ParkerVision Reports First Quarter 2024 Results

Rhea-AI Summary

ParkerVision (OTCQB:PRKR), a developer of wireless communication technologies, reported a net loss of $0.7 million for Q1 2024, or $0.01 per share, contrasting with Q1 2023's net income of $13.1 million due to a $25 million patent settlement. Cash used in operations was $0.8 million, leaving the company with $1.7 million in cash. Key developments include awaiting a U.S. Court of Appeals decision on their case against Qualcomm and favorable claim rulings in patent cases against MediaTek and Realtek, with trials set for late 2024 and early 2025. Additionally, cases against various companies, including Qualcomm and Apple, remain stayed pending other outcomes.

Positive

• Favorable claim construction rulings in January 2024 against MediaTek and Realtek.
• MediaTek trial scheduled for December 2024.
• Realtek trial scheduled for January 2025.
• Combined claim construction hearing set for June 2024 for cases against other major tech firms.
• Continued willingness to negotiate fair business arrangements with defendants.

Negative

• Net loss of $0.7 million for Q1 2024 compared to $13.1 million net income in Q1 2023.
• Cash used in operations for Q1 2024 was $0.8 million.
• Cash and cash equivalents decreased to $1.7 million.
• Dependency on the outcomes of multiple ongoing and stayed legal cases, creating financial uncertainty.

JACKSONVILLE, FL / ACCESSWIRE / May 14, 2024 / ParkerVision, Inc. (OTCQB:PRKR) ("ParkerVision" or the "Company"), a developer and marketer of technologies and products for wireless applications, today announced results for the three months ended March 31, 2024.

2024 Summary and Recent Developments

• The Company is awaiting a decision from the United States Court of Appeals for the Federal Circuit (CAFC) following the November 6, 2023 oral arguments in ParkerVision v. Qualcomm (Middle District of Florida - Orlando).
• In January 2024, the Company received favorable claim construction rulings in its patent infringement actions against MediaTek and Realtek in the Western District of Texas.
  • MediaTek is scheduled for a jury trial in December 2024.
  • Realtek is scheduled for a jury trial in January 2025.
• A combined claim construction hearing is scheduled in mid-June 2024 for pending actions against Texas Instruments, NXP Semiconductors and the second action against MediaTek.

Jeffrey Parker, Chairman and Chief Executive Officer, commented, "During the next eighteen months, we have four scheduled jury trials in our patent infringement cases in the Western District of Texas, beginning with MediaTek in December 2024. Additionally, we have a number of cases currently stayed, including patent infringement actions against Qualcomm and Apple in the Middle District of Florida, LG in New Jersey, and TCL and LGE in the Western District of Texas. These cases are stayed pending the outcome of other active cases. We continue to be willing to negotiate a fair business arrangement with each of the defendants, however, we are also eager to present our facts to a jury."

Financial Results

• ParkerVision reported a net loss for the first quarter of 2024 of $0.7 million, or $0.01 per common share, compared to net income of $13.1 million, or $0.16 per common share for the first quarter of 2023. The 2023 net income was the result of a $25 million patent license and settlement agreement entered into in February 2023, net of contingent fees and expenses.
• The Company used $0.8 million in cash for operations for the first quarter of 2024, ending the quarter with $1.7 million in cash and cash equivalents.

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 statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The words "believe," and "hopeful," and similar expressions are intended to identify these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company's forward-looking statements.

Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and disclosures in the Company's Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024, filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statement and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact:

Cindy French
Chief Financial Officer
ParkerVision, Inc
cfrench@parkervision.com

(TABLES FOLLOW)

ParkerVision, Inc.
Balance Sheet Highlights

		(unaudited)
(in thousands)		March 31, 2024				December 31, 2023
Cash and cash equivalents		$	1,734			$	2,560
Prepaid expenses and other current assets			96				95
Intangible assets & other noncurrent assets			1,308				1,368
Total assets			3,138				4,023
Current liabilities			2,537				2,289
Contingent payment obligations			36,800				37,020
Convertible notes, net of current portion			3,518				3,893
Other long-term liabilities			306				340
Shareholders' deficit			(40,023	)			(39,519	)
Total liabilities and shareholders' deficit		$	3,138			$	4,023

ParkerVision, Inc.
Summary Results of Operations (unaudited)

		Three Months Ended
(in thousands, except per share amounts)		March 31,
		2024				2023
Licensing revenue		$	-			$	25,000
Cost of sales			(59	)			(43	)
Gross margin			(59	)			24,957
Selling, general and administrative expenses			773				12,085
Total operating expenses			773				12,085
Interest expense and other			(81	)			(106	)
Change in fair value of contingent payment obligations			220				349
Total other income (expense), net			139				243
Net (loss) income		$	(693	)		$	13,115
Basic (loss) earnings per common share		$	(0.01	)		$	0.16
Diluted (loss) earnings per common share		$	(0.01	)		$	0.11
Weighted average shares outstanding
Basic			88,164				83,968
Diluted			88,164				121,696

ParkerVision, Inc.
Summary of Cash Flows
(unaudited)

		Three Months Ended
(in thousands)		March 31,
		2024				2023
Net cash (used in) provided by operating activities		$	(793	)		$	13,154
Net cash used in investing activities			-				-
Net cash (used in) provided by financing activities			(33	)			797
Net (decrease) increase in cash and cash equivalents and restricted cash			(826	)			13,951
Cash and cash equivalents and restricted cash - beginning of period			2,560				109
Cash and cash equivalents and restricted cash - end of period		$	1,734			$	14,060

SOURCE: ParkerVision, Inc.

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FAQ

What were ParkerVision's financial results for Q1 2024?

ParkerVision reported a net loss of $0.7 million or $0.01 per share for Q1 2024.

Why did ParkerVision report a loss in Q1 2024?

The loss was primarily due to the absence of a large patent settlement that contributed to profits in Q1 2023.

How much cash did ParkerVision use in operations for Q1 2024?

ParkerVision used $0.8 million in cash for operations in Q1 2024.

What is ParkerVision's cash position as of Q1 2024?

ParkerVision ended Q1 2024 with $1.7 million in cash and cash equivalents.

What are the upcoming trial dates for ParkerVision's patent cases?

The MediaTek trial is scheduled for December 2024 and the Realtek trial for January 2025.

What ongoing legal actions is ParkerVision involved in?

ParkerVision has pending actions against MediaTek, Realtek, Texas Instruments, NXP Semiconductors, Qualcomm, Apple, LG, TCL, and LGE.

What was the outcome of the claim construction rulings in January 2024 for ParkerVision?

ParkerVision received favorable claim construction rulings in its patent infringement actions against MediaTek and Realtek.

What is the significance of ParkerVision's stayed legal cases?

The stayed cases, including those against Qualcomm and Apple, are pending the outcome of active cases, which adds a layer of financial and legal uncertainty.