Acacia Research Q1 2023: GAAP net income $9.4M vs loss $73.3M YoY; revenue $14.8M

ACACIA RESEARCH CORP

2023-Q1 EPS reported -$0.07 revenue$14,803,000

Revenue $14.8M, up from $13.5M YoY; IP licensing $4.2M, industrial (Printronix) $10.6M.
GAAP net income $9.4M ($0.07 diluted loss per share) vs net loss $73.3M ($1.61 loss) YoY.
Rights Offering raised $79.1M net; cash & equity investments $425.0M at March 31, 2023.
Adjusted book value recast to $508.7M ($5.10/sh) assuming full recapitalization with Starboard.
Non-recurring charges of $3.9M for CEO separation, Rights Offering, and recapitalization costs.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ACACIA RESEARCH CORP reported three months ended March 31, 2023 results: revenue $14.8 million, net income $9.4 million, EPS $(0.07) per diluted share.

Period: three months ended March 31, 2023
Revenue: $14.8 million
Net income: $9.4 million
EPS: $(0.07) per diluted share
Result: reported results

Exact text from the filing

Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three months ended March 31, 2023. Key Business Highlights • Executed a Rights Offering (and concurrent private Rights Offering), raising $79.1 million in net proceeds. • Generated $14.8 million in consolidated revenue for the quarter compared to $13.5 million in revenue in the first quarter of 2022. • Recorded $2.0 million of net realized and unrealized gains during the quarter. First Quarter 2023 Financial Highlights (In millions, except per share data) Three Months Ended March 31, 2023 2022 (unaudited) Intellectual property operations $ 4.2 $ 2.6 Industrial operations 10.6 10.9 Total revenues $ 14.8 $ 13.5 Operating loss $ (9.3) $ (8.5) Unrealized gains (losses) 1 $ 3.3 $ (172.2) Realized (losses) gains $ (1.4) $ 66.9 Non-cash derivative liability gain 2 $ 16.7 $ 28.1 GAAP Net income (loss) $ 9.4 $ (73.3) GAAP Diluted loss per share $ (0.07) $ (1.61)

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Source: SEC EDGAR

accession 0000934549-23-000050

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