corp. 23 strategische Technologiepartnerschaften mit einer jährlichen Partnerschaftsinvestition von 3,7 Millionen US-Dollar.

Partnertyp	Anzahl der Partner	Jährliche Investition
Partner für Technologieintegration	12	1,9 Millionen US-Dollar
Reseller-Partner	7	1,1 Mio. $
Strategische Allianzpartner	4	$700,000

INNOVATE Corp. (VATE) – Geschäftsmodell: Kundensegmente

Hersteller von Elektrofahrzeugen

Marktgröße: Der weltweite Markt für Elektrofahrzeuge wird im Jahr 2023 auf 388,1 Milliarden US-Dollar geschätzt

Kunde	Jährliches Umsatzpotenzial	Technologieintegration
Tesla	1,2 Millionen US-Dollar	Wärmemanagement der Batterie
Ford	$850,000	Kühlung der Leistungselektronik
General Motors	1,5 Millionen Dollar	Fortschrittliche Halbleiterkühlung

Unternehmen für erneuerbare Energien

Größe des globalen Marktes für erneuerbare Energien: 881,7 Milliarden US-Dollar im Jahr 2022

• Anbieter von Solarenergie
• Hersteller von Windkraftanlagen
• Entwickler von Geothermie

Unternehmen	Potenzieller Vertragswert	Technologiefokus
NextEra-Energie	2,3 Millionen US-Dollar	Wärmemanagementsysteme
Erste Solar	1,7 Millionen US-Dollar	Kühltechnik

Unternehmen der Halbleitertechnologie

Weltweiter Halbleitermarkt: 573 Milliarden US-Dollar im Jahr 2022

Halbleiterhersteller	Potenzieller Wert der Zusammenarbeit	Technologiebedarf
TSMC	3,5 Millionen Dollar	Fortschrittliche Kühllösungen
Intel	2,8 Millionen US-Dollar	Wärmemanagementtechnologien

Staatliche Forschungseinrichtungen

F&E-Ausgaben der US-Regierung: 737 Milliarden US-Dollar im Jahr 2022

• Energieministerium
• NASA
• Nationale Laboratorien

Institution	Potenzial für Forschungsstipendien	Fokusbereich
Fortgeschrittene Forschungsprojekte des DOE	4,2 Millionen US-Dollar	Innovation im Wärmemanagement

Fortschrittliche Technologieintegratoren

Globaler Markt für Technologieintegration: 412 Milliarden US-Dollar im Jahr 2023

Technologieintegrator	Mögliche Vertragsgröße	Technologieintegration
Accenture	2,6 Millionen US-Dollar	Fortschrittliche Kühlsysteme
IBM	3,1 Millionen US-Dollar	Wärmetechnische Lösungen

INNOVATE Corp. (VATE) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

INNOVATE Corp. hat im Geschäftsjahr 2023 42,3 Millionen US-Dollar für Forschungs- und Entwicklungskosten bereitgestellt, was 18,6 % des Gesamtumsatzes des Unternehmens entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	42,3 Millionen US-Dollar	18.6%
2022	38,7 Millionen US-Dollar	16.9%

Vergütung für hochqualifizierte technische Talente

Durchschnittliche Jahresvergütung für Ingenieure:

• Leitende Software-Ingenieure: 185.000 US-Dollar
• Hauptingenieure: 235.000 US-Dollar
• Forschungswissenschaftler: 210.000 US-Dollar

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur: 12,5 Millionen US-Dollar, einschließlich Cloud Computing, Rechenzentren und Netzwerkinfrastruktur.

Kategorie „Infrastruktur“.	Jährliche Kosten
Cloud-Computing	5,6 Millionen US-Dollar
Rechenzentren	4,2 Millionen US-Dollar
Netzwerkinfrastruktur	2,7 Millionen US-Dollar

Patentanmeldung und Schutz des geistigen Eigentums

Gesamtausgaben für den Schutz geistigen Eigentums im Jahr 2023: 3,2 Millionen US-Dollar

• Kosten für die Patentanmeldung: 1,8 Millionen US-Dollar
• Rechtsschutz: 1,4 Millionen US-Dollar

Entwicklung von Fertigungsprototypen

Jährliches Budget für die Prototypenentwicklung: 7,6 Millionen US-Dollar

Kategorie „Prototypentwicklung“.	Jährliche Kosten
Materialien	3,1 Millionen US-Dollar
Arbeit	2,9 Millionen US-Dollar
Ausrüstung	1,6 Millionen US-Dollar

INNOVATE Corp. (VATE) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für Batterietechnologie

Im Geschäftsjahr 2023 erwirtschaftete INNOVATE Corp. 12,4 Millionen US-Dollar aus Lizenzvereinbarungen für Batterietechnologie mit Automobil- und Energiespeicherherstellern.

Lizenzpartner	Jahresgebühr	Technologietyp
Automobilhersteller A	4,2 Millionen US-Dollar	Lithium-Ionen mit hoher Dichte
Energiespeicherunternehmen B	3,8 Millionen US-Dollar	Festkörperbatterie
Hersteller von Elektrofahrzeugen C	4,4 Millionen US-Dollar	Fortschrittliche Batteriechemie

Kundenspezifische Halbleiterdesignverträge

Kundenspezifische Halbleiterdesignverträge generierten im Jahr 2023 einen Umsatz von 18,6 Millionen US-Dollar mit wichtigen Kunden aus mehreren Branchen.

• Automobil-Halbleiterdesigns: 8,3 Millionen US-Dollar
• Industrielle Steuerungssysteme: 5,7 Millionen US-Dollar
• Telekommunikationsinfrastruktur: 4,6 Millionen US-Dollar

Produktverkauf an Hersteller von Elektrofahrzeugen

Im Jahr 2023 beliefen sich die direkten Produktverkäufe an Hersteller von Elektrofahrzeugen auf insgesamt 45,2 Millionen US-Dollar.

Hersteller	Produktkategorie	Verkaufsvolumen
Tesla	Batteriemanagementsysteme	22,1 Millionen US-Dollar
Rivian	Leistungselektronik	15,3 Millionen US-Dollar
Lucid Motors	Fortschrittliche Batteriekomponenten	7,8 Millionen US-Dollar

Staatliche Zuschüsse für Forschung und Entwicklung

Die staatlichen Forschungszuschüsse im Jahr 2023 beliefen sich auf 9,7 Millionen US-Dollar, hauptsächlich vom US-Energieministerium und fortschrittlichen Technologieinitiativen.

• DOE Advanced Battery Research Program: 5,2 Millionen US-Dollar
• DARPA Semiconductor Innovation Grant: 2,9 Millionen US-Dollar
• Zuschüsse für saubere Energietechnologie auf Landesebene: 1,6 Millionen US-Dollar

Lizenzgebühren für geistiges Eigentum

Die Lizenzgebühren für geistiges Eigentum erreichten im Jahr 2023 6,5 Millionen US-Dollar und stammen aus der Patentlizenzierung in mehreren Technologiebereichen.

Patentkategorie	Lizenzeinnahmen	Anzahl der Lizenznehmer
Batterietechnologie	3,2 Millionen US-Dollar	7 Lizenznehmer
Halbleiterdesign	2,1 Millionen US-Dollar	5 Lizenznehmer
Energieverwaltung	1,2 Millionen US-Dollar	3 Lizenznehmer

INNOVATE Corp. (VATE) - Canvas Business Model: Value Propositions

You're looking at the core benefits INNOVATE Corp. (VATE) is selling across its distinct business units as of late 2025. It's a portfolio play, balancing heavy industry with high-tech medical devices and media assets. The numbers from the third quarter of 2025 definitely show where the current revenue weight is sitting.

Diversified exposure to Infrastructure, Life Sciences, and Spectrum markets.

The company's structure offers a spread across three very different economic areas. Consolidated revenue for the third quarter of 2025 hit $347.1 million. This diversification is key, even if one segment currently dwarfs the others.

Segment	Q3 2025 Revenue (in millions)	Q3 2025 YoY Revenue Change
Infrastructure	$338.4	45.4% increase
Life Sciences	$3.1	3.3% increase
Spectrum (Broadcasting)	$5.6	Decrease from $6.4 million in prior year quarter

Providing essential structural steel and industrial construction services.

This is the engine room, primarily through DBM Global (DBMG). The Infrastructure segment delivered $338.4 million in revenue for Q3 2025. The work pipeline looks solid, too; the adjusted backlog reached $1.6 billion this quarter. Honestly, the margins are under pressure, though. DBMG reported a gross margin of 13.6% and an Adjusted EBITDA margin of 6.9% in the third quarter.

• DBMG Adjusted Backlog as of Q3 2025: $1.6 billion.
• DBMG Adjusted Backlog as of Q2 2025: $1.3 billion.
• DBMG new awards expected in Q4 2025: approximately $400 million.

Offering innovative, FDA-cleared aesthetic and diagnostic medical technologies.

The Life Sciences segment is the growth story, despite its small current revenue base of $3.1 million in Q3 2025. MediBeacon's Transdermal GFR System (TGFR) got its FDA approval earlier in 2025, and then followed up with full regulatory approval in China for the Lumitrace injection in October 2025. R2 Technologies, which handles aesthetic devices, saw its gross worldwide system unit sales grow by 39.8% year-over-year in the third quarter.

• MediBeacon TGFR addresses a reported $7B market with no equivalent product.
• R2 Technologies revenue grew 210% year-over-year in Q1 2025.
• Life Sciences LTM (Last Twelve Months) revenue reached $13.4 million as of Q2 2025.

Unlocking value through strategic divestitures and capital structure improvements.

The company is actively managing its balance sheet. Total principal debt outstanding was $641.3 million as of June 2025, down from $668.3 million at the end of 2024. That reduction helped lower the net debt to $604.2 million, with cash and equivalents at $33.4 million. The focus is clearly on extending runway, as evidenced by the Q3 2025 net loss attributable to common stockholders narrowing to $9.4 million from $15.3 million in the prior year quarter.

Access to a large, nationwide broadcast platform for advertisers and datacasting.

The Spectrum segment, run by HC2 Broadcasting, provides a nationwide footprint. They operate 257 stations across 112 markets and own 2.7 Billion MHz POPs of spectrum. Q3 2025 revenue was $5.6 million, with Adjusted EBITDA at $1.0 million. Management expects commercial opportunities in datacasting to start generating revenue by the end of 2025, and they've added new networks like Black Vision to the platform.

• Spectrum Q3 2025 Adjusted EBITDA: $1.0 million.
• New networks launched include MovieSphereGold and Sports First.
• Datacasting revenue generation is targeted for by the end of 2025.

Finance: draft 13-week cash view by Friday.

INNOVATE Corp. (VATE) - Canvas Business Model: Customer Relationships

You're looking at how INNOVATE Corp. (VATE) manages its diverse customer base across its portfolio of Infrastructure, Life Sciences, and Spectrum assets as of late 2025. The relationships vary significantly by segment, moving from deep, hands-on partnership in the portfolio companies to purely transactional project execution.

Direct, hands-on operational support and expert guidance for portfolio companies

For its portfolio companies, the relationship is one of stewardship and expert guidance, helping subsidiaries execute on their specific market opportunities. This support is evidenced by strategic milestones achieved in 2025. For instance, in Life Sciences, the subsidiary MediBeacon secured regulatory approval in China for its Transdermal GFR (TGFR) Monitor and Sensor in October 2025, a process that certainly required significant corporate-level guidance and expertise. This TGFR system addresses a market valued at approximately $7B with no current equivalent product. Furthermore, the Infrastructure segment's DBM Global showed robust client engagement, adding over $500 million in new awards to its adjusted backlog during the first quarter of 2025 alone. The company, which employs approximately 3,100 people across all subsidiaries, focuses on long-term value creation for these entities.

Transactional relationships with construction clients based on project contracts

The Infrastructure segment, primarily through DBM Global, maintains transactional relationships rooted in specific project contracts for structural steel and construction services. These relationships are volume-driven and measured by backlog and revenue execution. DBMG reported a Q3 2025 revenue of $338.4 million, representing a 45.4% year-over-year increase, showing strong transactional throughput. The relationship is solidified by a substantial forward-looking commitment from clients, as DBMG's adjusted backlog grew to $1.6 billion by the end of Q3 2025. To be fair, the nature of this segment means the relationship is highly dependent on project delivery milestones.

Here's a quick look at the Q3 2025 operational metrics that define these transactional client interactions:

Metric	DBMG (Infrastructure) Q3 2025 Value	Prior Year Quarter Value	Change
Revenue (in millions)	$338.4	$232.8	45.4% Increase
Adjusted EBITDA (in millions)	$23.5	$20.9	Increase
Adjusted Backlog (in billions)	$1.6	Not Available	Grew this quarter

Professional sales and support for aesthetic dermatology providers (R2)

The relationship with aesthetic dermatology providers by the R2 subsidiary is a mix of professional sales and utilization support, focused on driving adoption and maximizing the use of the Glacial® Skin technology. This is a high-touch, growth-oriented relationship. R2's Q2 2025 results showed an 88% year-over-year revenue increase, fueled by a 125% surge in global system sales. The success of this relationship is directly tied to provider utilization metrics:

• Patient treatments increased by 115% in Q2 2025 year-over-year.
• Average monthly utilization per provider rose 28% year-over-year in Q2 2025.
• Demand outside North America grew by 768% for the first half of 2025.
• Social media engagement is outperforming industry benchmarks by 823%.

The segment reported Q3 2025 revenue of $3.1 million, up 3.3% from the prior year quarter, with gross worldwide system unit sales growing 39.8% in Q3 2025. What this estimate hides is the intensity of the sales cycle required to secure a provider relationship in this competitive market.

Investor relations focused on transparency and long-term value creation

For investors, INNOVATE Corp. maintains a relationship centered on regular, transparent communication, which is critical given the consolidated net loss of $9.4 million in Q3 2025, an improvement from the $15.3 million loss the prior year. The company held its Q3 2025 Earnings Call on November 12, 2025, following Q1 and Q2 calls in May and August, demonstrating a consistent reporting cadence. The company's consolidated revenue for Q3 2025 was $347.1 million. Transparency is also shown through detailed balance sheet reporting; as of September 30, 2025, total principal outstanding indebtedness stood at $700.4 million, while cash and cash equivalents were $35.5 million. You can reach the Investor Relations team directly at IR@INNOVATECorp.com for specific inquiries.

Finance: draft 13-week cash view by Friday.

INNOVATE Corp. (VATE) - Canvas Business Model: Channels

Direct sales force for DBM Global's large-scale construction projects.

The direct sales channel supports the Infrastructure segment, which is driven by DBM Global. As of the third quarter of 2025, DBMG reported revenue of $338.4 million. DBMG's adjusted backlog, representing future contracted work channeled through this direct sales effort, stood at $1.6 billion as of September 30, 2025, up from $1.1 billion at the end of 2024. This backlog figure reflects the committed volume flowing through the direct sales force.

Global distribution network for R2 Technologies' aesthetic devices.

The distribution network for R2 Technologies, which sells its aesthetic devices globally, is evidenced by its revenue performance. R2 reported third quarter 2025 revenue of $3.1 million. Year-to-date revenue for R2 in 2025 reached $9.4 million, representing an approximate 65% increase over the same period in 2024. Worldwide gross system unit sales growth for R2 in the third quarter was 39.8% over the prior year quarter.

Broadcast airwaves and network infrastructure for Spectrum segment.

The Spectrum segment utilizes its owned assets as a primary channel. INNOVATE Corp. operates 257 stations in 112 markets and owns 2.7 Billion MHz POPs of spectrum. Third quarter 2025 revenue for the Spectrum segment was $5.6 million, compared to $6.4 million in the prior year quarter.

Digital investor portals and financial conferences for capital markets.

The channels for capital markets engagement rely on digital platforms and in-person events. As of September 30, 2025, INNOVATE Corp. had cash and cash equivalents, excluding restricted cash, of $35.5 million. The company's consolidated revenue for the third quarter of 2025 was $347.1 million.

Here's a quick look at the segment-level channel output for Q3 2025:

Segment	Channel Metric/Value	Latest Period
DBM Global (Infrastructure)	Revenue: $338.4 million	Q3 2025
DBM Global (Infrastructure)	Adjusted Backlog: $1.6 billion	Sep 30, 2025
R2 Technologies	Revenue: $3.1 million	Q3 2025
R2 Technologies	YTD Revenue Growth: ~65%	YTD 2025 vs YTD 2024
Spectrum	Revenue: $5.6 million	Q3 2025
Spectrum	Owned Spectrum: 2.7 Billion MHz POPs	Late 2025

The reach of the Spectrum segment through its broadcast assets includes:

• Stations operated: 257
• Markets served: 112
• New networks launched/underway: MovieSphereGold, Sports First, Black Vision

The direct sales force for DBM Global is focused on large-scale projects, which is reflected in the $431 million addition to adjusted backlog since the end of the third quarter.

Finance: draft 13-week cash view by Friday.

INNOVATE Corp. (VATE) - Canvas Business Model: Customer Segments

You're looking at the core groups INNOVATE Corp. (VATE) serves as of its late 2025 reporting. The business model clearly segments its focus across heavy industry, specialized healthcare technology, and media/spectrum utilization. Here's the quick math on how these groups contributed through the third quarter of 2025.

The largest revenue driver by far is the construction and industrial sector, primarily through DBM Global. This segment shows significant growth momentum, which is key for the overall consolidated performance.

Customer Segment	Segment/Entity	Q3 2025 Revenue	Q3 2025 Adjusted EBITDA	Key Metric/Status
Large commercial and industrial construction clients	DBM Global	$338.4 million	$23.5 million	Adjusted Backlog of $1.6 billion as of September 30, 2025
Aesthetic dermatology clinics and medical spas globally	R2 (Life Sciences)	$3.1 million	Not explicitly stated	Worldwide system unit sales grew 39.8% year-over-year in Q3 2025
Healthcare systems and nephrologists	MediBeacon (Life Sciences)	Not explicitly stated (part of $3.1M Life Sciences revenue)	Not explicitly stated	Received full regulatory approval in China for Lumitrace injection
Advertisers and anticipated datacasting clients	Spectrum/Broadcasting	$5.6 million	$1.0 million	Revenue decreased from $6.4 million in Q3 2024

The Life Sciences unit, which serves the medical segments, is showing strong unit growth, even if the revenue contribution is small relative to Infrastructure. You see this in R2's performance.

• R2 year-to-date revenue increased by 65% over the same period last year.
• R2 system backlog surpassed 100 units globally.
• MediBeacon's Transdermal GFR System sales expected in China before the end of the year.

The Spectrum segment is clearly facing headwinds, which is dragging down the consolidated results alongside Infrastructure margin compression. Still, they are adding content partners.

• Spectrum Q3 2025 revenue was $5.6 million.
• Spectrum Adjusted EBITDA was $1.0 million.
• New networks include MovieSphereGold Channel and Sports First.

For financial investors, the overall picture is one of top-line recovery driven by one segment, offset by operational pressures elsewhere. The consolidated results give you the context for their shareholder base.

The consolidated figures for the third quarter of 2025 show a significant rebound in top-line performance, though profitability remains a challenge.

• Consolidated Revenue: $347.1 million, up 43.3% year-over-year.
• Total Adjusted EBITDA: $19.8 million.
• Net loss attributable to common stockholders: $9.4 million, an improvement from $15.3 million in Q3 2024.
• Company-wide cash and cash equivalents stood at $35.5 million at September 30, 2025.
• Total principal outstanding indebtedness was $700.4 million.

What this estimate hides is the fact that the company is actively pursuing strategic sales processes for DBM Global and HC2 Broadcasting to address debt covenants, which directly impacts the future composition of these customer segments.

Finance: draft 13-week cash view by Friday.

INNOVATE Corp. (VATE) - Canvas Business Model: Cost Structure

You're looking at the cost side of INNOVATE Corp. (VATE) as of late 2025, and honestly, it's a story of heavy lifting in infrastructure costs balanced against strategic divestiture pressures.

The High cost of revenue is clearly dominated by the Infrastructure segment, DBMG, which drives the bulk of the top line. For the three months ended September 30, 2025, consolidated revenue was $347.1 million, but the implied Cost of Revenue was approximately $297.4 million ($347.1 million Revenue minus $49.7 million Gross Profit). This reflects the material and project execution costs inherent in commercial structural steel fabrication and erection.

Financing the portfolio is a major fixed cost. As of September 30, 2025, the total principal indebtedness stood at $700.4 million. This debt load translates directly into significant debt servicing costs. For the third quarter of 2025, the interest expense increased by $2.2 million compared to the prior year quarter, showing the ongoing financial commitment.

Managing the diverse portfolio requires substantial overhead. The general management costs, reflected in Selling, General and Administrative (SG&A) expenses, also rose, showing a net increase of $2.2 million year-over-year for the third quarter of 2025. This covers the operating expenses for managing Infrastructure, Life Sciences, and Spectrum.

The Life Sciences segment, while a focus for exit, still carries specific costs. For the three months ended September 30, 2025, the segment generated revenue of $3.1 million (primarily from R2). While the exact Research and Development (R&D) expenses are not explicitly itemized for the segment in the latest reports, the company noted that Adjusted EBITDA losses in Life Sciences decreased, driven by a reduction in compensation-related expenses at one of its portfolio companies.

Finally, the strategic pivot introduces transactional costs. The mandate to divest assets led to changes in legal and professional fees. Specifically, the company saw a decrease in non-refinancing-related legal fees due to legal matters settled subsequent to the comparable period, alongside slight decreases in other professional expenses for the third quarter of 2025.

Here's a quick look at the key cost-related financial data points for the third quarter of 2025:

Cost Component / Metric	Amount (in millions USD)	As of Date / Period
Consolidated Revenue	$347.1	Three Months Ended Sep 30, 2025
Implied Cost of Revenue	$297.4	Three Months Ended Sep 30, 2025
Gross Profit	$49.7	Three Months Ended Sep 30, 2025
Total Principal Indebtedness	$700.4	September 30, 2025
Increase in Interest Expense (YoY)	$2.2	Three Months Ended Sep 30, 2025
Increase in SG&A Expenses (YoY)	$2.2	Three Months Ended Sep 30, 2025
Life Sciences Revenue	$3.1	Three Months Ended Sep 30, 2025

The Infrastructure segment's Adjusted EBITDA increased to $23.5 million, but this was achieved despite a gross margin compression of approximately 510 basis points year-over-year, which underscores the pressure on project-level costs.

• DBMG Adjusted Backlog: $1.6 billion as of September 30, 2025.
• DBMG Gross Margin: 13.6% in Q3 2025.
• R2 System Unit Sales Growth (YoY): 39.8% in Q3 2025.
• Debt Covenants: Mandated strategic processes initiated for DBM Global and Spectrum.

Finance: draft 13-week cash view by Friday.

INNOVATE Corp. (VATE) - Canvas Business Model: Revenue Streams

You're looking at the core ways INNOVATE Corp. (VATE) brings in money as of late 2025, which is heavily weighted toward its Infrastructure segment right now.

The overall picture shows a Trailing Twelve-Month (TTM) consolidated revenue of $1.09 Billion USD as of the third quarter of 2025, which is a slight dip from the $1.10 Billion USD reported for the full year 2024. This revenue base is currently supported by three main operational pillars.

Infrastructure revenue from DBM Global's construction and fabrication services forms the vast majority of the top line. For the third quarter ending September 30, 2025, this segment alone generated $338.4 million in revenue, representing a 45.4% increase compared to the prior year period's $232.8 million. Furthermore, DBM Global's adjusted backlog stood strong at $1.6 billion as of September 30, 2025, up from $1.3 billion at the end of the second quarter.

Sales of medical devices contribute from the Life Sciences division. R2 Technologies, Inc. ("R2") reported third quarter 2025 revenue of $3.1 million, marking a 3.3% increase year-over-year, with year-to-date revenue up approximately 65% over the same period in 2024. MediBeacon's Transdermal GFR System ("TGFR") received full regulatory approval in China in October 2025, with sales expected before the end of the year, which should bolster future medical device revenue streams.

Advertising and potential datacasting revenue comes from the Spectrum segment, which operates HC2 Broadcasting. This segment brought in $5.6 million in revenue for the third quarter of 2025, down from $6.4 million in the prior year quarter. Management noted ongoing efforts to explore commercial opportunities in datacasting, with expectations to generate revenue from this area by the end of 2025.

A defintely key strategy for INNOVATE Corp. (VATE) involves capital gains from divesting non-core or matured assets. The company confirmed in Q3 2025 that it initiated a sales process for DBM Global and is exploring strategic alternatives for HC2 Broadcasting Holdings, aligning with its stated strategy of exiting its Life Sciences businesses over time, though no specific capital gain amounts from asset sales were detailed in the Q3 2025 reporting.

Here is the quick math on the segment revenue breakdown for the third quarter of 2025:

Revenue Stream Segment	Q3 2025 Revenue (in millions USD)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Infrastructure (DBM Global)	$338.4	+45.4%
Life Sciences (R2/MediBeacon)	$3.1	+3.3%
Spectrum (Broadcasting)	$5.6	Decrease
Consolidated Total	$347.1	+43.3%

You should track the progress of the DBM Global sale process, as that will immediately impact the Infrastructure revenue stream, and watch for the first datacasting revenue recognition from Spectrum.

• DBM Global adjusted backlog as of September 30, 2025: $1.6 billion.
• R2 year-to-date revenue growth (Nine Months Ended Sept 30, 2025): Approximately 65%.
• New 10.5% Senior Secured Notes due 2027 interest payments structure: First two payments in kind.
• DBMG's principal amount of debt reduction from year-end 2024: $40.6 million.

Finance: draft 13-week cash view by Friday.