Network-1 Technologies Reports Q1 2024 Financial Results

Network-1 Technologies, Inc. (NYSE American: NTIP) disclosed its financial outcomes for the first quarter ended March 31, 2024, revealing a significant shift in its fiscal position year-over-year. The company, specializing in the development, acquisition, and licensing of intellectual property, reported no revenue for this quarter as opposed to $537,000 achieved in the same quarter of the previous year, primarily derived from patent infringement lawsuit settlements related to its Remote Power Patent.

The reported net loss increased from $623,000 in Q1 2023 to $920,000 in Q1 2024. This loss includes $628,000 attributed to ILiAD Biotechnologies, an equity method investee. When isolated from ILiAD's impact, the loss stands at $292,000 for the quarter, compared to an income of $51,000 in the prior year. Additionally, the company’s cash reserves and marketable securities totaled $43.4 million, indicating strong liquidity that should support ongoing operations indefinitely.

Network-1 also continued its Share Repurchase Program, buying back 83,744 shares in Q1 at an average price of $2.17 per share and paid semi-annual dividends of $0.05 per share in late March 2024. Despite the lack of current quarter revenue, Network-1 remains committed to its strategic dividend payments and share buybacks, reflecting its management's confidence in the company's cash management and long-term plans.