ParkerVision Reports Second Quarter 2021 Results
ParkerVision reported a second-quarter net loss of $4.4 million, or $0.06 per share, up from a $3.6 million loss in Q2 2020. The first half of 2021 saw a 40% reduction in net loss to $6.9 million, thanks to lower litigation expenses. The company received a favorable Markman ruling in its infringement case against Intel, splitting the first trial into two scheduled for 2022. Additionally, a patent license agreement was reached with Buffalo, and a new complaint was filed against LG Electronics. ParkerVision aims to clarify patent rights through ongoing litigation.
- 40% decrease in year-to-date net loss from $11.5 million in 2020 to $6.9 million in 2021.
- Favorable Markman ruling against Intel supports litigation claims.
- Successful settlement with Buffalo, Inc. enhances operational clarity.
- Second-quarter net loss increased to $4.4 million, compared to the prior year's $3.6 million.
- Cash used for operations rose to $6.1 million in H1 2021 from $3.0 million in H1 2020.
JACKSONVILLE, FA / ACCESSWIRE / August 13, 2021 / ParkerVision, Inc. (OTCQB:PRKR) ("ParkerVision"), a developer and marketer of technologies and products for wireless applications, today announced results for the three and six months ended June 30, 2021.
Second Quarter 2021 Summary and Recent Developments
- The district court in the Western District of Texas issued a favorable Markman ruling in ParkerVision's second infringement case against Intel.
- ParkerVision amended its complaints in both pending cases against Intel to add Intel Wi-Fi products to the cellular products cited in the initial complaints.
- The court has indicated that given the number of patents at issue in the first Intel case, the first case will be split into two trials, resulting in an aggregate of three trials against Intel.
- As a result of adding Wi-Fi products to the complaints, the first Intel trial date is scheduled for June 2022 with a second trial expected a few months following the first.
- A confidential patent license and settlement agreement was reached with Buffalo, Inc.
- A patent infringement complaint was filed against LG Electronics in the Western District of Texas.
- ParkerVision is awaiting a new trial date in ParkerVision v. Qualcomm in the Middle District of Florida (Orlando division).
- The court delayed the trial, originally scheduled for July 2021, citing a backlog due to the pandemic, among other factors. All motions and pre-trial statements have been filed by the parties. The court is expected to set a pre-trial conference and trial date once it has completed ruling on the outstanding pre-trial motions.
Jeffrey Parker, Chairman and Chief Executive Officer, commented, "We were pleased this past quarter to be able to resolve our outstanding litigation with Buffalo, and we welcome the opportunity to do so with others as well. The favorable Markman decisions received this year from the Texas court help to clarify what we believe to be the strong merits of our cases against Intel, and we are now focused on preparation for at least two trials next year against Intel. Meanwhile, we look forward to our next Markman hearing in the Texas court which is scheduled for October 2021 in our cases against Hisense, ZyXel, and TCL."
Mr. Parker continued, "The district court in Orlando continues to issue rulings on the outstanding motions in the Qualcomm case, and we believe the strong merits of our case remain unchanged based upon the court's rulings to date."
Financial Results
- Net loss for the second quarter of 2021 was
$4.4 million , or$0.06 per common share, compared to a net loss of$3.6 million , or$0.08 per common share for the second quarter of 2020.- The increase in net loss year-over-year is due to a
$1.5 million increase in the change in fair value of the contingent payment obligations, offset by a$0.5 million , or20% , decrease in operating expenses and a$0.2 million gain from forgiveness of the company's 2020 Paycheck Protection Program loan.
- The increase in net loss year-over-year is due to a
- Net loss for the first half of 2021 was
$6.9 million , or$0.10 per common share, compared to$11.5 million , or$0.27 per common share for the first half of 2020.- The
40% decrease in year-to-date net loss is a result of a$2.4 million decrease in litigation fees and expenses in addition to the recognition in 2020 of approximately$2.2 million in noncash charges related to the modification of equity-related agreements with third parties.
- The
- We used cash for operations of approximately
$6.1 million in the first half of 2021 compared to approximately$3.0 million in cash used for operations in the first half of 2020. The increase is the result of a significant decrease in accounts payable and other current liabilities in 2021, resulting in a$3.8 million improvement in working capital.
About ParkerVision
ParkerVision, Inc. has designed and developed proprietary radio-frequency (RF) technologies that enable advanced wireless solutions for current and next generation 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, 2020 and the Forms 10-Q for the quarters ended March 31, 2021 and June 30, 2021. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.
Cindy French
Chief Financial Officer
ParkerVision, Inc.
cfrench@parkervision.com
(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights
(in thousands) | (unaudited) June 30, 2021 | December 31, 2020 | ||||||
Cash and cash equivalents | $ | 1,487 | $ | 1,627 | ||||
Prepaid expenses and other current assets | 698 | 607 | ||||||
Intangible assets, net | 1,974 | 2,170 | ||||||
Other noncurrent assets, net | 46 | 52 | ||||||
Total assets | $ | 4,205 | $ | 4,456 | ||||
Current liabilities | $ | 2,096 | $ | 5,989 | ||||
Contingent payment obligations | 41,515 | 38,279 | ||||||
Convertible notes | 3,465 | 3,018 | ||||||
Other long-term liabilities | 78 | 991 | ||||||
Shareholders' deficit | (42,949 | ) | (43,821 | ) | ||||
Total liabilities and shareholders' deficit | $ | 4,205 | $ | 4,456 | ||||
ParkerVision, Inc.
Summary Results of Operations
(unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
(in thousands, except per share amounts) | June 30, | June 30, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
Gross margin | $ | - | $ | - | $ | - | $ | - | ||||||||
Selling, general and administrative expenses | 1,848 | 2,328 | 4,128 | 7,823 | ||||||||||||
Total operating expenses | 1,848 | 2,328 | 4,128 | 7,823 | ||||||||||||
Other income | 194 | - | 194 | - | ||||||||||||
Interest expense | (78 | ) | (115 | ) | (115 | ) | (301 | ) | ||||||||
Change in fair value of contingent payment obligations | (2,674 | ) | (1,142 | ) | (2,824 | ) | (3,382 | ) | ||||||||
Total interest and other | (2,558 | ) | (1,257 | ) | (2,745 | ) | (3,683 | ) | ||||||||
Net loss | $ | (4,406 | ) | $ | (3,585 | ) | $ | (6,873 | ) | $ | (11,506 | ) | ||||
Basic and diluted net loss per common share | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.27 | ) | ||||
Weighted average shares outstanding | 71,933 | 45,393 | 67,836 | 41,861 | ||||||||||||
ParkerVision, Inc.
Summary of Cash Flows
(unaudited)
| Six Months Ended | ||||||||
(in thousands) | June 30, | |||||||
| 2021 | 2020 | |||||||
Net cash used in operating activities | $ | (6,101 | ) | $ | (2,977 | ) | ||
Net cash used in investing activities | (2 | ) | (3 | ) | ||||
Net cash provided by financing activities | 5,963 | 3,466 | ||||||
Net (decrease) increase in cash & cash equivalents | (140 | ) | 486 | |||||
Cash & cash equivalents - beginning of period | 1,627 | 57 | ||||||
Cash & cash equivalents - end of period | $ | 1,487 | $ | 543 | ||||
SOURCE: ParkerVision, Inc.
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FAQ
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