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Innovate VATE Infrastructure — Conditional retainage

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Other financials

Income statement

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Revenue$364.8M+33.0%
Gross profit$53.5M+17.6%
Operating income$10.0M+194%
Net income-$16.8M+31.4%
EPS (diluted)-$1.29+31.7%

Balance sheet

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Cash & equivalents$134.6M+297%
Total debt$1.4B+11.6%
Total equity-$256.3M-25.5%
Total assets$936.8M+7.9%

Cash flow

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Operating cash flow$45.5M+423%
CapEx$200.0K-95.7%
Free cash flow$45.3M+341%

Valuation

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Market cap$254.69M+196%
Enterprise value$1.52B+21.4%
P/S0.2×+0.1×

Profitability

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Gross margin15.5%-3.8pp
Operating margin2.6%-1.2pp
Net margin-4%0.0pp
FCF margin15.7%

Returns & leverage

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Return on equity-8.1%
Debt / equity1.7×
Current ratio0.4×0.0×

Where this comes from

Reported directly by Innovate in its filing.

Tagged under the XBRL concept vate:ContractWithCustomerAssetConditionalRetainageAssets.

The official record: Innovate’s 10-Q, filed May 14, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Innovate's infrastructure — conditional retainage?
Innovate (VATE) reported infrastructure — conditional retainage of $28M in Q1 2026.
How has Innovate's infrastructure — conditional retainage changed year-over-year?
Innovate's infrastructure — conditional retainage decreased by 56.3% year-over-year, from $64.1M to $28M.
What is the long-term trend for Innovate's infrastructure — conditional retainage?
Over 2 years (2023 to 2025), Innovate's infrastructure — conditional retainage has grown at a -12.7% compound annual growth rate (CAGR), from $263.5M to $200.6M.
What does infrastructure — conditional retainage mean?
The portion of contract payments withheld by customers until specific project milestones or final completion criteria are met. This reflects the segment's exposure to project performance risk and the timing of final cash collection.