ParkerVision Reports Third Quarter 2022 Results
ParkerVision (OTCQB:PRKR) announced its financial results for Q3 2022, reporting a significant reduction in net loss to $0.4 million ($0.01 per share) from $2.1 million ($0.03 per share) in Q3 2021. For the nine months ended September 30, 2022, net loss decreased to $4.5 million ($0.06 per share) from $9.0 million ($0.13 per share) in 2021. The company reached a patent settlement with Hisense and is preparing for an upcoming jury trial against Intel. Additionally, ParkerVision filed new infringement cases against MediaTek, Realtek, and TCL.
- Net loss decreased by 50.2% year-to-date for 2022 compared to 2021.
- Successful settlement reached with Hisense, third settlement in 18 months.
- New infringement cases filed against significant technology companies, indicating active patent enforcement.
- Despite reducing losses, ParkerVision continues to report net losses.
- Cash used for operations remains significant at $2.4 million for the nine months ended September 30, 2022.
JACKSONVILLE, FL / ACCESSWIRE / November 14, 2022 / ParkerVision, Inc. (OTCQB:PRKR) ("ParkerVision"), a developer and marketer of technologies and products for wireless applications, today announced results for the three and nine months ended September 30, 2022.
Recent Developments
- A patent settlement and license agreement was reached with Hisense in November 2022 which is expected to resolve the outstanding litigation between the parties.
- The Company's opening appellate brief was filed with the United States Court of Appeals for the Federal Circuit (CFAC) in August 2022 to appeal the decisions of the Florida district court in ParkerVision v. Qualcomm.
- The jury trial in ParkerVision v. Intel is scheduled to begin February 6, 2023 in the Western District of Texas.
- New infringement cases against MediaTek and Realtek, along with a second case against TCL, were filed in November 2022 in the Western District of Texas.
- Sanford (Sandy) Litvack joined the ParkerVision board of directors in October 2022.
Jeffrey Parker, Chairman and Chief Executive Officer, commented, "We are pleased to have settled our infringement actions against Hisense which represents our third settlement and license agreement over the past 18 months. We are preparing for a jury trial in Waco, Texas that is now twelve weeks away in our infringement case against Intel for use of our technologies in their wireless cellular chips. We continue to expand the enforcement of the unauthorized use of our technologies and have recently filed new infringement actions against MediaTek and Realtek of Taiwan as well as an additional action against Chinese SmartTV company TCL.
"In addition, we filed our appellate brief with the CACF in August and anticipate Qualcomm's response to our brief to be filed in mid-November. We then will have the opportunity to file a reply brief after which the CFAC will set a hearing date."
Parker continued, "We are thrilled with the addition of Sandy Litvack to our board of directors. Sandy joins the board at a time where we are seeing a flurry of activity culminating from our efforts over the past two years, and we believe his corporate and legal background will provide us valuable guidance as we move forward."
Financial Results
- Net loss for the third quarter of 2022 was
$0.4 million , or$0.01 per common share, compared to a net loss of$2.1 million , or$0.03 per common share for the third quarter of 2021. - Net loss for the first nine months of 2022 was
$4.5 million , or$0.06 per common share, compared to$9.0 million , or$0.13 per common share for the first nine months of 2021.- The
50.2% decrease in year-to-date net loss is primarily the result of changes in the fair value of contingent payment obligations during the first nine months of 2022.
- The
- The Company used cash for operations of approximately
$2.4 million in the nine months ended September 30, 2022 compared to approximately$6.9 million in cash used for operations during the same period in 2021. Cash used for operations in 2021 included the payment of approximately$4.1 million in current liabilities, primarily for the purpose of settling outstanding litigation fees and expenses. - ParkerVision received approximately
$1.7 million in proceeds from the sale of five-year convertible notes from May to August 2022.
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, 2021 and the Forms 10-Q for the quarters ended March 31, June 30, and September 30, 2022. 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
| (unaudited) | ||||||||
(in thousands) | September 30, 2022 | December 31, 2021 | ||||||
Cash and cash equivalents | $ | 333 | $ | 1,030 | ||||
Prepaid expenses and other current assets | 298 | 599 | ||||||
Intangible assets & other noncurrent assets | 1,513 | 1,811 | ||||||
Total assets | 2,144 | 3,440 | ||||||
Current liabilities | 2,273 | 1,646 | ||||||
Contingent payment obligations | 42,115 | 43,063 | ||||||
Convertible notes | 3,913 | 2,895 | ||||||
Other long-term liabilities | 507 | 613 | ||||||
Shareholders' deficit | (46,664 | ) | (44,777 | ) | ||||
Total liabilities and shareholders' deficit | $ | 2,144 | $ | 3,440 | ||||
ParkerVision, Inc.
Summary Results of Operations
(unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
(in thousands, except per share amounts) | September 30, | September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
Licensing revenue | $ | - | $ | 144 | $ | - | $ | 144 | ||||||||
Cost of sales | (2 | ) | (1 | ) | (8 | ) | (1 | ) | ||||||||
Gross margin | (2 | ) | 143 | (8 | ) | 143 | ||||||||||
Selling, general and administrative expenses | 1,678 | 2,024 | 5,263 | 6,152 | ||||||||||||
Total operating expenses | 1,678 | 2,024 | 5,263 | 6,152 | ||||||||||||
Other income and (interest expense), net | (67 | ) | (51 | ) | (145 | ) | 28 | |||||||||
Change in fair value of contingent payment obligations | 1,345 | (172 | ) | 948 | (2,996 | ) | ||||||||||
Total other income (loss), net | 1,278 | (223 | ) | 803 | (2,968 | ) | ||||||||||
Net loss | $ | (402 | ) | $ | (2,104 | ) | $ | (4,468 | ) | $ | (8,977 | ) | ||||
Basic and diluted net loss per common share | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.13 | ) | ||||
Weighted average shares outstanding | 78,542 | 73,868 | 78,025 | 69,869 | ||||||||||||
ParkerVision, Inc.
Summary of Cash Flows
(unaudited)
| Nine Months Ended | ||||||||
(in thousands) | September 30, | |||||||
| 2022 | 2021 | |||||||
Net cash used in operating activities | $ | (2,356 | ) | $ | (6,920 | ) | ||
Net cash used in investing activities | (4 | ) | (2 | ) | ||||
Net cash provided by financing activities | 1,663 | 6,055 | ||||||
Net decrease in cash and cash equivalents | (697 | ) | (867 | ) | ||||
Cash and cash equivalents - beginning of period | 1,030 | 1,627 | ||||||
Cash and cash equivalents - end of period | $ | 333 | $ | 760 | ||||
SOURCE: ParkerVision, Inc.
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FAQ
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