Executive Summary

PRKR’s Q4/FY 2024 print was litigation-driven: FY 2024 licensing revenue was $0 vs $25.0M in 2023, driving a swing to a FY net loss of $14.5M (−$0.16/sh) from FY 2023 net income of $9.5M, with an additional non‑cash $9.6M increase in the fair value of contingent payment obligations tied to improved probabilities on the Qualcomm case after a favorable CAFC ruling .
Liquidity improved into year-end via a December 2024 equity raise; cash/equivalents were $4.9M at 12/31/24 vs $0.8M at 9/30/24 and $2.6M at 12/31/23, while convertible notes declined to $3.0M at 12/31/24 due to conversions .
Legal catalysts: CAFC overturned the 2022 summary judgment in the Qualcomm case and remanded for trial; W.D. Texas cases vs MediaTek/Realtek/TI/NXP have at least two trials expected in 2H25 and one or more in 1H26, though a previously indicated 1H25 trial cadence slipped; the U.S. Supreme Court denied the company’s Rule 36 cert petition on Mar 24, 2025 .
No Q4 earnings call transcript located and no financial guidance provided; results vs Wall Street consensus cannot be assessed due to lack of S&P Global coverage for PRKR in the period .

What Went Well and What Went Wrong

What Went Well

CAFC reversal in Qualcomm: “The most impactful event of 2024 was the Federal Circuit's agreement with ParkerVision's appeal, reversing the Orlando district court's 2022 rulings… We are eager to receive the district court's rulings… after which the court has indicated it will… establish a trial date.” (CEO) .
Progress in W.D. Texas litigations: Active cases vs MediaTek, Realtek, TI, and NXP, with at least two trials expected in 2H25 and additional trials in 1H26; management expressed confidence in presenting a compelling story to juries (including potential willfulness) .
Year-end liquidity actions: December 2024 equity financing boosted 12/31/24 cash to $4.9M from $0.8M at 9/30/24; convertibles decreased through holder conversions during 2024 .

What Went Wrong

No revenue in 2024 after a $25M 2023 license/settlement; FY 2024 licensing revenue was $0, with FY net loss of $14.5M and negative operating cash flow of $3.2M .
Non-cash liability revaluation: Change in fair value of contingent payment obligations was a $9.6M loss in 2024 (vs ~$0.1M in 2023), reflecting revised assumptions/timing of expected litigation proceeds following the CAFC decision .
Cert petition setback: The U.S. Supreme Court denied the company’s petition seeking to curtail Rule 36 affirmances in PTAB appeals, removing a hoped-for tailwind on invalidation risk narratives (denial announced Mar 24, 2025) .

Financial Results

FY Results vs Prior Year

Metric	FY 2023	FY 2024
Licensing Revenue ($USD Thousands)	$25,000	$0
Gross Margin ($USD Thousands)	$24,773	$(229)
SG&A ($USD Thousands)	$14,744	$4,262
Total Operating Expenses ($USD Thousands)	$14,744	$4,262
Change in Fair Value of Contingent Payment Obligations ($USD Thousands)	$(148)	$(9,639)
Net Income (Loss) ($USD Thousands)	$9,515	$(14,472)
Basic EPS ($)	$0.11	$(0.16)
Diluted EPS ($)	$0.08	$(0.16)
Cash from Operations ($USD Thousands)	$10,791	$(3,216)

Notes: Management attributes the YoY earnings decline primarily to the absence of the $25M 2023 settlement revenue and the $9.6M non‑cash loss from contingent obligation revaluation, partially offset by a $10.5M decrease in operating expenses .

Recent Quarterly Trend (for context; Q4 detail not disclosed)

Metric	Q2 2024	Q3 2024
Licensing Revenue ($USD Thousands)	$0	$0
Gross Margin ($USD Thousands)	$(58)	$(57)
SG&A ($USD Thousands)	$683	$980
Total Operating Expenses ($USD Thousands)	$683	$980
Change in Fair Value of Contingent Payment Obligations ($USD Thousands)	$502	$(9,676)
Net Income (Loss) ($USD Thousands)	$(327)	$(10,807)
Basic EPS ($)	$(0.00)	$(0.12)
Diluted EPS ($)	$(0.00)	$(0.12)

Company did not disclose standalone Q4 2024 quarterly detail in the press release; the annual table above captures FY impact .

Balance Sheet and Liquidity

Metric	Dec 31, 2023	Jun 30, 2024	Sep 30, 2024	Dec 31, 2024
Cash & Equivalents ($USD Thousands)	$2,560	$1,025	$821	$4,918
Total Assets ($USD Thousands)	$4,023	$2,388	$1,833	$5,879
Current Liabilities ($USD Thousands)	$2,289	$2,416	$2,406	$2,408
Contingent Payment Obligations ($USD Thousands)	$37,020	$36,298	$45,974	$46,659
Convertible Notes ($USD Thousands)	$3,893	$3,588	$3,513	$3,023
Shareholders’ Deficit ($USD Thousands)	$(39,519)	$(40,185)	$(50,296)	$(46,412)

Note: 12/31/24 cash reflects a December 2024 equity financing; convertible notes declined due to conversions during 2024 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (revenue, EPS, margins)	FY 2025	None provided	None provided	Maintained: no financial guidance issued .
Qualcomm litigation status	2024/2025	Awaiting CAFC decision (Q2 2024)	CAFC reversed/remanded to M.D. Fla. for trial; trial date to be set post‑motion rulings	Raised: legal outlook improved on reversal .
W.D. Texas trial timing (MediaTek/Realtek/TI/NXP)	2025–2026	Trials scheduled beginning Mar–Aug 2025 across defendants (as of Q2 2024)	At least two trials expected in 2H25 and one or more in 1H26	Lowered/Deferred: cadence shifted later .
Supreme Court cert petition (Rule 36)	Q4 2024–Q1 2025	Petition filed Nov 4, 2024	Petition denied Mar 24, 2025	Lowered: legal initiative concluded without relief .

Earnings Call Themes & Trends

Topic	Q2 2024 (Q−2)	Q3 2024 (Q−1)	FY/Q4 2024 (Current)	Trend
Qualcomm case	Awaiting CAFC jurisdiction/decision; appeal re‑submitted Aug 7, 2024	CAFC favorable decision; remanded for trial; management expects guidance utility at trial	CAFC overturned 2022 SJ; district court to set trial date post motions	Improving legal momentum .
W.D. Texas litigations	Trials scheduled Mar–Aug 2025 across defendants	Four trials scheduled in 2025	At least two trials in 2H25; additional in 1H26	Slippage to later windows .
Contingent payment obligation revaluation	Favorable $0.7M YTD uplift by 6/30/24	$(9.7)M Q3 non‑cash charge on higher success odds/timing for Qualcomm	$(9.6)M FY loss on revaluation, reflecting updated proceeds timing/assumptions	Volatile; tied to litigation probabilities .
Liquidity	$1.0M cash at 6/30/24; used $1.4M in 1H ops cash	$0.8M cash at 9/30/24	$4.9M cash at 12/31/24 after Dec equity raise; notes converted	Improved year-end via financing .
Supreme Court Rule 36 petition	—	Petition filed Nov 4, 2024	Petition denied Mar 24, 2025	Initiative ended without relief .

Management Commentary

“The most impactful event of 2024 was the Federal Circuit's agreement with ParkerVision's appeal, reversing the Orlando district court's 2022 rulings… We are eager to receive the district court's rulings on the remaining pending motions… after which the court has indicated it will hold a pre‑trial conference and establish a trial date.” — Jeffrey Parker, Chairman & CEO .
“We have also made meaningful progress in our patent infringement cases in the Western District of Texas in 2024. We are anticipating at least two jury trials in the Waco court in the second half of this year, with additional trials scheduled in 2026… In certain cases, we had prior interactions with the defendants that we believe provide a basis for claims of willful infringement.” — Jeffrey Parker .
“The CAFC’s detailed opinion will be helpful in resolving disputes and clarifying key issues remaining between the parties, and we look forward to bringing this case to trial after a lengthy ten‑year wait.” — Jeffrey Parker (Q3 release) .
On Rule 36 reform: “Requiring the court to state its reasons will help ensure accountability, transparency, and accuracy and thereby secure the rights of inventors, patent holders, and innovators.” — Jeffrey Parker (press release with counsel) .

Q&A Highlights

No Q4 2024 earnings call transcript or Q&A materials were located in company filings or documents for the period; therefore, no Q&A highlights are available .

Estimates Context

S&P Global consensus estimates for PRKR’s Q4 2024 and FY 2024 revenue/EPS were not available; the company appears to have limited or no analyst coverage in the period. As a result, results vs consensus and estimate-revision analysis are not presented here (S&P Global consensus unavailable).

Key Takeaways for Investors

The CAFC reversal/remand in Qualcomm materially improves the legal setup; 2025 focus shifts to motion outcomes, pre‑trial conference, and trial scheduling in M.D. Florida .
Western District of Texas trial cadence slipped into 2H25 and 1H26; near‑term stock catalysts likely revolve around firm trial dates, outstanding motion rulings (e.g., claim construction/Daubert), and any settlement discussions .
Financials remain binary and litigation‑driven: no FY 2024 revenue, negative operating cash flow, and large non‑cash swings from contingent obligation revaluation .
Liquidity improved post December equity raise (cash $4.9M at 12/31/24); monitor cash burn vs timing of legal milestones and any additional capital needs .
Supreme Court’s denial of the Rule 36 petition removes one legal avenue; core value realization still depends on trial outcomes/settlements across Qualcomm and W.D. Texas cases .
With no Street consensus available, trading likely keys off legal news flow rather than fundamental beats/misses; risk/reward is dominated by case‑specific developments and timing .

Appendix: Additional Legal and Operating Disclosures

At 12/31/24, long‑term liabilities increased by ~$8.6M YoY, primarily from the $9.6M increase in contingent payment obligations, partially offset by reduced convertibles via holder conversions during 2024 .
Shareholders’ deficit widened YoY to $(46.4)M at 12/31/24 from $(39.5)M at 12/31/23, reflecting the 2024 net loss and liability revaluation dynamics .

Sources:

ParkerVision 8‑K and Exhibit 99.1 press release reporting FY 2024 results (Mar 24, 2025) .
ParkerVision 8‑K and Exhibit 99.1 press release reporting Q3 2024 results (Nov 13, 2024) .
Press releases related to Supreme Court Rule 36 petition (Nov 8, 2024 and Mar 4, 2025) .

PARKERVISION INC (PRKR)·Q4 2024 Earnings Summary