Revenue has effectively evaporated to just $150,000 in the most recent TTM period, while SG&A expenses frequently exceed $1 million per quarter, resulting in persistent negative operating margins.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 0 | 150K | 100K | 2.6M | 0 | 36.03M | 4.4M | 3.04M | 22.11M | 16.45M | 65.09M | 16.57M | 12.31M | 8.02M | 8.7M | 7.4M | 33.04M | 811K | 349K | 232K | 0 | 0 | 0 | 218K | 592K | 1.05M | 1.15M | 394K | 1.83M | 2.4M |
| Revenue Growth % | -100% | 50% | -96.16% | - | -100% | 718.28% | 44.98% | -86.26% | 34.37% | -74.72% | 292.92% | 34.58% | 53.54% | -7.83% | 17.57% | -77.61% | 3973.61% | 132.38% | 50.43% | - | - | - | -100% | -63.18% | -43.4% | -8.81% | 191.12% | -78.48% | -23.71% | - |
| Cost of Goods Sold | 162K | 42K | 28K | 874K | 0 | 12.15M | 220K | 882K | 8.07M | 4.97M | 7.6M | 5.51M | 3.51M | 2.36M | 2.6M | 2.11M | 9.6M | 76K | 18K | 12K | 0 | 0 | 0 | 51K | 903K | 607K | 480K | 1.08M | 1.49M | 100K |
| COGS % of Revenue | - | 28% | 28% | 33.6% | - | 33.71% | 5% | 29.04% | 36.52% | 30.21% | 11.67% | 33.24% | 28.52% | 29.43% | 29.91% | 28.47% | 29.04% | 9.37% | 5.16% | 5.17% | - | - | - | 23.39% | 152.53% | 58.03% | 41.85% | 274.37% | 81.32% | 4.17% |
| Gross Profit | -162K | 108K | 72K | 1.73M | 0 | 23.88M | 4.18M | 2.15M | 14.03M | 11.48M | 39.29M | 11.06M | 8.8M | 5.66M | 6.1M | 5.29M | 23.44M | 735K | 331K | 220K | 0 | 0 | 0 | 167K | -311K | 439K | 667K | -687K | -68K | 2.3M |
| Gross Margin % | - | 72% | 72% | 66.4% | - | 66.29% | 95% | 70.96% | 63.48% | 69.79% | 60.37% | 66.76% | 71.48% | 70.58% | 70.09% | 71.53% | 70.96% | 90.63% | 94.84% | 94.83% | - | - | - | 76.61% | -52.53% | 41.97% | 58.15% | -174.37% | -3.71% | 95.83% |
| Gross Profit Growth % | - | 50% | -95.83% | - | -100% | 470.93% | 94.11% | -84.64% | 22.24% | -70.78% | 255.31% | 25.68% | 55.51% | -7.18% | 15.19% | -77.43% | 3089.39% | 122.05% | 50.45% | - | - | - | -100% | 153.7% | -170.84% | -34.18% | 197.09% | -910.29% | -102.96% | - |
| Operating Expenses | 3.91M | 3.41M | 3.69M | 3.96M | 3.9M | 4.3M | 6.6M | 4.51M | 4.87M | 5.47M | 6.69M | 7.13M | 5.18M | 4.13M | 2.76M | 3.76M | 4.17M | 3.31M | 2.06M | 3.4M | 2.03M | 1.76M | 1.96M | 1.21M | 5.66M | 7.13M | 6.08M | 6.02M | 4.96M | 4.3M |
| OpEx % of Revenue | - | 2276% | 3693% | 152.33% | - | 11.92% | 149.81% | 148.47% | 22.02% | 33.23% | 10.28% | 43.05% | 42.05% | 51.55% | 31.77% | 50.81% | 12.63% | 408.63% | 590.26% | 1463.36% | - | - | - | 554.13% | 955.91% | 681.45% | 530.34% | 1526.9% | 271.16% | 179.17% |
| Selling, General & Admin | 3.92M | 3.27M | 3.57M | 3.7M | 3.59M | 4M | 4.87M | 4.22M | 4.58M | 5.26M | 5.88M | 5.48M | 3.53M | 3.13M | 2.76M | 3.76M | 4.17M | 3.31M | 2.06M | 3.4M | 2.03M | 1.76M | 1.96M | 1.21M | 4.06M | 4.92M | 4.65M | 4.59M | 3.83M | 2.5M |
| SG&A % of Revenue | - | 2182% | 3573% | 142.1% | - | 11.1% | 110.63% | 139.08% | 20.7% | 31.98% | 9.04% | 33.06% | 28.65% | 38.98% | 31.77% | 50.81% | 12.63% | 408.63% | 590.26% | 1463.36% | - | - | - | 554.13% | 685.81% | 470.27% | 405.14% | 1164.47% | 209.28% | 104.17% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.6M | 2.21M | 1.44M | 1.43M | 664K | 800K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 270.1% | 211.19% | 125.2% | 362.44% | 36.26% | 33.33% |
| Other Operating Expenses | -7K | 141K | 120K | 266K | 316K | 295K | 1.73M | 285K | 290K | 206K | 1.31M | 1.66M | 1.65M | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 469K | 1M |
| Operating Income | -4.08M | -3.31M | -3.62M | -2.23M | -3.9M | 19.59M | -2.41M | -2.35M | 9.17M | 6.01M | 32.1M | 3.93M | 2.72M | 1.52M | 3.33M | 1.53M | 19.27M | -2.58M | -1.71M | -3.17M | -2.03M | -1.76M | -1.96M | -1.04M | -5.97M | -6.69M | -5.42M | -6.7M | -4.83M | -2M |
| Operating Margin % | - | -2204% | -3621% | -85.93% | - | 54.36% | -54.8% | -77.51% | 41.47% | 36.56% | 49.32% | 23.71% | 22.12% | 19.02% | 38.32% | 20.72% | 58.33% | -318% | -490.26% | -1368.53% | - | - | - | -477.52% | -1008.45% | -639.48% | -472.19% | -1701.27% | -263.63% | -83.33% |
| Operating Income Growth % | - | 8.7% | -62.01% | 42.74% | -119.93% | 911.69% | -2.51% | -125.68% | 52.43% | -81.26% | 717.42% | 44.22% | 78.56% | -54.25% | 117.42% | -92.04% | 847.15% | -50.73% | 46.11% | -56.64% | -15.43% | 10.22% | -87.9% | 82.56% | 10.75% | -23.5% | 19.2% | -38.86% | -141.35% | - |
| EBITDA | -3.91M | -3.14M | -3.44M | -1.9M | -3.54M | 19.88M | -2.12M | -1.94M | 9.46M | 6.22M | 32.91M | 5.58M | 4.37M | 2.53M | 3.34M | 1.54M | 19.28M | -2.57M | -1.7M | -3.16M | -2.02M | -1.75M | -1.95M | -1.02M | -5.97M | -6.16M | -5.04M | -5.58M | -4.13M | -3M |
| EBITDA Margin % | - | -2092% | -3437% | -73.2% | - | 55.18% | -48.17% | -63.94% | 42.78% | 37.81% | 50.57% | 33.7% | 35.53% | 31.6% | 38.42% | 20.84% | 58.35% | -316.89% | -488.25% | -1360.78% | - | - | - | -466.97% | -1008.45% | -589.29% | -439.23% | -1416.24% | -225.61% | -125% |
| EBITDA Growth % | -23.86% | 8.7% | -80.51% | 46.28% | -117.83% | 1037.34% | -9.22% | -120.54% | 52.04% | -81.1% | 489.63% | 27.65% | 72.64% | -24.21% | 116.73% | -92% | 850.12% | -50.82% | 46.02% | -56.36% | -15.37% | 10.21% | -91.45% | 82.95% | 3.15% | -22.35% | 9.71% | -35.08% | -37.7% | - |
| D&A (Non-Cash Add-back) | 162K | 168K | 184K | 331K | 359K | 295K | 292K | 412K | 290K | 206K | 813K | 1.66M | 1.65M | 1.01M | 9K | 9K | 9K | 9K | 7K | 18K | 8K | 6K | 7K | 23K | 0 | 525K | 378K | 1.12M | 696K | -1M |
| EBIT | -3.61M | -3.31M | -3.62M | -2.23M | -3.9M | 19.59M | -980K | -2.35M | 10.01M | 6.01M | 32.6M | 3.98M | 3.62M | 1.56M | 3.33M | 2.53M | 19.27M | -2.58M | -1.62M | -3.17M | -1.96M | -1.33M | -1.95M | -1.04M | -5.97M | -6.69M | -5.42M | -6.7M | -4.83M | -2M |
| Net Interest Income | 1.74M | 1.84M | 1.9M | 1.87M | 1.02M | 327K | 522K | 1.15M | 876K | 215K | 61K | 58K | 37K | 36K | 39K | 48K | 41K | 1K | 111K | 0 | 0 | 0 | 0 | 12K | 0 | 0 | -1.26M | 0 | 0 | 0 |
| Interest Income | 1.74M | 1.84M | 1.9M | 1.87M | 1.02M | 327K | 522K | 1.15M | 876K | 215K | 61K | 58K | 37K | 36K | 39K | 48K | 41K | 1K | 111K | 0 | 69K | 39K | 0 | 12K | 0 | 0 | 324K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.58M | 0 | 0 | 0 |
| Other Income/Expense | 1.5M | 2.12M | 162K | 390K | 2.18M | -845K | 1.66M | 583K | 847K | 215K | 61K | 58K | -14K | 36K | 39K | 48K | 41K | 1K | 111K | 177K | 69K | 385K | 3K | 415K | 5.97M | 0 | 0 | 0 | 0 | 2M |
| Pretax Income | -2.58M | -1.19M | -3.46M | -1.84M | -1.72M | 18.74M | -755K | -1.77M | 10.01M | 6.23M | 32.16M | 3.98M | 2.71M | 1.56M | 3.37M | 1.58M | 19.31M | -2.58M | -1.62M | -3M | -1.96M | -1.37M | -1.95M | -626K | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | - | -790% | -3459% | -70.93% | - | 52.02% | -17.15% | -58.31% | 45.3% | 37.86% | 49.41% | 24.06% | 22.01% | 19.47% | 38.77% | 21.37% | 58.45% | -317.88% | -463.61% | -1292.24% | - | - | - | -287.16% | - | - | - | - | - | - |
| Income Tax | -12K | 1.24M | -425K | -388K | 607K | 4.46M | 954K | 21K | 2.31M | 2.1M | 8.94M | -122K | 943K | 545K | 746K | -6.91M | 74K | 0 | 0 | 0 | 0 | -424K | -3K | -427K | 5.91M | -817K | -627K | 243K | 1.15M | 2.4M |
| Effective Tax Rate % | 0.47% | -104.22% | 12.29% | 21.03% | -35.31% | 23.8% | -126.36% | -1.19% | 23.05% | 33.65% | 27.79% | -3.06% | 34.81% | 34.91% | 22.12% | -437.19% | 0.38% | 0% | 0% | 0% | 0% | 30.93% | 0.15% | 68.21% | - | - | - | - | - | - |
| Net Income | -2.57M | -2.42M | -3.03M | -1.46M | -2.33M | 14.28M | -1.71M | -1.79M | 7.71M | 4.13M | 23.22M | 4.11M | 1.77M | 1.02M | 2.63M | 8.49M | 19.24M | -2.58M | -1.62M | -3M | -1.96M | -1.33M | -1.95M | -614K | -5.91M | -5.87M | -4.79M | -6.95M | -5.78M | -2.4M |
| Net Margin % | - | -1613.33% | -3034% | -56.02% | - | 39.64% | -38.81% | -59.01% | 34.86% | 25.12% | 35.68% | 24.79% | 14.35% | 12.67% | 30.19% | 114.8% | 58.23% | -317.88% | -463.61% | -1292.24% | - | - | - | -281.65% | -997.47% | -561.38% | -417.52% | -1762.94% | -315.51% | -100% |
| Net Income Growth % | -3.67% | 20.24% | -108.24% | 37.36% | -116.29% | 935.63% | 4.63% | -123.25% | 86.45% | -82.2% | 465.45% | 132.56% | 73.82% | -61.31% | -69.08% | -55.85% | 846.16% | -59.33% | 46.03% | -53.12% | -47% | 31.8% | -218.08% | 89.6% | -0.56% | -22.61% | 31.05% | -20.24% | -140.71% | - |
| Net Income (Continuing) | -2.57M | -2.42M | -3.03M | -1.46M | -2.33M | 14.28M | -1.71M | -1.79M | 7.71M | 4.13M | 23.22M | 4.11M | 1.77M | 1.02M | 2.63M | 8.49M | 19.24M | -2.58M | -1.62M | -3M | -1.96M | -1.33M | -1.95M | -614K | -5.91M | -6.59M | -6.67M | -6.56M | -5.98M | -2.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.11 | -0.13 | -0.06 | -0.10 | 0.58 | -0.07 | -0.07 | 0.30 | 0.16 | 0.93 | 0.17 | 0.07 | 0.04 | 0.09 | 0.27 | 0.67 | -0.11 | -0.07 | -0.13 | -0.10 | -0.08 | -0.14 | -0.07 | -0.78 | -1.24 | -0.80 | -1.92 | -2.56 | -1.29 |
| EPS Growth % | -5.14% | 15.38% | -112.42% | 37.3% | -116.83% | 928.57% | 0% | -123.33% | 87.5% | -82.8% | 447.06% | 142.86% | 75% | -55.56% | -66.67% | -59.7% | 709.09% | -64.18% | 48.46% | -30% | -32.63% | 46.14% | -89.7% | 90.54% | 37.1% | -55% | 58.33% | 25% | -98.45% | - |
| EPS (Basic) | - | -0.11 | -0.13 | -0.06 | -0.10 | 0.59 | -0.07 | -0.07 | 0.32 | 0.17 | 1.00 | 0.17 | 0.07 | 0.04 | 0.10 | 0.33 | 0.79 | -0.11 | -0.07 | -0.13 | -0.10 | -0.08 | -0.15 | -0.07 | -0.78 | -1.24 | -0.80 | -1.92 | -2.56 | -1.29 |
| Diluted Shares Outstanding | 22.81M | 22.85M | 23.25M | 23.79M | 23.83M | 24.53M | 24.01M | 23.98M | 25.36M | 26.4M | 24.89M | 24.48M | 26.93M | 27.95M | 28.47M | 30.93M | 28.62M | 24.14M | 24.14M | 22.25M | 18.95M | 17.68M | 14.11M | 8.31M | 7.58M | 6.47M | 5.98M | 4.39M | 2.26M | 1.86M |
| Basic Shares Outstanding | 22.81M | 22.85M | 23.25M | 23.79M | 23.83M | 24.14M | 24.01M | 23.98M | 23.76M | 24.15M | 23.32M | 23.5M | 25.17M | 25.59M | 25.74M | 25.81M | 24.42M | 24.14M | 24.14M | 22.25M | 18.95M | 17.68M | 13.19M | 8.31M | 7.58M | 6.47M | 5.98M | 4.39M | 2.26M | 1.86M |
| Dividend Payout Ratio | - | - | - | - | - | 16.88% | - | - | 31.72% | 58.55% | - | - | - | - | - | - | 13.48% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary Litigation Outcome Dependency
As evidenced by the quarterly income statements, Network-1's revenue has effectively evaporated, with TTM figures showing only $150,000 in recognized income, highlighting a transition from steady-state royalty streams to a highly unpredictable, project-based model dependent entirely on the timing of legal settlement milestones.
The absence of consistent top-line growth suggests that the company's legacy patent portfolios have reached a point of exhaustion or obsolescence. Investors should interpret the current revenue drought as a signal that the firm is no longer a recurring-revenue business, but rather a speculative vehicle awaiting favorable court rulings.
Based on reported financial data, the company maintains a rigid cost structure dominated by SG&A expenses that frequently exceed $1 million per quarter, creating a structural disconnect where operating costs remain elevated despite the near-total absence of incoming licensing revenue from its patent enforcement activities.
This persistent spending pattern indicates that management is prioritizing the maintenance of its legal infrastructure over immediate profitability. The lack of expense discipline relative to the current revenue environment suggests that the firm is betting heavily on future settlements to justify its ongoing burn rate.
According to the provided income statement data, the company has consistently reported negative operating margins, including a recent period of extreme contraction, which suggests that the reported net income is currently a poor indicator of the underlying value of its intellectual property portfolio.
The disparity between the gross margin potential of 72% and the actual operating losses implies that the company is currently in a 'spend-to-defend' phase. Analysts should monitor whether these losses are truly transitory or if they represent a permanent erosion of capital as legal costs mount against well-capitalized defendants.
As reported in financial filings, the company's reliance on binary legal outcomes creates a significant risk profile, where the depletion of cash reserves may force management into unfavorable settlement terms if the current litigation schedule fails to yield a material win in the near term.
The market's tendency to price the company near its cash balance suggests a lack of confidence in the long-term viability of its remaining patent assets. Investors should consider the possibility that the current litigation strategy may not provide sufficient returns to cover the cumulative cost of legal proceedings.
Quick answers to the most common questions about buying NTIP stock.
For fiscal year 2025, Network-1 Technologies, Inc. (NTIP) reported total revenue of $0.1M. This represents a 93.8% decline compared to $2.4M in 1997.
Network-1 Technologies, Inc. (NTIP) reported a net loss of $2.4M for the fiscal year ending 2025.
Network-1 Technologies, Inc. (NTIP) reported an operating income of $-3.3M, resulting in an operating profit margin of -2204.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Network-1 Technologies, Inc. (NTIP) generated $0.1M in gross profit for the year, representing a gross profit margin of 72.0%. This demonstrates the company's core pricing power and production efficiency.