Adeia

Revenue is largely recurring: in 2025 recurring revenue was about 351 million dollars of 443 million dollars total. However, licensing inherently has lumpy non‑recurring items from catch‑ups and settlements, and Pay‑TV unit decline can offset gains elsewhere.

Management highlights non‑Pay‑TV recurring revenue growth of 28 percent year over year in Q1 2026, and semiconductor deals are adding multi‑year visibility, but we still expect quarterly variability. Geographic and end‑market diversity is improving (OTT, CE, social, e‑commerce, semis), which should smooth cash flows over time.

We view Adeia as moderately predictable on a full‑year basis, less so quarter to quarter.