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Here are a few analogies for Adeia:

• Dolby for video and media technology patents

• Qualcomm for media technology licensing

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• Semiconductor IP Licensing: Adeia licenses its intellectual property, including advanced hybrid bonding and packaging technologies, to semiconductor manufacturers and foundries.
• Media IP Licensing: The company licenses its intellectual property related to digital media, entertainment, and content delivery solutions to consumer electronics companies and media service providers.

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Adeia (symbol: ADEA) is a leading research and development company that licenses its foundational intellectual property (IP) to customers across various industries, primarily in semiconductor, memory, data storage, and media & entertainment. As such, Adeia sells primarily to other companies.

While specific IP licensing agreements are often confidential, Adeia's customer base includes global leaders in these sectors. Based on Adeia's focus areas and public statements about its licensees, its major customers are expected to be:

• Major semiconductor manufacturers and foundries: These companies license Adeia's advanced semiconductor packaging and processing technologies, such as hybrid bonding. Examples include:
  • Samsung (publicly traded on Korea Exchange: 005930.KS)
  • SK Hynix (publicly traded on Korea Exchange: 000660.KS)
  • Micron Technology, Inc. (publicly traded on NASDAQ: MU)
  • Intel Corporation (publicly traded on NASDAQ: INTC)
  • Taiwan Semiconductor Manufacturing Company (TSMC) (publicly traded on NYSE: TSM)
• Major pay-TV operators and consumer electronics companies: These companies license Adeia's media technologies, which can include interactive program guides, content discovery, and video recording solutions. Examples include:
  • Comcast Corporation (publicly traded on NASDAQ: CMCSA)

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Paul E. Davis, Chief Executive Officer & Director

Paul E. Davis was appointed CEO in October 2022 following the separation of Adeia from Xperi. Prior to this, he served as Chief Legal Officer and President of IP Licensing, and earlier, General Counsel at Xperi/Tessera. Before joining the company in 2011, Mr. Davis was an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where his practice focused on mergers and acquisitions, corporate securities matters, and corporate governance. He has led the IP licensing business and, post-separation, focuses on legal and IP strategy.

Keith Jones, Chief Financial Officer

Keith Jones was appointed Chief Financial Officer of Adeia (the intellectual property business of Xperi) in August 2022, prior to the spin-off. His recent activities include equity awards vesting and related share withholdings for taxes in March 2026.

Dr. Mark Kokes, Chief Revenue Officer

Dr. Mark Kokes was appointed Chief Revenue Officer in January 2026, where he oversees global sales and go-to-market strategy, including managing Adeia's intellectual property portfolio and revenue-generation activities. He successfully led Adeia's Media Sales and Strategy team since the company's separation and previously held senior IP officer roles at NantWorks, BlackBerry, and Intertrust Technologies Corporation. He is a 15-year industry veteran in the mobile and connected device industries.

Craig Mitchell, Chief Semiconductor Officer

Craig Mitchell rejoined Adeia in January 2026 to lead the company's semiconductor technology research and development organization. He previously served as CEO of AKHAN Semiconductor and has a 30-year history across numerous leadership roles within Adeia's predecessor companies, including Invensas and Tessera.

Bill Thomas, Chief Strategy Officer

Bill Thomas was named Chief Strategy Officer in January 2026, responsible for leading corporate strategy, long-term planning, market analysis, and growth initiatives. He has a proven track record of driving growth opportunities in the multimedia and tech sectors and is an expert in developing licensing programs, structuring complex licensing deals, and forming strategic partnerships. His prior experience includes senior IP licensing and business development leadership positions at VideoLabs, NAGRA, and Intellectual Ventures.

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The key risks to Adeia's business are primarily centered around its intellectual property (IP) licensing model, the inherent legal challenges in enforcing these rights, and the dynamic nature of the technology markets in which it operates.

1. Dependence on IP Licensing and Patent Portfolio Management: Adeia's core business relies on developing, acquiring, and licensing its extensive intellectual property portfolio across the media and semiconductor industries. This model exposes the company to risks associated with a potentially maturing patent portfolio, which could make it challenging to consistently generate new, high-value patents. Furthermore, the timing and successful negotiation of new and renewal license agreements are critical, and any delays or unfavorable terms can lead to significant revenue and earnings volatility.
2. Litigation Risks and Costs: As an IP licensing company, Adeia frequently engages in litigation to protect and enforce its patent rights. This strategy, while necessary, carries substantial risks, including significant legal expenses, potential damages, and the inherent uncertainty of legal outcomes. These prolonged legal battles can negatively impact the company's financial performance by compressing margins and diverting valuable resources and management focus from core business operations.
3. Rapid Technological Change and Regulatory Environment: Adeia operates in fast-evolving sectors, such as media and semiconductors. Rapid advancements in technology, including AI hardware, advanced packaging, and the adoption of open-source models, pose a risk that Adeia's existing IP could diminish in value or become obsolete. Additionally, global regulatory shifts and potential antitrust reforms concerning intellectual property rights could make the monetization and enforcement of Adeia's IP more difficult, thereby threatening future revenue growth.

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Media Segment:

• Over-the-Top (OTT) Video Services: The global OTT streaming market is projected to see subscriptions grow from approximately 375 million in 2021 to over 600 million by 2029. This market is expected to grow at 7.8% per year over the next three years.

Semiconductor Segment:

• Advanced Packaging Market (APM): The global Advanced Packaging Market sales are forecasted to grow at an average rate of 23.7% per year between 2020 and 2026. This growth is influenced by emerging technologies such as autonomous vehicles, the Internet of Things (IoT), virtual reality (VR), and augmented reality (AR).

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Here are 3-5 expected drivers of future revenue growth for Adeia (ADEA) over the next 2-3 years:

1. Growth in Non-Pay-TV (OTT and Streaming) Licensing: Adeia is actively expanding its footprint in the over-the-top (OTT) streaming market through new multi-year licensing agreements with major providers such as Disney and Microsoft. This strategic shift is expected to increase the contribution of OTT market revenue to 30%-35% of total revenue in 2026, as the company diversifies away from traditional Pay-TV licensing. Non-Pay-TV recurring revenue grew by 30% year-over-year in Q4 2025 and over 20% for the full year, indicating strong momentum in this area.
2. Expansion in Semiconductor IP Licensing: The semiconductor segment is a significant growth vertical for Adeia. The company's revenue from this sector increased by 40% from 2024 to 2025. Recent multi-year licensing agreements, including one with AMD for access to Adeia's semiconductor intellectual property (IP) portfolio, are anticipated to substantially boost revenue from chipmakers. Adeia is also driving innovation in AI-enabling technologies and semiconductor hybrid bonding, which are identified as key growth areas.
3. New Customer Acquisitions and Strategic Partnerships: Adeia is focused on expanding its customer base and forming strategic alliances across various sectors. In 2025, the company signed 26 deals, with a record 12 representing new customer relationships. These new agreements encompass OTT services, consumer electronics, and semiconductors, and, alongside renewals with existing partners like Vodafone and a new agreement with Major League Baseball, contribute to broadening Adeia's licensing base and recurring revenue streams.
4. Innovation and IP Portfolio Expansion: Adeia is investing in advanced research and development (R&D) to create new technologies for the entertainment, media, consumer electronics, and semiconductor industries. The company expanded its IP portfolios by 13% in 2025 through internal R&D and strategic tuck-in acquisitions. Notably, its RapidCool™ thermal solution is being evaluated by technology leaders in the AI semiconductor supply chain, highlighting future growth potential from new product innovations.

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Share Repurchases

• Adeia repurchased $20.0 million of common stock in 2025.
• The company repurchased $20 million of its common stock in December 2024.
• As of December 31, 2025, $160.0 million remained available under its stock repurchase plan, which had been increased to a total authorization of $200 million.

Share Issuance

• Common stock issued amounted to $2.404 million in 2025, $3.247 million in 2024, and $2.351 million in 2023.

Capital Expenditures

• Capital expenditures were -$1.806 million in 2025, -$1.821 million in 2024, and -$3.812 million in 2023.
• In Q4 2025, Adeia invested $590K in capital expenditures, primarily funding long-term assets and infrastructure.