Adeia Inc. Q4 2025 results

Paul will share with you some general observations regarding the quarter, and then Keith will give further details on our financial results and guidance. In addition to today's earnings release, there is an earnings presentation which you can access, along with the webcast, in the IR portion of our website. We have provided reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in the earnings release, the earnings presentation, and on the Investor Relations section of our website. I'm pleased to be here to share our results for the fourth quarter and full year 2025.

Our record annual revenue exceeded the high end of our guidance range, and we delivered excellent operating income and EBITDA, also exceeding the high end of our guidance. Our record revenue for both the quarter and the year was driven by our dedicated focus on key growth areas, including OTT. In the fourth quarter, we delivered revenue of $183 million, highlighted by nine deals, including eight in media and one in semiconductors, with four new customers. Our efforts to diversify our revenue base continue to show results, with non-pay TV recurring revenue growing 30% in the quarter year-over-year.

Turning to the full year, 2025 was a record year for Adeia. Revenue reached $443 million, exceeding the upper end of our revised guidance, with operating income of $276 million and adjusted EBITDA of $278 million, both above the high end of our guidance. Importantly, we added a record 12 new customers, significantly expanding and diversifying our licensing base. Momentum was strong across both core and growth verticals, including 9 pay-TV deals, 7 in OTT, and 4 semiconductor deals.