Network-1 Reports Financial Growth in 2023 Year-End Results

Network-1 Technologies, Inc., a seasoned player in intellectual property management, unveiled its financial achievements for the year closed on December 31, 2023. Demonstrating a significant turnaround, the company reported $2,601,000 in revenue, a stark contrast to the previous year where it recorded no revenue. This income primarily stems from settlements in litigations involving the firm's Remote Power Patent.

Despite an increase in operating expenses to $933,000 due to litigation-related costs, Network-1 showcased an improved financial landscape with net interest and dividend income rising to $1,868,000, fueled by high-yielding investment adjustments. Additionally, the firm experienced a positive shift in marketable securities with realized and unrealized gains of $525,000, overturning the previous year's losses.

The year concluded with a net loss of $1,457,000, an improvement over the 2022 figures. Network-1 emphasized its robust liquidity position with cash, equivalents, and marketable securities totaling $45,467,000, assuring continued operational funding.

Further enhancing shareholder value, Network-1 executed a share repurchase program, acquiring 428,132 shares at an average price of $2.23. The company maintains a consistent dividend payout, underscoring its commitment to returning value to its shareholders.