Acacia Research Corporation Reports First Quarter 2026 Financial Results

Published: 2026-05-07 07:05:05 ET ACTG

Total Revenue of $54.2 million, up 8% from the Prior Quarter GAAP Net Loss of ($15.7) million and GAAP Diluted EPS of ($0.16) for the Quarter Adjusted Net Loss1 of ($6.6) million and Adjusted Diluted EPS1 of ($0.07) for the Quarter Total Company Adjusted EBITDA1 of $1.6 million and Operated Segment Adjusted EBITDA1 of $6.8 million for the Quarter Total Cash, Cash Equivalents, Equity Securities Measured at Fair Value and Loans Receivable of $329.9 million, or $3.41 per share

Published on 05/07/2026 at 07:05 am EDT

Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”), which acquires and operates businesses across the industrial, energy and technology sectors, today reported financial results for the three months ended March 31, 2026. The Company also posted its first quarter 2026 earnings presentation on its website at www.acaciaresearch.com under Quarterly Results.

Martin (“MJ”) D. McNulty, Jr., Chief Executive Officer, stated, “Acacia delivered strong financial and operating results for the first quarter, generating total revenue of $54.2 million, Operated Segment Adjusted EBITDA of $6.8 million and Total Company Adjusted EBITDA of $1.6 million. Operationally, our companies continued to execute on our strategic objectives, including targeted pricing strategies, cost savings initiatives and continued tariff countermeasures. We are pleased to announce that our Energy Operations subsidiary, Benchmark Energy, delivered its strongest revenue quarter under Acacia ownership driven by favorable oil prices and continued investments in new well development. Given the constructive commodity price environment and the early success with Benchmark’s recently completed Cherokee well, drilling in both our Cherokee and Cleveland acreage has become more attractive and we are in advanced stages of evaluating additional projects. Our Deflecto subsidiary completed its facility consolidation, which we expect to drive meaningful cost synergies on an annualized basis.

As we look ahead to the remainder of 2026, our strategic focus is centered on leveraging our significant capital base and experienced management team to drive long-term growth across our operating businesses. As of the end of the first quarter, cash, cash equivalents, equity securities and loans receivable was approximately $329.9 million, or $3.41 per share. Our acquisition pipeline remains very active, and our strong cash position and balance sheet provide us with the flexibility to execute on accretive organic and inorganic growth opportunities, driving differentiated value for our shareholders.”

1 Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (EPS), Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA are non-GAAP financial measures. See below for reconciliations of Adjusted Net Income (Loss), Adjusted Diluted EPS, and Total Company Adjusted EBITDA to their most directly comparable GAAP financial measure. For the definition of these measures and a reconciliation of the components of Operated Segment Adjusted EBITDA to their most directly comparable GAAP financial measures, see the accompanying supplemental information section.

First Quarter 2026 Highlights:

Revenue

The following table provides a breakdown of the Company’s total revenue for the three months ended March 31, 2026 and March 31, 2025. For the purposes of financial reporting, Acacia's operations are broken out as follows: Energy Operations (Benchmark), Industrial Operations (Printronix), Manufacturing Operations (Deflecto) and Intellectual Property Operations (Acacia Research Group).

Three Months Ended March 31,

2026

2025

(In thousands, unaudited)

Energy Operations

18,669

18,306

Industrial Operations

7,182

7,676

Manufacturing Operations

27,666

28,535

Intellectual Property Operations

722

69,905

Total Revenues

54,239

124,422

Adjusted EBITDA

The following table provides a reconciliation of consolidated Net Income (Loss), the most directly comparable GAAP measure, to Total Company Adjusted EBITDA for the three months ended March 31, 2026 and March 31, 2025.

Three Months Ended March 31,

2026

2025

(In thousands, unaudited)

GAAP Net Income (Loss)

(15,741

)

24,287

Net (Income) Loss Attributable to Noncontrolling Interests

(1,860

)

(759

)

Income Tax Expense (Benefit)

(2,564

)

6,081

Interest Expense

1,886

2,451

Interest Income

(2,815

)

(2,510

)

(Gain) Loss on Foreign Currency Exchange

(155

)

Net Realized and Unrealized (Gain) Loss on Derivatives

10,699

5,021

Net Realized and Unrealized (Gain) Loss on Investments

2,164

3,172

Other (Income) Expense, net

(185

)

717

GAAP Operating Income (Loss)

(8,357

)

38,305

Depreciation, Depletion & Amortization

8,487

10,610

Stock-Based Compensation

1,000

922

Realized Hedge Gain

(973

)

(43

)

Transaction-Related Costs

792

554

Legacy Matter Costs

—

Severance Costs

153

343

Restructuring Expense

462

—

Total Company Adjusted EBITDA

1,564

50,699

The following table provides the Adjusted EBITDA for each of the Company’s operating segments for the three months ended March 31, 2026 and March 31, 2025.

Three Months Ended March 31,

2026

2025

(In thousands, unaudited)

Energy Operations Adjusted EBITDA2

7,710

7,936

Industrial Operations Adjusted EBITDA2

1,392

1,021

Manufacturing Operations Adjusted EBITDA2

1,164

2,439

Operated Segment Adjusted EBITDA

(excluding Intellectual Property Operations)

10,266

11,396

Intellectual Property Operations Adjusted EBITDA2

(3,509

)

43,265

Operated Segment Adjusted EBITDA

6,757

54,661

Parent Costs2

(5,193

)

(3,962

)

Total Company Adjusted EBITDA

1,564

50,699

2 Energy Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA, Manufacturing Operations Adjusted EBITDA, Intellectual Property Operations Adjusted EBITDA, and Parent Costs are non-GAAP financial measures. For the definitions of these measures and reconciliations of these measures to the most directly comparable GAAP financial measures, see the accompanying supplemental information section.

Adjusted Net Income (Loss) and Adjusted Diluted EPS

The following table provides a reconciliation of Net Income (Loss), the most directly comparable GAAP measure, to Adjusted Net Income (Loss) and Adjusted Diluted EPS for the three months ended March 31, 2026 and March 31, 2025.

Three Months Ended March 31,

2026

2025

(In thousands, except share and per share data, unaudited)

GAAP Net Income (Loss)

(15,741

)

24,287

Legacy Matter Costs3

—

258

Stock-Based Compensation

1,000

922

Severance Costs

153

343

Transaction-Related Costs

792

554

Restructuring Expense

462

—

Amortization of Acquired Intangibles

875

907

Unrealized Loss (Gain) on Securities

1,559

4,777

Unrealized Loss (Gain) on Hedges

7,149

3,661

Tax Effect of Adjustments

(2,812

)

(2,629

)

Adjusted Net Income (Loss)

(6,563

)

33,080

GAAP Diluted EPS

(0.16

)

0.25

GAAP diluted weighted average shares

96,487,121

96,981,413

Adjusted Diluted EPS

(0.07

)

0.34

Adjusted diluted weighted average shares

96,487,121

96,981,413

3 Legacy Matter Costs for the three months ended March 31, 2025 includes $250,000 related to a one-time legacy tax matter at Printronix that has been settled, which amount is included within Other Expense, Net in Acacia's condensed consolidated statement of operations.

4 Free Cash Flow (FCF) is a non-GAAP financial measure. For a definition of this measure, see the accompanying supplemental information section.

Free Cash Flow4

The following table provides a reconciliation of Free Cash Flow (“FCF”) for the three months ended March 31, 2026.

Three Months Ended March 31, 2026

Energy Operations

Industrial Operations

Manufacturing Operations

Intellectual Property Operations

Parent Costs

Consolidated Total

(In thousands, unaudited)

Net Cash from (used in) Operating Activities (GAAP)

6,596

3,146

439

(2,920

)

(3,856

)

3,405

Less: Capital Expenditures

(8,502

)

(14

)

(679

)

(1,750

)

—

(10,945

)

Free Cash Flow (Non-GAAP)

(1,906

)

3,132

(240

)

(4,670

)

(3,856

)

(7,540

)

Three Months Ended March 31, 2025

Energy Operations

Industrial Operations

Manufacturing Operations

Intellectual Property Operations

Parent Costs

Consolidated Total

(In thousands, unaudited)

Net Cash from (used in) Operating Activities (GAAP)

5,452

2,530

1,016

(2,266

)

(4,307

)

2,425

Less: Capital Expenditures

(1,872

)

(213

)

—

(2,090

)

Free Cash Flow (Non-GAAP)

3,580

2,525

803

(2,266

)

(4,307

)

335

Balance Sheet and Capital Structure

Book Value as of March 31, 2026

At March 31, 2026, Acacia’s book value (which includes noncontrolling interests) was $567.2 million and there were 96.6 million shares of common stock outstanding, for a book value per share of $5.87. This value is impacted by one-time expenses and other adjustments detailed in the above reconciliation from GAAP Net Income (Loss) to Adjusted Net Income (Loss). In the first quarter, book value per share was primarily impacted by an unrealized loss at our Energy Operations subsidiary of ($0.10) per share caused by the mark-to-market of our multi-year hedge book.

Investor Conference Call

The Company will host a conference call today, May 7, 2026 at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time).

To access the live call, please dial 888-506-0062 (U.S. and Canada) or 973-528-0011 (international) and if requested, reference the access code 130499. The conference call will also be simultaneously webcasted at https://www.webcaster5.com/Webcast/Page/2371/53915 and on the investor relations section of the Company’s website at www.acaciaresearch.com under Events. Following the conclusion of the live call, a replay of the webcast will be available on the Company's website for at least 30 days.

About the Company

Acacia (Nasdaq: ACTG) is a value-oriented acquirer and operator of businesses across public and private markets and industries including the industrial, energy and technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon. Acacia operates its businesses based on three key principles of people, process and performance and has built a management team with demonstrated expertise in research, transactions and execution, and operations and management. Additional information about Acacia and its subsidiaries is available at www.acaciaresearch.com.

Safe Harbor Statement

This news release 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 Company’s current expectations and speak only as of the date hereof. All statements other than statements of historical fact are forward-looking statements and include statements related to estimates and projections with respect to, among other things, the Company’s anticipated financial condition, operating performance, the value of the Company’s assets, general economic and market conditions and other future circumstances and events. This news release attempts to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “focus,” “future,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target” and “will,” and similar words and expressions; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially and adversely from those expressed or implied in any forward-looking statements, including, but not limited to: the Company’s ability to successfully identify, diligence, complete, and integrate strategic acquisitions of businesses, divisions, and/or assets, the performance of the Company’s businesses, divisions, and/or assets, disruptions or uncertainty caused by an ability to retain or changes to the employees or management teams of the Company’s businesses, changes to the Company’s relationship and arrangements with Starboard Value LP, any inability of the Company’s operating businesses to execute on their business and, risks to the Company’s operating businesses related to acts of war or terrorist acts and the government or military response thereto, price and other fluctuations in the oil and gas market, inflationary pressures, supply chain disruptions or labor shortages, the impact of tariffs and trade policy, non-performance by third parties of contractual or legal obligations, changes in the Company’s credit ratings or the credit ratings of the Company’s businesses, security threats, including cybersecurity threats and disruptions to the Company’s business and operations from breaches of information technology systems, or breaches of information technology systems and, with respect to Benchmark, risks related to its hedging strategy, development plan, facilities and infrastructure of third parties with which the Company transacts business, oil or natural gas production becoming uneconomic, causing write downs or adversely affecting Benchmark’s ability to borrow, Benchmark’s ability to replace reserves and efficiently develop current reserves, risks, operational hazards, unforeseen interruptions and other difficulties involved in the production of oil and natural gas, the impact of any seismic events, environmental liability risk, regulatory changes related to the oil and gas industry, the ability to successfully develop licensing programs and attract new business, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general, the decrease in demand for Printronix' products, changes in safety, health, environmental, tax and other regulations, requirements or initiatives, hazards such as weather conditions, pandemics, general economic conditions, and the success of the Company’s investments. For further discussions of risks and uncertainties, you should refer to the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. In addition, actual results may differ materially as a result of additional risks and uncertainties of which the Company is currently unaware or which the Company does not currently view as material. Except as otherwise required by applicable law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

ACACIA RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

March 31, 2026

December 31, 2025

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

307,507

306,719

Equity securities

14,206

17,551

Equity securities without readily determinable fair value

5,816

Equity method investments

30,934

Loans receivable

8,137

15,299

Accounts receivable, net

28,694

26,165

Inventories

23,417

26,559

Prepaid expenses and other current assets

12,394

21,050

Total current assets

431,105

450,093

Property, plant and equipment, net

20,231

21,291

Oil and natural gas properties, net

195,879

190,705

Goodwill

25,735

25,790

Other intangible assets, net

45,294

48,148

Operating lease, right-of-use assets

11,657

11,500

Deferred income tax assets, net

18,290

14,836

Other non-current assets

7,680

8,593

Total assets

755,871

770,956

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

11,431

13,358

Accrued expenses and other current liabilities

23,480

19,661

Accrued compensation

5,955

6,727

Current asset retirement obligation

1,608

1,589

Royalties and contingent legal fees payable

6,630

6,761

Deferred revenue

1,260

945

Total current liabilities

50,364

49,041

Asset retirement obligation

33,027

32,586

Long-term lease liabilities

8,867

8,424

Deferred income tax liabilities, net

2,182

2,152

Benchmark revolving credit facility

59,500

Deflecto facility

31,021

32,566

Other long-term liabilities

3,685

2,655

Total liabilities

188,646

186,924

Commitments and contingencies

Stockholders' equity:

Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued or outstanding

—

Common stock, par value $0.001 per share; 300,000,000 shares authorized; 96,589,132 and 96,475,469 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Treasury stock, at cost, 20,542,064 shares as of March 31, 2026 and December 31, 2025

(118,542

)

(118,542

)

Accumulated other comprehensive income

784

670

Additional paid-in capital

916,010

915,330

Accumulated deficit

(269,845

)

(254,104

)

Total Acacia Research Corporation stockholders' equity

528,503

543,450

Noncontrolling interests

38,722

40,582

Total stockholders' equity

567,225

584,032

Total liabilities and stockholders' equity

755,871

770,956

ACACIA RESEARCH CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except share and per share data)

Three Months Ended March 31,

2026

2025

Revenues:

Intellectual property operations

722

69,905

Industrial operations

7,182

7,676

Energy operations

18,669

18,306

Manufacturing operations

27,666

28,535

Total revenues

54,239

124,422

Costs and expenses:

Cost of revenues - intellectual property operations

4,833

27,912

Cost of revenues - industrial operations

3,279

4,064

Cost of production - energy operations

11,689

12,698

Cost of revenues - manufacturing operations

22,383

20,811

Sales and marketing expenses - industrial and manufacturing operations

3,119

3,312

General and administrative expenses

17,293

17,320

Total costs and expenses

62,596

86,117

Operating (loss) income

(8,357

)

38,305

Other income (expense):

Equity securities investments:

Change in fair value of equity securities

(1,559

)

(4,777

)

(Loss) gain on sale of equity securities

(605

)

1,605

Net realized and unrealized loss

(2,164

)

(3,172

)

Loss on derivatives - energy operations

(10,699

)

(5,021

)

(Loss) gain on foreign currency exchange

(59

)

155

Interest expense

(1,886

)

(2,451

)

Interest income

2,815

2,510

Other income (expense), net

185

(717

)

Total other expense

(11,808

)

(8,696

)

(Loss) income before income taxes

(20,165

)

29,609

Income tax benefit (expense)

2,564

(6,081

)

Net (loss) income including noncontrolling interests in subsidiaries

(17,601

)

23,528

Net loss (income) attributable to noncontrolling interests in subsidiaries

1,860

759

Net (loss) income attributable to Acacia Research Corporation

(15,741

)

24,287

(Loss) income per share:

Net (loss) income attributable to common stockholders - Basic

(15,741

)

24,287

Weighted average number of shares outstanding - Basic

96,487,121

96,018,047

Basic net (loss) income per common share

(0.16

)

0.25

Net (loss) income attributable to common stockholders - Diluted

(15,741

)

24,287

Weighted average number of shares outstanding - Diluted

96,487,121

96,981,413

Diluted net (loss) income per common share

(0.16

)

0.25

Other comprehensive income (loss):

Foreign currency translation

114

662

Total other comprehensive income, net

114

662

Total comprehensive (loss) income

(17,487

)

24,190

Comprehensive loss (income) attributable to noncontrolling interests

1,860

759

Comprehensive (loss) income attributable to Acacia Research Corporation

(15,627

)

24,949

ACACIA RESEARCH CORPORATION - SUPPLEMENTAL INFORMATION NON-GAAP FINANCIAL MEASURE

This earnings release includes Adjusted EBITDA on a consolidated basis and for each of the Company’s segments. Total Company Adjusted EBITDA, Operated Segment Adjusted EBITDA and Adjusted EBITDA and Free Cash Flow (FCF) for each of the Company’s segments are supplemental non-GAAP financial measures used by management and external users of the Company’s consolidated financial statements. This earnings release also includes the Company’s Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (EPS), which are non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flow that includes or excludes amounts that are excluded or included, respectively, in the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s financial statements.

Total Company Adjusted EBITDA is defined as net income / (loss) before net income / (loss) attributable to noncontrolling interests, income tax (benefit) / expense, interest expense, interest income, and other expense, net and loss / (gain) on foreign currency exchange, net realized and unrealized (gain) / loss on derivatives, net realized and unrealized loss / (gain) on investments, non-recurring legacy legal expenses, depreciation, depletion and amortization, stock-based compensation, transaction-related costs, severance costs, restructuring expense, and costs related to the legacy items, and includes realized hedge gain / (loss) and service provider settlement income. Operated Segment Adjusted EBITDA is the aggregate of Energy Operations Adjusted EBITDA, Manufacturing Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA, and Intellectual Property Operations Adjusted EBITDA. See below for the definition of each of those measures. The Company is providing Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA, non-GAAP financial measures, because management believes these metrics provide investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance. These measures are not intended to replace the presentation of financial results in accordance with GAAP and may be different from or otherwise inconsistent with similar non-GAAP financial measures used by other companies. The presentation of these non-GAAP financial measures supplements other metrics the Company uses to internally evaluate its subsidiary businesses and facilitate the comparison of past and present operating performance. These measures should not be considered in isolation or as a substitute for measures calculated and presented in accordance with GAAP.

Energy Operations

Energy Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Energy Operations before depreciation, depletion and amortization expense and transaction-related costs, and including realized hedge gain / (loss). The Company is providing its Energy Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Industrial Operations

Industrial Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Industrial Operations before amortization of acquired intangibles, depreciation and amortization expense, and severance costs. The Company is providing its Industrial Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Intellectual Property Operations

Intellectual Property Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Intellectual Property Operations before patent amortization, depreciation expense and stock-based compensation, and including service provider settlement income. The Company is providing Intellectual Property Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Manufacturing Operations

Manufacturing Operations Adjusted EBITDA is defined as operating income / loss for Acacia’s Manufacturing Operations before amortization of acquired intangibles, depreciation and amortization expense, severance costs, restructuring expense, and transaction-related costs. The Company is providing its Manufacturing Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Parent Costs are defined as operating income / (loss) attributable to Parent before depreciation and amortization expense, stock-based compensation, transaction-related costs, and costs related to certain legacy matters attributable to the Parent organization. The Company is providing Parent Costs, a non-GAAP financial measure, because it believes it gives investors a clear picture of normalized Parent-level expenses.

Free Cash Flow is defined as net cash provided by (used in) operating activities, less net purchases of property and equipment, and patent acquisitions (“Capital Expenditures”). The Company is providing Free Cash Flow, a non-GAAP financial measure, because it believes free cash flow gives investors a good sense of how much cash flows are available to be used for de-levering, making acquisitions, repurchasing shares or similar uses of cash.

Adjusted Net Income (Loss)

Adjusted Net Income (Loss) is defined as Acacia’s GAAP Net Income (Loss) excluding costs related to certain legacy matters, stock-based compensation, transaction-related costs, amortization of acquired intangibles, severance costs, restructuring expense, any unrealized (gain) / loss on securities, any unrealized (gain) / loss on hedges, and any (gain) / loss on non-cash derivatives and taking into account the tax effect(s) of those adjustments. The Company is providing Adjusted Net Income (Loss), a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Adjusted Diluted Earnings Per Share (EPS)

Adjusted Diluted EPS is defined as Adjusted Net Income (Loss) divided by the Company’s weighted average diluted share count as of the relative period end date. The Company is providing its Adjusted Diluted EPS, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

The following tables reconcile Operating Income (Loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA for each of the Company’s operating segments and for Parent Costs for the three months ended March 31, 2026 and March 31, 2025.

Three Months Ended March 31, 2026

Adjusted EBITDA

Energy Operations

Industrial Operations

Manufacturing Operations

Intellectual Property Operations

Parent Costs

Consolidated Total

(In thousands, unaudited)

GAAP Operating Income (Loss)

5,317

876

(456

)

(7,368

)

(6,726

)

(8,357

)

Depreciation, Depletion & Amortization

3,366

516

833

3,761

8,487

Stock-Based Compensation

—

902

1,000

Realized Hedge Gain (Loss)

(973

)

—

(973

)

Transaction-Related Costs

—

172

—

620

792

Severance Costs

—

153

—

153

Restructuring Expense

—

462

—

462

Adjusted EBITDA

7,710

1,392

1,164

(3,509

)

(5,193

)

1,564

Parent Interest Income

2,713

Three Months Ended March 31, 2025

Adjusted EBITDA

Energy Operations

Industrial Operations

Manufacturing Operations

Intellectual Property Operations

Parent Costs

Consolidated Total

(In thousands, unaudited)

GAAP Operating Income (Loss)

4,001

302

271

38,508

(4,777

)

38,305

Depreciation, Depletion & Amortization

3,978

552

1,545

4,520

10,610

Stock-Based Compensation

—

237

685

922

Realized Hedge Gain (Loss)

(43

)

—

(43

)

Transaction-Related Costs

—

447

—

107

554

Legacy Matter Costs

—

Severance Costs

—

167

176

—

343

Restructuring Expense

—

Adjusted EBITDA

7,936

1,021

2,439

43,265

(3,962

)

50,699

Parent Interest Income

2,422

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