Adeia Inc.

Second-quarter revenue was $96.1 million, and adjusted EBITDA was $56.4 million with an adjusted EBITDA margin of 58.7%. Cash from operations was $54.6 million, cash, cash equivalents and marketable securities totaled $137.1 million, and term loan balance ended at $392.6 million. Q2 operating expenses were $40.2 million, litigation expense was $5.3 million, interest expense was $8 million, depreciation was $480,000, and the non-GAAP tax rate was 21%. For 2026, management reiterated revenue guidance of $395 million to $435 million, expects operating expenses of $184 million to $192 million, interest expense of $34 million to $36 million, other income of $5.5 million to $6.5 million, adjusted EBITDA margin of about 55%, non-GAAP tax rate of 21%, and capex of about $2 million.

Paul Davis emphasized that the quarter was in line with expectations and said the business is executing across media and semiconductors. He pointed to strong diversification in non-Pay-TV recurring revenue, the RPX deal as a meaningful e-commerce milestone, and the Google renewal as validation of the media portfolio. His tone was confident and upbeat, especially around hybrid bonding adoption, and he raised the long-term revenue goal to $600 million because of improving semiconductor prospects.

Keith Jones said revenue of $96.1 million and adjusted EBITDA of $56.4 million were in line with expectations, with margins at 58.7%. He highlighted $54.6 million in operating cash flow, $137.1 million in cash and investments, $6.1 million in debt principal paydown, and $10 million in share repurchases, leaving $140 million available under the buyback program. He also reiterated full-year guidance for revenue, expenses, interest, other income, margin, tax rate and capex, and said Q3 cash generation should be modest before a rebound in Q4.

Analysts focused on semiconductor momentum, the mix between media and semi, and whether the higher semiconductor target can be reached on the same timetable as the prior $100 million goal. Management said semi revenue was about $14.8 million in Q2 and about $48 million year to date, and Paul Davis said the $200 million semiconductor target is still viewed on a roughly five-year long-range planning horizon. Questions also centered on the RPX deal and whether the structure could be replicated; management said it could be, since it reduces friction by licensing multiple companies under one term agreement, though they did not discuss negotiation specifics.