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Innovate VATE Infrastructure — Contract liabilities, increase due to new projects

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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:ContractWithCustomerLiabilityIncreaseDueToNewProjects.

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 — contract liabilities, increase due to new projects?
Innovate (VATE) reported infrastructure — contract liabilities, increase due to new projects of $137.3M in Q1 2026.
How has Innovate's infrastructure — contract liabilities, increase due to new projects changed year-over-year?
Innovate's infrastructure — contract liabilities, increase due to new projects increased by 154.3% year-over-year, from $54M to $137.3M.
What is the long-term trend for Innovate's infrastructure — contract liabilities, increase due to new projects?
Over 4 years (2021 to 2025), Innovate's infrastructure — contract liabilities, increase due to new projects has grown at a 23.0% compound annual growth rate (CAGR), from $72.7M to $166.5M.
What does infrastructure — contract liabilities, increase due to new projects mean?
Represents the increase in deferred revenue or customer prepayments received for infrastructure projects where performance obligations have not yet been satisfied. This metric highlights the segment's ability to secure upfront funding or advance payments from clients. It serves as a leading indicator of future revenue to be recognized as project work progresses.