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

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

Good afternoon. We are pleased to report our third quarter 2025 financial results and we'll provide you with an update on our 3 operating segments. INNOVATE delivered consolidated revenues of $347.1 million and adjusted EBITDA of $19.8 million in the third quarter of 2025. INNOVATE's path to long-term value creation continued in the third quarter. Advancements toward our targets across all segments are ongoing as demonstrated by our third quarter results. We made progress across each operational area and our commitment to performance remains strong. I am proud of the positive energy and momentum our teams have generated. Before we review our segments, we would like to provide an update on our strategic alternatives and recent refinancing transactions. The company has engaged Jefferies & Company and initiated a sales process for DBM in accordance with our senior note requirements and HC2 Broadcasting Holdings has engaged a banker and is exploring strategic alternatives in accordance with the spectrum debt requirements. We believe the market is ripe for an asset like DBMG given their positioning to take advantage of the positive macro environment in the U.S. with continued commitments from companies to reinvest in the U.S. market, along with strong growth expected around data centers. We also see significant activity in the spectrum market that we believe has a positive impact on options for our Spectrum business. We, of course, are still highly focused on our strategy of exiting our Life Science businesses. While this strategy has taken longer than expected, we remain steadfast in our ability to ultimately realize the value of these businesses. With that, let's turn to our quarterly review of our segments. To start the review of the subs and Infrastructure, DBM Global achieved revenues of $338.4 million and adjusted EBITDA of $23.5 million. During the quarter, DBM…

Thanks, Paul. Consolidated total revenue for the third quarter of 2025 was $347.1 million, an increase of 43.3% compared to $242.2 million in the prior year period. The increase was primarily driven by our Infrastructure segment, which was partially offset by a decrease in our Spectrum segment. Net loss attributable to common stockholders and participating preferred stockholders for the third quarter of 2025 decreased to $9.4 million or $0.71 per fully diluted share compared to $15.3 million or $1.18 per fully diluted share in the prior year period. Total adjusted EBITDA was $19.8 million in the third quarter of 2025, an increase from $16.8 million in the prior year period. The increase was primarily driven by our Infrastructure, nonoperating corporate and Life Sciences segments, which was partially offset by our Spectrum segment. At Infrastructure, revenue increased 45.4% to $338.4 million from $232.8 million in the prior year quarter. This increase was primarily driven by the timing and size of projects at DBMG's commercial structural steel fabrication and erection business and a slight increase at Banker Steel, which had increased activity subsequent to the comparable period on certain large commercial construction projects as several projects progressed into more advanced phases of fabrication and erection during the current year period. These increases were partially offset by the industrial maintenance and repair business due to increased activity in the comparable period on certain large commercial construction and industrial maintenance projects that have since been completed. Infrastructure adjusted EBITDA for the third quarter of 2025 increased to $23.5 million from $20.9 million in the prior year period. The increase was primarily driven by the increase in revenue and gross profit at DBMG's commercial structural steel fabrication and erection business, which had increased activity subsequent to the comparable period on certain large commercial construction projects…

There are currently no questions. I would like to turn the floor back over to Mike Sena for closing comments.

Yes, sorry. We appreciate everyone's time this afternoon and look forward to providing you updates on our initiatives in the future. Thank you.