Commercial was Innovate’s largest product and service line in fiscal 2025, bringing in $371.90M of $1.24B (30%).
| Product and Service | FY 2010 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Commercial | $794.00M | $382.90M | $292.60M | $371.90M | |||
| Industrial | $409.50M | $403.00M | $307.90M | $306.60M | |||
| Retail Voice | — | — | — | — | |||
| Transportation | $50.20M | $292.30M | $275.30M | $192.90M | |||
| Healthcare | $129.90M | $165.50M | $151.60M | $173.10M | |||
| Convention | $136.20M | $124.20M | $14.00M | $8.80M | |||
| Data/Internet | — | — | — | — | |||
| Government | $34.80M | $11.20M | $11.70M | $128.80M | |||
| Retail Voip | — | — | — | — | |||
| Broadcast Station | — | $21.90M | $25.70M | $23.20M | |||
| Broadcast Station Revenue | $19.60M | — | — | — | |||
| Leisure | $23.40M | $8.10M | $9.60M | $13.00M | |||
| Network Advertising | $14.80M | — | — | — | |||
| Other | — | $600.00K | — | — | |||
| Other Revenue | $1.50M | — | — | — | |||
| Energy | — | $9.20M | $7.20M | $13.50M | |||
| Energy Revenue | $15.80M | — | — | — | |||
| Systems & Consumables Revenue | $4.30M | $3.30M | $9.80M | $12.50M | |||
| Network Distribution Revenue | $2.80M | — | — | — | |||
| Total | $1.64B | $1.42B | $1.11B | $1.24B |
Innovate brought in $1.24B from its 10 product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 12.6% from $1.11B in fiscal 2024. Commercial was the largest at $371.90M (29.9%), ahead of Industrial at $306.60M (24.6%) and Transportation at $192.90M (15.5%). The other seven lines brought in $372.90M combined.
Compared with fiscal 2024, Government grew fastest, up 1,000.9% to $128.80M, while Transportation fell the most, down 29.9% to $192.90M.
Innovate began breaking out Broadcast Station in fiscal 2023 and Energy in fiscal 2023. Innovate stopped reporting Broadcast Station Revenue ($19.60M in fiscal 2022), Energy Revenue ($15.80M in fiscal 2022), Network Advertising ($14.80M in fiscal 2022) and three others as separate lines.
Infrastructure was Innovate’s largest segment in fiscal 2025, bringing in $1.21B of $1.25B (97%).
| Segment | FY 2010 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Infrastructure | $1.59B | $1.40B | $1.07B | $1.21B | ||||||||||
| Construction | — | — | — | — | ||||||||||
| Telecommunications | — | — | — | — | ||||||||||
| North America Telecom | — | — | — | — | ||||||||||
| Insurance | — | — | — | — | ||||||||||
| Marine Services | — | — | — | — | ||||||||||
| Spectrum | $38.70M | $22.50M | $25.70M | $23.20M | ||||||||||
| Blackiron Data | — | — | — | — | ||||||||||
| Life Sciences | $4.30M | $3.30M | $9.80M | $12.50M | ||||||||||
| Energy | — | — | — | — | ||||||||||
| Other | — | — | — | — | ||||||||||
| Broadcasting | — | — | — | — | ||||||||||
| Total | $1.64B | $1.42B | $1.11B | $1.25B |
Innovate brought in $1.25B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 12.5% from $1.11B in fiscal 2024. Infrastructure was the largest at $1.21B (97.1%), ahead of Spectrum at $23.20M (1.9%) and Life Sciences at $12.50M (1.0%).
From fiscal 2022 to 2025, combined revenue from these segments fell from $1.64B to $1.25B, a compound annual decline of 8.7%. Infrastructure's share held steady at about 97.1%.
United States was Innovate’s largest region in fiscal 2018, bringing in $1.76B of $1.98B (89%).
| Geography | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| United States | $712.50M | $1.12B | $1.45B | $1.76B | |||||
| United Kingdom | $395.92M | $418.00M | $158.30M | $192.20M | |||||
| Canada | — | — | — | — | |||||
| Other | $12.39M | $24.80M | $28.70M | $26.80M | |||||
| Total | $1.12B | $1.56B | $1.63B | $1.98B |
Innovate brought in $1.98B from its three regions in fiscal 2018, the year ended December 31, 2018. That was up 21.0% from $1.63B in fiscal 2017. United States was the largest at $1.76B (88.9%), ahead of United Kingdom at $192.20M (9.7%) and Other at $26.80M (1.4%).
Compared with fiscal 2017, United States grew 21.5% to $1.76B and United Kingdom grew 21.4% to $192.20M. From fiscal 2015 to 2018, combined revenue from these regions grew from $1.12B to $1.98B, a compound annual growth rate of 20.8%. United States' share of the total rose from 63.6% to 88.9%.
Innovate (VATE) reports its revenue by product and service, by segment and by geography. In fiscal 2025, Commercial was its largest product and service line, bringing in $371.90M (29.9% of the total), followed by Industrial at $306.60M (24.6%).
Commercial was Innovate's largest product and service line in fiscal 2025, bringing in $371.90M, or 29.9% of the $1.24B total across its 10 product and service lines.
Infrastructure was Innovate's largest segment in fiscal 2025, bringing in $1.21B, or 97.1% of the $1.25B total across its three segments.
United States was Innovate's largest region in fiscal 2018, bringing in $1.76B, or 88.9% of the $1.98B total across its three regions.
Among Innovate's product and service lines that make up at least 2% of revenue, Government grew fastest in fiscal 2025, up 1,000.9% from $11.70M to $128.80M.
Every figure comes from Innovate's annual financial filings, as reported. Each line keeps the name Innovate gives it, and years follow its fiscal calendar.
Innovate's revenue by product and service goes back to fiscal 2010, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.