Good afternoon. And welcome to INNOVATE's First Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. After prepared remarks and presentation, there will be a question-and-answer session. Please note this event is being recorded. I would now like to turn the conference call over to Anthony Rozmus with Investor Relations. Please go ahead.

Good afternoon. Thank you for being with us to review INNOVATE's first quarter 2025 earnings results. We are joined today by Paul Voigt, INNOVATE's Interim CEO; and Mike Sena, INNOVATE's CFO. We have posted our earnings release and our slide presentation on our website at innovatecorp.com. We will begin our call with prepared remarks to be followed by a Q&A session. This call is also being simulcast and will be archived on our website. During this call, management may make certain statements and assumptions which are not historical facts, will be forward-looking and are being made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks, assumptions and uncertainties and are subject to certain assumptions and risk factors that could cause INNOVATE's actual results to differ materially from these forward-looking statements. The risk factors that could cause these differences are more fully discussed in the cautionary statement that is included in our earnings release and the slide presentation and further detailed in our 10-K and other filings with the SEC. In addition, the forward-looking statements included in this conference call are only made as of the date of this call and are stated in our SEC reports. INNOVATE disclaims any intent or obligation to update or revise these forward-looking statements, except as expressly required by law. Management will also refer to certain non-GAAP financial measures such as adjusted EBITDA. We believe that these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance. At this point, it's my pleasure to turn things over to Paul Voigt.

Good afternoon. We are pleased to report our first quarter 2025 financial results and will provide you an update on our three operating segments. INNOVATE delivered consolidated revenues of $274.2 million and adjusted EBITDA of $7.2 million in the first quarter of 2025. As we have discussed, we are actively working to address our capital structure and our near-term maturities of our debt obligations. We continue to make progress on our strategic objectives and our businesses continue to execute and drive very good results. We continue to believe that we have very valuable assets that appreciate in value each day. As a reminder, we are working to leverage one or more of these assets prior to reaching the debt maturities in order to achieve sustainable capital structure that allows us to realize the full value of the remaining businesses. We are keenly aware of the timeline in front of us and we are working diligently for a solution. As we turn our attention to our operating segments, starting with Infrastructure, DBM Global achieved revenues of $264.9 million and adjusted EBITDA of $16.7 million. During the quarter, DBM has seen gross margin improvement year-over-year of approximately 110 basis points to 15.6% and adjusted EBITDA margin improvement of approximately 40 basis points to 6.3% year-over-year. As expected, our results for DBM were in line with our expectations given the delay of awards in the back half of 2024. That said, the addition of over $500 million of new awards to backlog by our world-class management team, Rustin and Company, in the first quarter, as previously highlighted on our last call, has led to the growth in reported and adjusted backlog now reaching $1.4 billion. DBM remains well positioned in 2025 with a strong backlog and robust pipeline. We continue to monitor the…

Thanks, Paul. Consolidated total revenue for the first quarter of 2025 was $274.2 million, a decrease of 13% compared to $315.2 million in the prior year period. The decrease was primarily driven by our Infrastructure segment, which was partially offset by an increase at our Life Sciences segment. Net loss attributable to common stockholders and participating preferred stockholders for the first quarter of 2025 was $24.8 million, or $1.89 per fully diluted share, compared to a net loss of $17.7 million, or $2.21 per fully diluted share in the prior year period, which has been retroactively adjusted to reflect the 1 for 10 reverse stock split affected on August 8, 2024. Total adjusted EBITDA was $7.2 million in the first quarter of 2025, a decrease from $12.8 million in the prior year period. The decrease was primarily driven by our Life Sciences and Infrastructure segments, which was partially offset by our non-operating corporate segment. At Infrastructure, revenue decreased 14% to $264.9 million from $307.9 million in the prior year quarter. This decrease is primarily driven by the timing and size of projects at Banker Steel and the industrial maintenance and repair business, which had increased activity in the prior year on certain large commercial construction projects that have since been completed or are nearing completion in the current period. This is partially offset by an increase at DBMG's commercial structural steel fabrication and erection business as a result of an increase in project work. Infrastructure adjusted EBITDA for the first quarter of 2025 decreased to $16.7 million from $18.3 million in the prior year period. The decrease was primarily driven by a decrease in revenue at both Banker Steel and the industrial maintenance and repair businesses due to timing of certain large commercial construction projects that have since been completed…

[Operator Instructions] : :

Since there are no questions in the queue, I would now hand the conference over to Mike Sena for his closing comments. Mike?

Thank you for joining the call today to discuss our first quarter results. We are pleased with the momentum to start our year and look forward to providing you with updates on our businesses, and strategic alternatives in the future. Thank you.

Thank you. Ladies and gentlemen, the conference of INNOVATE Corp has now concluded. Thank you for your participation. You may now disconnect your lines.