Revenue: As of FY2025 Q4, the actual value is USD 50.13 M, beating the estimate of USD 38 M.EPS: As of FY2025 Q4, the actual value is USD 0.04.EBIT: As of FY2025 Q4, the actual value is USD -13.92 M.<h3>Financial Highlights for Acacia Research Corporation (阿卡西亚)</h3><h4>Full-Year 2025 Financial Performance</h4><ul><li>GAAP Net Income for the full-year 2025 was $21.7 million, compared to - $36.057 million in 2024.</li><li>Adjusted Net Income for the full-year 2025 reached $29.2 million, an increase from $14.167 million in 2024.</li><li>Total Company Adjusted EBITDA for the full-year 2025 was $77.9 million, significantly up from $16.952 million in 2024.</li><li>Operated Segment Adjusted EBITDA for the full-year 2025 increased to $96.4 million, from $35.746 million in 2024.</li></ul><h4>Fourth Quarter 2025 Financial Performance</h4><ul><li>GAAP Net Income for the fourth quarter of 2025 was $3.4 million, compared to - $13.429 million in Q4 2024.</li><li>Adjusted Net Income for the fourth quarter of 2025 was $3.1 million, compared to - $6.846 million in Q4 2024.</li><li>Total Company Adjusted EBITDA for the fourth quarter of 2025 was $17.4 million, up from $4.857 million in Q4 2024.</li><li>Operated Segment Adjusted EBITDA for the fourth quarter of 2025 was $22.4 million, an increase from $9.632 million in Q4 2024.</li></ul><h4>Segment Revenue (in thousands)</h4><ul><li>Energy Operations: Revenue was $16,019 in Q4 2025 and $63,818 for FY 2025, compared to $17,340 in Q4 2024 and $49,183 for FY 2024.</li><li>Industrial Operations: Revenue was $7,341 in Q4 2025 and $28,267 for FY 2025, compared to $8,238 in Q4 2024 and $30,421 for FY 2024.</li><li>Manufacturing Operations: Revenue was $26,441 in Q4 2025 and $114,792 for FY 2025, compared to $23,183 in Q4 2024 and $23,183 for FY 2024.</li><li>Intellectual Property Operations: Revenue was $326 in Q4 2025 and $78,355 for FY 2025, compared to $83 in Q4 2024 and $19,525 for FY 2024.</li></ul><h4>Segment Adjusted EBITDA (in thousands)</h4><ul><li>Energy Operations: Adjusted EBITDA was $8,099 in Q4 2025 and $29,133 for FY 2025, compared to $8,380 in Q4 2024 and $25,239 for FY 2024.</li><li>Industrial Operations: Adjusted EBITDA was $1,064 in Q4 2025 and $3,533 for FY 2025, compared to $1,604 in Q4 2024 and $4,529 for FY 2024.</li><li>Manufacturing Operations: Adjusted EBITDA was $1,149 in Q4 2025 and $7,460 for FY 2025, compared to $2,396 in Q4 2024 and $2,396 for FY 2024.</li><li>Intellectual Property Operations: Adjusted EBITDA was $12,055 in Q4 2025 and $56,263 for FY 2025, compared to - $2,748 in Q4 2024 and $3,582 for FY 2024.</li><li>Parent Costs: Parent Costs were - $4,958 in Q4 2025 and - $18,440 for FY 2025, compared to - $4,775 in Q4 2024 and - $18,794 for FY 2024.</li></ul><h4>Free Cash Flow (in thousands)</h4><ul><li>Consolidated Total Free Cash Flow for Q4 2025 was $7,781, with Energy Operations contributing $1,003, Industrial Operations contributing - $23, Manufacturing Operations contributing - $1,801, Intellectual Property Operations contributing $11,808, and Parent Costs being - $3,206.</li><li>Consolidated Total Free Cash Flow for FY 2025 was $64,696, with Energy Operations contributing $13,886, Industrial Operations contributing $4,073, Manufacturing Operations contributing $1,886, Intellectual Property Operations contributing $56,275, and Parent Costs being - $11,424.</li></ul><h4>Balance Sheet &amp; Capital Structure (as of December 31, 2025)</h4><ul><li>Total Cash, Cash Equivalents, Equity Securities Measured at Fair Value and Loans Receivable amounted to $339.6 million, or $3.52 per share, an increase of $42.6 million from $297.0 million at December 31, 2024.</li><li>Cash and Cash Equivalents were $306,719 thousand, compared to $273,880 thousand at December 31, 2024.</li><li>Loans Receivable totaled $15,299 thousand.</li><li>Total Assets were $770,956 thousand, an increase from $756,394 thousand at December 31, 2024.</li><li>Total Liabilities decreased to $186,924 thousand from $203,775 thousand at December 31, 2024.</li><li>Total Consolidated Indebtedness was $92.1 million, comprising $59.5 million in non-recourse debt at Benchmark and $32.6 million in non-recourse debt at Deflecto, while Parent Company Total Indebtedness was zero.</li><li>Book Value, including noncontrolling interests, was $584.0 million, or $6.05 per share, based on 96.5 million shares of common stock outstanding.</li></ul><h4>Operational Metrics</h4><ul><li>Benchmark Energy successfully drilled its first Cherokee well, which is anticipated to commence production in the first quarter of 2026.</li><li>Strategic initiatives, including targeted pricing strategies, cost savings measures, facility consolidation, and tariff countermeasures, were implemented across operating businesses.</li></ul><h4>Outlook / Guidance</h4><ul><li>For 2026, 阿卡西亚 plans to focus strategically on leveraging its significant capital base and experienced management team to drive long-term growth across its operating businesses.</li><li>The company expects its strong cash position and balance sheet to offer flexibility for continued growth through accretive organic and inorganic opportunities.</li></ul>

Acacia Research | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 50.13 M