Innovate Q2 FY26 net income turns to profit at $10.7 million; revenue rises 74.2% to $421.6 million
VATE•Q2 FY26 results
Innovate posted Q2 revenue of $421.6 million, up 74.2% year over year, driven primarily by the Infrastructure segment.
Net income attributable to shareholders swung to $10.7 million; adjusted EBITDA (non-GAAP) rose to $46.3 million.
Broadcasting transaction
Innovate agreed to sell a controlling stake in Broadcasting to CONX, with CONX expected to own about 75% and Innovate about 25% after closing.
Segment performance and backlog
Infrastructure revenue climbed 77.6% to $414 million; reported backlog was $1.9 billion, with total adjusted backlog at $2.7 billion.
Life Sciences revenue fell 31.3% to $2.2 million, while Spectrum revenue slipped to $5.4 million from network and market terminations.
