Innovate swings to Q3 net income of $28.3 million
VATE•Innovate reported third-quarter 2026 diluted earnings of $1.10 per share, compared with a year-earlier loss of $0.71, as revenue rose 43% to $495.5 million.
1. Quarterly results
Innovate swung to third-quarter 2026 diluted earnings of $1.10 per share from a year-earlier loss of $0.71. Revenue climbed 43% to $495.5 million, primarily driven by its Infrastructure segment.
2. Business divestitures
The sale of DBM Global to IES closed October 5, yielding approximately $413 million in cash alongside stock consideration. Innovate intends to use all net proceeds to reduce outstanding debt. The controlling-interest sale in HC2 Broadcasting closed September 1, leaving CONX with 75% ownership and Innovate retaining 25%.
