Business
Acacia Research Reports First Quarter 2023 Financial Results
NEW YORK--(BUSINESS WIRE)-- Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three months
About this update from Acacia Research Corporation
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three months ended March 31, 2023.\n\n\nKey Business Highlights\n\n\n\nExecuted a Rights Offering (and concurrent private Rights Offering), raising $79.1 million in net proceeds.\n\n\n\nGenerated $14.8 million in consolidated revenue for the quarter compared to $13.5 million in revenue in the first quarter of 2022.\n\n\n\nRecorded $2.0 million of net realized and unrealized gains during the quarter.\n\n\n\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\n\n \n\n\n\n\n(In millions, except per share data)\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n(unaudited)\n\n\n\n\n\n\n\n\nIntellectual property operations\n\n\n\n\n\n\n$\n\n\n\n\n\n\n4.2\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n2.6\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nIndustrial operations\n\n\n\n\n\n\n \n\n\n\n\n\n\n10.6\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n10.9\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nTotal revenues\n\n\n\n\n\n\n$\n\n\n\n\n\n\n14.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n13.5\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating loss\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(9.3\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(8.5\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n\nUnrealized gains (losses) 1\n\n\n\n\n\n\n$\n\n\n\n\n\n\n3.3\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(172.2\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n\nRealized (losses) gains\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(1.4\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n66.9\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNon-cash derivative liability gain 2\n\n\n\n\n\n\n$\n\n\n\n\n\n\n16.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n28.1\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nGAAP Net income (loss)\n\n\n\n\n\n\n$\n\n\n\n\n\n\n9.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(73.3\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n\nGAAP Diluted loss per share\n\n\n\n\n\n\n$\n\n\n\n\n\n\n(0.07\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(1.61\n\n\n\n\n\n\n)\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n1 Unrealized gains and (losses) are related to the change in fair value of...