Acacia Research Corporation · NASDAQ:ACTG
Acacia Research — Q2 2025 Earnings Presentation
32 slides from Acacia Research's earnings presentation, Aug 6, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation As of June 30, 2025 | 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 | June 30, 2025 Reported Book Value (“BV”) $577.5 Acacia (NASDAQ: ACTG) is a value-oriented acquirer of businesses across public and private markets. We acquire Common Shares 96.4 businesses where we can tap into our deep industry Book Value Per Sha
Slide 4: Key Performance Metrics | Consolidated
Key Performance Metrics | Consolidated Acacia seeks to generate consistent growth in book value per share, revenue, and Adjusted EBITDA Book Value Per Share $5.90 $5.89 $5.95 $5.85 $5.75 $6.00 $5.99 $5.10 $5.03 $5.04 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Total Company Adjusted
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 $48.8 $50.9 $92.3 $48.8 $51.2 $22.8 $20.5 $24.3 $25.8 $23.3 $10.6 $9.5 $10.7 $14.8 $7.5 $8.3 $7.9 $10.1 Q1'23 Q2'2
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) $247.8 $177.0 $222.4 $146.6 $165.8 $152.6 $102.8 $125.1 $134.6 $122.3 $63.5 $49.0 $35.9 $36.0 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'
Slide 7: Operated Segments | Revenue
Operated Segments | Revenue Energy Operations Industrial Operations $17.3 $18.3 (2) $15.8 $15.3 $10.6 $14.2 $8.3 $8.6 $8.8 $8.2 $7.5 $7.7 $7.0 $6.6 $6.3 (1) $1.9 -- -- -- $0.8 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Inte
Slide 8: Operated Segments | Adjusted EBITDA
Operated Segments | Adjusted EBITDA Energy Operations Industrial Operations (2) $8.4 $8.4 $7.9 $1.9 $7.0 $7.0 $1.6 $1.3 $1.2 $0.9 $1.0 $0.6 $0.6 $0.5 (1) $1.4 $0.3 $0.6 -- -- -- Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 In
Slide 9: Appendix: Financial Reconciliations
Appendix: Financial Reconciliations
Slide 10: 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 11: Total Revenue By Segment | LTM Q2 2025
Total Revenue By Segment | LTM Q2 2025 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM September 30 December 31 March 31 June 30 June 30 2024 2024 2025 2025 2025 Energy Operations $15.8 $17.3 $18.3 $15.3 $66.8 Industrial Operations 7.0 8.2 7.7 6.6 29.5 Manufacturing O
Slide 12: Adjusted Net Income / (Loss) and Adjusted EPS | LTM Q2 2025
Adjusted Net Income / (Loss) and Adjusted EPS | LTM Q2 2025 Three Months Three Months Three Months Three Months Ended Ended Ended Ended LTM September 30, December 31, March 31, June 30, June 30, 2024 2024 2025 2025 2025 GAAP Net Income / (Loss) ($14.0) ($13.4) $24.3 ($3.3) ($6.4) Non-Recurring Legac
Slide 13: Adjusted EBITDA Reconciliation | LTM Q2 2025
Adjusted EBITDA Reconciliation | LTM Q2 2025 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM September 30, December 31, March 31, June 30, June 30, 2024 2024 2025 2025 2025 GAAP Net (Income) / Loss ($14.0) ($13.4) $24.3 ($3.3) ($6.4) Net (Income) / Loss Attributable t
Slide 14: Adjusted EBITDA Reconciliation | LTM Q1 2025
Adjusted EBITDA Reconciliation | LTM Q1 2025 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM June 30, September 30, December 31, March 31, March 31, 2024 2024 2024 2025 2025 GAAP Net (Income) / Loss ($8.4) ($14.0) ($13.4) $24.3 ($11.6) Net (Income) / Loss Attributable
Slide 15: Adjusted EBITDA Reconciliation | Full-Year 2024
Adjusted EBITDA Reconciliation | Full-Year 2024 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM March 31, June 30, September 30, December 31, December 31, 2024 2024 2024 2024 2024 GAAP Net (Income) / Loss ($0.2) ($8.4) ($14.0) ($13.4) ($36.1) Net (Income) / Loss Attri
Slide 16: Adjusted EBITDA By Segment | LTM Q2 2025
Adjusted EBITDA By Segment | LTM Q2 2025 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM September 30, December 31, March 31, June 30, June 30, 2024 2024 2025 2025 2025 Energy Operations $8.4 $8.4 $7.9 $7.0 $31.7 Industrial Operations 0.6 1.6 1.0 0.6 3.8 Manufacturing
Slide 17: Adjusted EBITDA By Segment | LTM Q1 2025
Adjusted EBITDA By Segment | LTM Q1 2025 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM June 30, September 30, December 31, March 31, March 31, 2024 2024 2024 2025 2025 Energy Operations $7.0 $8.4 $8.4 $7.9 $31.8 Industrial Operations 0.5 0.6 1.6 1.0 3.7 Manufacturin
Slide 18: Adjusted EBITDA By Segment | Full-Year 2024
Adjusted EBITDA By Segment | Full-Year 2024 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM March 31, June 30, September 30, December 31, December 31, 2024 2024 2024 2024 2024 Energy Operations $1.4 $7.0 $8.4 $8.4 $25.2 Industrial Operations 1.9 0.5 0.6 1.6 4.5 Manufa
Slide 19: Adjusted EBITDA By Segment | Full-Year 2023
Adjusted EBITDA By Segment | Full-Year 2023 Three Three Three Three Months Ended Months Ended Months Ended Months Ended LTM March 31, June 30, September 30, December 31, December 31, 2023 2023 2023 2023 2023 Energy Operations -- -- -- $0.6 $0.6 Industrial Operations 1.3 0.3 0.9 1.2 3.7 Manufacturing
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: Adjusted EBITDA | Q4 2023
Adjusted EBITDA | Q4 2023 Three Months Ended December 31, 2023 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) ($0.1) $0.5 -- $61.8 ($6.3) $55.9 Depreciation, Depl
Slide 27: Adjusted EBITDA | Q3 2023
Adjusted EBITDA | Q3 2023 Three Months Ended September 30, 2023 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) -- $0.2 -- ($5.5) ($7.8) ($13.2) Depreciation, Depl
Slide 28: Adjusted EBITDA | Q2 2023
Adjusted EBITDA | Q2 2023 Three Months Ended June 30, 2023 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) -- ($0.5) -- ($6.2) ($5.8) ($12.5) Depreciation, Depleti
Slide 29: Adjusted EBITDA | Q1 2023
Adjusted EBITDA | Q1 2023 Three Months Ended March 31, 2023 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) -- $0.6 -- ($2.5) ($7.4) ($9.3) Depreciation, Depletion
Slide 30: Free Cash Flow By Segment | Q1 & YTD 2025
Free Cash Flow By Segment | Q1 & YTD 2025 Three Months Ended June 30, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations Net Cash From Operating Activities (GAAP) $6.0 $0.9 $1.1 $44.0 ($2.0) $
Slide 31: Cash & Public Securities | LTM Q2 2025
Cash & Public Securities | LTM Q2 2025 As of As of As of As of September 30, December 31, March 31, June 30, 2024 2024 2025 2025 Cash & Public Securities Cash and Cash Equivalents $360.1 $273.9 $272.0 $316.7 Equity Securities 14.1 23.1 18.1 21.5 Cash & Public Securities $374.2 $297.0 $290.0 $338.2 N
Slide 32: Contact Us
Contact Us Acacia Research Corporation Transfer Agent: 767 Third Avenue, Floor 6 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 internati