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PI

PARKERVISION INC (PRKR)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 was loss-driven by non-cash fair value adjustments: net loss was $3.80m and EPS was $(0.03), primarily due to a $2.46m increase in the fair value of contingent payment obligations tied to litigation proceeds timing assumptions .
  • Cash used in operations was $1.83m; quarter-end cash was $3.28m versus $4.92m at 12/31/24 (cash decreased by ~$1.64m q/q) .
  • Operations remain revenue-light (licensing revenue $0) with SG&A up year over year ($1.24m vs $0.77m), reflecting elevated litigation and advocacy activity .
  • Key catalysts are litigation timeline developments: WDTX trials rescheduled to Q1 2026 (Realtek January 2026; TI, NXP, MediaTek in Q1 2026) and ongoing weekly discovery hearings; Florida court pending rulings and trial scheduling for Qualcomm .

What Went Well and What Went Wrong

What Went Well

  • Litigation cadence clarified: WDTX established weekly discovery hearings to keep first-quarter-2026 trial dates on track; management believes this “will be effective at keeping these cases on track” .
  • Advocacy and visibility: Launched targeted video campaign “Against the Giants” to elevate visibility of IP protection and small innovator role, aiming to strengthen long-term investor value proposition .
  • Liquidity improved vs Q3 2024: Cash balance at 3/31/25 was $3.28m vs $0.82m at 9/30/24, aided by December 2024 equity financing (cash $4.92m at year-end) before Q1 burn .

Management quotes:

  • “I believe this procedure will be effective at keeping these cases on track for their revised trial dates.” — CEO Jeffrey Parker, referencing WDTX weekly discovery hearings .
  • “By emphasizing the need for strong intellectual property protections, we aim to align with ongoing policy discussions that directly impact the U.S. innovation economy.” — Jeffrey Parker on Q1 video campaign .
  • “Our goal with Against the Giants is to shed light on the facts of our case and… the importance of protecting innovation.” — Jeffrey Parker .

What Went Wrong

  • Non-cash valuation hit: $2.46m adverse change in fair value of contingent payment obligations drove the quarter’s loss; assumptions are “highly subjective” and depend on future litigation proceeds .
  • No revenue generation: Licensing revenue remained $0; gross margin negative due to cost of sales with no revenue offset .
  • Cash burn and deficit: $1.83m operating cash outflow; shareholders’ deficit widened to $(49.59)m, and contingent payment obligations rose to $49.12m .

Financial Results

Income Statement (YoY)

Metric ($USD Thousands except per share)Q1 2024Q1 2025
Licensing revenue$0 $0
Cost of sales$(59) $(54)
Gross margin$(59) $(54)
Selling, general & administrative$773 $1,243
Total operating expenses$773 $1,243
Interest expense and other$(81) $(41)
Change in FV of contingent payment obligations$220 $(2,461)
Total other (expense) income, net$139 $(2,502)
Net loss$(693) $(3,799)
Basic & diluted EPS ($)$(0.01) $(0.03)
Weighted avg shares (000s)88,164 115,831

Quarter-over-Quarter (Last Reported Quarter → Current)

Metric ($USD Thousands except per share)Q3 2024Q1 2025
Net (loss) income$(10,807) $(3,799)
Basic EPS ($)$(0.12) $(0.03)
Selling, general & administrative$980 $1,243
Change in FV of contingent payment obligations$(9,676) $(2,461)
Cost of sales$(57) $(54)

Note: No separate Q4 2024 quarterly P&L was furnished in 8-K; the last reported quarter before Q1 2025 is Q3 2024 .

Balance Sheet Highlights

Metric ($USD Thousands)Dec 31, 2024Mar 31, 2025
Cash & cash equivalents$4,918 $3,280
Total assets$5,879 $4,349
Current liabilities$2,408 $2,949
Contingent payment obligations$46,659 $49,120
Convertible notes (noncurrent)$3,023 $1,708
Other long-term liabilities$201 $166
Shareholders’ deficit$(46,412) $(49,594)

Cash Flow (Quarterly)

Metric ($USD Thousands)Q1 2024Q1 2025
Net cash used in operating activities$(793) $(1,827)
Net cash used in investing activities$0 $(34)
Net cash provided by (used in) financing$(33) $223
Net decrease in cash$(826) $(1,638)
Cash & equivalents end of period$1,734 $3,280

Actual vs Consensus (Q1 2025)

MetricActualConsensus
EPS ($)$(0.03) Unavailable*
Revenue ($USD Millions)$0.00 Unavailable*

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY/QuarterNone provided None provided Maintained: N/A
Margins (gross/EBITDA/net)FY/QuarterNone provided None provided Maintained: N/A
Operating expensesFY/QuarterNone provided None provided Maintained: N/A
OI&E / tax rateFY/QuarterNone provided None provided Maintained: N/A
Segment-specificFY/QuarterN/A N/A N/A
DividendsFY/QuarterNone None Maintained

Note: The company did not issue formal financial guidance in Q1 2025 materials .

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was located; themes below reflect disclosed filings and press releases.

TopicPrevious Mentions (Q3 2024)Previous Mentions (Q4 2024)Current Period (Q1 2025)Trend
Qualcomm litigation (Florida)CAFC remanded case; increased probability of damages; scheduling conference planned CAFC reversal highlighted; awaiting district court rulings before trial date Awaiting rulings on claim construction, expert substitution, Daubert; trial timing to follow pre-trial conference Progressing toward trial scheduling; dependency on court rulings
WDTX trials (Realtek, TI, NXP, MediaTek)Four trials scheduled in 2025 At least two trials expected 2H 2025, others into 2026 Trials rescheduled to Q1 2026; weekly discovery hearings to keep schedule on track Slipped into 2026 but process discipline improved
IP advocacy / visibilityN/ASupreme Court cert petition denied; continued focus on IP legal framework “Against the Giants” video series; targeted campaign on IP protections Increased public advocacy
LiquidityCash $0.82m at 9/30/24; cash burn over 9 months Year-end cash $4.92m after equity financing Q1 cash $3.28m; $1.83m operating cash use Cash improved vs Q3 but declines q/q post raise
Contingent payment obligations$45.97m at 9/30/24; increased with CAFC impact $46.66m at 12/31/24 $49.12m at 3/31/25; $2.46m non-cash charge this quarter Rising with litigation outcome assumptions

Management Commentary

  • “Trial dates in the Western District of Texas have been rescheduled for the first quarter of 2026… I believe this procedure will be effective at keeping these cases on track for their revised trial dates.” — Jeffrey Parker, CEO .
  • “Meanwhile we are hopeful that the Florida district court will likewise issue rulings on outstanding motions expediently in order to schedule our Qualcomm case for trial.” — Jeffrey Parker .
  • “In the first quarter of 2025, ParkerVision launched a targeted video campaign to raise awareness of the essential role small innovators play in driving technological leadership… We believe this effort… reinforces our long-term value proposition to investors as IP protections remain central to national competitiveness and security.” — Jeffrey Parker .
  • “Our goal with Against the Giants is to shed light on the facts of our case… protecting innovation.” — Jeffrey Parker .
  • Supreme Court petition context: Company’s cert petition challenging Rule 36 received broad amicus support though ultimately denied; management emphasized the importance of transparency and due process in patent appeals .

Q&A Highlights

  • No Q1 2025 earnings call transcript was available; management commentary derived from 8-K press releases .

Estimates Context

  • S&P Global consensus EPS and revenue estimates for Q1 2025 were unavailable; coverage appears limited for PRKR’s OTC microcap status.
  • Where estimates are unavailable, we anchor on actuals: EPS $(0.03) and revenue $0.00 for Q1 2025 .

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Results were driven by litigation-related accounting: a $2.46m non-cash fair value increase in contingent payment obligations was the main driver of the $(3.80)m net loss; expect ongoing volatility tied to case timelines and assumptions .
  • Cash runway is actively managed: post year-end equity raise ($4.92m at 12/31/24), Q1 operating burn of $1.83m reduced cash to $3.28m; monitor quarterly burn vs legal milestones .
  • Litigation scheduling firmed but slipped: WDTX trials pushed to Q1 2026 with weekly discovery hearings; Florida case awaits court rulings before trial date—these events are the primary stock catalysts .
  • Operating expenses rose YoY ($1.24m vs $0.77m), reflecting active litigation and advocacy; with no licensing revenue, profitability hinges on legal outcomes or new monetization .
  • Balance sheet sensitivity: contingent payment obligations increased to $49.12m; shareholders’ deficit widened, highlighting leverage to litigation recoveries .
  • No guidance and limited Street coverage: absence of formal financial guidance and unavailable consensus estimates heighten event-driven risk; position sizing should reflect binary case outcomes .
  • Near-term trading: headlines on Florida court rulings or WDTX discovery progress could drive volatility; medium-term thesis centers on trial outcomes against Qualcomm and WDTX defendants .