Acacia Research Corp (ACTG) · Nov 5, 2026 · Earnings

Acacia Research earnings beat as operating businesses improve

Beat — GAAP EPS $(0.06) vs ~$(0.10) consensus; revenue $54.4M vs ~$45.5M

Acacia Research earnings beat Q3 revenue and EPS expectations as energy and industrial operations improved, though patent revenue and EBITDA fell sharply.

Acacia is transitioning from a lumpy patent-licensing business into a diversified operator built around energy, industrial, manufacturing and technology assets; Benchmark Energy is currently the clearest growth engine, while Deflecto is still being optimized and intellectual-property revenue remains episodic.

The quarter beat a low external bar, with the upside coming from the operating portfolio. Revenue of $54.4 million exceeded the published consensus of roughly $45.5 million, while GAAP EPS of $(0.06) was better than the roughly $(0.10) expectation. Revenue excluding Intellectual Property Operations rose nearly 5% year over year, led by Energy Operations and Industrial Operations. The filing says, “Our total revenue excluding our Intellectual Property Operations of $54.2million increased for the third consecutive quarter and was a near record.”

	Q3 2026	Q3 2025	Consensus
Total revenue (Financial Highlights)	$54.4M (+$8.9M)	$59.4M	$45.5M
GAAP diluted EPS (EPS reconciliation)	$(0.06)	$(0.03)	$(0.10)
Energy revenue (Revenue breakdown)	$19.5M (+37.2%)	$14.2M
Manufacturing revenue (Revenue breakdown)	$27.2M (-11.7%)	$30.8M
Total Company Adjusted EBITDA (EBITDA reconciliation)	$3.9M (-50.6%)	$8.0M
Free cash flow (FCF reconciliation)	$10.3M (+33.7%)	$7.7M

Underlying operations improved, but the consolidated earnings engine is still uneven. Adjusted EBITDA excluding Intellectual Property Operations increased to $11.6 million from $9.6 million, with Energy Operations up to $9.1 million and Industrial Operations up to $1.5 million. That progress was offset by Intellectual Property Operations swinging to a $2.5 million adjusted EBITDA loss from a $3.0 million gain, while Manufacturing Operations also declined. The filing states, “We also delivered Operated Segment Adjusted EBITDA of $9.1million and Total Company Adjusted EBITDA of $3.9million.”

Energy is advancing the current strategy, with added development capacity but contained risk. Benchmark produced its second-highest quarterly revenue under Acacia’s ownership, and after quarter end secured financing of up to $47.5 million, including $27.5 million committed, for a multi-well Western Anadarko Basin program. Because the financing is non-recourse, it supports growth without adding parent-company debt. The release says, “The financing is non-recourse to Acacia and to Benchmark’s other assets, letting us accelerate development while isolating the program’s risk.” 〔0〕

Cash generation was better this quarter, but the nine-month picture remains much weaker than last year. Quarterly free cash flow improved to $10.3 million from $7.7 million, and cash, equity securities and loans receivable increased to $346.3 million from $339.6 million at year-end. However, nine-month free cash flow was only $1.9 million versus $55.9 million a year earlier, reflecting the loss of large patent-related cash generation, parent costs and investment spending. The filing says, “Cash, cash equivalents, equity securities measured at fair value and loans receivable totaled $346.3million at September30, 2026 compared to $339.6million at December31, 2025.”

Bottom line: This was a modest beat and a constructive quarter for the operating businesses, especially Energy, but not a clean improvement in the whole company. The patent business has not yet been replaced as a profit and cash-flow contributor, so the broader transformation is progressing rather than proven.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Acacia Research earnings beat as operating businesses improve

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