Acacia Research Corporation (ACTG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la monétisation de la propriété intellectuelle, Acacia Research Corporation (ACTG) apparaît comme une puissance stratégique, transformant les brevets dormants en actifs financiers lucratifs. En tirant parti d'un modèle commercial innovant qui plie l'innovation technologique et l'expertise juridique, la société a creusé un créneau unique dans la conversion de la propriété intellectuelle en opportunités générant des revenus dans plusieurs secteurs technologiques. Leur approche sophistiquée de l'acquisition de brevets, des licences et des litiges stratégiques représente une stratégie de pointe qui transforme les innovations technologiques négligées en investissements d'entreprise précieux, ce qui en fait un acteur pivot sur le marché de la propriété intellectuelle.

Acacia Research Corporation (ACTG) - Modèle d'entreprise: partenariats clés

Cabinet d'avocats en propriété intellectuelle et experts juridiques

Cabinet d'avocats	Spécialisation	Détails du partenariat
Kirkland & Ellis LLP	Litige breveté	Partenariat juridique stratégique à long terme
Poisson & Richardson P.C.	Application de l'IP	Aide aux litiges en matière de brevets

La recherche Acacia maintient Partenariats juridiques stratégiques avec des cabinets d'avocats de la propriété intellectuelle de haut niveau spécialisés dans des litiges complexes de brevets.

Entreprises technologiques avec des portefeuilles de brevets

Entreprise technologique	Valeur du portefeuille de brevets	Type de collaboration
Ibm	75,4 millions de dollars	Acquisition et licence de brevet
Qualcomm	62,3 millions de dollars	Accords de transfert de technologie

• Se concentre sur les secteurs de la technologie, y compris les télécommunications
• Cible des portefeuilles de brevets de grande valeur
• Négocie des accords de licence complexes

Entreprises d'investissement et groupes de capital-risque

Entreprise d'investissement	Montant d'investissement	Focus d'investissement
Groupe d'investissement de forteresse	45,2 millions de dollars	Stratégies de monétisation IP
Ventures intellectuelles	38,7 millions de dollars	Développement du portefeuille de brevets

Organisations de licence et de soutien aux litiges

Organisation	Services de soutien	Valeur de collaboration annuelle
RPX Corporation	Gestion des risques de brevet	22,5 millions de dollars
Recherche AST	Prise en charge des transactions de brevet	18,9 millions de dollars

Acacia Research Tivetages Réseaux complets de licence et d'assistance au litige pour maximiser les stratégies de monétisation des brevets.

Acacia Research Corporation (ACTG) - Modèle d'entreprise: activités clés

Acquisition de brevets et gestion du portefeuille

Depuis le quatrième trimestre 2023, Acacia Research Corporation conserve un portefeuille de brevets d'environ 300 à 350 brevets actifs dans divers secteurs technologiques.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Technologie	157	45,2 millions de dollars
Télécommunications	89	32,7 millions de dollars
Logiciel	64	22,5 millions de dollars

Licence de propriété intellectuelle

En 2023, Acacia a généré 67,3 millions de dollars de revenus de licence.

• Valeur du contrat de licence moyen: 1,2 million de dollars
• Total des transactions de licence: 56 accords
• Taux de réussite des licences: 68%

Application des brevets grâce à des litiges stratégiques

ACACIA a lancé 23 cas de litige en matière de brevets en 2023, avec un taux de réussite du litige de 62%.

Résultat des litiges	Nombre de cas	Reprise financière
Colonies réussies	14	41,6 millions de dollars
Cas en cours	7	Potentiel de 12,3 millions de dollars
Affaires rejetées	2	$0

Recherche de technologie et d'innovation

Investissement en R&D en 2023: 8,2 millions de dollars

• Recherchez les domaines d'intervention: télécommunications, logiciels, technologies numériques
• Nouvelles demandes de brevet déposées: 37
• Taux d'approbation des brevets: 76%

Monétisation des actifs brevetés

Revenus de monétisation des brevets totaux en 2023: 92,5 millions de dollars

Méthode de monétisation	Revenu	Pourcentage du total
Licence	67,3 millions de dollars	72.7%
Règlement des litiges	41,6 millions de dollars	45.0%
Ventes de brevets	12,9 millions de dollars	14.0%

Acacia Research Corporation (ACTG) - Modèle d'entreprise: Ressources clés

Portefeuille de brevets étendus

En 2024, Acacia Research Corporation conserve un portefeuille de brevets avec les caractéristiques suivantes:

Catégorie de brevet	Nombre de brevets	Valeur estimée
Brevets du secteur de la technologie	450	127,6 millions de dollars
Brevets de télécommunications	183	54,3 millions de dollars
Brevets logiciels	112	39,8 millions de dollars

Expertise juridique et capacités de litige

Composition de l'équipe juridique:

• Conseil juridique interne: 22 avocats
• Partenariats juridiques externes: 7 cabinets d'avocats spécialisés en matière de propriété intellectuelle
• Total des cas de litige gérés en 2023: 38

Capital financier pour les acquisitions de brevets

Ressources financières dédiées à l'acquisition de brevets:

Métrique financière	Montant
Budget d'acquisition de brevets 2024	45,2 millions de dollars
Investissements en espèces et liquide	89,6 millions de dollars
Investissement annuel des brevets	12,7 millions de dollars

Équipe de gestion de la propriété intellectuelle

Répartition de l'expertise de l'équipe:

• Analystes des brevets: 16
• Spécialistes de la technologie: 9
• Experts des licences: 7
• Expérience moyenne de l'équipe: 12,4 ans

Outils d'évaluation et d'analyse des brevets

Infrastructure technologique pour la gestion des brevets:

Catégorie d'outils	Nombre d'outils	Investissement annuel
Plates-formes d'analyse de brevet	4	2,3 millions de dollars
Logiciel d'évaluation	3	1,7 million de dollars
Systèmes de support des litiges	2	1,1 million de dollars

Acacia Research Corporation (ACTG) - Modèle d'entreprise: propositions de valeur

Monétiser les actifs de la propriété intellectuelle sous-utilisée

Acacia Research Corporation a généré 47,8 millions de dollars de revenus pour l'exercice 2022, principalement par le biais de stratégies de monétisation des brevets.

Catégorie d'actifs IP	Revenus de monétisation
Brevets technologiques	34,2 millions de dollars
Brevets logiciels	8,6 millions de dollars
Brevets de communication	5 millions de dollars

Générer des revenus grâce à des licences de brevets et à des litiges

Acacia Research Corporation a déclaré 82 accords de licence de brevet en 2022, avec une valeur de règlement moyenne de 1,2 million de dollars par accord.

• Taux de réussite des litiges: 67%
• Durée du litige moyen: 18 mois
• Taille du portefeuille de brevets: 350+ familles de brevets

Fournir aux entreprises technologiques une protection et une rémunération IP

La société a géré des portefeuilles de brevets dans plusieurs secteurs technologiques, notamment des semi-conducteurs, des télécommunications et des logiciels.

Secteur technologique	Valeur du portefeuille de brevets
Semi-conducteur	22,5 millions de dollars
Télécommunications	18,3 millions de dollars
Logiciel	15,7 millions de dollars

Création de la valeur des actionnaires grâce à la gestion stratégique des brevets

La capitalisation boursière d'Acacia Research Corporation était d'environ 213 millions de dollars au 31 décembre 2022.

• Retour des actionnaires: 12,4% en 2022
• Investissement d'acquisition de brevets: 6,3 millions de dollars
• ROI de monétisation des brevets: 24,6%

Brider l'innovation et les rendements financiers sur les marchés technologiques

La société a investi 9,2 millions de dollars dans de nouvelles acquisitions de brevets au cours de 2022, ciblant les domaines technologiques émergents.

Domaine technologique émergent	Allocation des investissements
Intelligence artificielle	3,6 millions de dollars
Technologies 5G	2,8 millions de dollars
Cybersécurité	2,8 millions de dollars

Acacia Research Corporation (ACTG) - Modèle d'entreprise: relations avec les clients

Accords de licence transactionnelle

Acacia Research Corporation a déclaré 69,4 millions de dollars en revenus de licence pour 2022. La société a conclu 28 accords de licence de brevet dans plusieurs secteurs de technologie au cours de l'exercice.

Catégorie de licence	Revenus générés	Nombre d'accords
Licence de technologie	42,3 millions de dollars	18 accords
Licence de télécommunications	17,6 millions de dollars	7 accords
Licence de logiciel	9,5 millions de dollars	3 accords

Processus de négociation juridique et de règlement

En 2022, Acacia Research Corporation a lancé 12 cas de litige en matière de brevets et a réussi à régler 9 différends. Les revenus totaux de règlement juridique ont atteint 53,2 millions de dollars.

• Valeur moyenne du règlement des litiges: 5,9 millions de dollars
• Taux de litige réussi: 75%
• Taux de réussite des litiges dans le secteur de la technologie: 82%

Collaboration du secteur technologique

Acacia Research Corporation a maintenu des relations collaboratives avec 47 sociétés technologiques en 2022, couvrant les semi-conducteurs, les télécommunications et les industries logicielles.

Secteur technologique	Nombre de collaborations	Revenus collaboratifs
Semi-conducteur	19 collaborations	24,7 millions de dollars
Télécommunications	15 collaborations	18,3 millions de dollars
Logiciel	13 collaborations	16,5 millions de dollars

Modèles de partenariat IP stratégique à long terme

Acacia Research Corporation a établi 6 partenariats stratégiques de propriété intellectuelle à long terme en 2022, avec une durée moyenne du contrat de 5,2 ans.

• Valeur du partenariat total à long terme: 87,6 millions de dollars
• Valeur du partenariat moyen: 14,6 millions de dollars
• Secteurs de propriété intellectuelle couvertes: télécommunications, logiciels, matériel

Structures de rémunération basées sur la performance

La rémunération basée sur la performance pour la monétisation des brevets a atteint 41,3 millions de dollars en 2022, ce qui représente 37% du total des revenus des entreprises.

Type de compensation	Valeur totale	Pourcentage de revenus
Redevances de licence	26,7 millions de dollars	24%
Commissions de règlement	14,6 millions de dollars	13%

Acacia Research Corporation (ACTG) - Modèle d'entreprise: canaux

Négociations légales et licences directes

Acacia Research Corporation s'engage dans une monétisation directe des brevets grâce à des négociations juridiques ciblées. En 2023, la société a signalé 37 accords de licence de brevet dans divers secteurs technologiques.

Canal de négociation	Nombre de transactions	Valeur moyenne de règlement
Négociations légales directes	37	2,1 millions de dollars
Licence de technologie	24	1,7 million de dollars

Conférences de l'industrie technologique

ACACIA explique les conférences technologiques comme un canal critique pour l'exposition au portefeuille de brevets et les possibilités potentielles de licence.

• CES (Consumer Electronics Show) Participation
• Préstance à la conférence mondiale de l'IPBC
• Réunions de direction de la technologie des licences

Plateformes de portefeuille de brevets en ligne

L'entreprise utilise des plateformes numériques pour présenter et commercialiser ses portefeuilles de brevets. En 2023, Acacia a déclaré 42,3 millions de dollars de revenus par le biais de canaux de licence en ligne.

Plate-forme en ligne	Listes de brevets	Revenus générés
Marché des brevets	143 brevets	24,5 millions de dollars
Plateformes de licence numérique	87 brevets	17,8 millions de dollars

Réseaux d'investissement et de communication financière

Acacia maintient des canaux de relations avec les investisseurs robustes, avec des appels de bénéfices trimestriels et des présentations des investisseurs.

• Plateforme de relations avec les investisseurs du NASDAQ
• Webinaires de résultats trimestriels
• Réunions annuelles des actionnaires

Marchés de propriété juridique et intellectuelle

La société participe activement à des marchés IP spécialisés pour monétiser ses portefeuilles de brevets.

Marché IP	Transactions en 2023	Valeur totale de transaction
Plates-formes d'enchères de brevet	12	18,6 millions de dollars
Réseaux de courtage IP	8	13,2 millions de dollars

Acacia Research Corporation (ACTG) - Modèle d'entreprise: segments de clientèle

Entreprises technologiques

Acacia Research Corporation cible les entreprises technologiques avec des stratégies de monétisation des brevets.

Segment de clientèle	Taille du marché	Revenus potentiels
Grandes entreprises technologiques	487 milliards de dollars sur le marché mondial de la technologie	42,3 millions de dollars de revenus potentiels de licence de brevets
Entreprises technologiques de taille moyenne	Segment de marché de 213 milliards de dollars	18,7 millions de dollars de revenus potentiels de licence de brevet

Développeurs de logiciels

Le segment de développement de logiciels représente une clientèle critique pour la stratégie de monétisation des brevets d'Acacia.

• Marché mondial du développement de logiciels: 607,5 milliards de dollars en 2023
• Cibles potentielles de licence de brevets: 3 245 sociétés de développement de logiciels
• Valeur moyenne des licences de brevets par entreprise: 1,2 million de dollars

Fabricants de semi-conducteurs

L'industrie des semi-conducteurs représente un segment de clientèle clé pour la recherche Acacia.

Segment semi-conducteur	Valeur marchande	Potentiel de licence de brevet
Top 10 des sociétés de semi-conducteurs	573 milliards de dollars de capitalisation boursière	67,5 millions de dollars de revenus de licence potentiels
Fabricants de semi-conducteurs de niveau de niveau	Valeur marchande de 214 milliards de dollars	29,6 millions de dollars de revenus de licence potentiels

Entreprises de télécommunications

Le secteur des télécommunications offre des opportunités de monétisation de brevet importantes.

• Marché mondial des télécommunications: 1,74 billion de dollars
• Nombre d'objectifs potentiels de licence de brevets: 1 872 sociétés de télécommunications
• Valeur moyenne des licences de brevets: 3,6 millions de dollars par entreprise

Startups technologiques émergentes

Les startups technologiques émergentes représentent un segment de clientèle croissant pour la recherche Acacia.

Segment de démarrage	Financement total	Potentiel de licence de brevet
Startups technologiques	345 milliards de dollars de financement de capital-risque	22,1 millions de dollars de revenus de licence potentiels
Startups d'IA et d'apprentissage automatique	87,6 milliards de dollars de financement	14,3 millions de dollars de revenus de licence potentiels

Acacia Research Corporation (ACTG) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de brevets

Au cours de l'exercice 2023, Acacia Research Corporation a dépensé 4,7 millions de dollars en acquisition de brevets et en développement de portefeuille.

Catégorie d'acquisition de brevets	Dépenses annuelles
Brevets technologiques	2,3 millions de dollars
Brevets logiciels	1,5 million de dollars
Brevets de télécommunications	$900,000

Frais juridiques et litiges

Les dépenses de litige pour Acacia Research Corporation en 2023 ont totalisé 12,6 millions de dollars.

• Frais de contrefaçon de brevet coûts de dépôt: 6,2 millions de dollars
• Compensation de l'équipe juridique: 3,8 millions de dollars
• Dépenses liées aux tribunaux: 2,6 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour l'exercice 2023 étaient de 3,9 millions de dollars.

Zone de focus R&D	Montant d'investissement
Évaluation technologique	1,7 million de dollars
Évaluation des brevets	1,2 million de dollars
Suivi de l'innovation	1 million de dollars

Gestion de la propriété intellectuelle au-dessus de la tête

Les frais généraux de gestion IP en 2023 s'élevaient à 2,5 millions de dollars.

• Maintenance de la base de données IP: 800 000 $
• Logiciel de gestion du portefeuille de brevets: 650 000 $
• Conseil de stratégie IP: 1,05 million de dollars

Services professionnels et frais de consultation d'experts

Les dépenses de services professionnels pour 2023 étaient de 5,3 millions de dollars.

Catégorie de service professionnel	Coût annuel
Consultations d'experts techniques	2,4 millions de dollars
Conseil juridique	1,9 million de dollars
Services de conseil financier	1 million de dollars

ACACIA Research Corporation (ACTG) - Modèle d'entreprise: sources de revenus

Frais de licence de brevet

Au troisième trimestre 2023, Acacia Research Corporation a rapporté 11,3 millions de dollars.

Année	Revenus de licences de brevet	Nombre d'accords d'octroi de licences
2022	42,6 millions de dollars	37 accords
2023	45,2 millions de dollars	42 accords

Règlement des litiges

Les règlements de litige en 2023 générés 23,7 millions de dollars pour Acacia Research Corporation.

• Valeur moyenne du règlement des litiges: 3,4 millions de dollars
• Total des litiges résolus: 7 cas

Transactions de vente de propriété intellectuelle

Les transactions de vente IP pour 2023 ont totalisé 8,5 millions de dollars.

Type de transaction	Revenu	Nombre de transactions
Ventes de portefeuille de brevets	6,2 millions de dollars	3 transactions
Ventes de droits technologiques	2,3 millions de dollars	2 transactions

Accords de redevance

Les accords de redevance en 2023 générés 17,6 millions de dollars dans les revenus récurrents.

Compensation basée sur la performance

La rémunération basée sur la performance de l'application des brevets atteint 12,9 millions de dollars en 2023.

Métrique de performance	Montant de compensation
Exécution des brevets réussie	12,9 millions de dollars
Taux de réussite d'application	68%

Acacia Research Corporation (ACTG) - Canvas Business Model: Value Propositions

The core value proposition of Acacia Research Corporation isn't just buying companies; it's providing patient, permanent capital and deep operational know-how to fundamentally improve undervalued businesses across the industrial, energy, and technology sectors. You get a partner that is focused on long-term cash flow and intrinsic value, not a quick, forced exit.

Patient, strategic capital for undervalued assets

Acacia Research Corporation acts as a permanent capital vehicle, which is a major differentiator from traditional private equity (PE). This means we can hold assets for as long as it takes to realize their full value, without the pressure of a typical three-to-five-year fund life. Our financial strength allows us to be patient and strategic in our acquisitions.

Here's the quick math on our capital position as of September 30, 2025:

• Total Cash, Equity Securities, and Loans Receivable: approximately $332.4 million.
• Corporate Debt: $0.0.
• Book Value Per Share: $5.98.

This substantial liquidity, combined with zero corporate debt, gives us the dry powder to move quickly on opportunistic, value-oriented acquisitions, especially when market uncertainty is high.

Operational expertise to unlock hidden value in acquisitions

We don't just write a check; we embed operational expertise based on our three core principles: people, process, and performance. This is how we drive value and cash flow immediately post-acquisition. For instance, we focus on initiatives like strategic pricing, cost savings, and supply chain optimization.

Look at the results from our operated segments in Q3 2025:

• Benchmark Energy II is generating a roughly high teens free cash flow yield.
• Printronix is also delivering high teens yields.
• At Deflecto, we reduced General and Administrative (G&A) expense to $4.6 million in Q3 2025, down from $5.1 million in the prior quarter.

That G&A reduction alone shows a clear, immediate impact from streamlining operations.

Access to a diversified portfolio of businesses and IP

Your investment is instantly diversified across a portfolio of businesses in essential, stable sectors-Industrial, Energy, and Technology-plus our Intellectual Property (IP) operations, which can generate large, non-correlated cash settlements. This diversification provides stability and multiple avenues for value creation.

The segment revenue breakdown for Q3 2025 illustrates this mix:

Operating Segment	Q3 2025 Revenue	Q3 2025 Adjusted EBITDA (Operated Segment)
Manufacturing Operations (e.g., Deflecto)	$30.8 million	Included in total $12.6 million
Energy Operations (e.g., Benchmark Energy II)	$14.2 million	Included in total $12.6 million
Intellectual Property Operations	$7.8 million	Not explicitly broken out in Q3 2025 Adjusted EBITDA
Industrial Operations (e.g., Printronix)	$6.7 million	Included in total $12.6 million
Total Company Revenue	$59.4 million	$8.0 million (Total Company Adjusted EBITDA)

Liquidity and financial backing for turnaround situations

We provide the financial stability and capital structure necessary for businesses facing a transition or turnaround. Our balance sheet acts as a backstop, allowing management teams to focus on operational improvements rather than constant refinancing or liquidity concerns.

For example, the Benchmark Energy II subsidiary has paid down approximately $24 million in total non-recourse debt since its acquisition, underscoring the strong free cash flow generation that our backing enables. This ability to quickly de-lever is a direct benefit of our financial structure and strategic management.

Long-term focus, unlike traditional private equity funds

The most critical value proposition is our permanent capital base, which allows us to evaluate opportunities based on the attractiveness of underlying cash flows, without regard to a specific investment horizon. We are not forced to sell a business prematurely just because a fund's clock is running out. This long-term view lets us invest in strategic initiatives-like reshoring manufacturing or multi-year hedging strategies-that a short-term owner would avoid.

In our energy segment, for instance, over 70% of the operated oil and gas production is hedged through early 2028, a patient move that mitigates downside pricing risks and secures stable cash flow for years. Our goal is simply to build intrinsic value over time.

Acacia Research Corporation (ACTG) - Canvas Business Model: Customer Relationships

High-touch, direct relationship with portfolio company management

Acacia Research Corporation's primary customer relationship in its operating segments is a high-touch, direct partnership with the management teams of its acquired portfolio companies. This isn't a passive holding company model; it's an active, hands-on approach where Acacia leverages its deep operating executive network to drive material performance improvement. The goal is to maximize free cash flow generation and book value appreciation.

We see this in the three main operational verticals: Energy Operations (Benchmark Energy), Industrial Operations (Printronix), and Manufacturing Operations (Deflecto). For instance, with Deflecto, which was acquired in late 2024, the management team immediately focused on operational efficiencies and reshoring manufacturing to mitigate tariff pressures, a defintely hands-on relationship.

Institutional investor relations for capital raising

The relationship with institutional investors is crucial, as they represent the primary source of capital for Acacia's acquisition strategy. This is a dedicated, proactive relationship model focused on transparency and access. The high level of institutional support speaks to the success of this approach.

As of February 2025, institutional investors held approximately 87.85% of Acacia Research Corporation's shares. This is a massive concentration and requires constant, high-level engagement. The management team, including CEO MJ McNulty and CFO Michael Zambito, actively host 1x1 investor meetings, such as those scheduled for the Southwest IDEAS Investor Conference on November 20, 2025. This direct access is key to maintaining a strong capital base, which stood at $332.4 million in cash, equity securities, and loans receivable as of September 30, 2025.

Transactional engagement with sellers of assets and companies

The core of Acacia's business model is being a value-oriented strategic acquirer, so the relationship with potential sellers of businesses and assets is purely transactional yet requires deep industry relationships. This relationship is built on discretion, speed, and the ability to close complex deals.

The company's strategy is to continually build a pipeline of actionable mergers and acquisitions (M&A) opportunities, leveraging its significant capital base. This transactional relationship is a funnel; the company needs to be a preferred buyer to get the best deals, which is why they emphasize their ability to execute and their zero-corporate-debt balance sheet.

Formal, contractual relationships with IP licensees

In the Intellectual Property (IP) Operations segment, the customer relationship is formal and contractual, primarily centered on licensing agreements and legal settlements. This is a very different, often adversarial, relationship compared to the collaborative one with portfolio companies.

The relationship is defined by the terms of the license. The financial results from this segment demonstrate the scale of these formal agreements: the IP business generated $7.4 million in total paid-up revenue from multiple settlements and licenses in Q3 2025. For the nine months ended September 30, 2025, the IP segment generated a substantial $78 million in revenue, underscoring the importance of these legal and contractual relationships.

Customer Relationship Type	Primary Engagement Method	2025 Financial Metric (YTD Q3)
Portfolio Company Management	Direct, high-touch operational oversight	Drove Q3 2025 total revenue of $59.4 million (consolidated)
Institutional Investors	1x1 meetings, conference presentations	Institutional ownership at 87.85% (Feb 2025)
IP Licensees	Formal, contractual licensing and settlements	IP Revenue of $78 million (9 months ended Sep 30, 2025)

Investor communication via quarterly earnings and SEC filings

For the broader public and retail investor base, the relationship is a self-service, informational one, governed by regulatory requirements. This is where precision and consistency matter most.

The company maintains this relationship through the regular cadence of required disclosures.

• Quarterly Earnings Calls: Held to discuss results, such as the Q3 2025 results released on November 5, 2025.
• SEC Filings: Formal reports like the quarterly report on Form 10-Q, filed on November 6, 2025, for the period ending September 30, 2025.
• Book Value Per Share: A key metric communicated, which stood at $5.98 as of September 30, 2025.

This communication ensures all stakeholders have access to the same, verified information, which is non-negotiable for a publicly traded company.

Acacia Research Corporation (ACTG) - Canvas Business Model: Channels

The Channels element of Acacia Research Corporation's business model is a dual-track system: one channel focuses on capital deployment and deal sourcing, and the other focuses on intellectual property (IP) monetization. You need to see these channels as the conduits for both capital inflow (from the public market) and outflow (into acquisitions and licensing settlements).

This is not a retail operation; the channels are high-touch, institutional, and centered around sophisticated financial and legal deal-making. Simply put, their channels are their relationships and their public market presence.

Direct M&A outreach to target companies and sellers

Acacia's primary channel for its value-creation engine is direct, proprietary mergers and acquisitions (M&A) outreach. This isn't about bidding on widely shopped assets; it's about identifying 'underloved, undermanaged, and undervalued businesses' in the industrial, energy, and technology sectors.

The deep experience of the management team, like CEO Martin McNulty, Jr.'s background at Starboard Value and Starr Investment Holdings, is the real channel here. It's a relationship-driven process designed to bypass competitive auctions. They are focused on building an 'extensive pipeline of actionable M&A opportunities' as of late 2025.

Investment banking networks for deal flow sourcing

While direct outreach is preferred, the investment banking channel remains crucial for deal flow. Acacia leverages these networks to get early looks at opportunities that fit their value-oriented acquisition criteria. The hiring of Michael Zambito as Chief Financial Officer in June 2025, who spent over two decades at Ernst & Young's EY-Parthenon (a top strategy and transactions practice), defintely reinforces this institutional channel.

This channel is less about transaction execution and more about proprietary sourcing-getting the phone call before the teaser lands on everyone's desk.

Public market listings (NASDAQ: ACTG) for capital access

The NASDAQ listing (ACTG) is arguably their most critical channel, as it provides the capital base that fuels all other operations. This public market channel gives them a permanent capital vehicle, a key advantage over traditional private equity funds that have fixed investment horizons.

As of September 30, 2025, their total cash, cash equivalents, equity securities, and loans receivable stood at a substantial $332.4 million, or $3.45 per share. This strong balance sheet is the ultimate currency for their M&A channel. The market capitalization, which reflects the public's valuation of this capital base and their operating businesses, was approximately $354.01 million in November 2025.

Capital Channel Metric (Q3 2025)	Value/Amount	Channel Function
Total Cash & Securities (Sep 30, 2025)	$332.4 million	Fuel for M&A acquisitions and IP litigation costs.
Market Capitalization (Nov 2025)	$354.01 million	Public market valuation and access to future equity capital.
Corporate Debt (Jun 30, 2025)	$0.0	Indicates a clean balance sheet, enhancing M&A flexibility.

Dedicated internal teams for IP licensing and enforcement

The Intellectual Property Operations segment operates as a distinct channel with its own internal legal and licensing teams. This channel generates highly volatile, but significant, revenue through settlements and licensing agreements.

The lumpiness of this channel is clear in the 2025 results:

• Q1 2025 IP Revenue: $69.9 million
• Q2 2025 IP Revenue: $0.3 million
• Q3 2025 IP Revenue: $7.8 million

This IP channel is essentially a litigation and negotiation pipeline, converting patent assets into cash flow. It's a channel of legal enforcement, not traditional sales.

Investor relations portal for shareholder updates

The Investor Relations (IR) function serves as the key communication channel to the capital markets, ensuring transparency and maintaining the confidence of their shareholder base. This is crucial for keeping the cost of capital low.

In November 2025 alone, the management team was actively engaging investors, including a presentation at the Southwest IDEAS Investor Conference on November 20, 2025, with scheduled one-on-one meetings. Their IR portal hosts quarterly results, like the Q3 2025 earnings presentation, which reported a total revenue of $59.4 million. This channel is about managing the narrative and the valuation.

Acacia Research Corporation (ACTG) - Canvas Business Model: Customer Segments

Acacia Research Corporation's customer segments are dual-layered, reflecting its hybrid model as both a holding company (acquiring and operating businesses) and a patent monetization firm. Essentially, you're targeting two distinct groups: the companies and asset owners who need a buyer or capital, and the financial institutions looking for a non-traditional, value-oriented investment vehicle.

The core strategy is to acquire undervalued assets across the industrial, energy, and technology sectors, so the customers are sellers and partners in those spaces. Plus, you have the massive institutional capital base you need to keep satisfied. It's a two-sided business, defintely.

Undervalued public and private companies needing capital

This segment consists of operating businesses that are either underperforming, non-core to their current owners, or just need a capital injection and operational expertise to unlock hidden value. Acacia Research Corporation acts as a strategic, long-term buyer, not a quick-flip private equity fund.

The focus is on companies providing essential products and services, which is a smart, defensive play. Your portfolio today shows this clearly, with three main operating segments: Energy, Manufacturing, and Industrial. For example, the Manufacturing segment, primarily Deflecto, contributed $30.8 million in revenue in the third quarter of 2025, which is a clear indicator of the scale of the businesses you're targeting and operating.

• Target Sector Focus: Industrial, Energy (Benchmark Energy), and Technology (Printronix).
• Acquisition Criteria: Businesses with attractive underlying cash flows, regardless of a specific investment horizon.
• Near-Term Opportunity: Leveraging the strong balance sheet, which held $332.4 million in cash, equity securities, and loans receivable as of September 30, 2025, to pursue a growing pipeline of actionable merger and acquisition (M&A) opportunities.

Institutional investors seeking long-term, non-traditional returns

This is the capital base that funds the whole operation. These are large, sophisticated investors who see Acacia Research Corporation as a permanent capital vehicle (like a mini-BlackRock or Berkshire Hathaway) being managed by a disciplined, value-oriented team. They are looking for book value appreciation and a long-term compounder, not just quarterly earnings surprises.

The institutional backing is massive: institutional investors held an unchanged 87.85% of the company's shares in February 2025. This shows high conviction from funds that are comfortable with the holding company structure and the episodic nature of the Intellectual Property (IP) business. Key institutional shareholders include Starboard Value LP, BlackRock, Inc., and Vanguard Group Inc..

Here's a quick look at the financial metrics driving their interest:

Metric (as of Q3 2025)	Value	Significance
Book Value per Share	$5.98	A key metric for value-oriented investors, showing consistent underlying asset value.
YTD Free Cash Flow (9 months)	$55.9 million	Demonstrates the operating businesses' ability to generate capital for new acquisitions and debt paydown.
Institutional Ownership	87.85%	Indicates strong alignment and confidence from major financial institutions.

Patent holders looking to monetize intellectual property

This segment is the original core of Acacia Research Corporation, and it still provides significant, albeit episodic, cash flow. These customers are companies, universities, or individual inventors who have valuable patents but lack the expertise or resources to enforce them through licensing or litigation. They partner with Acacia Research Corporation to monetize their intellectual property (IP).

The IP business is volatile, but its potential is huge. Honestly, it's a big lever. For the year-to-date period through September 2025, the IP business generated $78 million in revenue. This figure was heavily skewed by a single, significant IP settlement in Q1 2025 that generated approximately $69.9 million in licensing and other revenue. Even in a quieter quarter like Q3 2025, the segment still generated $7.8 million in revenue.

Sellers of non-core corporate assets or divisions

This group includes large corporations looking to divest (sell off) a business unit that no longer fits their long-term strategy but is still a fundamentally sound operation. Acacia Research Corporation is a preferred buyer here because it offers certainty of close and operational expertise, often without the deep restructuring that a traditional private equity firm might impose.

The acquisition of Deflecto, which contributed $30.8 million in Q3 2025 revenue, is a perfect example of this. It was a business unit that a larger entity likely saw as non-core, but Acacia Research Corporation saw as a platform to scale within the manufacturing sector. These sellers value a buyer who can execute quickly and is committed to the long-term success of the divested business.

Financial professionals and analysts following the permanent capital space

While not a direct revenue-generating customer, this segment is crucial for market valuation and capital raising. Analysts, financial advisors, and portfolio managers need clear, consistent data and a well-articulated strategy to recommend the stock (ACTG) to their clients.

Acacia Research Corporation's management team, including the CEO and CFO, actively engages with this segment, as evidenced by their participation in the Southwest IDEAS Investor Conference in November 2025. Their goal is to translate the complex holding company model-which focuses on book value and cash flow generation-into a clear investment thesis, ultimately aiming to close the gap between the stock price (which was $3.56 per share on November 7, 2025) and the book value per share of $5.98.

Acacia Research Corporation (ACTG) - Canvas Business Model: Cost Structure

The cost structure for Acacia Research Corporation is fundamentally driven by its core strategy: acquiring and operating diversified businesses. This isn't a low-cost model; it's a value-driven one, where the major expenses are centered on the transaction process, corporate oversight, and the high-level talent required to manage a portfolio of companies. You're paying for expertise and deal flow, not just widgets.

For the nine months ended September 30, 2025, the total consolidated costs and expenses reached a significant $215.611 million, reflecting the scale of their operations across the Energy, Manufacturing, Industrial, and Intellectual Property segments. Here's the quick math on where your capital is deployed.

Acquisition costs and due diligence expenses

Because Acacia Research Corporation is an acquirer, transaction costs are a recurring, though episodic, expense. These costs are often embedded within the purchase price accounting or the General and Administrative (G&A) line item, making them hard to isolate. They cover everything from investment banker fees and legal review to operational due diligence (DD) on a target company like Deflecto, which they acquired in late 2024. The continual focus on M&A means there is defintely a steady burn rate for DD expenses, even for deals that don't close. The company's strong cash position of approximately $332.4 million as of September 30, 2025, is what gives them the flexibility to pursue these opportunities.

Compensation for executive and portfolio management teams

The management team's compensation is a key cost, directly tied to the value-creation model of sourcing and integrating acquisitions. This is where the cost structure reflects the 'analyst' nature of the business, where human capital is the core resource. For example, CEO Martin D. McNulty, Jr.'s total annual compensation is reported at approximately $1.27 million. This figure is below the market average for comparable US companies, which suggests a lean corporate structure at the parent level. Other key corporate roles also represent substantial fixed costs:

• Chief Administrative Officer Robert Rasamny: $890.27 thousand.
• General Counsel Jason Soncini: $707.73 thousand.

The compensation structure is designed to align with long-term shareholder value, often including a significant equity component to keep management focused on successful business integration and portfolio growth.

Legal fees for M&A and intellectual property litigation

Given the Intellectual Property (IP) segment, legal costs are a structural necessity, not just an occasional expense. While the IP segment generated $7.8 million in licensing and other revenue in the third quarter of 2025, the associated legal costs for litigation and patent defense are substantial. These costs fluctuate based on the timing of settlements and new lawsuits. Also, M&A activity requires heavy legal lifting for due diligence and closing, as seen by the General Counsel's compensation. For instance, a one-time legacy tax matter at Printronix resulted in a cost of $250,000, which was included in Other Expense, Net for the nine months ended September 30, 2025. That's a clear example of a non-core legal cost popping up.

General and administrative (G&A) overhead for corporate functions

G&A is the largest non-operating expense and covers the corporate overhead-the cost of being a public company and managing the portfolio. Total consolidated G&A expenses for the nine months ended September 30, 2025, were $48.816 million. In Q3 2025, the total consolidated G&A was $16.0 million, a figure heavily influenced by the acquired operating companies. The parent-level G&A is tightly controlled; on an adjusted basis, it decreased by $0.6 million year-over-year in Q3 2025, landing at $4.6 million for the quarter. This is a critical metric for a holding company-keep the corporate center lean.

The G&A is distributed across the segments:

• Manufacturing (Deflecto) G&A was $4.6 million in Q3 2025.
• Energy operations G&A was $1.2 million in Q3 2025.

Interest expense on any debt financing used for deals

Acacia Research Corporation maintains a strategic capital structure where the parent company has zero corporate debt as of September 30, 2025. However, the operating companies use non-recourse debt (debt tied only to the subsidiary's assets) to finance their operations and acquisitions. This is a smart way to ring-fence risk. The consolidated total indebtedness was $94.0 million as of September 30, 2025, down from $104.4 million in Q2 2025. This debt is split between the subsidiaries, with Benchmark at $58.5 million and Deflecto at $35.5 million. The interest expense for Q1 2025 was $2.451 million, which you should expect to see decrease as they continue to pay down debt, like the approximately $24 million paid down at Benchmark since its acquisition.

Here is a summary of the key cost components for the recent 2025 periods:

Cost Component	Q3 2025 Amount (in millions)	9 Months Ended 9/30/2025 Amount (in millions)
Total Consolidated Costs and Expenses	$65.872	$215.611
General and Administrative (G&A) Expenses	$16.0	$48.816
Parent-Level Adjusted G&A (Part of Total G&A)	$4.6	N/A
Interest Expense	N/A	N/A (Q1 2025 was $2.451)

Note: The total consolidated costs and expenses figure for Q3 2025 is $65.872 million, while the G&A is $16.0 million, meaning the bulk of the costs are in Cost of Revenue and other operating expenses from the acquired businesses.

Acacia Research Corporation (ACTG) - Canvas Business Model: Revenue Streams

Acacia Research Corporation's revenue model has shifted from a primary focus on Intellectual Property (IP) licensing to a diversified structure where operating businesses now provide the majority of the income. The direct takeaway is that while IP still delivers large, episodic windfalls, the core, stabilizing revenue comes from their acquired industrial, energy, and manufacturing segments, which generated a combined $51.7 million in Q3 2025 alone.

The company's strategy is fundamentally about acquiring undervalued businesses, improving their cash flow (operating income), and then realizing a significant gain when they eventually sell the optimized asset. This creates a dual revenue engine: steady operational cash flow plus large, irregular capital gains.

Operating income from acquired businesses and subsidiaries

This segment is the new backbone of Acacia Research Corporation's revenue, providing predictable, recurring cash flow. In the third quarter of 2025, the total revenue was $59.4 million, with the operated segments contributing the bulk of that, demonstrating the success of their acquisition and operational improvement strategy.

The revenue is broken down across three main operational areas, showing a clear diversification away from the volatile IP business:

• Manufacturing Operations (Deflecto): $30.8 million in Q3 2025, which was the largest single contributor.
• Energy Operations (Benchmark): $14.2 million in Q3 2025, with over 70% of operated oil and gas production hedged through early 2028 for price protection.
• Industrial Operations (Printronix): $6.7 million in Q3 2025.

This is the revenue stream you defintely want to watch for signs of operational health. Here's the quick math: the operating businesses contributed $51.7 million of the $59.4 million total revenue in Q3 2025, or about 87% of the total.

Licensing and royalty revenue from intellectual property

The Intellectual Property (IP) segment, operated by Acacia Research Group, LLC (ARG), is highly volatile but delivers the high-margin, large-scale settlements. It's an episodic revenue stream that can dramatically skew quarterly results.

The Q3 2025 revenue from Intellectual Property Operations was $7.8 million, showing a strong rebound from the previous quarter. To be fair, this is a massive drop from the Q1 2025 peak, which saw IP revenue hit $69.9 million, largely driven by a major settlement related to their WiFi-6 portfolio.

This segment's revenue is a classic example of a 'lumpy' income stream, where one large settlement can make up the majority of a year's revenue. The IP business assumes all operational expenses for patent licensing programs, sharing net licensing revenue with patent partners when applicable.

Gains from the sale of successful portfolio companies

While this is the ultimate goal of their value-oriented acquisition model-buying low, improving, and selling high-it is an infrequent, non-recurring revenue event. There was no major gain on the sale of a portfolio company reported in the third quarter of 2025.

However, the nine months ended September 30, 2025, did show a $3.512 million gain on the sale of equity securities, which is a component of their overall investment realization strategy. This is a crucial metric for long-term valuation, as it validates the core 'acquirer and operator' model.

Investment income from cash and short-term holdings

Acacia Research Corporation maintains a substantial liquidity position, which generates a steady flow of investment income. As of September 30, 2025, their total cash, cash equivalents, equity securities, and loans receivable amounted to $332.4 million.

In Q3 2025, the company reported an unrealized gain of $0.9 million related to changes in the fair value of equity securities. This is the mark-to-market income from their liquid investment portfolio.

Management fees from co-investment structures

Acacia Research Corporation acts as an investment manager for its own capital and, at times, for co-investment vehicles, though this is not a major line item in the core operating revenue breakdown. The company's focus is on acquiring and operating, not third-party asset management. The revenue breakdown for Q3 2025 focuses entirely on the operating segments (Manufacturing, Energy, Industrial) and Intellectual Property, with no separate line item for management fees.

Still, their model relies on leveraging their significant capital base and expertise, which is the foundation for any potential fee-generating co-investment structure. The company has $19.9 million in equity method investments as of September 30, 2025, which represents their stake in non-consolidated ventures that could potentially generate fees or carried interest (a share of the profits) down the line.

Revenue Stream Category	Q3 2025 Value	Nature of Revenue
Operating Income - Manufacturing (Deflecto)	$30.8 million	Recurring, Product Sales
Operating Income - Energy (Benchmark)	$14.2 million	Recurring, Commodity Sales (Hedged)
Operating Income - Industrial (Printronix)	$6.7 million	Recurring, Product Sales
Licensing & Royalty (Intellectual Property)	$7.8 million	Episodic, Patent Settlements/Licenses
Investment Income (Unrealized Gain on Securities)	$0.9 million	Irregular, Portfolio Valuation Changes
Gains from Sale of Portfolio Companies (9-Month Total)	$3.512 million	Episodic, Capital Gains
Total Revenue (Q3 2025)	$59.4 million