InterDigital, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $868.5 million, a 58% increase from $549.6 million in 2023. This surge was primarily driven by a substantial rise in catch-up revenues, which amounted to $460.1 million, compared to $141.2 million in the previous year. Recurring revenues remained relatively stable at $408.4 million, reflecting a slight increase from $408.4 million in 2023, with notable growth in the consumer electronics and IoT sectors, which saw a 49% increase in revenue.
The company’s operating expenses also rose, totaling $429 million, up 31% from $328 million in 2023. This increase was largely attributed to higher revenue share costs, which rose by $78 million, and increased intellectual property enforcement costs, which grew by $19 million. Despite these rising costs, InterDigital's net income for 2024 was $358.6 million, compared to $214.1 million in 2023, resulting in a basic earnings per share of $14.16, up from $7.97 the previous year.
Strategically, InterDigital entered into fourteen new patent licensing agreements in 2024, including significant deals with Samsung, Google, and OPPO. These agreements are expected to enhance the company's licensing revenue base, particularly in the video streaming and cloud services sectors. The company also reported that a small number of customers, including Samsung, Lenovo, and Apple, accounted for a significant portion of its revenues, with Samsung alone contributing 30% of total revenues in 2024.
Operationally, InterDigital maintained a strong patent portfolio, holding over 33,000 patents and patent applications as of December 31, 2024. The company continues to invest in research and development, with expenses in this area totaling $196.9 million, slightly up from $195.3 million in 2023. The workforce remained stable at approximately 430 employees, with a focus on attracting and retaining top talent in wireless, video, and AI research. Looking ahead, InterDigital aims to expand its licensing activities and enhance its patent portfolio, while navigating potential challenges related to market conditions and customer negotiations.
About InterDigital, Inc.
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