ParkerVision Reports Second Quarter 2024 Results
ParkerVision (OTCQB:PRKR) announced its Q2 2024 results, highlighting a net loss of $0.3 million or $0.00 per share, contrasting with a net income of $1.4 million or $0.02 per share in Q2 2023. For the first six months of 2024, the company reported a net loss of $1.0 million or $0.01 per share, versus a net income of $14.5 million or $0.17 per share in the same period of 2023, driven by a $25 million patent license and settlement agreement.
ParkerVision is actively involved in multiple legal proceedings, including awaiting a decision from the United States Court of Appeals for the Federal Circuit (CAFC) in a case against Qualcomm, following the dismissal and resubmission of an appeal in August 2024. Additionally, the company is engaged in several pending cases against Texas Instruments, NXP Semiconductors, MediaTek, and Realtek, with jury trials scheduled throughout 2025.
The company ended the quarter with $1.0 million in cash and cash equivalents, having used $1.4 million in cash for operations in the first half of 2024.
ParkerVision (OTCQB:PRKR) ha annunciato i risultati del secondo trimestre del 2024, evidenziando una perdita netta di 0,3 milioni di dollari, pari a 0,00 dollari per azione, a confronto con un utile netto di 1,4 milioni di dollari, o 0,02 dollari per azione, nel secondo trimestre del 2023. Per i primi sei mesi del 2024, l'azienda ha riportato una perdita netta di 1,0 milioni di dollari, ovvero 0,01 dollari per azione, rispetto a un utile netto di 14,5 milioni di dollari, corrispondente a 0,17 dollari per azione nello stesso periodo del 2023, influenzato da un accordo di licenza e risoluzione di brevetto del valore di 25 milioni di dollari.
ParkerVision è attualmente coinvolta in numerosi procedimenti legali, in attesa di una decisione della Corte d'Appello degli Stati Uniti per il Circuito Federale (CAFC) in un caso contro Qualcomm, dopo la bocciatura e la ripresentazione di un appello nell'agosto 2024. Inoltre, l'azienda è coinvolta in diversi casi pendenti contro Texas Instruments, NXP Semiconductors, MediaTek e Realtek, con processi con giuria programmati per tutto il 2025.
L'azienda ha chiuso il trimestre con 1,0 milioni di dollari in contante e equivalenti, avendo utilizzato 1,4 milioni di dollari in contante per le operazioni nella prima metà del 2024.
ParkerVision (OTCQB:PRKR) anunció sus resultados para el segundo trimestre de 2024, destacando una pérdida neta de 0,3 millones de dólares o 0,00 dólares por acción, en contraste con un ingreso neto de 1,4 millones de dólares o 0,02 dólares por acción en el segundo trimestre de 2023. En los primeros seis meses de 2024, la compañía reportó una pérdida neta de 1,0 millones de dólares o 0,01 dólares por acción, frente a un ingreso neto de 14,5 millones de dólares o 0,17 dólares por acción en el mismo periodo de 2023, influenciado por un acuerdo de licencia de patente y resolución por 25 millones de dólares.
ParkerVision está activamente involucrada en múltiples procedimientos legales, incluyendo la espera de una decisión del Tribunal de Apelaciones de los Estados Unidos para el Circuito Federal (CAFC) en un caso contra Qualcomm, tras la desestimación y la再 presentación de una apelación en agosto de 2024. Además, la compañía está involucrada en varios casos pendientes contra Texas Instruments, NXP Semiconductors, MediaTek y Realtek, con juicios programados a lo largo de 2025.
La compañía terminó el trimestre con 1,0 millones de dólares en efectivo y equivalentes, habiendo usado 1,4 millones de dólares en efectivo para operaciones en la primera mitad de 2024.
ParkerVision (OTCQB:PRKR)는 2024년 2분기 결과를 발표하며 30만 달러의 순손실, 즉 주당 0.00 달러를 기록했다고 밝히며, 2023년 2분기에는 140만 달러의 순이익, 즉 주당 0.02 달러를 기록한 바 있습니다. 2024년 첫 6개월 동안 회사는 100만 달러의 순손실, 즉 주당 0.01 달러를 기록했으며, 같은 기간 1450만 달러의 순이익, 즉 주당 0.17 달러와 대조를 이룹니다. 이 결과는 2500만 달러의 특허 라이선스 및 합의에 의해 영향을 받았습니다.
ParkerVision은 퀄컴을 상대로 한 사건에서 미국 연방회로항소법원(CAFC)의 결정을 기다리는 등 여러 법적 절차에 적극적으로 참여하고 있으며, 2024년 8월에는 항소가 기각되고 재제출된 상황입니다. 또한, 이 회사는 텍사스 인스트루먼트, NXP 반도체, 미디어텍, 리얼텍과의 여러 예정된 사건에도 참여하고 있으며, 2025년 동안 배심원 재판이 예정되어 있습니다.
회사는 2024년 상반기에 운영을 위해 140만 달러의 현금을 사용하며 100만 달러의 현금 및 현금성 자산으로 분기를 마감했습니다.
ParkerVision (OTCQB:PRKR) a annoncé ses résultats pour le deuxième trimestre de 2024, mettant en avant une perte nette de 0,3 million de dollars, soit 0,00 dollar par action, en contraste avec un bénéfice net de 1,4 million de dollars, soit 0,02 dollar par action, au deuxième trimestre de 2023. Pour les six premiers mois de 2024, la société a rapporté une perte nette de 1,0 million de dollars, soit 0,01 dollar par action, contre un bénéfice net de 14,5 millions de dollars, soit 0,17 dollar par action, sur la même période en 2023, influencée par un accord de licence de brevet et de règlement de 25 millions de dollars.
ParkerVision est activement impliquée dans plusieurs procédures judiciaires, attendant une décision de la Cour d'appel des États-Unis pour le Circuit fédéral (CAFC) dans une affaire contre Qualcomm, suite à la décision de rejet et à la nouvelle soumission d'un appel en août 2024. De plus, l'entreprise est engagée dans plusieurs affaires en cours contre Texas Instruments, NXP Semiconductors, MediaTek et Realtek, avec des procès par jury programmés pour toute l'année 2025.
L'entreprise a terminé le trimestre avec 1,0 million de dollars en liquidités et équivalents, ayant utilisé 1,4 million de dollars en liquidités pour ses opérations au cours de la première moitié de 2024.
ParkerVision (OTCQB:PRKR) hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben und einen Nettoverlust von 0,3 Millionen US-Dollar oder 0,00 US-Dollar pro Aktie hervorgehoben, im Gegensatz zu einem Nettogewinn von 1,4 Millionen US-Dollar oder 0,02 US-Dollar pro Aktie im zweiten Quartal 2023. Für die ersten sechs Monate 2024 berichtete das Unternehmen von einem Nettoverlust von 1,0 Millionen US-Dollar oder 0,01 US-Dollar pro Aktie, im Vergleich zu einem Nettogewinn von 14,5 Millionen US-Dollar oder 0,17 US-Dollar pro Aktie im gleichen Zeitraum 2023, was durch eine 25 Millionen US-Dollar umfassende Patentenlizenz- und Vergleichsvereinbarung bedingt war.
ParkerVision ist aktiv in mehrere rechtliche Verfahren involviert und wartet auf eine Entscheidung des US-Berufungsgerichts für den Bundestaat (CAFC) in einem Fall gegen Qualcomm, nach der Abweisung und der Wiederanmeldung einer Berufung im August 2024. Darüber hinaus ist das Unternehmen in mehrere anhängige Verfahren gegen Texas Instruments, NXP Semiconductors, MediaTek und Realtek involviert, deren Geschworenenprozesse für das Jahr 2025 angesetzt sind.
Das Unternehmen schloss das Quartal mit 1,0 Millionen US-Dollar in Bar und Barmitteln und verwendete in der ersten Hälfte des Jahres 2024 1,4 Millionen US-Dollar in bar für betriebliche Zwecke.
- The company is expecting a ruling from the CAFC in the near term, which could resolve jurisdiction issues and progress their case against Qualcomm.
- ParkerVision has four scheduled jury trials in 2025, which may result in favorable outcomes for their patent infringement cases.
- Reported a net loss of $0.3 million for Q2 2024, a significant decline from the net income of $1.4 million in Q2 2023.
- For the first six months of 2024, the net loss was $1.0 million compared to a net income of $14.5 million in the same period in 2023.
- The company used $1.4 million in cash for operations in the first half of 2024, ending the quarter with only $1.0 million in cash and cash equivalents.
JACKSONVILLE, FL / ACCESSWIRE / August 13, 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 six months ended June 30, 2024.
2024 Summary and Recent Developments
The Company is awaiting a decision from the United States Court of Appeals for the Federal Circuit (CAFC) in ParkerVision v. Qualcomm (Middle District of Florida - Orlando).
In July 2024, the CAFC dismissed the appeal, with the ability for reinstatement, determining that it did not have jurisdiction over this case as the district court had never entered a final order on Qualcomm's counterclaims of invalidity.
On August 1, 2024, at the joint request of the parties, the District Court in the Middle District of Florida dismissed Qualcomm's counterclaims of invalidity without prejudice, thus providing the CAFC jurisdiction.
The appeal was resubmitted to the CAFC on August 7, 2024. The CAFC has indicated it will rule on the basis of the briefs previously submitted and the oral arguments heard in November 2023.
In June 2024, the Company had a joint claim construction hearing in the Western District of Texas that covered claim construction for pending cases against Texas Instruments ("TI") and NXP Semiconductors ("NXP") and second actions against MediaTek and Realtek. The court's formal claim construction orders are expected to be issued in the near term.
The Company has a number of jury trials scheduled in the Western District of Texas beginning in March 2025 against Realtek, followed by April 2025 against MediaTek, May 2025 against TI and August 2025 against NXP.
MediaTek, TI and NXP have filed inter partes review ("IPR") petitions against claims related to an aggregate of five of the Company's asserted patents. One such IPR has been instituted to date, against one of the patents asserted against MediaTek. The remaining IPRs are still being briefed.
Jeffrey Parker, Chairman and Chief Executive Officer, commented, "We anticipate that a ruling will be forthcoming from the CAFC in the near term now that the issue of jurisdiction has been resolved. The next twelve months promise to be active as we have four scheduled jury trials in our patent infringement cases in the Western District of Texas. We will also be vigorously defending our patents at the PTAB which has become a commonly used defense strategy for companies attempting to avoid patent infringement judgements."
Financial Results
ParkerVision reported a net loss for the second quarter of 2024 of
$0.3 million , or$0.00 per common share, compared to net income of$1.4 million , or$0.02 per common share for the second quarter of 2023. On a year-to-date basis, the Company reported a net loss for the first six months of 2024 of$1.0 million , or$0.01 per common share, compared to net income of$14.5 million , or $.17 per common share for the first six months 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
$1.4 million in cash for operations for the first half of 2024, ending the quarter with$1.0 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 "expected," "anticipate," and "promise" 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 quarters ended March 31, 2024 and June 30, 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.
Cindy French
Chief Financial Officer
ParkerVision, Inc
cfrench@parkervision.com
(TABLES FOLLOW)
ParkerVision, Inc.
Balance Sheet Highlights (unaudited)
(in thousands) |
| June 30, 2024 |
|
| December 31, 2023 |
| ||
Cash and cash equivalents |
| $ | 1,025 |
|
| $ | 2,560 |
|
Prepaid expenses and other current assets |
|
| 106 |
|
|
| 95 |
|
Intangible assets & other noncurrent assets |
|
| 1,257 |
|
|
| 1,368 |
|
Total assets |
|
| 2,388 |
|
|
| 4,023 |
|
|
|
|
|
|
|
|
| |
Current liabilities |
|
| 2,416 |
|
|
| 2,289 |
|
Contingent payment obligations |
|
| 36,298 |
|
|
| 37,020 |
|
Convertible notes, net of current portion |
|
| 3,588 |
|
|
| 3,893 |
|
Other long-term liabilities |
|
| 271 |
|
|
| 340 |
|
Shareholders' deficit |
|
| (40,185 | ) |
|
| (39,519 | ) |
Total liabilities and shareholders' deficit |
| $ | 2,388 |
|
| $ | 4,023 |
|
ParkerVision, Inc.
Summary Results of Operations (unaudited)
| Three Months Ended |
|
| Six Months Ended |
| |||||||||||
(in thousands, except per share amounts) |
| June 30, |
|
| June 30, |
| ||||||||||
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Licensing revenue |
| $ | - |
|
| $ | - |
|
|
|
|
| $ | 25,000 |
| |
Cost of sales |
|
| (58 | ) |
|
| (63 | ) |
|
| (117 | ) |
|
| (106 | ) |
Gross margin |
|
| (58 | ) |
|
| (63 | ) |
|
| (117 | ) |
|
| 24,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Selling, general and administrative expenses |
|
| 683 |
|
|
| 1,125 |
|
|
| 1,457 |
|
|
| 13,210 |
|
Total operating expenses |
|
| 683 |
|
|
| 1,125 |
|
|
| 1,457 |
|
|
| 13,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expense and other |
|
| (88 | ) |
|
| (107 | ) |
|
| (168 | ) |
|
| (213 | ) |
Change in fair value of contingent payment obligations |
|
| 502 |
|
|
| 2,728 |
|
|
| 722 |
|
|
| 3,077 |
|
Total other income (expense), net |
|
| 414 |
|
|
| 2,621 |
|
|
| 554 |
|
|
| 2,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net (loss) income |
| $ | (327 | ) |
| $ | 1,433 |
|
| $ | (1,020 | ) |
| $ | 14,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic (loss) earnings per common share |
| $ | (0.00 | ) |
| $ | 0.02 |
|
| $ | (0.01 | ) |
| $ | 0.17 |
|
Diluted (loss) earnings per common share |
| $ | (0.00 | ) |
| $ | 0.01 |
|
| $ | (0.01 | ) |
| $ | 0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 88,683 |
|
|
| 85,263 |
|
|
| 88,424 |
|
|
| 84,570 |
|
Diluted |
|
| 88,683 |
|
|
| 120,061 |
|
|
| 88,424 |
|
|
| 119,700 |
|
ParkerVision, Inc.
Summary of Cash Flows
(unaudited)
|
| Six Months Ended |
| |||||
(in thousands) |
| June 30, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
Net cash (used in) provided by operating activities |
| $ | (1,418 | ) |
| $ | 12,266 |
|
Net cash used in investing activities |
|
| - |
|
|
| (1 | ) |
Net cash used in financing activities |
|
| (117 | ) |
|
| (8,174 | ) |
|
|
|
|
|
|
|
| |
Net (decrease) increase in cash and cash equivalents and restricted cash |
|
| (1,535 | ) |
|
| 4,091 |
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents and restricted cash - beginning of period |
|
| 2,560 |
|
|
| 109 |
|
|
|
|
|
|
|
|
| |
Cash and cash equivalents and restricted cash - end of period |
| $ | 1,025 |
|
| $ | 4,200 |
|
SOURCE: ParkerVision, Inc.
View the original press release on accesswire.com
FAQ
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