Innovate VATE Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total Revenue by Business | ||||||
| Infrastructure | $357.9M+35.1% | $373.9M+65.7% | $338.4M+45.4% | $233.1M-23.6% | $264.9M-14.0% | |
| Life Sciences | $1.6M-48.4% | $3.1M-24.4% | $3.1M+3.3% | $3.2M+88.2% | $3.1M+210% | |
| Spectrum | $5.3M-14.5% | $5.7M-16.2% | $5.6M-12.5% | $5.7M-8.1% | $6.2M-1.6% | |
| Other Operating Income by Business | ||||||
| Infrastructure | $0-100% | -$200K-125% | -$100K0.0% | -$1.2M-111% | $100K+106% | |
| Life Sciences | $0— | $0— | $0— | $0— | $0— | |
| Spectrum | $100K— | $600K— | $400K+200% | $0+100% | $0— | |
| Income from operations by Business | ||||||
| Infrastructure | $16M+75.8% | $19.7M+129% | $16M+30.1% | $10.6M-70.1% | $9.1M-2.2% | |
| Life Sciences | -$2.2M+26.7% | -$2.3M+36.1% | -$2.8M+15.2% | -$2.8M+30.0% | -$3M+6.3% | |
| Spectrum | -$400K-300% | —— | -$100K0.0% | -$300K-400% | $200K0.0% | |
| Total Assets by Business | ||||||
| Infrastructure | $748.5M+11.4% | $758.9M+11.0% | $724.6M+5.9% | $695.7M+5.3% | $671.9M-10.0% | |
| Life Sciences | $8.5M-27.4% | $9.6M-19.3% | $10.1M-18.5% | $10.7M— | $11.7M— | |
| Spectrum | $175.7M-1.5% | $174.5M-2.5% | $173.5M-1.8% | $176.2M+0.8% | $178.3M+1.6% | |
| Cost of revenue by Business | ||||||
| Infrastructure | $307M+37.4% | $319M+72.7% | $292.3M+54.6% | $191.4M-21.4% | $223.5M-15.1% | |
| Life Sciences | $1.4M-39.1% | $1.8M-33.3% | $2.2M+10.0% | $2.1M+90.9% | $2.3M+283% | |
| Spectrum | $2.9M0.0% | $3M+7.1% | $2.9M0.0% | $2.9M0.0% | $2.9M0.0% | |
| Total aggregate finance lease and debt principal payments by Business | ||||||
| Infrastructure | $76.6M-48.0% | $87.7M-39.4% | $104.1M-41.1% | $115.2M-33.7% | $147.2M-7.8% | |
| Life Sciences | $49.4M— | $47.9M+99.6% | $46.5M— | $26.5M— | —— | |
| Non-Operating Corporate | $503.3M+17.1% | $481.9M+12.1% | $480.1M+11.7% | $429.9M-0.7% | $429.9M-1.6% | |
| Spectrum | $69.7M0.0% | $69.7M0.0% | $69.7M0.0% | $69.7M0.0% | $69.7M0.0% | |
| Accounts Receivable, before Allowance for Credit Loss, Current by Business | ||||||
| Infrastructure | $179.8M+15.0% | $237M+28.2% | $260.2M+42.7% | $237.3M+38.8% | $156.3M-40.5% | |
| Life Sciences | $900K-57.1% | $1.8M+20.0% | $2.3M+360% | $2M+186% | $2.1M+320% | |
| Spectrum | $1.7M-15.0% | $1.7M-10.5% | $1.8M+5.9% | $1.6M+6.7% | $2M+25.0% | |
| Capital cash expenditures by Business | ||||||
| Infrastructure | $8.9M+117% | $7.2M+4.3% | $7M+150% | $5.1M+88.9% | $4.1M-21.2% | |
| Life Sciences | $0-100% | $0+100% | $0— | -$100K— | $100K0.0% | |
| Spectrum | $600K+20.0% | $300K-25.0% | $800K+167% | $1.1M+175% | $500K+66.7% | |
| D&A by Business | ||||||
| Infrastructure | $2.9M-6.5% | $2.9M-6.5% | $3M0.0% | $3.1M+6.9% | $3.1M+3.3% | |
| Life Sciences | $100K0.0% | $100K0.0% | $100K0.0% | $100K0.0% | $100K0.0% | |
| Spectrum | $1.2M0.0% | $1.4M+16.7% | $1.2M-7.7% | $1.2M-7.7% | $1.2M-7.7% | |
| 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— | |
| SG&A by Business | ||||||
| Infrastructure | $32M+9.2% | $32.1M+6.6% | $27M-4.6% | $26.8M-20.7% | $29.3M-5.2% | |
| Life Sciences | $2.3M-37.8% | $3.5M-28.6% | $3.6M-14.3% | $3.8M-15.6% | $3.7M+5.7% | |
| Spectrum | $1.7M-10.5% | $1.8M+5.9% | $2M+5.3% | $1.9M+5.6% | $1.9M0.0% | |
| Goodwill by Business | ||||||
| Infrastructure | $105.7M+0.4% | $105.6M+0.3% | $105.5M-0.2% | $105.5M-0.1% | $105.3M-0.2% | |
| Spectrum | $21.4M0.0% | $21.4M0.0% | $21.4M0.0% | $21.4M0.0% | $21.4M0.0% | |
| Translation adjustments by Business | ||||||
| Infrastructure | $100K— | $100K+125% | —— | —— | —— | |
| Spectrum | $0— | $0— | $0— | —— | —— | |
| Revenue by Product | ||||||
| Commercial | $108M+101% | $125.7M+104% | $116.1M+103% | $75.9M-21.3% | $53.8M-30.4% | |
| Convention | $900K-84.7% | $500K-86.5% | $200K-88.9% | $2.3M-23.3% | $5.9M+7.3% | |
| Energy | $9.5M+400% | $8M+433% | $1.8M-5.3% | $1.8M+12.5% | $1.9M-13.6% | |
| Government | $37.1M+49.6% | $44.3M+626% | $36.1M+826% | $23.6M+2,460% | $24.8M+819% | |
| Healthcare | $41.5M-20.2% | $48.9M+31.5% | $48.6M+18.8% | $24.1M-38.5% | $52M+51.6% | |
| Industrial | $126.2M+69.2% | $87.5M+33.8% | $85.1M+31.5% | $59.4M-36.5% | $74.6M-11.3% | |
| Leisure | $200K-97.0% | $100K-96.3% | $1.7M-60.5% | $4.5M+165% | $6.6M+560% | |
| Transportation | $34.2M-23.5% | $58.3M+23.3% | $48.6M-16.5% | $41.2M-40.6% | $44.7M-55.5% | |
| Remaining performance obligation amount by Product | ||||||
| Commercial | $264.6M-40.1% | $337.3M+105% | $309.7M+48.2% | $382M+141% | $441.4M+101% | |
| Convention | $300K-88.5% | $300K-96.0% | $600K-94.5% | $400K-92.3% | $2.6M-68.3% | |
| Energy | $22.7M+1,319% | $27.1M+1,190% | $16.9M+705% | $1.9M-20.8% | $1.6M-15.8% | |
| Government | $73.7M-55.9% | $108.6M-1.2% | $150M+920% | $160.5M+828% | $167.3M+1,607% | |
| Healthcare | $210.3M-14.9% | $215.6M-28.4% | $255M-19.5% | $277.5M-20.4% | $247.1M-33.1% | |
| Industrial | $503.2M+76.3% | $519.8M+260% | $237.4M+99.2% | $242.4M+109% | $285.5M+63.4% | |
| Transportation | $510.8M+164% | $502.6M+163% | $554.4M+165% | $162.2M+14.6% | $193.4M+39.0% | |
| 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.