Filing Flows › Acacia Research (ACTG) › Q3 2025
Acacia Research (ACTG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Acacia Research (ACTG) reported revenue of $59.4M for the third quarter 2025 (Q3 2025), +155% from a year earlier and +16% from the quarter before. Operating margin was -10.8%, net loss $2.4M (4.0% of revenue).
Acacia Research, Q3 2025: revenue $59.4M (+155% year over year), operating margin -10.8%, net loss $2.4M, operating cash flow $9.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.4M | +16% | +155% |
| Operating profit | −$6.4M | — | — |
| Net earnings | −$2.4M | — | — |
| Operating cash flow | $9.5M | -81% | — |
| Free cash flow | $3.9M | -92% | — |
What changed
Revenue was $59.4M in Q3 2025, up 155% year over year and up 16% from the previous quarter. Air distribution was the largest line at 17% of revenue. Intellectual property operations added $7.3M year over year (up 1504%), 20% of the total change. Oil sales declined 26%.
Gross margin was 21.2%, up 11.1 points from a year earlier. Operating costs exceeded revenue by $6.4M, an operating margin of -10.8%. Operating expenses grew 51% against revenue growth of 155%. The quarter ended with a net loss of $2.4M, wider than the previous quarter's $1.4M loss. Non-operating items added $3.1M, -91% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $9.5M. Non-cash charges added back $10.8M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items used $770K. Capital expenditures of $5.6M left free cash flow of $3.9M.
Questions
What was Acacia Research's revenue in the third quarter 2025?
Acacia Research (ACTG) reported revenue of $59.4M for the third quarter 2025 (Q3 2025), +155% from a year earlier and +16% from the quarter before.
Was Acacia Research profitable in the third quarter 2025?
Operating loss was $6.4M (-10.8% of revenue) and net loss $2.4M.
Source: Acacia Research 10-Q on SEC EDGAR.