Acacia Research (ACTG) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $54.445M, down 8% YoY, mainly on lower paid-up IP licensing; revenue excluding IP was $54.2M and rose for a third consecutive quarter, near a record.

• Total Company Adjusted EBITDA was $3.937M; adjusted net income was $4.3M, compared with a GAAP net loss of $5.6M.

• Cash, equity securities and loans receivable totaled $346.3M at quarter-end; consolidated non-recourse debt was $90.4M, with no Parent corporate debt.

Financial highlights

• Q3 revenue was $54.445M versus $59.446M YoY; 9M revenue was $223.246M versus $235.105M.

• Q3 operating loss was $3.584M versus $6.426M; 9M operating loss was $3.425M versus operating income of $19.494M.

• Q3 GAAP diluted EPS was $(0.06), versus adjusted diluted EPS of $0.04; 9M GAAP net loss was $21.255M and adjusted net income was $10.592M.

• Consolidated free cash flow was $10.286M in Q3 and $1.911M for 9M 2026.

Outlook and guidance

• Strategy prioritizes disciplined acquisitions and operational improvement to grow long-term intrinsic value per share; the acquisition pipeline includes public and private opportunities.

• Benchmark management expected growth to continue into 2027; approximately 70% of expected oil and gas production over the next 12 months was hedged.

• Deflecto targets $8M–$10M or better in eventual EBITDA, conditional on market cooperation.

• Stated priorities include profitable growth, higher EBITDA, Parent cost controls and modest leverage.