The company narrowed its net loss to $17.2 million as AI-driven construction and data center projects fueled growth in its core segment.
INNOVATE reported first-quarter revenue of $364.8 million, up 33% year-over-year, as its Infrastructure segment surged 35.1% to $357.9 million. The company’s net loss narrowed to $17.2 million from a wider loss in the prior-year period, while adjusted EBITDA reached $19.7 million.
Revenue growth was driven by strong demand in tech-related construction, including AI infrastructure and data centers, pushing the segment’s backlog to near-record levels of $1.8 billion. Life Sciences and Spectrum segments faced challenges, though management noted progress on regulatory approvals and licensing initiatives.
Cash on hand rose to $134.6 million despite a total debt increase to $699 million. Interim CEO Paul Voigt described the quarter as a “strong start to the year,” citing improved visibility for 2026.