ParkerVision Reports 2022 Results
ParkerVision, Inc. (OTCQB:PRKR) reported its 2022 financial results, showcasing a net loss of $9.8 million, improved from a loss of $12.3 million in 2021. The company secured $25 million in settlement agreements related to patent infringements, with additional patents targeting MediaTek and Realtek. The appeal involving Qualcomm is anticipated for mid-2023. Cash used for operations decreased to $3 million compared to $7.7 million in 2021, partly due to reduced accounts payable. The firm expects significant revenues from ongoing patent enforcement, aiming for profitability in 2023.
- Received $25 million from patent settlements.
- 20% reduction in net loss compared to 2021, totaling $9.8 million.
- Secured $0.8 million in net proceeds from securities sales in January 2023.
- Reduced cash used for operations by $4.7 million year-over-year.
- Total assets decreased from $3.44 million in 2021 to $1.75 million in 2022.
- Cash and cash equivalents dropped significantly from $1.03 million at the beginning of the year to $109,000 by year-end.
- Total liabilities increased, leading to a shareholder deficit of $(50.7 million).
JACKSONVILLE, FL / ACCESSWIRE / March 28, 2023 / ParkerVision, Inc. (OTCQB:PRKR) ("ParkerVision"), a developer and marketer of technologies and products for wireless applications, today announced results for the year ended December 31, 2022.
Year End 2022 Summary and Recent Developments
| ● | Through March 2023, the Company has resolved patent infringement actions filed in 2020 and 2021 in the Western District of Texas against four of six defendants through patent license and settlement agreements, including one agreement reached in the first quarter of 2023 for which the Company received |
| ● | New patent infringement cases were filed against MediaTek and Realtek in the Western District of Texas in the fourth quarter of 2022.
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| ● | Hearing at the Federal Circuit for the Company's appeal in ParkerVision v. Qualcomm is expected to be held mid-2023.
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| ● | Sanford (Sandy) Litvack joined the ParkerVision board of directors in October 2022. |
Jeffrey Parker, Chairman and Chief Executive Officer, commented, "ParkerVision holds a portfolio of over 100 patents on our inventions, including a number of expired patents for which claims can be made for past damages, as well as a number of patents that will not expire for years to come. We believe our technologies are being used, without our permission, in a range of cellular, Wifi and Bluetooth chips and devices. Our patented technologies have all been developed in-house as a result of significant R&D investments, and our team includes our lead inventors whose knowledge and experience provide a strong foundation for enforcing the property rights of our claims against companies who we believe are wrongly using our patented inventions."
Mr. Parker continued, "We currently have patent enforcement cases pending against Qualcomm, Apple, TCL, LG, MediaTek and Realtek, and expect to file additional cases this year. We also have a patent enforcement action against Qualcomm, involving significant damages claims, on which we have filed an appeal at the Federal Circuit. We anticipate a hearing date for our appeal will be set for mid-2023.
"The incoming revenues from our overall patent enforcement program, after payment of contingent legal fees and expenses, will be used to reduce a significant portion of the Company's contingent debt. We expect 2023 to be a profitable year for ParkerVision."
Financial Results
| ● | Net loss for 2022 was |
| o | The |
| ■ | a |
| ■ | a |
| ● | We used cash for operations of approximately |
| o | In 2022, we received net proceeds of approximately | |
| o | We received approximately |
About ParkerVision
ParkerVision, Inc. invents, develops and licenses cutting-edge, proprietary radio-frequency (RF) technologies that enable wireless solution providers to make and sell advanced wireless communication products. ParkerVision is engaged in a number of patent enforcement actions in the U.S. to protect patented rights that it believes are broadly infringed by others. For more information, please visit www.parkervision.com. (PRKR-I)
Safe Harbor Statement
This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that are disclosed in the Company's SEC reports, including the Form 10-K for the year ended December 31, 2022. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
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Cindy French |
Chief Financial Officer |
ParkerVision, Inc |
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(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights
| December 31, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Cash and cash equivalents | $ | 109 | $ | 1,030 | ||||
Prepaid expenses and other current assets | 274 | 599 | ||||||
Intangible assets, net | 1,359 | 1,785 | ||||||
Other noncurrent assets, net | 9 | 26 | ||||||
Total assets | 1,751 | 3,440 | ||||||
Current liabilities | 2,257 | 1,646 | ||||||
Contingent payment obligations | 45,797 | 43,063 | ||||||
Convertible notes | 3,913 | 2,895 | ||||||
Other long-term liabilities | 473 | 613 | ||||||
Shareholders' deficit | (50,689 | ) | (44,777 | ) | ||||
Total liabilities and shareholders' deficit | $ | 1,751 | $ | 3,440 | ||||
ParkerVision, Inc.
Summary Results of Operations
| Year Ended | ||||||||
(in thousands, except per share amounts) | December 31, | |||||||
| 2022 | 2021 | |||||||
Licensing revenue | $ | 925 | $ | 144 | ||||
Cost of sales | (10 | ) | (5 | ) | ||||
Gross margin | 915 | 139 | ||||||
Selling, general and administrative expenses | 7,773 | 8,088 | ||||||
Total operating expenses | 7,773 | 8,088 | ||||||
Interest and other income | 103 | 242 | ||||||
Interest expense | (324 | ) | (251 | ) | ||||
Change in fair value of contingent payment obligations | (2,734 | ) | (4,372 | ) | ||||
Total interest and other | (2,955 | ) | (4,381 | ) | ||||
Net loss | $ | (9,813 | ) | $ | (12,330 | ) | ||
Basic and diluted net loss per common share | $ | (0.13 | ) | $ | (0.17 | ) | ||
Weighted average shares outstanding | 78,395 | 71,299 | ||||||
ParkerVision, Inc.
Summary of Cash Flows
| Year Ended | ||||||||
(in thousands) | December 31, | |||||||
| 2022 | 2021 | |||||||
Net cash used in operating activities | $ | (2,959 | ) | $ | (7,702 | ) | ||
Net cash used in investing activities | (4 | ) | (3 | ) | ||||
Net cash provided by financing activities | 2,042 | 7,108 | ||||||
Net decrease in cash & cash equivalents | (921 | ) | (597 | ) | ||||
Cash & cash equivalents - beginning of year | 1,030 | 1,627 | ||||||
Cash & cash equivalents - end of year | $ | 109 | $ | 1,030 | ||||
SOURCE: ParkerVision, Inc.
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