Acacia Research reports FY 2022 net loss of $125.1M; enters recapitalization with Starboard

ACACIA RESEARCH CORP

Q4 revenue fell to $13.1M from $63.3M; GAAP net loss $18.4M ($0.50/diluted share) vs net income $204.2M.
Full-year revenue $59.2M (down from $88.0M); net loss $125.1M ($3.13/share) vs net income $149.2M.
Completed Series A warrant exercise for $9.3M net cash; rights offering raised $79.1M net in Q1 2023.
Repaid $120M in Starboard Notes; repurchased $51M of shares during 2022 at avg $4.72/share.
Adjusted pro forma book value would rise to $515.7M ($5.18/share) after recap transactions expected by July 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ACACIA RESEARCH CORP reported the three months and full year ended December 31, 2022 results: revenue $13.1 million, net income GAAP net loss of $18.4 million, or $0.50 per diluted share, EPS $(0.50) per diluted share.

Period: the three months and full year ended December 31, 2022
Revenue: $13.1 million
Net income: GAAP net loss of $18.4 million, or $0.50 per diluted share
EPS: $(0.50) per diluted share
Result: reported results

Exact text from the filing

$9.3 million net cash • Executed a Rights offering (and concurrent private Rights offering), raising $79.1 million in net proceeds in the first quarter of 2023. • Generated $13.1 million in consolidated revenue for the quarter, a decrease from $63.3 million in revenue in the same quarter last year. • Recorded $10.9 million in realized gains from the sale of

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Source: SEC EDGAR

accession 0000934549-23-000027

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