Acacia Research Corporation · NASDAQ:ACTG
Acacia Research — Q1 2026 Earnings Presentation
28 slides from Acacia Research's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation As of March 31, 2026 | NASDAQ: ACTG
Slide 2: Disclosures
Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon the current expectations of Acacia Research Corporation ("Acacia" o
Slide 3: Company Overview
Company Overview Company Overview ACTG At A Glance | March 31, 2026 Reported Book Value (“BV”) $567.2 Acacia (NASDAQ: ACTG) is a value-oriented acquirer of businesses across public and private markets. We acquire Common Shares 96.6 businesses where we can tap into our deep industry Book Value Per Sh
Slide 4: Key Performance Metrics
Key Performance Metrics | Consolidated Acacia seeks to generate consistent growth in book value per share, revenue, and Adjusted EBITDA Book Value Per Share $5.89 $5.95 $5.85 $6.00 $5.99 $5.98 $6.05 $5.87 $5.75 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Total Company Adjusted EBITDA (1) T
Slide 5: Operated Segments: Quarterly Highlights
Operated Segments | Quarterly Highlights Acacia seeks to generate consistent growth in revenue and Adjusted EBITDA Total Revenue (Including IP) Total Revenue (Excluding IP) $124.4 $54.5 $53.5 $50.9 $51.6 $49.8 $48.8 $59.4 $54.2 $48.8 $51.2 $50.1 $22.8 $20.5 $24.3 $25.8 $23.3 $10.7 Q1'24 Q2'24 Q3'24
Slide 6: Operated Segments: LTM Highlights
Operated Segments | LTM Highlights Acacia seeks to generate consistent growth in revenue and Adjusted EBITDA Total Revenue (Including IP) Total Revenue (Excluding IP) $283.9 $285.2 $205.8 $206.9 $205.9 $247.8 $222.4 $215.0 $177.0 $146.6 $152.6 $165.8 $134.6 $122.3 $102.8 $63.5 $49.0 $36.0 Q1'24 Q2'2
Slide 7: Focused on Driving Profitable Growth
Focused on Driving Profitable Growth Acacia remains focused on driving profitability through growth in EBITDA, Parent cost controls, and modest leverage LTM Total Revenue (Excluding IP) LTM Operated Segment Adjusted EBITDA (Excluding IP) (1) $205.8 $206.9 $205.9 $40.3 $41.6 $42.2 $40.1 $39.0 $177.0
Slide 8: Operated Segment Adjusted EBITDA vs. Parent Costs
Adjusted EBITDA vs. Parent Costs Acacia has significantly improved profitability through growth in Operated Segment EBITDA and disciplined Parent cost control Operated Segment Adjusted EBITDA (Excluding IP) vs. Parent Costs (1) Quarterly Evolution LTM Evolution $12.4 $41.6 $42.2 $40.3 $40.1 $39.0 $1
Slide 9: Operated Segments | Revenue
Operated Segments | Revenue Energy Operations Industrial Operations $18.3 $18.7 $17.3 (1) $15.8 $15.3 $16.0 $14.2 $14.2 $8.8 $8.2 $7.7 $7.0 $7.3 $7.2 $6.3 $6.6 $6.7 $1.9 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Intellectual Property
Slide 10: Operated Segments | Adjusted EBITDA
Operated Segments | Adjusted EBITDA Energy Operations Industrial Operations (1) $8.4 $8.4 $7.9 $8.1 $7.7 $1.9 $7.0 $7.0 $6.1 $1.6 $1.4 $1.0 $1.1 $0.8 $0.6 $0.6 $1.4 $0.5 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Intellectual Property
Slide 11: Appendix: Financial Reconciliations
Appendix: Financial Reconciliations
Slide 12: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information GAAP or U.S. GAAP refer to generally accepted accounting principles in the United States. From time to time the Company may include certain “non-GAAP” financial measures in its investor presentations, earnings releases, earnings conference calls or other disclos
Slide 13: Total Revenue By Segment
Total Revenue By Segment Three Months Ended LTM March June September December March June September December March March 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Energy Operations $1.9 $14.2 $15.8 $17.3 $18.3 $15.3 $14.2 $16.0 $18.7 $64.2 Industrial Operations 8.8 6.3 7.0 8.2 7.7 6.6 6.7 7.3
Slide 14: Adjusted Net Income / (Loss) and Adjusted EPS
Adjusted Net Income / (Loss) and Adjusted EPS Three Months Ended LTM March June September December March June September December March March 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 GAAP Net Income / (Loss) ($0.2) ($8.4) ($14.0) ($13.4) $24.3 ($3.3) ($2.7) $3.4 ($15.7) ($18.3) Non-Recurring
Slide 15: Total Company Adjusted EBITDA Reconciliation
Total Company Adjusted EBITDA Reconciliation Three Months Ended LTM March June September December March June September December March March 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 GAAP Net (Income) / Loss ($0.2) ($8.4) ($14.0) ($13.4) $24.3 ($3.3) ($2.7) $3.4 ($15.7) ($18.3) Net (Income) /
Slide 16: Adjusted EBITDA By Segment
Adjusted EBITDA By Segment Three Months Ended LTM March June September December March June September December March March 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Energy Operations $1.4 $7.0 $8.4 $8.4 $7.9 $7.0 $6.1 $8.1 $7.7 $28.9 Industrial Operations 1.9 0.5 0.6 1.6 1.0 0.6 0.8 1.1 1.4 3
Slide 17: Adjusted EBITDA Q1 2026
Adjusted EBITDA | Q1 2026 Three Months Ended March 31, 2026 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $5.3 $0.9 ($0.5) ($7.4) ($6.7) ($8.4) Depreciation, Dep
Slide 18: Adjusted EBITDA Q4 2025
Adjusted EBITDA | Q4 2025 Three Months Ended December 31, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $3.0 $0.5 ($0.4) ($9.1) ($7.0) ($13.1) Depreciation,
Slide 19: Adjusted EBITDA Q3 2025
Adjusted EBITDA | Q3 2025 Three Months Ended September 30, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $1.1 $0.3 $1.1 ($2.4) ($6.6) ($6.4) Depreciation, D
Slide 20: Adjusted EBITDA Q2 2025
Adjusted EBITDA | Q2 2025 Three Months Ended June 30, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $2.1 $0.1 ($0.6) ($7.6) ($6.3) ($12.4) Depreciation, Dep
Slide 21: Adjusted EBITDA Q1 2025
Adjusted EBITDA | Q1 2025 Three Months Ended March 31, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $4.0 $0.3 $0.3 $38.5 ($4.8) $38.3 Depreciation, Depleti
Slide 22: Adjusted EBITDA Q4 2024
Adjusted EBITDA | Q4 2024 Three Months Ended December 31, 2024 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $3.0 $0.9 ($0.0) ($7.7) ($12.0) ($15.8) Depreciation
Slide 23: Adjusted EBITDA Q3 2024
Adjusted EBITDA | Q3 2024 Three Months Ended September 30, 2024 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $3.1 ($0.1) -- ($7.1) ($6.1) ($10.3) Depreciation,
Slide 24: Adjusted EBITDA Q2 2024
Adjusted EBITDA | Q2 2024 Three Months Ended June 30, 2024 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $3.2 ($0.2) -- ($2.3) ($5.5) ($4.8) Depreciation, Deplet
Slide 25: Adjusted EBITDA Q1 2024
Adjusted EBITDA | Q1 2024 Three Months Ended March 31, 2024 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $0.2 $1.2 -- $3.3 ($6.7) ($2.1) Depreciation, Depletion
Slide 26: Free Cash Flow By Segment | Q1 2026
Free Cash Flow By Segment | Q1 2026 Three Months Ended March 31, 2026 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations Net Cash From Operating Activities (GAAP) $6.6 $3.1 $0.4 ($2.9) ($3.9) $3.4
Slide 27: Cash, Equity Securities & Loans Receivable
Cash, Equity Securities & Loans Receivable March June September December March June September December March 2024 2024 2024 2024 2025 2025 2025 2025 2026 Cash and Cash Equivalents $438.8 $387.0 $360.1 $273.9 $272.0 $316.7 $301.8 $306.7 $307.5 Equity Securities 22.9 18.2 14.1 23.1 18.1 21.5 27.2 17.6
Slide 28: Contact Us
Contact Us Acacia Research Corporation Transfer Agent: 777 Third Avenue, Floor 26 New York , NY 10017 ComputerShare (332) 236-8484 P.O. Box 43006 IR@acaciares.com Providence RI 02940-3078 www.acaciaresearch.com 150 Royall St., Suite 101 Canton, MA 02021 Shareholder Services: 800-962-4284 or internat