Adeia (ADEA) investor relations material

Executive summary

• Q2 2025 revenue was $85.7 million, with strong cash from operations of $23.1 million and net income of $16.7 million, supported by new license agreements and the launch of RapidCool technology.

• Five license agreements were signed in Q2, including three with new customers in semiconductors and e-commerce, and renewals in OTT and pay-TV.

• Patent portfolio grew by 2% in Q2 to over 13,000 assets, with a 6% increase in the first half, focusing on quality and relevance.

• Recognition as a best company to work for by US News & World Report for the second consecutive year.

• The company operates a single IP Licensing segment, with revenue primarily from media and semiconductor patent portfolios.

Financial highlights

• Q2 2025 revenue was $85.7 million, with adjusted EBITDA of $45.7 million and a margin of 53%.

• GAAP net income for Q2 was $16.7 million; non-GAAP net income was $28.0 million.

• Operating expenses (non-GAAP) were $40.6 million; interest expense was $10.2 million.

• Cash and equivalents plus marketable securities totaled $116.5 million at quarter-end; cash from operations was $23.1 million.

• Paid $11.1 million in debt principal, reducing term loan balance to $458.9 million; over $300 million paid down since October 2022.

Outlook and guidance

• Full-year 2025 revenue guidance reiterated at $390–$430 million, with adjusted EBITDA forecasted at $232.1–$266.1 million.

• Operating expenses expected at $160–$166 million (non-GAAP); litigation expense to decrease in H2.

• Non-GAAP net income guidance for 2025 is $150.5–$175.9 million; diluted shares outstanding projected at 112.0–113.0 million.

• Non-GAAP tax rate to remain at 23%; capital expenditures projected at $1 million for the year.

• Cash from operations and current liquidity expected to cover anticipated needs for at least the next 12 months.