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Acacia
🇺🇸 NASDAQ:ACTG
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•
Mar 31, 2024

Acacia Q1 2024 Earnings Report

Reported financial results for Q1 2024 and continued to advance capital allocation strategy.

Key Takeaways

Acacia Research reported consolidated revenue of $24.3 million for the quarter, compared to $14.8 million in the first quarter of 2023. The company had a GAAP net loss of $0.2 million, or $0.00 per share. They also completed the sale of Acacia’s shares of Arix Bioscience Plc for a cash purchase price of $57.1 million.

Book value per share at March 31, 2024 was $5.89.

Generated $24.3 million in consolidated revenue for the quarter compared to $14.8 million in revenue in the first quarter of 2023, including $13.6 million in license fee revenue from the Company’s intellectual property operations.

GAAP net loss of $0.2 million, or $0.00 per share, for the quarter.

Completed the sale of Acacia’s shares of Arix Bioscience Plc for a cash purchase price of $57.1 million.

Total Revenue
$24.3M
Previous year: $14.8M
+64.3%
EPS
$0.06
Previous year: -$0.07
-185.7%
Gross Profit
$12M
Previous year: $4.85M
+146.7%
Cash and Equivalents
$439M
Previous year: $364M
+20.5%
Total Assets
$632M
Previous year: $557M
+13.5%

Acacia

Acacia

Acacia Revenue by Segment

Forward Guidance

Acacia is focused on acquiring and operating attractive businesses across the industrial, healthcare, energy, and mature technology sectors.

Positive Outlook

  • Diversified portfolio with strategic partnership with Benchmark Energy.
  • Expanded capital base through the divestment of all public life science assets.
  • Strong capital base, including approximately $400 million in cash and marketable securities.
  • Well positioned to execute on priorities with an overarching goal of increasing book value per share.
  • Completed the sale of Acacia’s shares of Arix Bioscience Plc for a cash purchase price of $57.1 million.

Challenges Ahead

  • GAAP net loss of $0.2 million, or $0.00 per share, for the quarter.
  • Operating loss of $2.1 million.
  • Accrued for a potential legal liability of $6.2 million in connection with an ongoing matter involving former executives.
  • Net income included $26.7 million in unrealized loss related to the reversal of the unrealized gains previously recorded for Arix shares sold in January 2024 and the corresponding realized gain for the sale.
  • General and administrative expenses were $12.4 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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