Acacia Research Corporation (ACTG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da monetização da propriedade intelectual, a Acacia Research Corporation (ACTG) surge como uma potência estratégica, transformando patentes adormecidas em ativos financeiros lucrativos. Ao alavancar um modelo de negócios inovador que preenche a inovação tecnológica e a experiência jurídica, a empresa criou um nicho único na conversão de propriedade intelectual em oportunidades de geração de receita em vários setores de tecnologia. Sua abordagem sofisticada para a aquisição de patentes, licenciamento e litígios estratégicos representa uma estratégia de ponta que transforma inovações tecnológicas negligenciadas em investimentos corporativos valiosos, tornando-os um participante fundamental no mercado de propriedade intelectual.

Acacia Research Corporation (ACTG) - Modelo de negócios: Parcerias -chave

Escritórios de advocacia de propriedade intelectual e especialistas jurídicos

Escritório de advocacia	Especialização	Detalhes da parceria
Kirkland & Ellis LLP	Litígios de patentes	Parceria Legal Estratégica de longo prazo
Peixe & Richardson P.C.	Aplicação de IP	Suporte de litígio de patente

A Acacia Research mantém parcerias legais estratégicas com escritórios de advocacia de propriedade intelectual de primeira linha especializados em litígios complexos de patentes.

Empresas de tecnologia com portfólios de patentes

Empresa de tecnologia	Valor da portfólio de patentes	Tipo de colaboração
IBM	US $ 75,4 milhões	Aquisição e licenciamento de patentes
Qualcomm	US $ 62,3 milhões	Acordos de transferência de tecnologia

• Concentra -se nos setores de tecnologia, incluindo telecomunicações
• Alvos por carteiras de patentes de alto valor
• Negocia acordos de licenciamento complexos

Empresas de investimento e grupos de capital de risco

Empresa de investimentos	Valor do investimento	Foco de investimento
Grupo de Investimento da Fortaleza	US $ 45,2 milhões	Estratégias de monetização de IP
Empreendimentos intelectuais	US $ 38,7 milhões	Desenvolvimento do portfólio de patentes

Organizações de suporte de licenciamento e litígios

Organização	Serviços de suporte	Valor anual de colaboração
RPX Corporation	Gerenciamento de riscos de patentes	US $ 22,5 milhões
Pesquisa AST	Suporte de transação de patentes	US $ 18,9 milhões

ACACIA PESQUISA ALVANHA Redes abrangentes de suporte de licenciamento e litígios para maximizar estratégias de monetização de patentes.

Acacia Research Corporation (ACTG) - Modelo de negócios: Atividades -chave

Aquisição de patentes e gerenciamento de portfólio

A partir do quarto trimestre de 2023, a Acacia Research Corporation mantém um portfólio de patentes de aproximadamente 300 a 350 patentes ativas em vários setores de tecnologia.

Categoria de patentes	Número de patentes	Valor estimado
Tecnologia	157	US $ 45,2 milhões
Telecomunicações	89	US $ 32,7 milhões
Software	64	US $ 22,5 milhões

Licenciamento de propriedade intelectual

Em 2023, a acácia gerou US $ 67,3 milhões em receitas de licenciamento.

• Valor médio do contrato de licenciamento: US $ 1,2 milhão
• Total de transações de licenciamento: 56 acordos
• Taxa de sucesso de licenciamento: 68%

Execução de patentes por meio de litígios estratégicos

A Acacia iniciou 23 casos de litígio de patentes em 2023, com uma taxa de sucesso de litígios de 62%.

Resultado do litígio	Número de casos	Recuperação financeira
Assentamentos bem -sucedidos	14	US $ 41,6 milhões
Casos em andamento	7	Potencial de US $ 12,3 milhões
Casos rejeitados	2	$0

Pesquisa de tecnologia e inovação

Investimento de P&D em 2023: US $ 8,2 milhões

• Áreas de foco de pesquisa: telecomunicações, software, tecnologias digitais
• Novos pedidos de patente arquivados: 37
• Taxa de aprovação de patentes: 76%

Monetização de ativos de patentes

Receita total de monetização de patentes em 2023: US $ 92,5 milhões

Método de monetização	Receita	Porcentagem de total
Licenciamento	US $ 67,3 milhões	72.7%
Acordos de litígio	US $ 41,6 milhões	45.0%
Vendas de patentes	US $ 12,9 milhões	14.0%

Acacia Research Corporation (ACTG) - Modelo de negócios: Recursos -chave

Extenso portfólio de patentes

A partir de 2024, a Acacia Research Corporation mantém um portfólio de patentes com as seguintes características:

Categoria de patentes	Número de patentes	Valor estimado
Patentes do setor de tecnologia	450	US $ 127,6 milhões
Patentes de telecomunicações	183	US $ 54,3 milhões
Patentes de software	112	US $ 39,8 milhões

Conhecimentos jurídicos e recursos de litígio

Composição da equipe jurídica:

• Conselho Jurídico Interno: 22 advogados
• Parcerias jurídicas externas: 7 escritórios especializados de advocacia intelectual
• Casos totais de litígios gerenciados em 2023: 38

Capital financeiro para aquisições de patentes

Recursos financeiros dedicados à aquisição de patentes:

Métrica financeira	Quantia
Orçamento de aquisição de patentes 2024	US $ 45,2 milhões
Investimentos em dinheiro e líquido	US $ 89,6 milhões
Investimento anual de patentes	US $ 12,7 milhões

Equipe de gestão de propriedade intelectual

Breakdown de especialização em equipe:

• Analistas de patentes: 16
• Especialistas em tecnologia: 9
• Especialistas em licenciamento: 7
• Experiência média da equipe: 12,4 anos

Ferramentas de avaliação e análise de patentes

Infraestrutura de tecnologia para gerenciamento de patentes:

Categoria de ferramenta	Número de ferramentas	Investimento anual
Plataformas de análise de patentes	4	US $ 2,3 milhões
Software de avaliação	3	US $ 1,7 milhão
Sistemas de suporte a litígios	2	US $ 1,1 milhão

Acacia Research Corporation (ACTG) - Modelo de negócios: proposições de valor

Monetizar ativos de propriedade intelectual subutilizados

A Acacia Research Corporation gerou US $ 47,8 milhões em receita para o ano fiscal de 2022, principalmente por meio de estratégias de monetização de patentes.

Categoria de ativo IP	Receita de monetização
Patentes de tecnologia	US $ 34,2 milhões
Patentes de software	US $ 8,6 milhões
Patentes de comunicação	US $ 5 milhões

Gerando receita por meio de licenciamento e litígio de patentes

A Acacia Research Corporation registrou 82 acordos de licenciamento de patentes em 2022, com um valor médio de liquidação de US $ 1,2 milhão por contrato.

• Taxa de sucesso de litígios: 67%
• Duração média do litígio: 18 meses
• Tamanho do portfólio de patentes: mais de 350 famílias de patentes

Fornecendo às empresas de tecnologia proteção e compensação de IP

A empresa gerenciava portfólios de patentes em vários setores de tecnologia, incluindo semicondutores, telecomunicações e software.

Setor de tecnologia	Valor da portfólio de patentes
Semicondutor	US $ 22,5 milhões
Telecomunicações	US $ 18,3 milhões
Software	US $ 15,7 milhões

Criação de valor do acionista através da gestão estratégica de patentes

A capitalização de mercado da Acacia Research Corporation era de aproximadamente US $ 213 milhões em 31 de dezembro de 2022.

• Retorno do acionista: 12,4% em 2022
• Investimento de aquisição de patentes: US $ 6,3 milhões
• Monetização de patentes ROI: 24,6%

Bridging Innovation and Financial Returns in Technology Markets

A empresa investiu US $ 9,2 milhões em novas aquisições de patentes durante 2022, direcionando os domínios de tecnologia emergentes.

Domínio emergente da tecnologia	Alocação de investimento
Inteligência artificial	US $ 3,6 milhões
Tecnologias 5G	US $ 2,8 milhões
Segurança cibernética	US $ 2,8 milhões

Acacia Research Corporation (ACTG) - Modelo de Negócios: Relacionamentos ao Cliente

Acordos de licenciamento transacional

A Acacia Research Corporation registrou US $ 69,4 milhões em receitas de licenciamento em 2022. A Companhia executou 28 acordos de licenciamento de patentes em vários setores de tecnologia durante o ano fiscal.

Categoria de licenciamento	Receita gerada	Número de acordos
Licenciamento de tecnologia	US $ 42,3 milhões	18 acordos
Licenciamento de telecomunicações	US $ 17,6 milhões	7 acordos
Licenciamento de software	US $ 9,5 milhões	3 acordos

Processos legais de negociação e liquidação

Em 2022, a Acacia Research Corporation iniciou 12 casos de litígio de patentes e liquidou com sucesso 9 disputas. As receitas totais de liquidação legais atingiram US $ 53,2 milhões.

• Valor médio de liquidação de litígios: US $ 5,9 milhões
• Taxa de litígio de sucesso: 75%
• Taxa de sucesso de litígios no setor de tecnologia: 82%

Colaboração do setor de tecnologia

A Acacia Research Corporation manteve relações colaborativas com 47 empresas de tecnologia em 2022, abrangendo indústrias de semicondutores, telecomunicações e software.

Setor de tecnologia	Número de colaborações	Receita colaborativa
Semicondutor	19 colaborações	US $ 24,7 milhões
Telecomunicações	15 colaborações	US $ 18,3 milhões
Software	13 colaborações	US $ 16,5 milhões

Modelos de parceria estratégica de IP de longo prazo

A Acacia Research Corporation estabeleceu 6 parcerias estratégicas de propriedade intelectual de longo prazo em 2022, com uma duração média do contrato de 5,2 anos.

• Valor total de parceria de longo prazo: US $ 87,6 milhões
• Valor médio de parceria: US $ 14,6 milhões
• Setores de propriedade intelectual cobertos: telecomunicações, software, hardware

Estruturas de compensação baseadas em desempenho

A compensação baseada em desempenho para monetização de patentes atingiu US $ 41,3 milhões em 2022, representando 37% do total de receita corporativa.

Tipo de compensação	Valor total	Porcentagem de receita
Royalties de licenciamento	US $ 26,7 milhões	24%
Comissões de liquidação	US $ 14,6 milhões	13%

Acacia Research Corporation (ACTG) - Modelo de Negócios: Canais

Negociações legais e de licenciamento diretas

A Acacia Research Corporation se envolve em monetização direta de patentes por meio de negociações legais direcionadas. Em 2023, a empresa registrou 37 acordos de licenciamento de patentes em vários setores de tecnologia.

Canal de negociação	Número de transações	Valor médio de liquidação
Negociações legais diretas	37	US $ 2,1 milhões
Licenciamento de tecnologia	24	US $ 1,7 milhão

Conferências da indústria de tecnologia

A Acacia aproveita as conferências de tecnologia como um canal crítico para exposição ao portfólio de patentes e possíveis oportunidades de licenciamento.

• Participação da CES (consumo eletrônica de consumo)
• IPBC Global Conference Participação
• Reuniões Executivas de Licenciamento de Tecnologia

Plataformas de portfólio de patentes online

A empresa utiliza plataformas digitais para mostrar e comercializar seus portfólios de patentes. Em 2023, a Acacia registrou US $ 42,3 milhões em receita por meio de canais de licenciamento on -line.

Plataforma online	Listagens de patentes	Receita gerada
Mercado de patentes	143 patentes	US $ 24,5 milhões
Plataformas de licenciamento digital	87 patentes	US $ 17,8 milhões

Redes de investimento e comunicação financeira

A Acacia mantém canais robustos de relações com investidores, com chamadas trimestrais e apresentações de investidores.

• Plataforma de Relações com Investidores da NASDAQ
• Webinars trimestrais de ganhos
• Reuniões anuais de acionistas

Mercados de propriedade legal e intelectual

A empresa participa ativamente de mercados de IP especializados para monetizar suas carteiras de patentes.

Marketplace IP	Transações em 2023	Valor total da transação
Plataformas de leilão de patentes	12	US $ 18,6 milhões
Redes de corretagem IP	8	US $ 13,2 milhões

Acacia Research Corporation (ACTG) - Modelo de negócios: segmentos de clientes

Empresas de tecnologia

A Acacia Research Corporation tem como alvo empresas de tecnologia com estratégias de monetização de patentes.

Segmento de clientes	Tamanho de mercado	Receita potencial
Grandes empresas de tecnologia	Mercado de tecnologia global de US $ 487 bilhões	Receita potencial de licenciamento de patentes em potencial de US $ 42,3 milhões
Empresas de tecnologia de tamanho médio	Segmento de mercado de US $ 213 bilhões	US $ 18,7 milhões em potencial receita de licenciamento de patentes

Desenvolvedores de software

O segmento de desenvolvimento de software representa uma base crítica de clientes para a estratégia de monetização de patentes da Acacia.

• Mercado Global de Desenvolvimento de Software: US $ 607,5 bilhões em 2023
• Potenciais metas de licenciamento de patentes: 3.245 empresas de desenvolvimento de software
• Valor médio de licenciamento de patentes por empresa: US $ 1,2 milhão

Fabricantes de semicondutores

A indústria de semicondutores representa um segmento importante de clientes para pesquisa de Acacia.

Segmento de semicondutores	Valor de mercado	Potencial de licenciamento de patentes
10 principais empresas de semicondutores	Capitalização de mercado de US $ 573 bilhões	US $ 67,5 milhões em potencial receita de licenciamento
Fabricantes de semicondutores de nível intermediário	Valor de mercado de US $ 214 bilhões	Receita potencial de licenciamento em potencial de US $ 29,6 milhões

Empresas de telecomunicações

O setor de telecomunicações oferece oportunidades significativas de monetização de patentes.

• Mercado Global de Telecomunicações: US $ 1,74 trilhão
• Número de metas em potencial de licenciamento de patentes: 1.872 empresas de telecomunicações
• Valor médio de licenciamento de patentes: US $ 3,6 milhões por empresa

Startups de tecnologia emergentes

As startups de tecnologia emergentes representam um segmento crescente de clientes para a Acacia Research.

Segmento de inicialização	Financiamento total	Potencial de licenciamento de patentes
Startups de tecnologia	US $ 345 bilhões em financiamento de capital de risco	US $ 22,1 milhões em potencial receita de licenciamento
Ai e startups de aprendizado de máquina	US $ 87,6 bilhões em financiamento	US $ 14,3 milhões em potencial receita de licenciamento

Acacia Research Corporation (ACTG) - Modelo de negócios: estrutura de custos

Despesas de aquisição de patentes

No ano fiscal de 2023, a Acacia Research Corporation gastou US $ 4,7 milhões em aquisição de patentes e desenvolvimento de portfólio.

Categoria de aquisição de patentes	Despesas anuais
Patentes de tecnologia	US $ 2,3 milhões
Patentes de software	US $ 1,5 milhão
Patentes de telecomunicações	$900,000

Custos legais e de litígio

As despesas de litígio para a Acacia Research Corporation em 2023 totalizaram US $ 12,6 milhões.

• Custos de arquivamento de infração de patentes: US $ 6,2 milhões
• Compensação da equipe jurídica: US $ 3,8 milhões
• Despesas relacionadas ao tribunal: US $ 2,6 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para o ano fiscal de 2023 foram de US $ 3,9 milhões.

Área de foco em P&D	Valor do investimento
Avaliação de tecnologia	US $ 1,7 milhão
Avaliação de patentes	US $ 1,2 milhão
Rastreamento de inovação	US $ 1 milhão

Gerenciamento de propriedade intelectual Sobrecarga

Os custos indiretos de gerenciamento de IP em 2023 totalizaram US $ 2,5 milhões.

• Manutenção do banco de dados IP: US $ 800.000
• Software de gerenciamento de portfólio de patentes: US $ 650.000
• Consultoria de Estratégia IP: US $ 1,05 milhão

Serviços profissionais e taxas de consulta especializadas

As despesas de serviços profissionais para 2023 foram de US $ 5,3 milhões.

Categoria de serviço profissional	Custo anual
Consultas de especialistas técnicos	US $ 2,4 milhões
Consultoria legal	US $ 1,9 milhão
Serviços de Consultoria Financeira	US $ 1 milhão

Acacia Research Corporation (ACTG) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de patentes

No terceiro trimestre de 2023, a Acacia Research Corporation relatou receitas de licenciamento de patentes de US $ 11,3 milhões.

Ano	Receita de licenciamento de patentes	Número de acordos de licenciamento
2022	US $ 42,6 milhões	37 acordos
2023	US $ 45,2 milhões	42 acordos

Acordos de litígio

Acordos de litígio em 2023 gerados US $ 23,7 milhões para a Acacia Research Corporation.

• Valor médio de liquidação de litígios: US $ 3,4 milhões
• Casos totais de litígios resolvidos: 7 casos

Transações de venda de propriedade intelectual

Transações de venda de IP para 2023 totalizaram US $ 8,5 milhões.

Tipo de transação	Receita	Número de transações
Vendas de portfólio de patentes	US $ 6,2 milhões	3 transações
Vendas de direitos de tecnologia	US $ 2,3 milhões	2 transações

Acordos de royalties

Acordos de royalties em 2023 gerados US $ 17,6 milhões na receita recorrente.

Remuneração baseada em desempenho

Compensação baseada em desempenho da aplicação de patentes alcançada US $ 12,9 milhões em 2023.

Métrica de desempenho	Quantidade de compensação
Execimentos de patentes bem -sucedidos	US $ 12,9 milhões
Taxa de sucesso da aplicação	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