Innovate VATE Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total Revenue by Business | ||||||
| Infrastructure | $357.9M-4.3% | $373.9M+10.5% | $338.4M+45.2% | $233.1M-12.0% | $264.9M+17.4% | |
| Life Sciences | $1.6M-48.4% | $3.1M0.0% | $3.1M-3.1% | $3.2M+3.2% | $3.1M-24.4% | |
| Spectrum | $5.3M-7.0% | $5.7M+1.8% | $5.6M-1.8% | $5.7M-8.1% | $6.2M-8.8% | |
| Other Operating Income by Business | ||||||
| Infrastructure | $0+100% | -$200K-100% | -$100K+91.7% | -$1.2M-1,300% | $100K-87.5% | |
| Life Sciences | $0— | $0— | $0— | $0— | $0— | |
| Spectrum | $100K-83.3% | $600K+50.0% | $400K— | $0— | $0— | |
| Income from operations by Business | ||||||
| Infrastructure | $16M-18.8% | $19.7M+23.1% | $16M+50.9% | $10.6M+16.5% | $9.1M+5.8% | |
| Life Sciences | -$2.2M+4.3% | -$2.3M+17.9% | -$2.8M0.0% | -$2.8M+6.7% | -$3M+16.7% | |
| Spectrum | -$400K— | —— | -$100K+66.7% | -$300K-250% | $200K-83.3% | |
| Cost of revenue by Business | ||||||
| Infrastructure | $307M-3.8% | $319M+9.1% | $292.3M+52.7% | $191.4M-14.4% | $223.5M+21.0% | |
| Life Sciences | $1.4M-22.2% | $1.8M-18.2% | $2.2M+4.8% | $2.1M-8.7% | $2.3M-14.8% | |
| Spectrum | $2.9M-3.3% | $3M+3.4% | $2.9M0.0% | $2.9M0.0% | $2.9M+3.6% | |
| Total Assets by Business | ||||||
| Infrastructure | $748.5M-1.4% | $758.9M+4.7% | $724.6M+4.2% | $695.7M+3.5% | $671.9M-1.7% | |
| Life Sciences | $8.5M-11.5% | $9.6M-5.0% | $10.1M-5.6% | $10.7M-8.5% | $11.7M-1.7% | |
| Spectrum | $175.7M+0.7% | $174.5M+0.6% | $173.5M-1.5% | $176.2M-1.2% | $178.3M-0.3% | |
| Total aggregate finance lease and debt principal payments by Business | ||||||
| Infrastructure | $76.6M-12.7% | $87.7M-15.8% | $104.1M-9.6% | $115.2M-21.7% | $147.2M+1.7% | |
| Life Sciences | $49.4M+3.1% | $47.9M+3.0% | $46.5M+75.5% | $26.5M— | —— | |
| Non-Operating Corporate | $503.3M+4.4% | $481.9M+0.4% | $480.1M+11.7% | $429.9M0.0% | $429.9M0.0% | |
| Spectrum | $69.7M0.0% | $69.7M0.0% | $69.7M0.0% | $69.7M0.0% | $69.7M0.0% | |
| SG&A by Business | ||||||
| Infrastructure | $32M-0.3% | $32.1M+18.9% | $27M+0.7% | $26.8M-8.5% | $29.3M-2.7% | |
| Life Sciences | $2.3M-34.3% | $3.5M-2.8% | $3.6M-5.3% | $3.8M+2.7% | $3.7M-24.5% | |
| Spectrum | $1.7M-5.6% | $1.8M-10.0% | $2M+5.3% | $1.9M0.0% | $1.9M+11.8% | |
| D&A by Business | ||||||
| Infrastructure | $2.9M0.0% | $2.9M-3.3% | $3M-3.2% | $3.1M0.0% | $3.1M0.0% | |
| Life Sciences | $100K0.0% | $100K0.0% | $100K0.0% | $100K0.0% | $100K0.0% | |
| Spectrum | $1.2M-14.3% | $1.4M+16.7% | $1.2M0.0% | $1.2M0.0% | $1.2M0.0% | |
| Investments by Business | ||||||
| Infrastructure | $0— | $0— | $0— | $0— | $0— | |
| Life Sciences | $1.8M0.0% | $1.8M0.0% | $1.8M0.0% | $1.8M0.0% | $1.8M0.0% | |
| Spectrum | $0— | $0— | $0— | $0— | $0— | |
| Accounts Receivable, before Allowance for Credit Loss, Current by Business | ||||||
| Infrastructure | $179.8M-24.1% | $237M-8.9% | $260.2M+9.7% | $237.3M+51.8% | $156.3M-15.4% | |
| Life Sciences | $900K-50.0% | $1.8M-21.7% | $2.3M+15.0% | $2M-4.8% | $2.1M+40.0% | |
| Spectrum | $1.7M0.0% | $1.7M-5.6% | $1.8M+12.5% | $1.6M-20.0% | $2M+5.3% | |
| Capital cash expenditures by Business | ||||||
| Infrastructure | $8.9M+23.6% | $7.2M+2.9% | $7M+37.3% | $5.1M+24.4% | $4.1M-40.6% | |
| Life Sciences | $0— | $0— | $0+100% | -$100K-200% | $100K+200% | |
| Spectrum | $600K+100% | $300K-62.5% | $800K-27.3% | $1.1M+120% | $500K+25.0% | |
| Translation adjustments by Business | ||||||
| Infrastructure | $100K0.0% | $100K— | —— | —— | —— | |
| Spectrum | $0— | $0— | $0— | —— | —— | |
| Goodwill by Business | ||||||
| Infrastructure | $105.7M+0.1% | $105.6M+0.1% | $105.5M0.0% | $105.5M+0.2% | $105.3M0.0% | |
| Spectrum | $21.4M0.0% | $21.4M0.0% | $21.4M0.0% | $21.4M0.0% | $21.4M0.0% | |
| Revenue by Product | ||||||
| Commercial | $108M-14.1% | $125.7M+8.3% | $116.1M+53.0% | $75.9M+41.1% | $53.8M-12.8% | |
| Convention | $900K+80.0% | $500K+150% | $200K-91.3% | $2.3M-61.0% | $5.9M+59.5% | |
| Energy | $9.5M+18.8% | $8M+344% | $1.8M0.0% | $1.8M-5.3% | $1.9M+26.7% | |
| Government | $37.1M-16.3% | $44.3M+22.7% | $36.1M+53.0% | $23.6M-4.8% | $24.8M+307% | |
| Healthcare | $41.5M-15.1% | $48.9M+0.6% | $48.6M+102% | $24.1M-53.7% | $52M+39.8% | |
| Industrial | $126.2M+44.2% | $87.5M+2.8% | $85.1M+43.3% | $59.4M-20.4% | $74.6M+14.1% | |
| Leisure | $200K+100% | $100K-94.1% | $1.7M-62.2% | $4.5M-31.8% | $6.6M+144% | |
| Transportation | $34.2M-41.3% | $58.3M+20.0% | $48.6M+18.0% | $41.2M-7.8% | $44.7M-5.5% | |
| Remaining performance obligation amount by Product | ||||||
| Commercial | $264.6M-21.6% | $337.3M+8.9% | $309.7M-18.9% | $382M-13.5% | $441.4M+168% | |
| Convention | $300K0.0% | $300K-50.0% | $600K+50.0% | $400K-84.6% | $2.6M-65.3% | |
| Energy | $22.7M-16.2% | $27.1M+60.4% | $16.9M+789% | $1.9M+18.8% | $1.6M-23.8% | |
| Government | $73.7M-32.1% | $108.6M-27.6% | $150M-6.5% | $160.5M-4.1% | $167.3M+52.2% | |
| Healthcare | $210.3M-2.5% | $215.6M-15.5% | $255M-8.1% | $277.5M+12.3% | $247.1M-18.0% | |
| Industrial | $503.2M-3.2% | $519.8M+119% | $237.4M-2.1% | $242.4M-15.1% | $285.5M+97.9% | |
| Transportation | $510.8M+1.6% | $502.6M-9.3% | $554.4M+242% | $162.2M-16.1% | $193.4M+1.0% | |
| Remaining performance obligation period by Product | ||||||
| Commercial | $0— | $0— | $0— | $0— | $0— | |
| Convention | $0— | $0— | $0— | $0— | $0— | |
| Energy | $0— | $0— | $0— | $0— | $0— | |
| Government | $0— | $0— | $0— | $0— | $0— | |
| Healthcare | $0— | $0— | $0— | $0— | $0— | |
| Industrial | $0— | $0— | $0— | $0— | $0— | |
| Transportation | $0— | $0— | $0— | $0— | $0— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Innovate break its business down?
- Innovate (VATE) reports total revenue by business across 3 parts — Infrastructure, Life Sciences and Spectrum. Each is extracted from the segment footnotes and tracked over time.
- Where does Innovate's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Innovate's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
