Network-1 Technologies Releases 2024 Financial Results

Network-1 Technologies, Inc. announced its financial results for the year ending December 31, 2024. The company, which focuses on intellectual property asset management, reported a significant drop in revenue, totalling $100,000 compared to $2,601,000 in the previous year. This decline is attributed to decreased settlement revenues from litigations involving its Remote Power Patent.

Operating expenses decreased by $1,115,000 in 2024, mainly due to reduced contingent legal fees. Despite cost reductions, Network-1 still faced a net loss of $3,034,000, worsening from a $1,457,000 loss in 2023. The company's equity investment in ILiAD Biotechnologies contributed substantial losses.

Network-1 maintained liquidity, ending the year with $40.6 million in cash, equivalents, and marketable securities. Additionally, the company repurchased 733,436 shares as part of an ongoing buyback program. Management continues to affirm liquidity for future operations, supported by its strategic repurchase and dividend programs.