Acacia Research Q2 Revenue More Than Doubles to $114.6M, Adjusted EBITDA Hits $17.3M
ACTG sits 60% above its 52-week low of $3.12.
Summary
Acacia Research's Q2 2026 revenue surged 124% to $114.6 million, with adjusted EBITDA of $17.3 million and a strong cash position of $334.6 million, signaling a significant operational rebound.
Key Events · Earnings and Guidance · ACTG
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Revenue More Than Doubles
Total revenue reached $114.6 million, up 124% from $51.2 million in Q2 2025, primarily due to a surge in intellectual property licensing revenue to $60.9 million from $0.3 million.
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Adjusted EBITDA Swings Positive
Total Company Adjusted EBITDA was $17.3 million, compared to $1.9 million a year ago, driven by strong performance in Energy Operations and Intellectual Property Operations.
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Strong Balance Sheet
Cash, cash equivalents, equity securities, and loans receivable totaled $334.6 million ($3.43 per share) with zero parent-company debt, providing ample liquidity for acquisitions and investments.
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Impairment Charge Hits GAAP Results
A $30.9 million impairment of the MalinJ1 equity method investment resulted in a GAAP net loss of $15.7 million for the first half of 2026, though adjusted net income was $6.3 million.
Analysis · ACTG · Real Estate & Construction
A sharp operational turnaround defined Acacia Research's second quarter, as total revenue more than doubled year-over-year to $114.6 million, fueled by a massive jump in intellectual property licensing revenue. Adjusted EBITDA swung from $1.9 million to $17.3 million, and the company generated positive adjusted net income of $12.8 million. The balance sheet remains robust with $334.6 million in cash and liquid assets and no parent-company debt. However, a $30.9 million impairment on an equity method investment weighed on GAAP results, and the company's book value per share of $5.71 sits above the current stock price, suggesting potential undervaluation. The results mark a sharp operational turnaround from the prior-year quarter and the revenue decline reported in Q1 2026.
At the time of this filing, ACTG was trading at $5.00 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $445.3M. The 52-week trading range was $3.12 to $5.27. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.