# Parkervision Inc: Form 10-Q for the period ended Sep 30, 2025

- Company: [Parkervision Inc](/companies/prkr.md) (CIK 914139)
- Form: 10-Q
- Filed: 2025-11-12
- Accepted by EDGAR: Nov 12, 2025, 16:04 ET
- Period: 2025-09-30
- Accession: 0001437749-25-034434
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/914139/000143774925034434/prkr20250930_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/914139/000143774925034434/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-07-01 to 2025-09-30 | $0 | us-gaap:Revenues |
| Cost of revenue | 3 months, 2025-07-01 to 2025-09-30 | $50.0k | us-gaap:CostOfRevenue |
| Cost of revenue | 9 months, 2025-01-01 to 2025-09-30 | $156.0k | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2025-07-01 to 2025-09-30 | −$50.0k | us-gaap:GrossProfit |
| Gross profit | 9 months, 2025-01-01 to 2025-09-30 | −$156.0k | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2025-07-01 to 2025-09-30 | $1.5m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months, 2025-01-01 to 2025-09-30 | $6.6m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Interest expense | 3 months, 2025-07-01 to 2025-09-30 | $66.0k | us-gaap:InterestExpenseNonoperating |
| Interest expense | 9 months, 2025-01-01 to 2025-09-30 | $207.0k | us-gaap:InterestExpenseNonoperating |
| Income tax | 3 months, 2025-07-01 to 2025-09-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2025-01-01 to 2025-09-30 | $0 | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-07-01 to 2025-09-30 | −$2.0m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2025-01-01 to 2025-09-30 | −$7.4m | us-gaap:NetIncomeLoss |
| Basic EPS | 3 months, 2025-07-01 to 2025-09-30 | −$0.02 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2025-01-01 to 2025-09-30 | −$0.06 | us-gaap:EarningsPerShareBasic |
| Operating cash flow | 9 months, 2025-01-01 to 2025-09-30 | −$4.1m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2025-01-01 to 2025-09-30 | $3.0k | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2025-09-30 | $901.0k | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-09-30 | $1.2m | us-gaap:AssetsCurrent |
| Total assets | at 2025-09-30 | $1.9m | us-gaap:Assets |
| Current liabilities | at 2025-09-30 | $2.9m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-09-30 | $51.7m | us-gaap:Liabilities |
| Shareholders' equity | at 2025-09-30 | −$49.8m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 16,603 characters.

#### Forward-Looking Statements

We believe that it is important to communicate our future expectations to our shareholders and to the public. This Quarterly Report contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including, in particular, statements about our future plans, objectives, and expectations contained in this Item. When used in this Quarterly Report and in future filings by us with the Securities and Exchange Commission (“SEC”), the words or phrases “expects”, “will likely result”, “will continue”, “is anticipated”, “estimated” or similar expressions are intended to identify “forward-looking statements.” Readers are cautioned not to place undue reliance on such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those presently anticipated or projected, including the risks and uncertainties identified in our annual report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Annual Report”) and in this Item 2 of Part I of this Quarterly Report. Examples of such risks and uncertainties include general economic and business conditions, competition, unexpected changes in technologies and technological advances, the timely development and commercial acceptance of new products and technologies, reliance on our intellectual property, the outcome of our intellectual property litigation and the ability to obtain adequate financing in the future. We have no obligation to publicly release the results of any revisions which may be made to any forward-looking statements to reflect anticipated events or circumstances occurring after the date of such statements.

#### Corporate Website

We announce investor information, including news and commentary about our business, financial performance and related matters, SEC filings, notices of investor events, and our press and earnings releases, in the investor relations section of our website (http://ir.parkervision.com). Additionally, if applicable, we webcast our earnings calls and certain events we participate in or host with members of the investment community in the investor relations section of our website. Investors and others can receive notifications of new information posted in the investor relations section in real time by signing up for email alerts and/or RSS feeds. Further corporate governance information, including our governance guidelines, board of directors (“Board”) committee charters, and code of conduct, is also available in the investor relations section of our website under the heading “Corporate Governance.” The content of our website is not incorporated by reference into this Quarterly Report or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

#### Overview

We have invented and developed proprietary radio frequency (“RF”) technologies and integrated circuits based on those technologies, and we license those technologies to third parties for use in wireless communication products. We have expended significant financial and other resources to research and develop our RF technologies and to obtain patent protection for those technologies in the United States of America (“U.S.”) and certain foreign jurisdictions. We believe certain patents protecting our proprietary technologies have been broadly infringed by others and therefore the primary focus of our business plan is the enforcement of our intellectual property rights through patent licensing and infringement litigation efforts. We currently have patent enforcement actions ongoing in various U.S. district courts against mobile handset, smart television, and other WiFi product providers, as well as semiconductor suppliers, for the infringement of several of our RF patents. We have made significant investments in developing and protecting our technologies, the returns on which are dependent upon the generation of future revenues for realization.

#### Recent Events

#### Legal Proceedings

In April 2025, the district court initially denied, and then granted on reconsideration, a Qualcomm motion for a third claim construction briefing on two previously undisputed claim terms that were critical to the September 2024 appellate court decision. On May 30, 2025, following briefings by both parties, the district court issued a claim construction order adopting Qualcomm's proposed constructions for the two claim terms. This decision, in essence, precludes us, once again, from asserting our receiver claims in the case. In June 2025, we filed a Rule 54(b) motion requesting that the court enter a final judgement of noninfringement on our receiver claims, based on the court's claim construction, and sever and stay the remaining transmit claims in the case to allow us to immediately appeal the most recent claim construction order and avoid the inefficiency of potentially two separate trials. On October 2, 2025, the court granted our Rule 54(b) motion and we immediately filed our appeal with the Court of Appeals for the Federal Circuit ("CAFC"). On October 23, 2025, the CAFC granted our motion for an expedited schedule for the appeal. Based on the CAFC's ruling, briefings by both parties are to be completed by February 2026 with oral arguments scheduled at the first available date thereafter.

#### Liquidity and Capital Resources

We used cash for operations of approximately $4.1 million and $2.1 for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash used for operations from 2024 to 2025 is primarily due to accrued bonuses paid and increases in legal, accounting and other third-party professional fees for services during the nine months ended September 30, 2025.

At September 30, 2025, we had cash and cash equivalents of approximately $0.9 million, an accumulated deficit of $455.6 million, and a working capital deficit of $1.8 million. At September 30, 2025, we had $2.9 million in current liabilities, including approximately $1.6 million in convertible debt that matures over the next twelve months. In addition, a significant amount of future proceeds that we may receive from our patent enforcement and licensing programs will first be utilized to repay borrowings and legal fees and expenses under our contingent funding arrangements. These circumstances raise substantial doubt about our ability to continue to operate as a going concern for a period of one year following the issue date of these unaudited condensed consolidated financial statements.

Our convertible notes have conversion prices that are below the market price of our common stock as of September 30, 2025. We anticipate that all of our outstanding convertible notes will either (i) be converted by the holders prior to their scheduled maturity dates, or (ii) have their maturity dates automatically extended as provided under the terms of certain agreements; however, conversion and/or extension is at the option of the holders and there can be no assurance with respect to the holders' behavior. Even with the anticipated conversions or extensions of our convertible debt, our current capital resources are not sufficient to meet our liquidity needs for the next twelve months and we may be required to seek additional capital. Our ability to meet our liquidity needs for the next twelve months is dependent upon (i) our ability to successfully negotiate licensing agreements and/or settlements relating to the use of our technologies by others in excess of our contingent payment obligations, (ii) our ability to control operating costs, (iii) the behavior of our convertible note holders, and/or (iv) our ability to obtain additional debt or equity financing. We expect that proceeds received by us from patent enforcement actions and technology licenses over the next twelve months may not alone be sufficient to cover our working capital requirements.

In May 2025, we filed a shelf registration statement ("Shelf") on Form S-3 that allows us to offer and sell, from time-to-time, up to $25 million of common stock, warrants, or any combination thereof. The Shelf is intended to provide us flexibility to registered sales of securities, subject to market conditions and market capitalization limitations, in order to fund our future capital needs. The terms of any future offering under the Shelf will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC. Any sale of securities under the Shelf will not exceed one-third of our public float in any 12-month period so long as our public float remains below $75 million. To date, we have not offered any securities under this Shelf.

We expect to continue to invest in the support of our patent licensing and enforcement program. The long-term continuation of our business plan is dependent upon the generation of sufficient cash flows from our technologies and/or products to offset expenses and debt obligations. In the event that we do not generate sufficient cash flows, we will be required to obtain additional funding through public or private debt or equity financing or contingent fee arrangements and/or reduce operating costs. Failure to generate sufficient cash flows, raise additional capital through debt or equity financings or contingent fee arrangements, and/or reduce operating costs will have a material adverse effect on our ability to meet our long-term liquidity needs and achieve our intended long-term business objectives.

#### Financial Condition

Our working capital decreased approximately $4.4 million from December 31, 2024 to September 30, 2025. This decrease in working capital is primarily the result of cash used in operations during the nine months ended September 30, 2025 as well as $1.1 million of additional convertible notes due to mature in the next twelve months. We anticipate that our $1.6 million in convertible notes included in current liabilities as of September 30, 2025 will either (i) be converted by the holders prior to their scheduled maturity dates, or (ii) have their maturity dates automatically extended as provided under the terms of certain agreements, and therefore will not negatively impact our working capital; however, conversion and/or extension is at the option of the holders and there can be no assurance with respect to the holders' behavior.

Our long-term liabilities decreased $1.1 million from December 31, 2024 to September 30, 2025, primarily due to the reclassification from long-term to current liabilities of $1.1 million of convertible notes that mature within the next twelve months and the conversion by the holders of $0.4 million of debt into shares of our common stock. These decreases are offset by an overall increase in the estimated fair value our contingent payment obligations of $0.5 million. Refer to "Change in Fair Value of Contingent Payment Obligations" below.

#### Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024

### Revenue and Cost of Sales

We reported no licensing revenue for the three and nine months ended September 30, 2025 and 2024. Cost of sales for the three and nine months ended September 30, 2025 and 2024 consists of amortization expense related to the patents covered under license agreements. Revenue resulting from our patent enforcement actions is highly unpredictable with respect to the amount and timing of receipt, and there can be no assurance that we will achieve our anticipated results.

### Selling, General, and Administrative Expenses

Selling, general, and administrative expenses consist primarily of personnel and related costs, including share-based compensation, outside professional fees for business consulting, legal and accounting services, litigation fees and expenses, and costs incurred for insurance.

Our selling, general and administrative expenses increased by $0.5 million, or 53.5%, during the three months ended September 30, 2025 when compared to the same period in 2024. This is primarily the result of a $0.3 million increase in total share-based compensation and a $0.2 million increase in outside professional fees, including litigation related costs.

Our selling, general and administrative expenses increased by $4.2 million, or 170.4%, during the nine months ended September 30, 2025 when compared to the same period in 2024. This is primarily the result of a $2.9 million increase in total share-based compensation, a $1.0 million increase in outside professional fees, including legal, accounting, third-party consulting and lobbying fees, and a $0.2 million increase in personnel related expenses.

The increase in share-based compensation expense for the three months ended September 30, 2025 is the result of new share-based compensation awards for non-employee directors and third party consultants. For the nine months ended September 30, 2025, the increase in share-based compensation also includes a one-time, noncash charge of $2.5 million which reflects the compensation cost recognized as a result of the modification of awards for executives and key employees during the second quarter of 2025 to extend the maturity date of those awards by five years. The increases in outside professional fees for the three and nine months ended September 30, 2025 is a result of increased expenditures related to our social media and public awareness campaign, business and financial advisory services, litigation costs related to our cert petition filed with the Supreme Court in 2025, and increased fees due to a change in public accounting firms in late 2024.

### Change in Fair Value of Contingent Payment Obligations

We have elected to measure our secured and unsecured contingent payment obligations at fair value which is based on significant unobservable inputs. We estimated the fair value of our secured and unsecured contingent payment obligations using a probability-weighted income approach based on the estimated present value of projected future cash outflows using a risk-adjusted discount rate. Increases or decreases in the significant unobservable inputs could result in significant increases or decreases in fair value. Generally, changes in fair value are a result of changes in estimated amounts and timing of projected future cash flows due to increases in funded amounts, passage of time, and changes in the probabilities based on the status of the funded actions.

For the three months ended September 30, 2025 and 2024, we recorded aggregate increases in the fair value of our secured and unsecured contingent payment obligations of approximately $0.4 million and $9.7 million, respectively. For the nine months ended September 30, 2025 and 2024, we recorded aggregate increases in the fair value of our secured and unsecured contingent payment obligations of approximately $0.5 million and $9.0 million, respectively. The changes in fair value for the three and nine months ended September 30, 2025 was primarily the result of changes in the estimated amount and timing of projected future cash outflows due to changes in the status of our patent infringement cases, increases in accrued interest on our secured contingent payment obligation, and changes in the risk-free rates of return used in the calculation of present value. The significant increases in fair value during the nine months ended September 30, 2024 is in large part due to the changes in estimates following the favorable CAFC decision received in September 2024 that remanded the Qualcomm patent enforcement action back to district court.

#### Off-Balance Sheet Transactions, Arrangements and Other Relationships

As of September 30, 2025, we had outstanding warrants to purchase approximately 4.3 million shares of our common stock. The estimated grant date fair value of these warrants of approximately $3.0 million is included in shareholders’ deficit in our unaudited condensed consolidated balance sheets. The outstanding warrants have a weighted average exercise price of $1.05 per share and a weighted average remaining life of approximately 2.3 years.

#### Critical Accounting Policies

There have been no changes in accounting policies from those stated in our 2024 Annual Report. We do not expect any newly effective accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.

## Controls and procedures

As filed, 953 characters.

#### Evaluation of Disclosure Controls and Procedures

As of September 30, 2025, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our “disclosure controls and procedures,” as defined in Rule 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of September 30, 2025.

#### Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) under the Exchange Act that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 395 characters.

There have been no material changes from the risk factors disclosed in Item 1A of Part I of our Annual Report. In addition to the information in this Quarterly Report, the risk factors disclosed in our Annual Report should be carefully considered in evaluating our business because such factors may have a significant impact on our business, operating results, liquidity and financial condition.

Filed Nov 12, 2025.
Source: SEC EDGAR, the filing index for accession 0001437749-25-034434. Last ingested by Listed: Oct 30, 2026, 17:22 ET. No prices; not investment advice.