HC2 Holdings, Inc. (HCHC) saw its loss widen to $94.55 million, or $2.83 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $35.56 million, or $1.50 a share.

Revenue during the year surged 39.02 percent to $1,558.13 million from $1,120.81 million in the previous year. Gross margin for the year expanded 719 basis points over the previous year to 19.52 percent. Operating margin for the year stood at negative 0.09 percent as compared to a positive 0.06 percent for the previous year.

Operating loss for the year was $1.42 million, compared with an operating income of $0.71 million in the previous year.

However, the adjusted EBITDA for the year stood at $60.16 million compared with $52.05 million in the prior year period. At the same time, adjusted EBITDA margin contracted 78 basis points in the year to 3.86 percent from 4.64 percent in the last year.

"We closed out a year of very strong performance in 2016, with steadily improving Adjusted EBITDA from our operating subsidiaries, as each achieved significant individual milestones and executed transactions during the year that contributed to their respective successes," said Philip Falcone, HC2's chairman, president and chief executive officer. Mr. Falcone continued, "At the corporate level during 2016, we strengthened our executive management team, and focused on managing the capital structure to increase financial flexibility. As we continue to seek out opportunities to acquire controlling interests in stable cash flowing businesses, we believe we are well positioned to continue generating long-term value for shareholders."