Network-1 Technologies Announces Q3 Financial Results

Network-1 Technologies, Inc. reported its financial outcomes for the quarter ending September 30, 2024. The company disclosed no revenue for both Q3 2024 and 2023, with figures of $100,000 and $820,000 recorded for the nine-month periods, attributed to litigation settlements related to its Remote Power Patent.

The net loss for Q3 2024 was $316,000, or $0.01 per share, compared to a loss of $810,000, or $0.03 per share, in Q3 2023. A portion of these losses originated from its equity method investee, marking losses of $308,000 and $532,000 respectively. For the nine-month periods, the net losses were $1,894,000 in 2024 and $1,909,000 in 2023.

As of September 30, 2024, Network-1 held cash reserves and securities totaling $41.5 million, ensuring sufficient funding for the upcoming year. Additionally, Network-1 repurchased 119,615 shares within the quarter, averaging a cost of $1.58 per share, and maintained its semi-annual dividend distribution.