Acacia Research reported third-quarter revenue of $54.4 million, down 8% from a year earlier, and a GAAP net loss of $5.6 million. On the company’s adjusted measures, it recorded $4.3 million of net income. The quarter’s results included $19.5 million of revenue from Benchmark Energy, while Acacia also highlighted a post-quarter financing for a Benchmark development program.
- Revenue and earnings: Total revenue was $54.4 million. Revenue excluding intellectual-property operations was $54.2 million and rose for a third consecutive quarter, reaching a near-record level, the company said.
- Profit measures: Acacia reported a GAAP diluted loss of 6 cents per share. Adjusted net income was $4.3 million, or 4 cents per diluted share. Adjusted EBITDA was $3.9 million for the company overall and $9.1 million for its operated segment. The adjusted figures are non-GAAP measures.
- Benchmark Energy: Benchmark generated $19.5 million in revenue, its second-strongest quarter since Acacia acquired it.
- Development financing: After the quarter ended, Benchmark closed a senior secured note financing of up to $47.5 million, including $27.5 million in committed funding. The proceeds are intended to support a multi-well development program in the Western Anadarko Basin. The financing is non-recourse to Acacia and to Benchmark’s other assets.
- Cash and debt: At quarter-end, Acacia had $346.3 million in cash, cash equivalents, equity securities measured at fair value and loans receivable—about $3.55 per share, up from $3.43 per share in the prior quarter. The company said it had no debt at the parent-company level.
The Benchmark financing is structured to fund its development program without recourse to Acacia or Benchmark’s other assets. Acacia said it remains focused on acquisitions and other investments, with the goal of increasing long-term value per share through disciplined capital allocation.