Innovate VATE Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Total Revenue by Business | ||||||
| Infrastructure | $1.3B+26.7% | $1.21B+12.9% | $1.06B-11.5% | $956.5M-28.4% | $1.03B-26.2% | |
| Life Sciences | $11M-7.6% | $12.5M+27.6% | $13.5M+87.5% | $13.4M+179% | $11.9M+213% | |
| Spectrum | $22.3M-12.9% | $23.2M-9.7% | $24.3M-1.2% | $25.1M+6.4% | $25.6M+10.8% | |
| Other Operating Income by Business | ||||||
| Infrastructure | -$1.5M-113% | -$1.4M-115% | -$400K-105% | -$400K-104% | $11.3M+879% | |
| Life Sciences | $0— | $0— | $0— | $0— | $0— | |
| Spectrum | $1.1M— | $1M— | —— | —— | —— | |
| Income from operations by Business | ||||||
| Infrastructure | $62.3M-4.9% | $55.4M-15.7% | $44.3M-44.3% | $40.6M-54.0% | $65.5M-2.8% | |
| Life Sciences | -$10.1M+27.3% | -$10.9M+22.7% | -$12.2M+12.2% | -$12.7M+8.6% | -$13.9M-0.7% | |
| Cost of revenue by Business | ||||||
| Infrastructure | $1.11B+32.0% | $1.03B+16.6% | $891.9M-10.3% | $788.7M-28.5% | $840.8M-27.4% | |
| Life Sciences | $7.5M-7.4% | $8.4M+31.3% | $9.3M+114% | $9.1M+203% | $8.1M+218% | |
| Spectrum | $11.7M+1.7% | $11.7M+1.7% | $11.5M-1.3% | $11.5M-1.7% | $11.5M-2.1% | |
| Total Assets by Business | ||||||
| Infrastructure | $2.93B+8.4% | $2.85B+2.8% | $2.78B-5.7% | $2.74B-13.2% | $2.7B-19.6% | |
| Life Sciences | $38.9M— | $42.1M— | $44.4M— | $46.7M— | —— | |
| Spectrum | $699.9M-1.2% | $702.5M-0.5% | $706.9M+0.5% | $710.1M+0.8% | $708.7M-0.3% | |
| Total aggregate finance lease and debt principal payments by Business | ||||||
| Infrastructure | $383.6M-40.3% | $454.2M-30.7% | $511.2M-27.9% | $583.9M-23.7% | $642.5M-22.2% | |
| Life Sciences | $170.3M— | —— | —— | —— | —— | |
| Non-Operating Corporate | $1.9B+10.0% | $1.82B+5.3% | $1.77B+1.9% | $1.72B-1.4% | $1.72B-1.0% | |
| Spectrum | $278.8M0.0% | $278.8M0.0% | $278.8M0.0% | $278.8M0.0% | $278.8M0.0% | |
| SG&A by Business | ||||||
| Infrastructure | $117.9M-3.0% | $115.2M-6.4% | $113.2M-9.1% | $114.5M-10.3% | $121.5M-3.1% | |
| Life Sciences | $13.2M-23.7% | $14.6M-14.6% | $16M0.0% | $16.6M+6.4% | $17.3M+16.1% | |
| Spectrum | $7.4M+1.4% | $7.6M+4.1% | $7.5M-4.5% | $7.4M-9.8% | $7.3M-15.6% | |
| D&A by Business | ||||||
| Infrastructure | $11.9M-1.7% | $12.1M+0.8% | $12.3M— | $12.3M— | $12.1M— | |
| Life Sciences | $400K0.0% | $400K0.0% | $400K0.0% | $400K0.0% | $400K-20.0% | |
| Spectrum | $5M0.0% | $5M-2.0% | $4.8M-7.7% | $4.9M-5.8% | $5M-3.8% | |
| Investments by Business | ||||||
| Infrastructure | $0— | $0— | $0— | —— | —— | |
| Life Sciences | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M-41.9% | $7.2M-60.0% | |
| Spectrum | $0— | $0— | $0— | —— | —— | |
| Accounts Receivable, before Allowance for Credit Loss, Current by Business | ||||||
| Infrastructure | $914.3M+31.7% | $890.8M+11.3% | $838.6M-5.5% | $760.7M— | $694.4M— | |
| Life Sciences | $7M+45.8% | $8.2M+156% | $7.9M+295% | $6.1M— | $4.8M— | |
| Spectrum | $6.8M-4.2% | $7.1M+6.0% | $7.3M+17.7% | $7.2M— | $7.1M— | |
| Capital cash expenditures by Business | ||||||
| Infrastructure | $28.2M+70.9% | $23.4M+33.0% | $23.1M+55.6% | $18.9M+16.7% | $16.5M-6.5% | |
| Life Sciences | -$100K— | $0— | -$100K-144% | -$100K-129% | $0-100% | |
| Spectrum | $2.8M+75.0% | $2.7M+92.9% | $2.8M+124% | $2.3M+91.7% | $1.6M+52.4% | |
| Goodwill by Business | ||||||
| Infrastructure | $422.3M+0.1% | $421.9M0.0% | $421.6M-0.2% | $421.8M-0.1% | $421.9M-0.1% | |
| Spectrum | $85.6M0.0% | $85.6M0.0% | $85.6M0.0% | $85.6M0.0% | $85.6M0.0% | |
| Revenue by Product | ||||||
| Commercial | $425.7M+58.2% | $371.5M+27.0% | $307.5M+1.7% | $248.5M-28.2% | $269.1M-22.6% | |
| Convention | $3.9M-72.9% | $8.9M-36.4% | $12.1M-67.7% | $13.7M-80.8% | $14.4M-86.2% | |
| Energy | $21.1M+206% | $13.5M+87.5% | $7M-11.4% | $7.1M+1.4% | $6.9M-20.7% | |
| Government | $141.1M+317% | $128.8M+1,001% | $90.6M+953% | $58.4M+827% | $33.8M+231% | |
| Healthcare | $163.1M-3.7% | $173.6M+14.5% | $161.9M-2.2% | $154.2M-5.3% | $169.3M+0.5% | |
| Industrial | $358.2M+20.1% | $306.6M-0.4% | $284.5M-11.8% | $264.1M-29.4% | $298.3M-24.6% | |
| Leisure | $6.5M-57.5% | $12.9M+33.0% | $15.5M+61.5% | $18.1M+192% | $15.3M+159% | |
| Transportation | $182.3M-17.0% | $192.8M-30.0% | $181.8M-47.1% | $191.4M-47.0% | $219.6M-37.5% | |
| Remaining performance obligation amount by Product | ||||||
| Commercial | $1.29B+32.9% | $1.47B+95.6% | $1.3B+78.2% | $1.2B+72.4% | $973.7M+32.0% | |
| Convention | $1.6M-93.9% | $3.9M-87.8% | $11.1M-67.3% | $21.5M-54.0% | $26.3M-73.2% | |
| Energy | $68.6M+737% | $47.5M+459% | $22.5M+150% | $7.7M— | $8.2M— | |
| Government | $492.8M+59.4% | $586.4M+287% | $587.7M+994% | $452.4M+905% | $309.2M+796% | |
| Healthcare | $958.4M-21.0% | $995.2M-25.5% | $1.08B-27.8% | $1.14B-31.0% | $1.21B-29.6% | |
| Industrial | $1.5B+126% | $1.29B+132% | $909.6M+50.5% | $791.4M+3.7% | $665.1M-37.2% | |
| Transportation | $1.73B+135% | $1.41B+107% | $1.1B+55.4% | $756.3M-4.7% | $735.6M-26.0% | |
| Remaining performance obligation period by Product | ||||||
| Commercial | $0— | $0— | $0— | $0— | $0— | |
| Convention | $0— | $0— | $0— | $0— | $0— | |
| Energy | $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.
