ACACIA RESEARCH CORP

Listed Company

ACTGCIK 0000934549NasdaqAcceleratedSmaller ReportingPatent Owners & LessorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$285.23M

Net Income

$21.68M

Total Assets

$770.96M

Equity

$543.45M

Shares Out

96.48M

Op. Cash Flow

$75.24M

+ 13F Filer

Business

Acacia Research Corp is a disciplined acquirer and operator that sources, executes and manages businesses across public and private markets with a focus on value creation through operating improvements and free cash flow generation. It offers transaction expertise, operational support and asset management, and operates an intellectual property licensing and enforcement business alongside oil and natural gas production, industrial printer and consumables operations, manufacturing, and a life sciences investment portfolio. Key business segments include Patent Licensing, Energy Operations, Industrial Operations, Manufacturing Operations and Life Sciences investments. The Company distributes products and services through public and private market transactions, global channel partners, third‑party marketing agencies and direct operational management in U.S. and international markets.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	285	122	125	59	88
Cost of revenues - intellectual property operations	201	93	53	37	36
Sales and marketing expenses - industrial and manufacturing operations	13	7	7	9	2
General and administrative expenses	65	55	44	53	36
Total costs and expenses	279	155	104	99	74
Operating income (loss)	6	−33	21	−40	15
Change in fair value of equity securities	1	−31	31	−264	88
(Loss) gain on sale of equity securities	−25,000	29	−11	125	116
Net realized and unrealized gain (loss)	1	−3	25	−96	207
Non-recurring legacy legal expense	0	−15	0	—	—
Service provider settlement, net	16	0	8	13	−40
Gain on derivatives - energy operations	7	2	1	—	—
Gain (loss) on foreign currency exchange	414,000	−370,000	53,000	−3	−89,000
Interest expense	−9	−6	−2	−6	−8
Interest income	11	18	—	—	—
Other expense, net	−2	−677,000	14	5	501,000
Total other income (expense)	25	−5	46	−87	160
Income (loss) before income taxes	31	−38	67	−127	175
Income tax (expense) benefit	−7	3	2	16	−24
Net income (loss) including noncontrolling interests in subsidiaries	24	−35	69	−111	150
Net income attributable to noncontrolling interests in subsidiaries	−3	−1	−2	−14	−1
Net income (loss) attributable to Acacia Research Corporation	22	−36	67	−125	149
Net income (loss) attributable to common stockholders - Basic	22	−36	55	−133	119
Weighted average number of shares outstanding - Basic	96	99	75	42	49
Basic net income (loss) per common share (in usd per share)	0.23	−0.36	0.73	−3.13	2.43
Net income (loss) attributable to common stockholders - Diluted	22	−36	53	−133	188
Weighted average number of shares outstanding - Diluted	97	99	92	42	98
Diluted net income (loss) per common share (in usd per share)	0.22	−0.36	0.58	−3.13	1.91
Foreign currency translation	2	−1	0	—	—
Other comprehensive income	2	−1	0	—	—
Total comprehensive income (loss)	26	−36	69	—	—
Comprehensive income attributable to noncontrolling interests	−3	−1	−2	—	—
Comprehensive income (loss) attributable to Acacia Research Corporation	24	−37	67	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	307	274	340	288	309
Equity securities	18	23	63	62	362
Equity securities without readily determinable fair value	6	6	6	6	6
Equity method investments	31	31	31	31	31
Loans receivable	15	0	—	—	—
Accounts receivable, net	26	27	81	8	10
Inventories	27	27	11	14	9
Prepaid expenses and other current assets	21	32	23	19	5
Total current assets	450	420	555	428	731
Property, plant and equipment, net	21	24	2	4	4
Oil and natural gas properties, net	191	192	25	0	—
Goodwill	26	29	9	8	7
Net Book Value	48	55	34	37	49
Operating lease, right-of-use assets	12	9	2	2	2
Deferred income tax assets, net	15	20	3	0	—
Other non-current assets	9	6	4	5	5
Total assets	771	756	634	483	799
Accounts payable	13	12	3	6	5
Accrued expenses and other current liabilities	20	21	8	14	6
Accrued compensation	7	6	4	5	4
Current asset retirement obligation	2	2	0	—	—
Royalties and contingent legal fees payable	7	5	11	699,000	2
Deferred revenue	945,000	1	977,000	1	1
Current portion of long-term debt	0	2	—	—	—
Total current liabilities	49	50	28	87	200
Asset retirement obligation	33	31	294,000	—	—
Long-term lease liabilities	8	7	2	2	2
Deferred income tax liabilities, net	2	3	0	742,000	19
Benchmark revolving credit facility	60	67	11	0	—
Deflecto facility	33	45	0	—	—
Other long-term liabilities	3	2	4	2	6
Total liabilities	187	204	44	194	354
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued or outstanding	0	0	0	0	0
Common stock, par value $0.001 per share; 300,000,000 shares authorized; 96,475,469 and 96,048,999 shares issued and outstanding as of December 31, 2025 and 2024, respectively	96,000	96,000	100,000	43,000	49,000
Treasury stock, at cost, 20,542,064 shares as of December 31, 2025 and 2024, respectively	−119	−119	−98	−98	−47
Accumulated other comprehensive income (loss)	670,000	−1	0	—	—
Additional paid-in capital	915	910	906	663	648
Accumulated deficit	−254	−276	−240	−307	−182
Total Acacia Research Corporation stockholders' equity	543	515	568	258	419
Noncontrolling interests	41	38	21	11	11
Total stockholders' equity	584	553	590	269	430
Total liabilities and stockholders' equity	771	756	634	483	799

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and amortization	43	34	15	14	11
Accretion of asset retirement obligation	2	986,000	0	—	—
Loss on disposal of assets	169,000	0	—	—	—
Compensation expense for share-based awards	6	5	3	4	2
(Gain) loss on foreign currency exchange	−414,000	370,000	−53,000	3	89,000
Change in fair value of equity securities	−1	31	−31	264	−88
Loss (gain) on sale of equity securities	25,000	−29	11	−125	−116
Unrealized (gain) loss on derivatives	−4	610,000	−781,000	0	0
Deferred income taxes	5	−6	−4	−18	16
Accounts receivable	664,000	69	−70	998,000	−747,000
Inventories	212,000	1	3	−5	2
Prepaid expenses and other assets	−5	−9	−820,000	−6	−78,000
Accounts payable and accrued expenses	3	−8	−5	−136,000	760,000
Royalties and contingent legal fees payable	1	−5	751,000	−2	301,000
Deferred revenue	98,000	497,000	−337,000	100,000	−246,000
Net cash provided by operating activities	75	50	−23	−37	13
Acquisition, net of cash acquired and working capital adjustments (Note 3)	1	−88	−9	0	−33
Patent acquisition	0	−14	−6	−5	−21
Proceeds from sale of floor mat assets	3	0	—	0	4
Purchases of equity securities	−25	−20	−13	−112	−67
Sales of equity securities	31	58	32	274	155
Purchases of loans receivable	−15	0	—	—	—
Purchases of property and equipment	−3	0	—	—	—
Net additions to oil and gas properties	−14	−149	—	—	—
Net cash used in investing activities	−21	−213	16	184	36
Repurchase of common stock	0	−20	0	−51	−4
Contributions from noncontrolling interest	0	15	0	—	—
Borrowings on the Benchmark revolving credit facility	5	86	0	—	—
Paydown of Benchmark revolving credit facility	−12	−30	−8	0	—
Borrowings on the Deflecto Facility	0	47	0	—	—
Paydown of Deflecto Facility	15	0	−60	−120	−50
Taxes paid related to net share settlement of share-based awards	−675,000	−1	−614,000	−2	0
Proceeds from exercise of stock options	30,000	223,000	235,000	0	202,000
Net cash (used in) provided by financing activities	−23	98	59	−166	60
Effect of exchange rates on cash and cash equivalents	1	−926,000	1,000	−3	0
Increase (decrease) in cash and cash equivalents	33	−66	52	−22	109
Interest paid	8	5	—	—	—
Income taxes paid, net	2	1	831,000	384,000	25,000
Operating lease right-of-use assets obtained in exchange for lease liabilities	2	0	—	—	—
Derecognition of operating lease right-of-use assets upon lease termination	−608,000	0	—	—	—
Derecognition of operating lease liabilities upon lease termination	−632,000	0	—	—	—
Patent acquisition of prepaid option	15	0	—	0	4

Filings

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Holdings (13F)

Portfolio as of 2023-09-30 · 4 positions

Reported AUM

$14.11M

Holdings

Top sector

$14.11M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$14.11M	100.0%

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