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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.
Acacia
Acacia
Acacia Revenue by Segment
Revenue by Segment
Intellectual Property Operations Revenue
CapyFin.comIndustrial Operations Revenue
CapyFin.comEnergy Operations Revenue
CapyFin.com 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