Revenue

FY 2025

$660,000,000 to $760,000,000 " "

$790,000,000 to $850,000,000 " "

raised

Adjusted EBITDA

FY 2025

$400,000,000 to $495,000,000 "

$551,000,000 to $569,000,000 "

raised

Non-GAAP EPS

FY 2025

$9.69 to $12.92 "

$14.17 to $14.77 "

raised

Free Cash Flow

FY 2025

no prior guidance

Exceed $400,000,000 "

no prior guidance

Recurring Revenue

Q3 2025

no prior guidance

$136,000,000 to $140,000,000 "

no prior guidance

Adjusted EBITDA Margin

Q3 2025

no prior guidance

About 52% "

no prior guidance

Non-GAAP Diluted EPS

Q3 2025

no prior guidance

$1.52 to $1.72 "

no prior guidance

Robust Licensing Agreements & IP Portfolio

In Q3 2024, emphasized major licensing deals with OPPO, TPV, Lenovo, and a strong patent portfolio, while Q4 2024 highlighted a wide array of agreements across smartphones, consumer electronics, IoT, and video services. " " " "

Q2 2025 detailed record deals including the concluded Samsung arbitration with an all‐time record agreement, an expanded smartphone program, and significant progress in consumer electronics and IoT licensing. " "

Increased licensing activity with record deals and expanded portfolio strength, showing more favorable sentiment in driving recurring revenues. " "

Arbitration Outcomes & Litigation Uncertainties

Q3 2024 and Q4 2024 focused on ongoing arbitrations with Samsung and Lenovo and discussed litigation uncertainties such as the multi-jurisdictional Disney enforcement. " " " "

Q2 2025 reported the successful conclusion of the Samsung arbitration (his largest ever) and noted progress in the Lenovo arbitration while maintaining awareness of ongoing litigation uncertainties. " " " "

Improved outcomes in key arbitrations (e.g., Samsung) have reduced some uncertainties but litigation (e.g., Disney) remains a cautionary note, resulting in an overall more positive outlook. " " " "

Contract Renewal & Expiration Risks

Q3 2024 and Q4 2024 discussed upcoming expirations such as the Xiaomi contract and smaller revenue expirations, with an emphasis on the renewal process and potential for higher valuation renewals. " " "

Q2 2025 acknowledged expiring contracts and stressed that past renewals (Samsung at 67% and Apple at 15% increases) illustrate a robust process that typically secures higher contract values. " "

A consistent concern with an established renewal process that produces higher value, maintaining stable sentiment with a positive historical track record. " "

Diversification into Emerging Markets and Adjacent Verticals

Q4 2024 emphasized diversification through consumer electronics and IoT, including new deals with TV manufacturers and litigation in video services; Q3 2024 did not specifically mention this topic. " " "

Q2 2025 expanded on diversification by highlighting opportunities in emerging verticals such as smart cities, industrial IoT, healthcare, and 6G development, along with significant growth in consumer electronics (e.g., new HP agreement). " " " " "

An increased emphasis on diversification into adjacent verticals beyond traditional smartphone markets, indicating a strategic broadening of revenue sources. " " " "

Record Financial Performance & Growth Metrics

Q3 2024 showcased strong performance with revenue, adjusted EBITDA, and increasing ARR, while Q4 2024 detailed record revenue figures, high adjusted EBITDA, and strong cash flow metrics that set new company records. " " " "

Q2 2025 reported record revenue of $300 million (vs. $224 million in prior Q2), an all-time high ARR of $553 million, improved EBITDA margins, record non-GAAP EPS, and significant free cash flow generation. " "

Consistent and increasingly strong financial performance with record-breaking results that underscore growing investor confidence and long-term strength. " "

Fixed Fee Contract Structures

Q3 2024 mentioned that the majority of large accounts are signed on fixed fee contracts under NDAs without discussing limitations. "

Not mentioned in Q2 2025.

The topic is absent in the current period, indicating it may be a lower priority or less of a focus in recent discussions [N/A].

Dilution Risk from Convertible Instruments

Q4 2024 provided details on dilution risk from convertible notes, including sensitivity to stock price and hedging impacts. "

Not mentioned in Q2 2025.

Dilution risk was addressed previously but is not mentioned in the current period, suggesting less emphasis or resolution in capital structure concerns [N/A].

Stable Cost Structure & Predictable Tax Profile

Q3 2024 briefly touched on related financial aspects with mention of a stable tax rate in the mid- to high teens, but without in-depth discussion on cost structure. "

Q2 2025 explicitly highlighted a stable cost structure with no incremental costs on new agreements and reaffirmed a predictable tax profile, with long-term rates expected in the mid- to high teens. " "

An enhanced focus in Q2 2025 on cost efficiency and tax predictability, reinforcing operational stability and favorable margins. " "

Reliance on One-Time Revenue Events

Q3 2024 and Q4 2024 discussed aspects of catch-up revenue as part of recurring revenue dynamics and noted that while one-time revenue events occur, the focus remains on recurring revenue growth. " " " " "

Q2 2025 again noted the impact of one-time catch-up revenue (such as $119 million from the Samsung arbitration) which contributed significantly to quarterly results, yet recurring revenue remains a key focus. " "

The discussion remains consistent across periods with recognition of significant one-time revenue events while emphasizing that the core strategy relies on long-term, recurring revenue streams. " "