Executive Summary

Q2 2025 was a quiet revenue quarter with $0 revenue (vs. $0.15M in Q1 and $0.10M in Q2 2024) and a narrower YoY net loss on lower equity-method losses; EPS was ($0.02), improving from ($0.03) YoY and flat QoQ .
Operating expenses declined YoY (Q2: $0.72M vs. $0.72M LY) and other income remained a key offset (interest/dividends $0.45M), underscoring the carry from the $38.5M cash and marketable securities balance and $38.3M working capital at quarter-end .
Strategic actions advanced: (i) Samsung eSIM/5G litigation filed (June 30), expanding M2M/IoT enforcement, and (ii) Smart Home patent portfolio acquisition (April 2) to broaden monetization paths .
Capital returns steady: semi-annual dividend policy maintained ($0.05 paid in March) and the buyback authorization was extended/increased to $5.0M on June 17; $55K repurchased in Q2 at $1.23/sh; $4.995M authorization remained at 6/30 .
No Street estimates were available from S&P Global for Q2; stock drivers skew to litigation milestones (Samsung, HFT cases) and capital return cadence (dividends/buybacks). S&P Global consensus data unavailable for Q2 2025.

What Went Well and What Went Wrong

What Went Well
- Balance sheet resilience supports runway: “As of June 30, 2025, Network-1 had cash and cash equivalents and marketable securities of $38,485,000 and working capital of $38,288,000,” enabling ongoing enforcement and returns .
- Expanded enforcement pipeline: “On June 27, 2025, Network-1 commenced patent litigation against Samsung…for infringement of certain patents within Network-1’s M2M/IoT Patent Portfolio” (eSIM/5G), widening potential licensing optionality .
- Portfolio expansion: “On March 31, 2025, Network-1 acquired a [Smart Home] patent portfolio…8 U.S. patents, 1 international patent, 11 U.S. pending, 5 international pending,” extending potential future monetization vectors .
What Went Wrong
- No quarterly revenue: “Network-1 reported no revenue for the three months ended June 30, 2025,” versus $0.10M in Q2 2024 and $0.15M in Q1 2025, continuing variability tied to settlements .
- Operating income remains negative: Operating loss of ($0.72M) with no revenue offset; dependence on interest/dividends to narrow losses persists .
- Equity-method loss drag continues (though improved): ILiAD loss share was ($0.28M) vs. ($0.68M) LY for the quarter; sustained investee losses remain a headwind to net results .

Financial Results

Quarterly P&L comparison (oldest → newest):

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD)	$100,000	$150,000	$0
Diluted EPS ($)	($0.03)	($0.02)	($0.02)
Total Operating Expenses ($)	$724,000	$795,000	$720,000
Operating (Loss) ($)	($624,000)	($645,000)	($720,000)
Interest & Dividend Income, net ($)	$452,000	$484,000	$445,000
Net Realized/Unrealized Gain on Securities ($)	$54,000	$149,000	$22,000
Total Other Income, net ($)	$506,000	$633,000	$467,000
Income Tax Benefit ($)	$137,000	$111,000	$69,000
Share of Net Loss of Equity Investee ($)	($677,000)	($462,000)	($279,000)
Net (Loss) ($)	($658,000)	($363,000)	($463,000)

Liquidity and capital return:

Metric	Q1 2025 (3/31)	Q2 2025 (6/30)
Cash & Equivalents ($)	$12,288,000	$13,424,000
Marketable Securities ($)	$26,905,000	$25,061,000
Cash + Securities ($)	$39,193,000	$38,485,000
Working Capital ($)	$38,443,000	$38,288,000
Shares Repurchased (period)	106,662 sh; $146,857; $1.38 avg	44,811 sh; $55,337; $1.23 avg
Shares Repurchased (YTD)	—	151,473 sh; $202,194; $1.33 avg
Remaining Buyback Authorization ($)	—	$4,994,853
Dividend	$0.05 per share paid 3/28/25	Policy maintained ($0.10 annually)

Segment breakdown and KPIs: NTIP has no reportable operating segments; key operating KPIs are litigation/portfolio milestones and capital return. As of Q2: 115 U.S. patents, 17 international; ongoing monetization efforts across M2M/IoT, HFT, Cox, Smart Home; cumulative Remote Power Patent revenue >$188M; Mirror Worlds revenue $47.15M .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue / EPS	Q3/Q4 2025	None provided	None provided	Maintained (no guidance)
Dividend Policy	Ongoing	$0.05 semi-annual (March/September)	Policy maintained	Maintained
Share Repurchase Authorization	Next 24 months from 6/17/25	Prior $5M (June 2023 authorization)	Extended/increased to repurchase up to $5.0M over subsequent 24 months	Raised/Extended

Note: NTIP does not issue quantitative financial guidance; policy statements on dividends and repurchases are reiterated.

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was available (we searched and found none). Narrative is drawn from filings/press releases.

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Litigation – HFT	HFT suits vs. Citadel/Jump initiated Dec-2024; appeal ongoing in Cox/YouTube/Google	New Samsung eSIM/5G suit filed (M2M/IoT portfolio)	Expanding enforcement pipeline
Portfolio Expansion	Smart Home portfolio acquired Apr-2 (8 US, 1 intl, +16 pending)	Integration; continued portfolio development	Broader IP base
Capital Returns	Dividends paid; active buybacks in 2024 and Q1 2025	Repurchase authorization extended/increased; Q2 buybacks continued	Continued capital return
Liquidity	FY24: $40.6M cash+securities	Q2: $38.5M cash+securities; ample runway	Stable strong liquidity
ILiAD Investment	FY24 equity-method loss ($1.91M)	Q2 equity loss ($0.28M), improved YoY	Moderating loss impact

Management Commentary

“Network-1 reported no revenue for the three months ended June 30, 2025…” (press release) .
“On June 17, 2025, the Board of Directors authorized an extension and increase of Network-1’s share repurchase program to repurchase up to $5,000,000 of common stock over the subsequent 24-month period.” .
“On June 27, 2025, Network-1 commenced patent litigation against Samsung… for infringement of certain patents within Network-1’s M2M/IoT Patent Portfolio” (eSIM/5G) .
“Network-1 continues to pay dividends consistent with its dividend policy, which consists of semi-annual cash dividends of $0.05 per share…” .
Smart Home portfolio: “The Smart Home Patent Portfolio… consists of eight U.S. patents and one international patent as well as eleven U.S. pending… and five pending international patents.” .

Q&A Highlights

No Q2 2025 earnings call transcript was available; no Q&A to report (we searched for “earnings-call-transcript” and found none).

Estimates Context

We queried S&P Global for Q2 2025 EPS and revenue consensus; no estimates were available for NTIP for the period. S&P Global consensus data unavailable for Q2 2025.

Key Takeaways for Investors

Litigation-led catalysts intensify: the Samsung eSIM/5G case adds a high-profile target in the M2M/IoT portfolio, alongside HFT cases vs. Citadel/Jump and the Cox appeal—binary outcomes could drive step-function license revenue .
Balance sheet acts as buffer and funding source: $38.5M cash/securities and $38.3M working capital support enforcement, opportunistic IP acquisitions, and capital returns through volatility .
Revenue volatility persists: absent run-rate licensing, quarterly results hinge on settlement/litigation timing; Q2 printed $0 revenue with other income partially offsetting fixed costs .
Capital return remains a tangible floor: dividend policy ($0.10/yr) and extended $5M buyback (with $4.995M remaining at 6/30) provide potential support during litigation cycles .
ILiAD drag moderating: equity-method losses improved YoY, but remain a non-operating headwind; monitor trajectory and any value realization .
Near-term trading lens: watch docket progress (claim construction, motions) in Samsung and HFT suits, and any additional licensing announcements; absence/presence of settlements can move shares quickly .
Medium-term thesis: successful monetization across expanded portfolios (M2M/IoT, HFT, Smart Home) could re-rate earnings power; risks include litigation outcomes, timing uncertainty, and continued reliance on non-operating income .

Appendices

Other relevant press releases during/around Q2 2025:

Smart Home Patent Portfolio acquisition announced April 2, 2025 .
Samsung litigation announced June 30, 2025 .

Prior periods referenced for trend analysis:

Q1 2025 earnings 8-K (May 14, 2025) .
FY 2024/Q4 context 8-K (March 5, 2025) and 10-K (Feb 28, 2025) .

All figures and statements are sourced from company filings and press releases as cited.

NETWORK-1 TECHNOLOGIES, INC. (NTIP)·Q2 2025 Earnings Summary