Company: IDCC
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001405495-25-000051
Chunk: 102

Company: InterDigital, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 102
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,785$3004,4293,8588,287(4,429)3,858

______________________________

(a) Represents incremental shares issuable upon concurrent conversion of convertible notes, exercise of warrants and settlement of the hedge agreements.

24

RESULTS OF OPERATIONS

Second Quarter 2025 Compared to Second Quarter 2024 

Revenue

The following table compares second quarter 2025 revenue to second quarter 2024 revenue (in thousands):

Three Months Ended June 30, 20252024Increase/(Decrease)Smartphone$235,084 $199,225 $35,859 18 %CE, IoT/Auto65,331 23,729 41,602 175 %Other181 539 (358)(66)%Total Revenue$300,596 $223,493 $77,103 34 %Catch-up revenue(a), included above$162,328 $127,551 $34,777 27 %

(a)    Catch-up revenue represents revenue associated with reporting periods prior to the execution of the license agreement.

Total revenue of $300.6 million increased $77.1 million from second quarter 2024 primarily due to the Samsung arbitration decision and the new HP agreement. Additionally, revenue from eight other new patent license agreements signed in the last twelve months, including the previously announced agreements with vivo Mobile and OPPO, and the Lenovo arbitration agreement contributed to the increase. These increases were partially offset primarily by catch-up revenue recognized related to the Lenovo UK proceedings in second quarter 2024. 

In second quarter 2025 and 2024, 78% and 80%, respectively, of our total revenue was attributable to licensees that individually accounted for 10% or more of our total revenue. In second quarter 2025 and 2024, the following licensees accounted for 10% or more of our total revenue:

Three Months Ended June 30, 20252024Customer A52%11%Customer B15%—%Customer C11%15%Customer D<10%54%

Operating Expenses

The following table summarizes the changes in operating expenses between second quarter 2025 and second quarter 2024 by category (in thousands):

Three Months Ended June 30, 20252024Increase/(Decrease)Research and portfolio development$53,674 $50,145 $3,529 7 %Licensing23,909 25,156 (1,247)(5