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Acacia Research (NASDAQ: ACTG) doubles down with 124% Q2 revenue jump and strong IP gains

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Acacia Research Corporation reported strong operating results for the quarter ended June 30, 2026, with total revenue of $114.6 million, up 124% from $51.2 million in the prior-year quarter. Growth was led by Intellectual Property Operations, which generated revenue of $60.9 million, and Benchmark Energy, which posted its strongest quarter under Acacia with revenue of $20.5 million.

GAAP net income for the quarter was $47 thousand, or $0.00 diluted EPS, while Adjusted Net Income was $12.8 million, or $0.13 Adjusted Diluted EPS. Total Company Adjusted EBITDA was $17.3 million, compared to $1.9 million in the prior-year quarter, and Operated Segment Adjusted EBITDA reached $22.8 million. Results included a $30.9 million impairment of the MalinJ1 equity method investment in 2026.

Liquidity remained significant, with cash, cash equivalents, equity securities measured at fair value and loans receivable totaling $334.6 million, or $3.43 per share, and no parent-company debt. Consolidated non-recourse indebtedness at Benchmark and Deflecto was $90.4 million. Book value was $557.0 million with 97.6 million shares outstanding, or $5.71 per share.

Positive

  • Total revenue grew to $114.6 million, up 124% year over year, with Intellectual Property Operations and Benchmark Energy driving a sharp turnaround in profitability on an adjusted basis.
  • Total Company Adjusted EBITDA increased to $17.3 million from $1.9 million in the prior-year quarter, reflecting much stronger operating performance across Acacia’s segments.

Negative

  • $30.9 million impairment of the MalinJ1 equity method investment eliminated equity method investments from the balance sheet and contributed to a year-to-date GAAP net loss.
  • Free cash flow for the quarter was a consolidated outflow of $0.8 million, compared with $47.9 million generated in the prior-year quarter.

Filing Explained

The company described second-quarter results as strong, but consolidated free cash flow was negative for the quarter and the six months ended June 30, 2026; after capital expenditures, operating cash generation was negative in both periods.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total Revenue Q2 2026 $114.6 million Three months ended June 30, 2026; up 124% from prior-year quarter
GAAP Net Income Q2 2026 $47 thousand Quarter ended June 30, 2026; diluted EPS $0.00
Adjusted Net Income Q2 2026 $12.8 million Adjusted Diluted EPS of $0.13 for the quarter
Total Company Adjusted EBITDA Q2 2026 $17.3 million Three months ended June 30, 2026; vs $1.9 million in Q2 2025
Cash, Securities and Loans $334.6 million Cash, cash equivalents, equity securities at fair value and loans receivable at June 30, 2026
Book Value Per Share $5.71 Book value $557.0 million with 97.6 million shares outstanding at June 30, 2026
Impairment of Equity Method Investment $30.9 million Impairment of MalinJ1 equity method investment during Q2 2026
Total Indebtedness $90.4 million Non-recourse debt at Benchmark and Deflecto on a consolidated basis as of June 30, 2026
Adjusted EBITDA financial
"Total Company Adjusted EBITDA of $17.3 million and Operated Segment Adjusted EBITDA"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"The following table provides a reconciliation of Free Cash Flow (“FCF”)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
equity method investment financial
"impairment of the Company’s investment in MalinJ1 during the second quarter"
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
noncontrolling interests financial
"Net loss (income) attributable to noncontrolling interests in subsidiaries"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
Book value financial
"At June 30, 2026, Acacia’s book value (which includes noncontrolling interests)"
Book value is a company’s total assets minus its total liabilities as reported on the balance sheet; it represents the net accounting value that would remain for shareholders if the business sold its assets and paid off its debts. Investors use it as a benchmark to judge whether a stock looks cheap or pricey compared with that accounting baseline—like comparing a car’s resale “book” value to the price someone asks—and to assess firms with lots of tangible assets or potential liquidation value.
non-GAAP financial measures financial
"This earnings release includes Adjusted EBITDA on a consolidated basis"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue Q2 2026 $114.6 million up 124% from the prior-year quarter
GAAP Net Income Q2 2026 $47 thousand compared to a $(3.3) million net loss in Q2 2025
Adjusted Net Income Q2 2026 $12.8 million vs Adjusted Net Loss of $(5.9) million in Q2 2025
Total Company Adjusted EBITDA Q2 2026 $17.3 million vs $1.9 million in the prior-year quarter

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Acacia Research (ACTG) perform financially in Q2 2026?
Acacia reported Q2 2026 revenue of $114.6 million, up 124% year over year. GAAP net income was $47 thousand, while Adjusted Net Income reached $12.8 million and Total Company Adjusted EBITDA was $17.3 million.

What drove revenue growth for Acacia Research (ACTG) in Q2 2026?
Revenue growth was driven mainly by higher paid-up licensing revenue in the Intellectual Property Operations segment and strong performance at Benchmark Energy, which generated $20.5 million in revenue, its strongest quarter under Acacia ownership.

What were Acacia Research (ACTG)’s key non-GAAP results for Q2 2026?
For Q2 2026, Acacia reported Adjusted Net Income of $12.8 million, or $0.13 Adjusted Diluted EPS, and Total Company Adjusted EBITDA of $17.3 million. Operated Segment Adjusted EBITDA was $22.8 million for the quarter.

What is Acacia Research (ACTG)’s cash and debt position as of June 30, 2026?
As of June 30, 2026, Acacia held $334.6 million in cash, cash equivalents, equity securities at fair value and loans receivable, or $3.43 per share. The parent company had no debt, while consolidated non-recourse debt totaled $90.4 million.

How did the MalinJ1 impairment affect Acacia Research (ACTG) in 2026?
Acacia recorded a $30.9 million impairment on its equity method investment in MalinJ1 in Q2 2026. This reduced equity method investments to zero and contributed to a $15.7 million GAAP net loss for the first six months of 2026.

What is Acacia Research (ACTG)’s book value and share count as of Q2 2026?
At June 30, 2026, Acacia’s book value was $557.0 million, including noncontrolling interests. With 97.6 million common shares outstanding, book value per share was $5.71, reflecting accumulated results and recent one-time adjustments.

How did free cash flow for Acacia Research (ACTG) change in Q2 2026?
For Q2 2026, consolidated free cash flow was an outflow of $0.8 million. This reflects operating cash flow of $3.9 million less $4.7 million of capital expenditures, compared with $47.9 million free cash flow in the prior-year quarter.
0000934549FALSE00009345492026-08-052026-08-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 5, 2026
ACACIA RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3772195-4405754
(State or other jurisdiction of
incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
777 Third Avenue,
26th Floor
New York,
NY10017
(Address of principal executive offices)(Zip Code)
(Registrant’s telephone number, including area code): (332) 236-8500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareACTGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).      Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02.Results of Operations and Financial Condition.
On August 5, 2026, Acacia Research Corporation (the “Corporation”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of that release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).
The information contained within this Report and the exhibit attached hereto as Exhibit 99.1 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Report and the exhibit attached hereto as Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, regardless of any general incorporation by reference language in such filings, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit No.Description of Exhibit
99.1
Press Release dated August 5, 2026 of Acacia Research Corporation
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 5, 2026
ACACIA RESEARCH CORPORATION
By:/s/ Martin D. McNulty Jr.
Name:Martin D. McNulty Jr.
Title:Chief Executive Officer



Exhibit 99.1
logoa.jpg


Acacia Research Corporation Reports Second Quarter 2026 Financial Results
Total Revenue of $114.6 million, up 124% from the Prior Year Quarter
GAAP Net Income of $47 thousand and GAAP Diluted EPS of $0.00 for the Quarter
Adjusted Net Income1 of $12.8 million and Adjusted Diluted EPS1 of $0.13 for the Quarter
Total Company Adjusted EBITDA1 of $17.3 million and Operated Segment Adjusted EBITDA1 of $22.8 million for the Quarter
Total Cash, Cash Equivalents, Equity Securities Measured at Fair Value and Loans Receivable of $334.6 million, or $3.43 per share
New York, NY, August 5, 2026 - Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”), which acquires and operates businesses across the industrial, energy and technology sectors, today reported financial results for the three and six months ended June 30, 2026. The Company also posted its second quarter 2026 earnings presentation on its website at www.acaciaresearch.com under Quarterly Results.
Martin (“MJ”) D. McNulty, Jr., Chief Executive Officer, stated, “Acacia delivered strong financial and operating results for the second quarter, generating total revenue of $114.6 million, Operated Segment Adjusted EBITDA of $22.8 million and Total Company Adjusted EBITDA of $17.3 million. Revenue increased 124% year over year compared to the second quarter of 2025, driven primarily by higher paid-up licensing revenue from our Intellectual Property Operations segment. Our operating companies also continued to execute well, led by Benchmark Energy, which generated revenue of $20.5 million—its strongest revenue quarter.
As we look ahead to the remainder of 2026, we remain focused on compounding long-term intrinsic value per share through disciplined capital allocation, active ownership of our operating businesses and selective investments across the public and private markets. As of the end of the second quarter, cash, cash equivalents, equity securities and loans receivable was approximately $334.6 million, or $3.43 per share, and we continued to maintain no parent-company debt. Our acquisition pipeline remains active, and our strong balance sheet, flexible investment mandate and experienced management team position us well to pursue opportunities where we believe we can generate attractive long-term returns and create differentiated value for our shareholders.”
1 Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (EPS), Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA are non-GAAP financial measures. See below for reconciliations of Adjusted Net Income (Loss), Adjusted Diluted EPS, and Total Company Adjusted EBITDA to their most directly comparable GAAP financial measure. For the definition of these measures and a reconciliation of the components of Operated Segment Adjusted EBITDA to their most directly comparable GAAP financial measures, see the accompanying supplemental information section.
1


Second Quarter 2026 Highlights:
•Total revenue of $114.6 million, compared to $51.2 million for the prior-year quarter, primarily driven by higher paid-up license revenue from our Intellectual Property Operations segment.
•Benchmark Energy recorded revenue of $20.5 million, the strongest revenue quarter for the business under Acacia ownership following the Revolution Acquisition in April 2024.
•GAAP Net Income of $47 thousand, or $0.00 GAAP Diluted EPS.
•Adjusted Net Income of $12.8 million, or $0.13 Adjusted Diluted EPS.
•Operated Segment Adjusted EBITDA of $22.8 million.
•Total Company Adjusted EBITDA of $17.3 million.
•At quarter end, cash, cash equivalents, equity securities measured at fair value and loans receivable totaled approximately $334.6 million, or $3.43 per share.
Revenue
The following table provides a breakdown of the Company’s total revenue for the three and six months ended June 30, 2026 and June 30, 2025. For the purposes of financial reporting, Acacia's operations are broken out as follows: Energy Operations (Benchmark), Industrial Operations (Printronix), Manufacturing Operations (Deflecto) and Intellectual Property Operations (Acacia Research Group).
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands, unaudited)
Energy Operations$20,545 $15,317 $39,214 $33,623 
Industrial Operations6,002 6,590 13,184 14,266 
Manufacturing Operations27,102 29,001 54,768 57,536 
Intellectual Property Operations60,913 329 61,635 70,234 
Total Revenues$114,562 $51,237 $168,801 $175,659 
Total Company Adjusted EBITDA
The following table provides a reconciliation of consolidated Net Income (Loss), the most directly comparable GAAP measure, to Total Company Adjusted EBITDA for the three and six months ended June 30, 2026 and June 30, 2025.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands, unaudited)
GAAP Net Income (Loss)$47 $(3,293)$(15,694)$20,994 
Net (Income) Loss Attributable to Noncontrolling Interests(8,489)1,856 (10,349)1,097 
Income Tax Expense (Benefit)(1,318)547 (3,882)6,628 
Interest Expense1,829 2,329 3,715 4,780 
Interest Income(2,658)(2,936)(5,473)(5,446)
(Gain) Loss on Foreign Currency Exchange6 (280)65 (435)
Net Realized and Unrealized (Gain) Loss on Derivatives(3,341)(6,635)7,358 (1,614)
Net Realized and Unrealized (Gain) Loss on Investments(9,431)(4,126)(7,267)(954)
Impairment of Equity Method Investment30,934 — 30,934 — 
Other Expense, net937 153 752 870 
   GAAP Operating Income (Loss)$8,516 $(12,385)$159 $25,920 
Depreciation, Depletion & Amortization6,566 11,445 15,053 22,055 
Stock-Based Compensation1,216 954 2,216 1,876 
Realized Hedge (Loss) Gain(1,831)869 (2,804)826 
Transaction-Related Costs584 237 1,376 791 
Legacy Matter Costs— 1 — 9 
Severance Costs1,267 752 1,420 1,095 
Restructuring Expense934 — 1,396 — 
   Total Company Adjusted EBITDA$17,252 $1,873 $18,816 $52,572 
1


The following table provides the Adjusted EBITDA for each of the Company’s operating segments for the three and six months ended June 30, 2026 and June 30, 2025.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands, unaudited)
Energy Operations Adjusted EBITDA2$9,834 $6,951 $17,544 $14,887 
Industrial Operations Adjusted EBITDA2
1,038 620 2,430 1,641 
Manufacturing Operations Adjusted EBITDA2
1,073 1,274 2,237 3,713 
   Operated Segment Adjusted EBITDA
   (excluding Intellectual Property Operations)		$11,945 $8,845 $22,211 $20,241 
Intellectual Property Operations Adjusted EBITDA2
10,855 (2,061)7,346 41,204 
   Operated Segment Adjusted EBITDA$22,800 $6,784 $29,557 $61,445 
Parent Costs2
(5,548)(4,911)(10,741)(8,873)
   Total Company Adjusted EBITDA$17,252 $1,873 $18,816 $52,572 
Adjusted Net Income (Loss) and Adjusted Diluted EPS
The following table provides a reconciliation of Net Income (Loss) attributable to Acacia Research Corporation, the most directly comparable GAAP measure, to Adjusted Net Income (Loss) and Adjusted Diluted EPS for the three and six months ended June 30, 2026 and June 30, 2025.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands, except share and per share data, unaudited)
GAAP Net Income (Loss)$47 $(3,293)$(15,694)$20,994 
Legacy Matter Costs3— 1 — 259 
Stock-Based Compensation1,216 954 2,216 1,876 
Severance Costs1,267 752 1,420 1,095 
Transaction-Related Costs739 237 1,531 791 
Restructuring Expense934 — 1,396 — 
Impairment of Equity Method Investment, Net of Noncontrolling Interests19,892 — 19,892 — 
Amortization of Acquired Intangibles842 860 1,717 1,767 
Unrealized (Gain) Loss on Securities(4,909)(2,219)(3,350)2,558 
Unrealized (Gain) Loss on Hedges(3,801)(4,241)3,347 (580)
Tax Effect of Adjustments(3,387)1,004 (6,199)(1,625)
Adjusted Net Income (Loss)$12,840 $(5,945)$6,276 $27,135 
GAAP Diluted EPS$— $(0.03)$(0.16)$0.22 
GAAP diluted weighted average shares98,117,805 96,244,590 96,671,521 96,964,308 
Adjusted Diluted EPS$0.13 $(0.06)$0.06 $0.28 
Adjusted diluted weighted average shares98,117,805 96,244,590 98,071,078 96,964,308 
Free Cash Flow4
The following table provides a reconciliation of Free Cash Flow (“FCF”) for the three and six months ended June 30, 2026.
2 Energy Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA, Manufacturing Operations Adjusted EBITDA, Intellectual Property Operations Adjusted EBITDA, and Parent Costs are non-GAAP financial measures. For the definitions of these measures and reconciliations of these measures to the most directly comparable GAAP financial measures, see the accompanying supplemental information section.
3 Legacy Matter Costs for the six months ended June 30, 2025 includes $250,000 related to a one-time legacy tax matter at Printronix that has been settled, which amount is included within Other Expense, Net in Acacia's condensed consolidated statement of operations.
4 Free Cash Flow (FCF) is a non-GAAP financial measure. For a definition of this measure, see the accompanying supplemental information section.
3


Three Months Ended June 30, 2026
Energy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
Net Cash from (used in) Operating Activities (GAAP)$10,493 $916 $(307)$(3,292)$(3,908)$3,902 
Less: Capital Expenditures(3,973)(6)(758)— — (4,737)
Free Cash Flow (Non-GAAP)$6,520 $910 $(1,065)$(3,292)$(3,908)$(835)
Three Months Ended June 30, 2025
Energy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
Net Cash from (used in) Operating Activities (GAAP)$6,032 $895 $1,109 $44,047 $(1,963)$50,120 
Less: Capital Expenditures(1,981)(23)(200)— (9)(2,213)
Free Cash Flow (Non-GAAP)$4,051 $872 $909 $44,047 $(1,972)$47,907 
Six Months Ended June 30, 2026
Energy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
Net Cash from (used in) Operating Activities (GAAP)$17,089 $4,062 $132 $(6,212)$(7,764)$7,307 
Less: Capital Expenditures(12,475)(20)(1,437)(1,750)— (15,682)
Free Cash Flow (Non-GAAP)$4,614 $4,042 $(1,305)$(7,962)$(7,764)$(8,375)
Six Months Ended June 30, 2025
Energy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
Net Cash from (used in) Operating Activities (GAAP)$11,484 $3,425 $2,125 $41,781 $(6,270)$52,545 
Less: Capital Expenditures(3,853)(28)(413)— (9)(4,303)
Free Cash Flow (Non-GAAP)$7,631 $3,397 $1,712 $41,781 $(6,279)$48,242 
Balance Sheet and Capital Structure
•Cash, cash equivalents, equity securities measured at fair value and loans receivable totaled $334.6 million at June 30, 2026 compared to $339.6 million at December 31, 2025, a decrease of $5.0 million. This change in cash was primarily due to an increase in cash generated from operating activities across all Operated Segments of $15.1 million and proceeds from the sale of an unoccupied portion of Deflecto’s manufacturing facility in the U.K. of $1.6 million. Cash was reduced by Parent Costs of $7.8 million and further by $12.5 million and $1.4 million of capital expenditures at Benchmark and Deflecto, respectively, as well as $1.8 million incurred by our Intellectual Property Operations for the purchase of additional interests in the Wi-Fi 7 portfolio. Cash used in financing activities reduced cash by $4.9 million, primarily from $1.8 million of debt repayment on the Deflecto facility and $3.1 million of taxes paid related to the net share settlement of share-based awards. Additionally, the change in the fair market value of equity securities increased cash, cash equivalents, equity securities at fair value and loans receivable by $3.4 million.
•Equity securities without readily determinable fair value totaled $5.8 million at June 30, 2026, unchanged from December 31, 2025.
•Investment securities representing equity method investments (net of noncontrolling interests) decreased to zero at June 30, 2026, compared to $19.9 million at December 31, 2025, as a result of the impairment of the Company’s investment in MalinJ1 during the second quarter of 2026.
•Loans receivable totaled $7.8 million at June 30, 2026, which represents the commercial loans collateralized by Bitcoin that Acacia has purchased through its partnership with Unchained Capital.
4


•The Parent company’s total indebtedness was zero at June 30, 2026. On a consolidated basis, Acacia’s total indebtedness was $90.4 million, consisting of $59.5 million in non-recourse debt at Benchmark and $30.9 million in non-recourse debt at Deflecto, net of debt discount and issuance costs, as of June 30, 2026.
Book Value as of June 30, 2026
At June 30, 2026, Acacia’s book value (which includes noncontrolling interests) was $557.0 million and there were 97.6 million shares of common stock outstanding, for a book value per share of $5.71. This value is impacted by one-time expenses and other adjustments detailed in the above reconciliation from GAAP Net Income (Loss) to Adjusted Net Income (Loss).
Investor Conference Call
The Company will host a conference call today, August 5, 2026 at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time).
To access the live call, please dial 888-506-0062 (U.S. and Canada) or 973-528-0011 (international) and if requested, reference the access code 963959. The conference call will also be simultaneously webcasted at https://www.webcaster5.com/Webcast/Page/2371/54301 and on the investor relations section of the Company’s website at www.acaciaresearch.com under Events. Following the conclusion of the live call, a replay of the webcast will be available on the Company's website for at least 30 days.
About the Company
Acacia (Nasdaq: ACTG) is a value-oriented acquirer and operator of businesses across public and private markets and industries including the industrial, energy and technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon. Acacia operates its businesses based on three key principles of people, process and performance and has built a management team with demonstrated expertise in research, transactions and execution, and operations and management. Additional information about Acacia and its subsidiaries is available at www.acaciaresearch.com.
Safe Harbor Statement
This news release 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 Company’s current expectations and speak only as of the date hereof. All statements other than statements of historical fact are forward-looking statements and include statements related to estimates and projections with respect to, among other things, the Company’s anticipated financial condition, operating performance, the value of the Company’s assets, general economic and market conditions and other future circumstances and events. This news release attempts to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “focus,” “future,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target” and “will,” and similar words and expressions; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially and adversely from those expressed or implied in any forward-looking statements, including, but not limited to: the Company’s ability to successfully identify, diligence, complete, and integrate strategic acquisitions of businesses, divisions, and/or assets, the performance of the Company’s businesses, divisions, and/or assets, disruptions or uncertainty caused by an ability to retain or changes to the employees or management teams of the Company’s businesses, changes to the Company’s relationship and arrangements with Starboard Value LP, any inability of the Company’s operating businesses to execute on their business and, risks to the Company’s operating businesses related to acts of war or terrorist acts and the government or military response thereto, price and other fluctuations in the oil and gas market, inflationary pressures, supply chain disruptions or labor shortages, the impact of tariffs and trade policy, non-performance by third parties of contractual or legal obligations, changes in the Company’s credit ratings or the credit ratings of the Company’s businesses, security threats, including cybersecurity threats and disruptions to the Company’s business and operations from breaches of information technology systems, or breaches of information technology systems and, with respect to Benchmark, risks related to its hedging strategy, development plan, facilities and infrastructure of third parties with which the Company transacts business, oil or natural gas production becoming uneconomic, causing write downs or adversely affecting Benchmark’s ability to borrow, Benchmark’s ability to replace reserves and efficiently develop current reserves, risks, operational hazards, unforeseen interruptions and other difficulties involved in the production of oil and natural gas, the impact of any seismic events, environmental liability risk, regulatory changes related to the oil and gas industry, the ability to successfully develop licensing programs and attract new business, changes in
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demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general, the decrease in demand for Printronix' products, changes in safety, health, environmental, tax and other regulations, requirements or initiatives, hazards such as weather conditions, pandemics, general economic conditions, and the success of the Company’s investments. For further discussions of risks and uncertainties, you should refer to the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. In addition, actual results may differ materially as a result of additional risks and uncertainties of which the Company is currently unaware or which the Company does not currently view as material. Except as otherwise required by applicable law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Investor Contact:
Gagnier Communications
ir@acaciares.com
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ACACIA RESEARCH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$307,635 $306,719 
Equity securities19,119 17,551 
Equity securities without readily determinable fair value5,816 5,816 
Equity method investments— 30,934 
Loans receivable 7,825 15,299 
Accounts receivable, net86,658 26,165 
Inventories24,639 26,559 
Prepaid expenses and other current assets14,444 21,050 
Total current assets466,136 450,093 
Property, plant and equipment, net20,326 21,291 
Oil and natural gas properties, net197,138 190,705 
Goodwill25,572 25,790 
Other intangible assets, net42,936 48,148 
Operating lease, right-of-use assets10,628 11,500 
Deferred income tax assets, net20,307 14,836 
Other non-current assets8,486 8,593 
Total assets$791,529 $770,956 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$16,270 $13,358 
Accrued expenses and other current liabilities19,221 19,661 
Accrued compensation7,640 6,727 
Current asset retirement obligation 1,628 1,589 
Royalties and contingent legal fees payable51,954 6,761 
Deferred revenue1,112 945 
Total current liabilities97,825 49,041 
Asset retirement obligation33,464 32,586 
Long-term lease liabilities7,859 8,424 
Deferred income tax liabilities, net2,156 2,152 
Benchmark revolving credit facility59,500 59,500 
Deflecto facility30,874 32,566 
Other long-term liabilities2,830 2,655 
Total liabilities234,508 186,924 
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued or outstanding— — 
Common stock, par value $0.001 per share; 300,000,000 shares authorized; 97,586,805 and 96,475,469 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively97 96 
Treasury stock, at cost, 20,542,064 shares as of June 30, 2026 and December 31, 2025(118,542)(118,542)
Accumulated other comprehensive income580 670 
Additional paid-in capital914,451 915,330 
Accumulated deficit(269,798)(254,104)
Total Acacia Research Corporation stockholders' equity526,788 543,450 
Noncontrolling interests30,233 40,582 
Total stockholders' equity557,021 584,032 
Total liabilities and stockholders' equity$791,529 $770,956 
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ACACIA RESEARCH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Intellectual property operations$60,913 $329 $61,635 $70,234 
Industrial operations6,002 6,590 13,184 14,266 
Energy operations20,545 15,317 39,214 33,623 
Manufacturing operations27,102 29,001 54,768 57,536 
Total revenues114,562 51,237 168,801 175,659 
Costs and expenses:
Cost of revenues - intellectual property operations46,230 6,558 51,063 34,470 
Cost of revenues - industrial operations3,042 3,406 6,321 7,470 
Cost of production - energy operations11,685 12,309 23,374 25,007 
Cost of revenues - manufacturing operations22,955 22,422 45,338 43,233 
Sales and marketing expenses - industrial and manufacturing operations2,489 3,381 5,608 6,693 
General and administrative expenses19,645 15,546 36,938 32,866 
Total costs and expenses106,046 63,622 168,642 149,739 
Operating income (loss)8,516 (12,385)159 25,920 
Other income (expense):
Equity securities investments:
Change in fair value of equity securities4,909 2,219 3,350 (2,558)
Gain on sale of equity securities4,522 1,907 3,917 3,512 
Net realized and unrealized gain9,431 4,126 7,267 954 
Impairment of equity method investment(30,934)— (30,934)— 
Gain (loss) on derivatives - energy operations3,341 6,635 (7,358)1,614 
(Loss) gain on foreign currency exchange(6)280 (65)435 
Interest expense(1,829)(2,329)(3,715)(4,780)
Interest income2,658 2,936 5,473 5,446 
Other expense, net(937)(153)(752)(870)
Total other (expense) income(18,276)11,495 (30,084)2,799 
(Loss) income before income taxes(9,760)(890)(29,925)28,719 
Income tax benefit (expense)1,318 (547)3,882 (6,628)
Net (loss) income including noncontrolling interests in subsidiaries(8,442)(1,437)(26,043)22,091 
Net loss (income) attributable to noncontrolling interests in subsidiaries8,489 (1,856)10,349 (1,097)
Net income (loss) attributable to Acacia Research Corporation$47 $(3,293)$(15,694)$20,994 
Income (loss) per share:
Net income (loss) attributable to common stockholders - Basic$47 $(3,293)$(15,694)$20,994 
Weighted average number of shares outstanding - Basic96,853,895 96,244,590 96,671,521 96,131,624 
Basic net (loss) income per common share$— $(0.03)$(0.16)$0.22 
Net income (loss) attributable to common stockholders - Diluted$47 $(3,293)$(15,694)$20,994 
Weighted average number of shares outstanding - Diluted98,117,805 96,244,590 96,671,521 96,964,308 
Diluted net (loss) income per common share$— $(0.03)$(0.16)$0.22 
Other comprehensive income (loss):
Foreign currency translation$(204)$863 $(90)$1,525 
Total other comprehensive (loss) income, net(204)863 (90)1,525 
Total comprehensive (loss) income(8,646)(574)(26,133)23,616 
Comprehensive loss (income) attributable to noncontrolling interests8,489 (1,856)10,349 (1,097)
Comprehensive (loss) income attributable to Acacia Research Corporation$(157)$(2,430)$(15,784)$22,519 
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ACACIA RESEARCH CORPORATION - SUPPLEMENTAL INFORMATION
NON-GAAP FINANCIAL MEASURES
This earnings release includes Adjusted EBITDA on a consolidated basis and for each of the Company’s segments. Total Company Adjusted EBITDA, Operated Segment Adjusted EBITDA, Adjusted EBITDA and Free Cash Flow (FCF) for each of the Company’s segments are supplemental non-GAAP financial measures used by management and external users of the Company’s consolidated financial statements. This earnings release also includes the Company’s Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (EPS), which are non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flow that includes or excludes amounts that are excluded or included, respectively, in the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s financial statements.
Total Company Adjusted EBITDA is defined as net income / (loss) attributable to Acacia Research Corporation before net income / (loss) attributable to noncontrolling interests, income tax (benefit) / expense, interest expense, interest income, and other expense, net and loss / (gain) on foreign currency exchange, net realized and unrealized (gain) / loss on derivatives, net realized and unrealized loss / (gain) on investments, non-recurring legacy legal expenses, depreciation, depletion and amortization, stock-based compensation, transaction-related costs, severance costs, restructuring expense, impairment of equity method investment, and costs related to the legacy items, and includes realized hedge gain / (loss) and service provider settlement income. Operated Segment Adjusted EBITDA is the aggregate of Energy Operations Adjusted EBITDA, Manufacturing Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA, and Intellectual Property Operations Adjusted EBITDA. See below for the definition of each of those measures. The Company is providing Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA, non-GAAP financial measures, because management believes these metrics provide investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance. These measures are not intended to replace the presentation of financial results in accordance with GAAP and may be different from or otherwise inconsistent with similar non-GAAP financial measures used by other companies. The presentation of these non-GAAP financial measures supplements other metrics the Company uses to internally evaluate its subsidiary businesses and facilitate the comparison of past and present operating performance. These measures should not be considered in isolation or as a substitute for measures calculated and presented in accordance with GAAP.
Energy Operations
Energy Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Energy Operations before depreciation, depletion and amortization expense and transaction-related costs, and including realized hedge gain / (loss). The Company is providing its Energy Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.
Industrial Operations
Industrial Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Industrial Operations before amortization of acquired intangibles, depreciation and amortization expense, transaction-related costs, and severance costs. The Company is providing its Industrial Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.
Intellectual Property Operations
Intellectual Property Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Intellectual Property Operations before patent amortization, depreciation expense and stock-based compensation, and including service provider settlement income. The Company is providing Intellectual Property Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.
Manufacturing Operations
Manufacturing Operations Adjusted EBITDA is defined as operating income / loss for Acacia’s Manufacturing Operations before amortization of acquired intangibles, depreciation and amortization expense, severance costs, restructuring expense, and transaction-related costs. The Company is providing its Manufacturing Operations Adjusted EBITDA, a non-GAAP
9

financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.
Parent Costs are defined as operating income / (loss) attributable to Parent before depreciation and amortization expense, stock-based compensation, transaction-related costs, and costs related to certain legacy matters attributable to the Parent organization. The Company is providing Parent Costs, a non-GAAP financial measure, because it believes it gives investors a clear picture of normalized Parent-level expenses.
Free Cash Flow is defined as net cash provided by (used in) operating activities, less net purchases of property and equipment, and patent acquisitions (“Capital Expenditures”). The Company is providing Free Cash Flow, a non-GAAP financial measure, because it believes free cash flow gives investors a good sense of how much cash flows are available to be used for de-levering, making acquisitions, repurchasing shares or similar uses of cash.
Adjusted Net Income (Loss)
Adjusted Net Income (Loss) is defined as GAAP Net Income (Loss) attributable to Acacia Research Corporation excluding costs related to certain legacy matters, stock-based compensation, transaction-related costs, amortization of acquired intangibles, severance costs, impairment of equity method investment (net of the portion attributable to noncontrolling interests), restructuring expense, any unrealized (gain) / loss on securities, any unrealized (gain) / loss on hedges, and any (gain) / loss on non-cash derivatives and taking into account the tax effect(s) of those adjustments. The Company is providing Adjusted Net Income (Loss), a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.
Adjusted Diluted Earnings Per Share (EPS)
Adjusted Diluted EPS is defined as Adjusted Net Income (Loss) divided by the Company’s weighted average diluted share count as of the relevant period end date. The Company is providing its Adjusted Diluted EPS, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.
The following tables reconcile Operating Income (Loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA for each of the Company’s operating segments and for Parent Costs for the three and six months ended June 30, 2026 and June 30, 2025.
Three Months Ended June 30, 2026
Adjusted EBITDAEnergy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
GAAP Operating Income (Loss)$7,987 $548 $(2,053)$9,394 $(7,360)$8,516 
Depreciation, Depletion & Amortization3,678 490 925 1,461 12 6,566 
Stock-Based Compensation— — — — 1,216 1,216 
Realized Hedge Gain (Loss)(1,831)— — — — (1,831)
Service Provider Settlement, net— — — — — — 
Transaction-Related Costs— — — — 584 584 
Legacy Matter Costs— — — — — — 
Severance Costs— — 1,267 — — 1,267 
Restructuring Expense— — 934 — — 934 
   Adjusted EBITDA$9,834 $1,038 $1,073 $10,855 $(5,548)$17,252 
Parent Interest Income$2,552 
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Three Months Ended June 30, 2025
Adjusted EBITDAEnergy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
GAAP Operating Income (Loss)$2,093 $74 $(626)$(7,613)$(6,313)$(12,385)
Depreciation, Depletion & Amortization3,989 546 1,481 5,415 14 11,445 
Stock-Based Compensation— — — 137 817 954 
Realized Hedge Gain (Loss)869 — — — — 869 
Transaction-Related Costs— — (333)— 570 237 
Legacy Matter Costs— — — — 1 1 
Severance Costs— — 752 — — 752 
Restructuring Expense— — — — $— — 
   Adjusted EBITDA$6,951 $620 $1,274 $(2,061)$(4,911)$1,873 
Parent Interest Income$2,787 
Six Months Ended June 30, 2026
Adjusted EBITDAEnergy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
GAAP Operating Income (Loss)$13,304 $1,424 $(2,509)$2,026 $(14,086)$159 
Depreciation, Depletion & Amortization7,044 1,006 1,758 5,222 23 15,053 
Stock-Based Compensation— — — 98 2,118 2,216 
Realized Hedge Gain (Loss)(2,804)— — — — (2,804)
Transaction-Related Costs— — 172 — 1,204 1,376 
Severance Costs— — 1,420 — — 1,420 
Restructuring Expense— — 1,396 — — 1,396 
   Adjusted EBITDA$17,544 $2,430 $2,237 $7,346 $(10,741)$18,816 
Parent Interest Income$5,265 
Six Months Ended June 30, 2025
Adjusted EBITDAEnergy OperationsIndustrial OperationsManufacturing OperationsIntellectual Property OperationsParent CostsConsolidated Total
(In thousands, unaudited)
GAAP Operating Income (Loss)$6,094 $376 $(355)$30,895 $(11,090)$25,920 
Depreciation, Depletion & Amortization7,967 1,098 3,026 9,935 29 22,055 
Stock-Based Compensation— — — 374 1,502 1,876 
Realized Hedge Gain (Loss)826 — — — — 826 
Transaction-Related Costs— — 114 — 677 791 
Legacy Matter Costs— — — — 9 9 
Severance Costs— 167 928 — — 1,095 
Restructuring Expense— — — — — — 
   Adjusted EBITDA$14,887 $1,641 $3,713 $41,204 $(8,873)$52,572 
Parent Interest Income$5,209 
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Source: View Original Filing on SEC EDGAR

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