Acacia Research Q4 Earnings Call Highlights

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MarketBeat

Wed, March 11, 2026 astatine 8:36 AM CDT 8 min read

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Acacia Research (NASDAQ:ACTG) executives utilized the company’s fourth-quarter net telephone to stress advancement successful gathering a portfolio of cash-generating operating businesses portion keeping parent-level costs successful check. Chief Executive Officer MJ McNulty said the institution is successful a markedly antithetic presumption than 3 years ago, erstwhile it held astir $350 cardinal of currency but had nary meaningful operated conception currency travel and was “burning implicit $30 cardinal annually” astatine the genitor level.

McNulty said Acacia ended 2025 with record gross of $285.2 million and operated conception adjusted EBITDA of $96.4 million, which includes intelligence spot operations. He besides pointed to $187 cardinal extracted from the company’s IP portfolio and said Acacia has monetized astir bequest assets portion keeping genitor expenses “relatively flat” arsenic the enactment has scaled. CFO Michael Zambito added that Acacia’s cash, currency equivalents, equity securities measured astatine just worth and loans receivable totaled $339.6 million astatine December 31, 2025, with zero parent-company indebtedness.

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For the 4th quarter, Acacia reported total gross of $50.1 million, up 3% year-over-year, which absorption attributed chiefly to a afloat 4th publication from Deflecto. Total institution adjusted EBITDA was $17.4 million, portion operated conception adjusted EBITDA—including IP operations—was $22.4 million.

Zambito said Acacia posted a GAAP operating nonaccomplishment of $13.1 million successful the quarter, an betterment from a $15.8 cardinal nonaccomplishment a twelvemonth earlier. Acacia reported GAAP nett income attributable to the institution of $3.4 million, oregon $0.04 per share, compared to a nett nonaccomplishment of $13.4 million, oregon a $0.14 nonaccomplishment per share, successful the prior-year period. Adjusted nett income attributable to Acacia was $3.1 million, oregon $0.03 per share. The 4th included $2.8 cardinal successful unrealized gains related to changes successful just worth of equity securities, offset by a $3.5 cardinal realized loss.

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By conception successful the 4th quarter:

Energy (Benchmark): Revenue of $16.0 million versus $17.3 cardinal a twelvemonth earlier, reflecting “a softer lipid terms environment” year-over-year. Realized hedge gains not included successful gross were $1.7 million versus $1.0 cardinal successful the prior-year quarter. Adjusted EBITDA was $8.1 million, and escaped currency travel was $1.0 million aft $4.6 million of CapEx mostly tied to Cherokee development.
Manufacturing (Deflecto): Revenue of $26.4 million and adjusted EBITDA of $1.1 million. The concern recorded a $0.4 cardinal GAAP operating loss, including non-cash depreciation and amortization and $0.4 cardinal successful non-recurring costs tied to severance and transaction-related items.
Industrial (Printronix): Revenue of $7.3 million versus $8.2 cardinal a twelvemonth earlier. GAAP operating income was $0.5 million, adjusted EBITDA was $1.1 million, and escaped currency travel was fundamentally flat, with absorption citing tariff-related payments, moving superior items, and FX headwinds.
Intellectual property: Licensing and different gross of $0.3 million and adjusted EBITDA of $12.1 million successful the quarter. McNulty said fourth-quarter EBITDA benefited from a colony wherever related costs had been incurred successful anterior periods, and aboriginal clarified during Q&A that it progressive a colony with a work supplier dating backmost to 2017–2018.