Good afternoon, and welcome to INNOVATE Corp.'s Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference call over to Neel Nick Sikka with Investor Relations. Please go ahead.

Good afternoon. Thank you for being with us to review INNOVATE's second 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 provisions 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 as 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 is my pleasure to turn things over to Paul Voigt.

Good afternoon. We are pleased to report our second quarter 2025 financial results and will provide you with an update on our three operating segments. INNOVATE delivered consolidated revenues of $242 million and adjusted EBITDA of $15.7 million in the second quarter. The second quarter continued to showcase our commitment to long-term value creation. We took meaningful steps to allow us to focus on executing our strategic plans, including advancing a series of refinancing transactions to extend our debt maturities. We remain focused on execution across each of our operating segments, and I'm proud of the momentum our teams are building. To start the review of the subs at Infrastructure, DBM Global achieved revenues of $233.1 million and adjusted EBITDA of $19.3 million. During the quarter, DBM has seen gross margin compression year-over-year of approximately 230 basis points to 17.9% and adjusted EBITDA margin compression of approximately 240 basis points to 8.3% year-over-year. Despite the year-over-year decrease in margins, we remain impressed by the performance of DBMG who delivered better-than-expected margins in the second quarter. As far as our adjusted backlog, it has increased year-over-year by approximately $300 million to just over $1.3 billion. We also are happy to report that DBM has a sizable project that will add approximately $400 million to adjusted backlog in the third quarter, and we remain very optimistic on the pipeline. Given the deferment of awards in the second half of 2024, the outcomes for DBM for the first half of 2025 are aligned with what we anticipated. DBM remains well positioned in the second half of 2025 with a strong backlog and robust pipeline. Despite the fluctuating tariff situation, DBM continues to book projects into its backlog and are not seeing an impact to the demand from its customers. Operationally, the team remains…

Thanks, Paul. Consolidated total revenue for the second quarter of 2025 was $242 million, a decrease of 22.7% compared to $313.1 million in the prior year period. The decrease was driven by our Infrastructure segment and to a lesser extent, our Spectrum 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 second quarter of 2025 was $22 million or $1.67 per fully diluted share compared to net income of $14.1 million or $1.03 per fully diluted share in the prior year period, which has been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Total adjusted EBITDA was $15.7 million in the second quarter of 2025, a decrease from $26.7 million in the prior year period. The decrease was primarily driven by our Infrastructure segment and to a lesser extent, our Spectrum segment, which was partially offset by our Life Sciences segment and to a lesser extent, our Non-Operating Corporate segment. At Infrastructure, revenue decreased 23.6% to $233.1 million from $305.2 million in the prior year quarter. This decrease was primarily driven by the timing and size of projects at Banker Steel, DBMG's commercial structural steel fabrication and erection business, the industrial maintenance and repair business and the construction modeling and detail business, which had increased activity in the comparable period on certain large commercial construction projects that have since been completed or are nearing completion in the current period. Infrastructure adjusted EBITDA for the second quarter of 2025 decreased to $19.3 million from $32.5 million in the prior year period. The decrease was primarily driven by a decrease in revenue and gross margins at DBMG's commercial structural steel fabrication and erection business a decrease in revenue at Banker…

[Operator Instructions] as there are no questions in the queue, I now hand the conference over to Mike Sena for his closing comments.

Thank you for joining the call this afternoon, and we look forward to providing further updates as they become available. Thank you.

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