# Adeia Inc. (ADEA) Informational only - not investment advice. CIK: 0001803696 SIC: 4841 Cable & Other Pay Television Services SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4841 Cable & Other Pay Television Services](/industry/4841/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1803696 Filing source: https://www.sec.gov/Archives/edgar/data/1803696/000119312526076549/adea-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001193125-26-076549 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001803696.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 443,386,000 USD | 2025 | verified | | Net income | 111,075,000 USD | 2025 | verified | | Assets | 1,039,303,000 USD | 2025 | verified | | Free cash flow | 156,280,000 USD | 2025 | computed | | Net margin | 25.05% | 2025 | computed | | Operating margin | 39.47% | 2025 | computed | | Revenue YoY | +17.91% | 2025 | computed | | ROE | 23.11% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ADEA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 25.1% | 1.9% | 83 | 13 | | Operating margin | 39.5% | 2.0% | 100 | 13 | | Revenue growth | 17.9% | -0.0% | 100 | 13 | | FCF margin | 35.2% | 10.1% | 100 | 13 | | ROE | 23.1% | 2.0% | 90 | 11 | | ROA | 10.7% | 0.7% | 92 | 13 | | Liabilities / equity | 1.16 | 1.75 | 30 | 11 | | Current ratio | 3.81 | 1.08 | 100 | 13 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4841 Cable & Other Pay Television Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 443386000 | USD | 2025 | 2026-02-26 | | Net income | 111075000 | USD | 2025 | 2026-02-26 | | Assets | 1039303000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001803696.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 406,133,000 | 280,067,000 | 515,919,000 | 391,212,000 | 438,933,000 | 388,788,000 | 376,024,000 | 443,386,000 | | Net income | -289,000 | -62,530,000 | 146,762,000 | -55,457,000 | -295,880,000 | 67,372,000 | 64,623,000 | 111,075,000 | | Operating income | 23,980,000 | -68,708,000 | 267,455,000 | 119,028,000 | 153,060,000 | 136,230,000 | 128,609,000 | 175,003,000 | | Diluted EPS | -0.01 | -1.27 | 1.75 | -0.52 | -2.75 | 0.60 | 0.57 | 0.99 | | Operating cash flow | 135,133,000 | 169,253,000 | 427,603,000 | 234,789,000 | 183,023,000 | 152,755,000 | 212,461,000 | 158,086,000 | | Capital expenditures | 3,338,000 | 8,813,000 | 7,379,000 | 13,950,000 | 12,576,000 | 3,812,000 | 1,821,000 | 1,806,000 | | Dividends paid | 39,187,000 | 39,502,000 | 30,829,000 | 20,979,000 | 20,888,000 | 21,339,000 | 21,767,000 | 21,770,000 | | Share buybacks | 44,798,000 | 4,506,000 | 80,589,000 | 84,888,000 | 17,260,000 | 0.00 | 18,706,000 | 21,335,000 | | Assets | | 1,047,945,000 | 2,701,176,000 | 2,470,022,000 | 1,210,526,000 | 1,105,556,000 | 1,097,961,000 | 1,039,303,000 | | Liabilities | | 502,845,000 | 1,250,057,000 | 1,129,594,000 | 909,114,000 | 748,934,000 | 701,390,000 | 558,762,000 | | Stockholders' equity | | 547,911,000 | 1,456,877,000 | 1,349,633,000 | 301,412,000 | 356,622,000 | 396,571,000 | 480,541,000 | | Cash and cash equivalents | | 74,551,000 | 170,188,000 | 80,428,000 | 114,555,000 | 54,560,000 | 78,825,000 | 73,136,000 | | Free cash flow | 131,795,000 | 160,440,000 | 420,224,000 | 220,839,000 | 170,447,000 | 148,943,000 | 210,640,000 | 156,280,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | -0.07% | -22.33% | 28.45% | -14.18% | -67.41% | 17.33% | 17.19% | 25.05% | | Operating margin | 5.90% | -24.53% | 51.84% | 30.43% | 34.87% | 35.04% | 34.20% | 39.47% | | Return on equity | | -11.41% | 10.07% | -4.11% | -98.16% | 18.89% | 16.30% | 23.11% | | Return on assets | | -5.97% | 5.43% | -2.25% | -24.44% | 6.09% | 5.89% | 10.69% | | Liabilities / equity | | 0.92 | 0.86 | 0.84 | 3.02 | 2.10 | 1.77 | 1.16 | | Current ratio | | 5.84 | 2.43 | 2.74 | 1.55 | 2.02 | 3.53 | 3.81 | ## As-reported value updates 7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/ADEA/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001803696.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -3.72 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.26 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.01 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 101,397,000 | 24,232,000 | 0.21 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 86,867,000 | 12,700,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 83,405,000 | 899,000 | 0.01 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 87,350,000 | 8,382,000 | 0.07 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 86,101,000 | 19,314,000 | 0.17 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 119,168,000 | 36,028,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 87,670,000 | 11,814,000 | 0.10 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 85,735,000 | 16,722,000 | 0.15 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 87,339,000 | 8,828,000 | 0.08 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 182,642,000 | 73,711,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 104,772,000 | 22,773,000 | 0.20 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 96,117,000 | 17,366,000 | 0.15 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ADEA's latest 10-K: [/company/ADEA/business/](/company/ADEA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ADEA's latest 10-K: [/company/ADEA/risk-factors/](/company/ADEA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1803696/000119312526335038/adea-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to promote understanding of the results of operations and financial condition and should be read in conjunction with our condensed consolidated financial statements and notes thereto, and with our audited financial statements and notes thereto for the year ended December 31, 2025 found in the Form 10-K filed by us on February 26, 2026 (the “Form 10-K”). This section of this Form 10-Q generally discusses quarter over quarter comparisons of 2026 against 2025. This quarterly report on Form 10-Q (this “Quarterly Report”) contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In this context, forward-looking statements often address expected future business, financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond the Company’s control, and are not guarantees of future results. Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: the Company’s ability to implement its business strategy; the Company’s ability to enter into new and renewal license agreements with customers on favorable terms; the Company’s ability to retain and hire key personnel; uncertainty as to the long-term value of the Company’s common stock; the Company’s ability to pay dividends on a consistent basis or at all; legislative, regulatory, geopolitical and economic developments affecting the Company’s business; general economic and market developments and conditions; the Company’s ability to grow and expand its patent portfolios and expand into additional addressable markets; changes in technology and development of new technology in the industries in which the Company operates; the evolving legal, regulatory and tax regimes under which the Company operates; unforeseen liabilities and expenses; the Company’s ability to carry out its share repurchase program and the timing of any such repurchases; risks associated with the Company’s indebtedness; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, natural disasters and global health pandemics, each of which may have an adverse impact on the Company’s business, results of operations, and financial condition. Although forward-looking statements in this Quarterly Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks, uncertainties, and changes in condition, significance, value and effect, including those discussed under the heading “Risk Factors” hereof and other documents we file from time to time with the Securities and Exchange Commission (the “SEC”), such as our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. Such risks, uncertainties and changes in condition, significance, value and effect could cause our actual results to differ materially from those expressed herein and in ways not readily foreseeable. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report and are based on information currently and reasonably known to us. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Quarterly Report, other than as required by law. Readers are urged to carefully review and consider the various disclosures made in this Quarterly Report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Business Overview Adeia Inc. (formerly known as Xperi Holding Corporation) (“Adeia”, “we”) is a technology company and an innovation incubator. We have spent decades investing in advanced research and development to create market-leading technologies for the entertainment, media, consumer electronics, e-commerce and semiconductor industries. Our innovative solutions support practically every aspect of consumers’ day-to-day interaction with media, consumer electronics and entertainment, enabling our customers to build customized, next-generation solutions for users around the globe. We believe our commitment to and investment in innovation has resulted in a leading IP licensing platform in these industries, with an extensive portfolio of media and semiconductor IP and over 14,250 media and semiconductor patent assets worldwide. In order to serve an increasingly connected world, we invent, develop, acquire and license fundamental innovations that enhance billions of devices and shape the way millions of people explore and experience entertainment and technology across a variety of platforms. 28 Our innovations address one of the biggest consumer trends in entertainment today – the massive proliferation of entertainment content and the rapidly changing habits of how consumers are finding, engaging with and enjoying entertainment and evolving technology, such as artificial intelligence (“AI”). Headquartered in Silicon Valley with more than 35 years of operating experience, we have approximately 150 full-time employees, with substantially all of our employees located in the U.S. Macroeconomic Conditions Macroeconomic conditions due to inflation, geopolitical instability and global health events have in the past, and may in the future have, an adverse impact on our business. For example, such conditions may cause volatility in the markets we serve, particularly the broad consumer electronics market. Impacts from adverse macroeconomic conditions may negatively impact our financial condition and results of operations, which could result in an impairment of our long-lived assets, including goodwill, and increased credit losses. Although a significant portion of our revenue is derived from fixed-fee and minimum-guarantee arrangements from large, well-capitalized customers, our per-unit and variable-fee based revenue will continue to be susceptible to global health concerns, outbreaks, pandemics, armed conflict, geopolitical factors, trade regulations and tariffs, market volatility, labor shortages, supply chain disruptions, microchip shortages, changes in demand for semiconductors and market downturns. Reportable Segments We operate and report in one segment: IP Licensing. We believe that this structure reflects our current operational and financial management and provides the best structure for us to focus on growth opportunities. Our Chief Executive Officer has been determined to be the Chief Operating Decision Maker (“CODM”) in accordance with the authoritative guidance on segment reporting. We primarily license our innovations to leading companies in the broader media entertainment and semiconductor industries, and those companies developing new technologies that will help drive these industries forward. Licensing arrangements include access to one or more of our foundational patent portfolios and may also include access to some portions of our industry-leading technologies and know-how. Key Metrics In evaluating our financial condition and operating performance, we primarily focus on revenue and cash flows from operations. For the three and six months ended June 30, 2026, as compared to the same periods in 2025: Three months ended June 30, 2026 • Revenue increased by $10.4 million, or 12.1%, from $85.7 million in 2025 to $96.1 million in 2026. • Recurring revenues decreased by $11.6 million, or 13.6% from $85.1 million in 2025 to $73.5 million in 2026. • Non-recurring revenues increased by $22.0 million, or 3441.2% from $0.6 million in 2025 to $22.6 million in 2026. • Cash provided by operating activities increased by $31.5 million, or 136.3% from $23.1 million in 2025 to $54.6 million in 2026. • We made $6.1 million in principal payments towards our term loan, bringing the outstanding balance to $392.6 million as of June 30, 2026. • We repurchased $10.0 million of our common stock during the three months ended June 30, 2026. Six months ended June 30, 2026 • Revenue increased by $27.5 million, or 15.8%, from $173.4 million in 2025 to $200.9 million in 2026. • Recurring revenues decreased by $22.1 million, or 13.0% from $169.5 million in 2025 to $147.4 million in 2026. • Non-recurring revenues increased by $49.6 million, or 1270.9% from $3.9 million in 2025 to $53.5 million in 2026. 29 • Cash provided by operating activities increased by $32.9 million, or 40.9% from $80.3 million in 2025 to $113.1 million in 2026. • We made $34.2 million in principal payments towards our term loan, bringing the outstanding balance to $392.6 million as of June 30, 2026. • We repurchased $20.0 million of our common stock during the six months ended June 30, 2026. Results of Operations Revenue We derive the majority of our revenue from the licensing of our IP rights to customers. For our revenue recognition policy, including descriptions of revenue-generating activities, refer to “Note 3 – Revenue” of the Notes to Condensed Consolidated Financial Statements. The following table presents our operating results for the periods indicated as a percentage of revenue: [[GREPCENT_TABLE]] [["","","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["","","","2026","","","2025","","","2026","","","2025"],["Revenue","","","","100","%","","","100","%","","","100","%","","","100","%"],["Operating expenses:"],["Research and development","","","","19","","","","19","","","","18","","","","19"],["Selling, general and administrative","","","","32","","","","38","","","","30","","","","35"],["Amortization expense","","","","17","","","","16","","","","16","","","","16"],["Litigation expense","","","","6","","","","8","","","","6","","","","7"],["Total operating expenses","","","","74","","","","81","","","","70","","","","77"],["Operating income","","","","26","","","","19","","","","30","","","","23"],["Interest expense","","","","(8",")","","","(12",")","","","(8",")","","","(12",")"],["Other income and expense, net","","","","2","","","","2","","","","2","","","","2"],["Income before income taxes","","","","20","","","","9","","","","24","","","","13"],["Provision (benefit) for income taxes","","","","2","","","","(11",")","","","3","","","","(4",")"],["Net income","","","","18","%","","","20","%","","","21","%","","","17","%"]] [[/GREPCENT_TABLE]] The following table sets forth our revenue for the three and six months ended Jun [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1803696/000119312526076549/adea-20251231.htm Complete FY 2025 MD&A: /company/ADEA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to promote understanding of the results of operations and financial condition and should be read in conjunction with our consolidated financial statements and notes thereto. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons of 2025 against 2024. A discussion regarding 2023 items and year-to-year comparisons of 2024 against 2023 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The following discussion of our financial condition and results of operations should be read together with the audited consolidated financial statements and notes to the consolidated financial statements included elsewhere in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under “Risk Factors” in Part I, Item 1A above. Business Overview Adeia Inc. (formerly known as Xperi Holding Corporation) (“Adeia”, “we”) is a leading IP licensing platform in the consumer and entertainment space, with an extensive portfolio of media and semiconductor intellectual property and approximately 13,750 media and semiconductor patent assets worldwide. In order to serve an increasingly connected world, we invent, develop, and license fundamental innovations that enhance billions of devices and shape the way millions of people explore and experience entertainment. Our inventions are key enabling technologies that drive how consumers interact with entertainment and devices at home and on the go around the world. Our foundational technologies help elevate content and improve how audiences connect with it in a way that is more intelligent, immersive and personal. Our innovative solutions help power smart devices, entertainment experiences and more, and have created a unified ecosystem that reaches highly-engaged consumers and uncovered new business opportunities. Headquartered in Silicon Valley with more than 35 years of operating experience, we have approximately 150 full-time employees, with substantially all of our employees located in the U.S. Macroeconomic Conditions Macroeconomic conditions due to inflation, geopolitical instability and global health events have in the past, and may in the future have, an adverse impact on our business. For example, such conditions may cause volatility in the markets we serve, particularly the broad consumer electronics market. Impacts from adverse macroeconomic conditions may negatively impact our financial condition and results of operations, which could result in an impairment of our long-lived assets, including goodwill, and increased credit losses. Although a significant portion of our revenue is derived from fixed-fee and minimum-guarantee arrangements from large, well-capitalized customers, our per-unit and variable-fee based revenue will continue to be susceptible to global health concerns, outbreaks, pandemics, armed conflict, geopolitical factors, trade regulations and tariffs, market volatility, labor shortages, supply chain disruptions, microchip shortages, changes in demand for semiconductors and market downturns. Reportable Segments We operate and report in one segment: IP Licensing. We believe that this structure reflects our current operational and financial management and provides the best structure for us to focus on growth opportunities. Our Chief Executive Officer has been determined to be the Chief Operating Decision Maker (“CODM”) in consideration with the authoritative guidance on segment reporting. We primarily license our innovations to leading companies in the broader media entertainment and semiconductor industries, and those companies developing new technologies that will help drive these industries forward. Licensing arrangements include access to one or more of our foundational patent portfolios and may also include access to some portions of our industry-leading technologies and know-how. 31 Key Metrics In evaluating our financial condition and operating performance, we primarily focus on revenue and cash flows from operations. For the year ended December 31, 2025, as compared to the same period in 2024: • Revenue increased by $67.4 million, or 18%, from $376.0 million in 2024 to $443.4 million in 2025. • Recurring revenues increased by $9.8 million, or 3% from $341.5 million in 2024 to $351.3 million in 2025. • Non-recurring revenues increased by $57.4 million, or 166% from $34.6 million in 2024 to $92.0 million in 2025. • Cash provided by operating activities decreased by $54.4 million, or 26%, from $212.5 million in 2024 to $158.1 million in 2025. • We made $60.4 million in principal payments, bringing the outstanding balance to $426.7 million as of December 31, 2025. • We repurchased $20.0 million of our common stock in 2025. Results of Operations Revenue We derive the majority of our revenue from the licensing of our IP rights to customers. For our revenue recognition policy, including descriptions of revenue-generating activities, refer to “Note 4 – Revenue” of the Notes to Consolidated Financial Statements. The following table presents our historical operating results for the periods indicated as a percentage of revenue: [[GREPCENT_TABLE]] [["","","Years ended December 31,"],["","","2025","","","2024"],["Revenue","","","100","%","","","100","%"],["Operating expenses:"],["Research and development","","","15","","","","16"],["Selling, general and administrative","","","27","","","","27"],["Amortization expense","","","13","","","","19"],["Litigation expense","","","5","","","","4"],["Total operating expenses","","","60","","","","66"],["Operating income","","","40","","","","34"],["Interest expense","","","(9",")","","","(14",")"],["Other income and expense, net","","","1","","","","1"],["Loss on debt extinguishment","","","\u2014","","","","\u2014"],["Income before income taxes","","","32","","","","21"],["Provision for income taxes","","","7","","","","4"],["Net income","","","25","%","","","17","%"]] [[/GREPCENT_TABLE]] The following table sets forth our revenue by year (in thousands, except for percentages): [[GREPCENT_TABLE]] [["","","Years Ended December 31,","2025 vs. 2024"],["","","2025","","","2024","","","Increase","","","% Change"],["Revenue","","$","443,386","","","$","376,024","","","$","67,362","","","","18","%"]] [[/GREPCENT_TABLE]] The increase in revenue during the year ended December 31, 2025, as compared to the prior year, was primarily attributable to the execution of a new long-term license agreement with Disney in the fourth quarter of 2025, partially offset by a multi-year license agreement with Amazon in the fourth quarter of 2024. A portion of revenue from both license agreements was recognized up-front in the respective period each agreement was executed. 32 Recurring revenues for the years ended December 31, 2025 and 2024 were $351.3 million and $341.5 million, respectively. The increase of $9.8 million was driven primarily by the execution of license agreements with new customers in 2024 and 2025, and increased royalty revenue from certain semiconductor customers, which were partially offset by declines in royalty revenue from certain Pay-TV customers. Non-recurring revenues for the years ended December 31, 2025 and 2024 were $92.0 million and $34.6 million, respectively. The increase of $57.4 million was primarily attributable to the execution a new long-term license agreement with Disney in the fourth quarter of 2025, partially offset by a multi-year license agreement with Amazon in the fourth quarter of 2024. A portion of revenue from both license agreements was recognized up-front in the respective period each agreement was executed. Research and Development Research and development (“R&D”) costs consist primarily of personnel costs, stock-based compensation, outside engineering consulting expenses associated with new IP development, as well as costs related to patent applications and examinations, reverse engineering, materials, supplies and an allocation of facilities costs. All R&D costs are expensed as incurred. We intend to make a continued investment in our R&D efforts because we believe they are essential to grow our patent portfolios to secure new customers and renew agreements with existing customers. [[GREPCENT_TABLE]] [["","","Years Ended December 31,","","","2025 vs. 2024"],["","","2025","","","2024","","","Increase","","","% Change"],["Research and development","","$","67,519","","","$","59,598","","","$","7,921","","","","13","%"]] [[/GREPCENT_TABLE]] The increase in R&D costs during the year ended December 31, 2025, as compared to the prior year, was primarily due to an increase in patent portfolio expenses, patent technical support expenses, and an increase in personnel related costs. Selling, General and Administrative Selling, general and administrative (“SG&A”) expenses consist primarily of personnel costs, sales commission, advertising, branding activities, stock-based compensation, professional services, facilities costs, and expenses related to our executive, finance, human resource, legal, and information technology organizations. [[GREPCENT_TABLE]] [["","","Years Ended December 31,","","","2025 vs. 2024"],["","","2025","","","2024","","","Increase","","","% Change"],["Selling, general and administrative","","$","119,534","","","$","103,443","","","$","16,091","","","","16","%"]] [[/GREPCENT_TABLE]] The increase in SG&A expense during the year ended December 31, 2025, as compared to the prior year, was primarily due to increases in personnel related costs and advertising expense, partially offset by decreases in outside services. Amortization Expense [[GREPCENT_TABLE]] [["","","Years Ended December 31,","","","2025 vs. 2024"],["","","2025","","","2024","","","Decrease","","","% Change"],["Amortization expense","","$","56,621","","","$","70,721","","","$","(14,100",")","","","(20",")%"]] [[/GREPCENT_TABLE]] The decrease in amortization expense during the year ended December 31, 2025, as compared to the prior year, was primarily due to certain intangible assets becoming fully amortized during 2024. The decrease was partially offset by the acquisition of patent portfolios and the resulting amortization of those assets. Litigation Expense [[GREPCENT_TABLE]] [["","","Years Ended December 31,","","","2025 vs. 2024"],["","","2025","","","2024","","","Increase","","","% Change"],["Litigation expense","","$","24,709","","","$","13,653","","","$","11,056","","","","81","%"]] [[/GREPCENT_TABLE]] 33 The increase in litigation expense during the year ended December 31, 2025, as compared to the prior year, was primarily due to increased activity in current litigation matters. See Part I, Item 3. – Legal Proceedings for additional information regarding these matters. We expect that litigation expense will continue to be a significant portion of our operating expenses, as it is used to enforce and protect our IP and contract rights. Litigation expense may fluctuate between periods because of planned or ongoing litigation, as described in Part I, Item 3 – Legal Proceedings. Interest Expense [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ADEA/mda/fy2025/ All MD&A years: /company/ADEA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ADEA/mda/fy2024/): filed 2025-02-19; accession 0000950170-25-023148 (https://www.sec.gov/Archives/edgar/data/1803696/000095017025023148/adea-20241231.htm) - [FY 2023 MD&A](/company/ADEA/mda/fy2023/): filed 2024-02-23; accession 0000950170-24-019362 (https://www.sec.gov/Archives/edgar/data/1803696/000095017024019362/adea-20231231.htm) - [FY 2022 MD&A](/company/ADEA/mda/fy2022/): filed 2023-03-01; accession 0000950170-23-005437 (https://www.sec.gov/Archives/edgar/data/1803696/000095017023005437/adea-20221231.htm) - [FY 2021 MD&A](/company/ADEA/mda/fy2021/): filed 2022-02-24; accession 0001564590-22-006778 (https://www.sec.gov/Archives/edgar/data/1803696/000156459022006778/xper-10k_20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4841 Cable & Other Pay Television Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ADEA.md · JSON record: /company/ADEA.json · verified financials: /company/ADEA/financials.json / /company/ADEA/financials.csv · machine TOC for the whole site: /llms.txt