Network-1 Technologies Reports Q2 2024 Financial Results

Network-1 Technologies, Inc. (NYSE American: NTIP), reported its financial results for Q2 ending June 30, 2024. The company, which specializes in intellectual property, recorded revenue of $100,000 for both Q2 and the first half of 2024, down from $283,000 and $820,000 for the same periods in 2023. Revenue was primarily from a lawsuit settlement concerning Network-1's Remote Power Patent.

The net loss for Q2 2024 was $658,000 or $0.03 per share, compared to a loss of $476,000 or $0.02 per share in Q2 2023. For the first half of 2024, the net loss was $1,578,000 or $0.07 per share, compared to $1,099,000 or $0.05 per share for the same period last year.

As of June 30, 2024, Network-1 held $42,599,000 in cash and cash equivalents and marketable securities. The company continues to execute its Share Repurchase Program, repurchasing 373,701 shares in Q2 2024.