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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Total revenues $ 23,310 $ 10,084 $ 73,468 $ 32,791
Costs and expenses:        
Cost of revenues - intellectual property operations 20,959 9,847 52,404 28,748
Engineering and development expenses - industrial operations 108 172 420 593
Sales and marketing expenses - industrial operations 1,391 1,613 4,333 5,385
General and administrative expenses 11,124 11,605 33,428 33,071
Total costs and expenses 33,582 23,237 90,585 67,797
Operating loss (10,272) (13,153) (17,117) (35,006)
Equity securities investments:        
Change in fair value of equity securities (4,074) 8,823 (35,519) 18,783
Gain (loss) on sale of equity securities 0 0 28,861 (9,360)
Earnings on equity investment in joint venture 0 3,375 0 3,375
Net realized and unrealized (loss) gain (4,074) 12,198 (6,658) 12,798
Non-recurring legacy legal expense (2,000) 0 (14,857) 0
Change in fair value of the Series B warrants and embedded derivatives 0 1,525 0 8,241
Gain on derivatives - energy operations 8,034 0 5,546 0
Gain (loss) on foreign currency exchange 130 (70) (72) 25
Interest expense on Senior Secured Notes 0 (130) 0 (1,930)
Interest income and other, net 2,022 2,195 9,810 9,943
Total other income (expense) 4,112 15,718 (6,231) 29,077
(Loss) income before income taxes (6,160) 2,565 (23,348) (5,929)
Income tax (expense) benefit (5,497) 197 2,673 (641)
Net (loss) income including noncontrolling interests in subsidiaries (11,657) 2,762 (20,675) (6,570)
Net income attributable to noncontrolling interests in subsidiaries (2,339) (1,126) (1,953) (1,126)
Net (loss) income attributable to Acacia Research Corporation (13,996) 1,636 (22,628) (7,696)
Loss per share:        
Net loss attributable to common stockholders - Basic $ (13,996) $ (1,741) $ (22,628) $ (15,703)
Weighted average number of shares outstanding - Basic 99,854,723 94,328,452 99,893,336 67,072,835
Basic net income (loss) per common share (in usd per share) $ (0.14) $ (0.02) $ (0.23) $ (0.23)
Net loss attributable to common stockholders - Diluted $ (13,996) $ (3,164) $ (22,628) $ (15,703)
Weighted average number of shares outstanding - Diluted 99,854,723 99,122,973 99,893,336 67,072,835
Diluted net income (loss) per common share (in usd per share) $ (0.14) $ (0.03) $ (0.23) $ (0.23)
Intellectual property operations        
Revenues:        
Total revenues $ 486 $ 1,760 $ 19,442 $ 6,330
Costs and expenses:        
Cost of revenues - intellectual property operations 5,707 5,470 18,473 15,218
Industrial operations        
Revenues:        
Total revenues 7,007 8,324 22,183 26,461
Costs and expenses:        
Cost of revenues - intellectual property operations 3,523 4,377 10,849 13,530
Energy operations        
Revenues:        
Total revenues 15,817 0 31,843 0
Costs and expenses:        
Cost of revenues - intellectual property operations $ 11,729 $ 0 $ 23,082 $ 0