The IP licensing revenue collapse is structural and expected given lumpy deal flow, but the magnitude of the miss vs the prior-year quarter is severe. Monitor the Q2 2026 filing for any recovery in IP licensing revenue and for cost synergy realization from Deflecto's facility consolidation. The stock may trade on the strength of the operating segments (Energy, Industrial, Manufacturing) rather than the headline loss.
Price Chart
Executive Summary
Acacia Research reported Q1 2026 revenue of $54.2M, down 56% YoY from $124.4M, driven by a collapse in Intellectual Property Operations revenue ($0.7M vs $69.9M). GAAP net loss was ($15.7M) vs net income of $24.3M in the prior-year quarter, and Total Company Adjusted EBITDA fell to $1.6M from $50.7M. The headline numbers are severely negative, though the decline is structural (lumpy IP licensing revenue) rather than operational deterioration in the core operating segments.
Key Financial Metrics
Key Facts
- Total revenue of $54.2M, down 56.4% from $124.4M YoY
- GAAP net loss of ($15.7M) vs net income of $24.3M YoY
- GAAP diluted EPS of ($0.16) vs $0.25 YoY
- Intellectual Property Operations revenue collapsed to $0.7M from $69.9M YoY
- Total Company Adjusted EBITDA fell to $1.6M from $50.7M YoY
- Operated Segment Adjusted EBITDA fell to $6.8M from $54.7M YoY
- Energy Operations revenue grew to $18.7M (strongest quarter under Acacia ownership)
- Free cash flow was negative ($7.5M) vs positive $0.3M YoY
- Cash & equivalents of $307.5M, book value per share $5.87
- No guidance provided
Financial Impact
Revenue decline of $70.2M YoY; GAAP net income swing of ($40.0M) vs prior year
Risk Factors
- IP licensing revenue is inherently lumpy and unpredictable
- Negative free cash flow of ($7.5M) vs positive $0.3M YoY
- Book value per share declined to $5.87 from $6.05 in Q4 2025
- Unrealized hedge losses of $7.1M impacting adjusted net income
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000934549-26-000020 |
| Document: actg-20260507.htm | 0000934549-26-000020 |
| Document: 0000934549-26-000020-index-headers.html | 0000934549-26-000020 |
| Document: 0000934549-26-000020-index.html | 0000934549-26-000020 |
| Document: 0000934549-26-000020.txt | 0000934549-26-000020 |
| 8-K Data (Synthetic) | 0000934549-26-000020 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 6w ago | Insider Cluster | $4.51 $4.36 | ▼ −3.33% | ▼ −2.80% | $4.34 (−3.77%) |
Aug 5, 2026 8w ago | 8-K | $4.54 $4.63 | ▲ +1.98% | ▲ +2.58% | $4.34 (−4.41%) |
May 7, 2026 21w ago | 8-K | $4.71 $4.64 | ▲ +1.49% | ▲ +4.62% | $4.34 (+7.86%) |
US Market Status
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