Acacia(ACTG)2024-08-08 20:13Revenue Growth - Consolidated revenue for Q2 2024 was 7.9 million in Q2 2023[4] - Total revenues for the first six months of 2024 reached 22.7 million in the same period of 2023[3] - Total revenues for Q2 2024 reached 7,904,000 in Q2 2023, representing a growth of 227% year-over-year[20] - Intellectual property operations generated revenues of 394,000 in Q2 2023, marking a growth of 1,253%[20] - Energy operations contributed 14.2 million in revenue during Q2 2024, contributing significantly to the overall revenue growth[5] Financial Performance - Acacia recorded a GAAP net loss of 0.08 diluted net loss per share, for Q2 2024, an improvement from a net loss of 0.36 per share, in Q2 2023[7] - The company reported a net loss attributable to Acacia Research Corporation of 18,779,000 in Q2 2023[25] - Adjusted EBITDA for Q2 2024 was 10.4 million for the first half of 2024[4] - Adjusted EBITDA for Q2 2024 was 6,332,000 in Q1 2024, indicating a decrease in operational performance[28] - Excluding the impact of a 0.02[8] Assets and Liabilities - Cash, cash equivalents, and equity investments measured at fair value totaled 403.2 million at December 31, 2023[10] - Total current assets decreased to 554,512,000 at the end of 2023[18] - The company’s total liabilities increased significantly to 43,936,000 at the end of 2023[18] - Cash and cash equivalents rose to 340,091,000 at the end of 2023[18] Costs and Expenses - The company incurred total costs and expenses of 20,433,000 in Q2 2023, reflecting a 50% increase[21] Shareholder Information - The company's book value per share increased to 5.90 at December 31, 2023[4] - The weighted average number of shares outstanding increased to 100,079,803 in Q2 2024, compared to 58,408,711 in Q2 2023, indicating a dilution effect on earnings per share[26] Acquisitions - The acquisition of upstream assets in Texas and Oklahoma added approximately 470 operated producing wells and expanded Benchmark's portfolio by about 140,000 net acres[5]