Adeia Inc - ADEA STOCK NEWS

Adeia Inc. (Nasdaq: ADEA) reported Q2 2024 financial results with revenue of $87.4 million, in line with expectations. The company generated over $90 million in cash from operations in the first half of 2024. Key highlights include:

- Signed 5 deals across diverse end markets
- GAAP diluted EPS of $0.07 and non-GAAP diluted EPS of $0.28
- GAAP net income of $8.4 million and adjusted EBITDA of $52.8 million
- Repriced term loan for annual interest expense savings of ~$3 million
- Distributed quarterly cash dividend of $0.05 per share

Adeia reiterated its full-year 2024 revenue outlook of $380.0 - $420.0 million and updated its financial outlook to reflect lower operating expenses and interest expense.

Adeia Inc. (Nasdaq: ADEA) has entered into a long-term hybrid bonding license agreement with Hamamatsu Photonics K.K., a leader in optical sensors and systems. The new license covers Adeia's semiconductor intellectual property portfolio for die-to-wafer hybrid bonding, complementing Hamamatsu's existing licenses for DBI® wafer-to-wafer hybrid bonding and ZiBond® wafer-to-wafer direct bonding technologies.

This agreement follows a prior development license that included a DBI Ultra® die-to-wafer hybrid bonding technology transfer. Hamamatsu plans to deploy these technologies in various semiconductor devices, including image sensors, photonics, and MEMS products. The partnership aims to expand the applicability of Adeia's hybrid bonding solutions to a wider range of optical sensors and diverse applications.

Adeia Inc. (Nasdaq: ADEA) has announced it will release its second quarter 2024 financial results on Tuesday, August 6, 2024, after market close. The company will host an earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. U.S. callers can dial +1 (888) 660-6411, while international callers should use +1 (929) 203-0849. Participants are advised to dial in 15 minutes before the call starts.

A webcast link for the call will be available, and a replay can be accessed until August 5, 2025. A telephonic replay will also be available through August 13, 2024, by dialing +1 (609) 800-9909 with playback ID# 6089024.

Adeia (Nasdaq: ADEA) received the Best Session Paper award at the 2024 Electronic Components and Technology Conference (ECTC) held in Denver, Colorado. The paper, authored by Dr. Thomas Workman, focuses on 'Fine Pitch Die-to-Wafer Hybrid Bonding,' a technology important for high-volume semiconductor manufacturing.

Hybrid bonding is rapidly gaining traction in advanced 2.5 and 3D packaging, enhancing performance and scalability by integrating multiple semiconductor components. This technology enables higher interconnect density, improving bandwidth and reducing latency, while maintaining efficiency and thermal limits.

Dr. Workman emphasized that hybrid bonding represents a significant advancement in semiconductor technology. It offers better performance per watt, and the paper provides practical guidance for its implementation. As the technology evolves, it is expected to be widely adopted in various manufacturing applications.

Adeia has announced a long-term renewal agreement with Liberty Global for its media intellectual property (IP) portfolio. Liberty Global, a leader in converged broadband, video, and mobile communications, remains the top pay-TV subscriber in Europe, with 18 million customers projected for 2023. The renewal covers Liberty Global's network service provider operations, including mobile, broadband, and pay-TV services. Adeia aims to enhance the European video services market through continuous innovations in customer experience technologies such as next-generation discovery, search, and targeted advertising. This renewal underscores the significance of Adeia’s media IP portfolio in providing personalized media experiences.

Adeia has entered into a multi-year intellectual property (IP) license agreement with X Corp, the owner of the social media platform formerly known as Twitter. Announced on July 1, 2024, this agreement resolves all existing litigation between the two companies. Kevin Tanji, Adeia's chief legal officer, highlighted that this agreement enhances their IP licensing business. Adeia's proprietary innovations are pivotal in advancing digital experiences for both consumer and enterprise applications, shaping the way millions engage with entertainment and enhancing billions of devices globally.

Adeia (Nasdaq: ADEA) has announced significant advancements in their hybrid bonding technology, used in semiconductor packaging for high-performance computing applications like AI. The technology has garnered interest from major companies, including Kioxia and Western Digital, who have entered into long-term licensing agreements for Adeia's semiconductor patents. In 2024, Adeia's team actively participated in key industry events, presenting papers and tutorials on hybrid bonding. The company's innovations have been recognized through media interviews and an award for thought leadership. Hybrid bonding improves electrical and thermal performance, enabling smaller, more powerful devices. The technology's versatility benefits smartphones, wearables, IoT devices, and autonomous vehicles, driven by demand for higher-density interconnects and massive bandwidth.

Adeia has successfully repriced its Term Loan B, reducing future interest expenses and enhancing financial flexibility. The repricing has lowered the interest rate on the $561.1 million remaining balance by about 61 basis points, eliminated the credit spread adjustment, and significantly reduced the excess cash flow payment thresholds. The annual interest expense reduction is estimated at $3.4 million. There are no changes to the original maturity date of June 2028. CFO Keith A. Jones highlighted that this move will help the company continue to deleverage its balance sheet and strengthen its financial position.

Key changes include a new interest rate of SOFR + 300 basis points and revised mandatory excess cash flow payment thresholds: 50% at net leverage ratio above 1.75x, 25% if below 1.75x but above 1.25x, and 0% if below 1.25x.

Adeia (Nasdaq: ADEA) announced the renewal of its media intellectual property (IP) license with Mitsubishi Electric. The agreement covers connected TVs for Japanese business and consumer markets. Mitsubishi is a leader in Japan's consumer electronics industry, and this renewal highlights the strength of Adeia's media IP portfolio. Adeia's chief licensing officer, Dr. Mark Kokes, emphasized the significance of this partnership in Japan's dynamic market.