Acacia Research Corporation · NASDAQ:ACTG
Acacia Research — Q3 2026 Earnings Presentation
27 slides from Acacia Research's earnings presentation, Sep 30, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation As of September 30, 2026 | NASDAQ: ACTG
Slide 2: Disclosures
Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon the current expectations of Acacia Research Corporation ("Acacia" o
Slide 3: Company Overview
Company Overview Company Overview ACTG At A Glance | September 30, 2026 Reported Book Value (“BV”) $551.6 Acacia (NASDAQ: ACTG) is a value-oriented acquirer of businesses across public and private markets. We acquire Common Shares 97.6 businesses where we can tap into our deep industry Book Value Pe
Slide 4: Key Performance Metrics | Consolidated
Key Performance Metrics | Consolidated Acacia seeks to generate consistent growth in book value per share, revenue, and Adjusted EBITDA Book Value Per Share $6.00 $5.99 $5.98 $6.05 $5.87 $5.75 $5.71 $5.65 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Total Company Adjusted EBITDA (1) Total Revenue
Slide 5: Focused on Driving Profitable Growth
Focused on Driving Profitable Growth Acacia remains focused on driving profitability through growth in EBITDA, Parent cost controls, and modest leverage LTM Total Revenue (Excluding IP) LTM Operated Segment Adjusted EBITDA (Excluding IP) (1) $211.1 $42.2 $42.1 $44.1 $205.8 $206.9 $205.9 $208.6 $40.3
Slide 6: Operated Segments | Quarterly Highlights
Operated Segments | Quarterly Highlights Acacia seeks to generate consistent growth in revenue and Adjusted EBITDA Total Revenue (Including IP) Total Revenue (Excluding IP) $124.4 $114.6 $54.5 $53.5 $53.6 $54.2 $50.9 $51.6 $49.8 $48.8 $59.4 $54.2 $54.4 $48.8 $51.2 $50.1 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
Slide 7: Operated Segments | LTM Highlights
Operated Segments | LTM Highlights Acacia seeks to generate consistent growth in revenue and Adjusted EBITDA Total Revenue (Including IP) Total Revenue (Excluding IP) $283.9 $285.2 $278.4 $273.4 $205.8 $206.9 $205.9 $208.6 $211.1 $247.8 $222.4 $215.0 $177.0 $146.6 $122.3 $102.8 Q4'24 Q1'25 Q2'25 Q3'
Slide 8: Adjusted EBITDA vs. Parent Costs
Adjusted EBITDA vs. Parent Costs Acacia has significantly improved profitability through growth in Operated Segment EBITDA and disciplined Parent cost control Operated Segment Adjusted EBITDA (Excluding IP) vs. Parent Costs (1) Quarterly Evolution LTM Evolution $44.1 $12.4 $41.6 $42.2 $42.1 $11.9 $4
Slide 9: Operated Segments | Revenue
Operated Segments | Revenue Energy Operations Industrial Operations $20.5 $19.5 $18.3 $18.7 $17.3 $15.3 $16.0 $14.2 $8.2 $7.7 $7.3 $7.2 $7.5 $6.6 $6.7 $6.0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Intellectual Property Operations Manufacturing O
Slide 10: Operated Segments | Adjusted EBITDA
Operated Segments | Adjusted EBITDA Energy Operations Industrial Operations $9.8 $9.1 $8.4 $7.9 $8.1 $7.7 $7.0 $6.1 $1.6 $1.5 $1.4 $1.0 $1.1 $1.0 $0.8 $0.6 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Intellectual Property Operations Manufacturing O
Slide 11: Appendix: Financial Reconciliations
Appendix: Financial Reconciliations
Slide 12: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information GAAP or U.S. GAAP refer to generally accepted accounting principles in the United States. From time to time the Company may include certain “non-GAAP” financial measures in its investor presentations, earnings releases, earnings conference calls or other disclos
Slide 13: Total Revenue By Segment
Total Revenue By Segment LTM December March June September December March June September September 2024 2025 2025 2025 2025 2026 2026 2026 2026 Energy Operations $17.3 $18.3 $15.3 $14.2 $16.0 $18.7 $20.5 $19.5 $74.7 Industrial Operations 8.2 7.7 6.6 6.7 7.3 7.2 6.0 7.5 28.1 Manufacturing Operations
Slide 14: Adjusted Net Income / (Loss) and Adjusted EPS
Adjusted Net Income / (Loss) and Adjusted EPS LTM December March June September December March June September September 2024 2025 2025 2025 2025 2026 2026 2026 2026 GAAP Net Income / (Loss) ($13.4) $24.3 ($3.3) ($2.7) $3.4 ($15.7) $0.0 ($5.6) ($17.8) Non-Recurring Legacy Legal Expense (1) -- -- -- -
Slide 15: Total Company Adjusted EBITDA Reconciliation
Total Company Adjusted EBITDA Reconciliation LTM December March June September December March June September September 2024 2025 2025 2025 2025 2026 2026 2026 2026 GAAP Net (Income) / Loss ($13.4) $24.3 ($3.3) ($2.7) $3.4 ($15.7) $0.0 ($5.6) ($17.8) Net (Income) / Loss Attributable to Noncontrolling
Slide 16: Adjusted EBITDA By Segment
Adjusted EBITDA By Segment LTM December March June September December March June September September 2024 2025 2025 2025 2025 2026 2026 2026 2026 Energy Operations $8.4 $7.9 $7.0 $6.1 $8.1 $7.7 $9.8 $9.1 $34.7 Industrial Operations 1.6 1.0 0.6 0.8 1.1 1.4 1.0 1.5 5.0 Manufacturing Operations 2.4 2.4
Slide 17: Adjusted EBITDA | Q3 2026
Adjusted EBITDA | Q3 2026 Three Months Ended September 30, 2026 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $6.3 $1.0 ($0.7) ($4.0) ($6.3) ($3.6) Depreciation,
Slide 18: Adjusted EBITDA | Q2 2026
Adjusted EBITDA | Q2 2026 Three Months Ended June 30, 2026 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $8.0 $0.5 ($2.1) $9.4 ($7.4) $8.5 Depreciation, Depletio
Slide 19: Adjusted EBITDA | Q1 2026
Adjusted EBITDA | Q1 2026 Three Months Ended March 31, 2026 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $5.3 $0.9 ($0.5) ($7.4) ($6.7) ($8.4) Depreciation, Dep
Slide 20: Adjusted EBITDA | Q4 2025
Adjusted EBITDA | Q4 2025 Three Months Ended December 31, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $3.0 $0.5 ($0.4) ($9.1) ($7.0) ($13.1) Depreciation,
Slide 21: Adjusted EBITDA | Q3 2025
Adjusted EBITDA | Q3 2025 Three Months Ended September 30, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $1.1 $0.3 $1.1 ($2.4) ($6.6) ($6.4) Depreciation, D
Slide 22: Adjusted EBITDA | Q2 2025
Adjusted EBITDA | Q2 2025 Three Months Ended June 30, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $2.1 $0.1 ($0.6) ($7.6) ($6.3) ($12.4) Depreciation, Dep
Slide 23: Adjusted EBITDA | Q1 2025
Adjusted EBITDA | Q1 2025 Three Months Ended March 31, 2025 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $4.0 $0.3 $0.3 $38.5 ($4.8) $38.3 Depreciation, Depleti
Slide 24: Adjusted EBITDA | Q4 2024
Adjusted EBITDA | Q4 2024 Three Months Ended December 31, 2024 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations GAAP Operating Income / (Loss) $3.0 $0.9 ($0.0) ($7.7) ($12.0) ($15.8) Depreciation
Slide 25: Free Cash Flow By Segment | Q3 & YTD 2026
Free Cash Flow By Segment | Q3 & YTD 2026 Three Months Ended September 30, 2026 Intellectual Energy Industrial Manufacturing Property Parent Consolidated Operations Operations Operations Operations Costs Total Consolidated Operations Net Cash From Operating Activities (GAAP) $7.1 $0.3 ($0.9) $10.8 (
Slide 26: Cash, Equity Securities & Loans Receivable
Cash, Equity Securities & Loans Receivable December March June September December March June September 2024 2025 2025 2025 2025 2026 2026 2026 Cash and Cash Equivalents $273.9 $272.0 $316.7 $301.8 $306.7 $307.5 $307.6 $336.9 Equity Securities 23.1 18.1 21.5 27.2 17.6 14.2 19.1 3.8 Loans Receivable -
Slide 27: Contact Us
Contact Us Acacia Research Corporation Transfer Agent: 777 Third Avenue, Floor 26 New York , NY 10017 ComputerShare (332) 236-8484 P.O. Box 43006 [email protected] Providence RI 02940-3078 www.acaciaresearch.com 150 Royall St., Suite 101 Canton, MA 02021 Shareholder Services: 800-962-4284 or internat