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SEC filingInterDigital reported Q1 2026 revenue and adjusted EBITDA above guidance, driven by six new agreements including Xiaomi renewal and LG TV license.
InterDigital reported first quarter 2026 revenue of $205.4 million, slightly down 2% from $210.5 million in the same period last year, but above the top end of the company's guidance range. Adjusted EBITDA was $111.8 million, also above guidance, though down 30% year-over-year due to a $44.5 million increase in operating expenses. The expense increase was primarily driven by higher revenue share costs from the new LG TV agreement and increased intellectual property enforcement costs. GAAP net income was $75.3 million ($2.14 per diluted share) compared to $115.6 million ($3.45 per diluted share) in Q1 2025. Non-GAAP net income was $79.4 million ($2.57 per diluted share) versus $125.7 million ($4.21 per diluted share) a year ago.
CEO Liren Chen highlighted a strong start to 2026, with six new agreements signed in the quarter, including a renewal with Xiaomi and a new license with LG Electronics covering TVs and computer displays. These agreements drove annualized recurring revenue (ARR) to $567.2 million, up 13% year-over-year, and smartphone ARR to an all-time high of $491.8 million, up 18%. The company noted that it now has the world's top-three smartphone vendors under license through the end of the decade. Catch-up revenue was $63.6 million, down from $84.8 million in the prior year quarter.
For the second quarter of 2026, InterDigital guided revenue of $139 million to $143 million, adjusted EBITDA of $67 million to $73 million, GAAP diluted EPS of $0.80 to $0.97, and non-GAAP EPS of $1.41 to $1.60. The company reaffirmed its full year 2026 guidance: revenue of $675 million to $775 million, adjusted EBITDA of $381 million to $477 million, GAAP diluted EPS of $5.77 to $8.51, and non-GAAP EPS of $8.74 to $11.84. The Q2 outlook excludes any new agreements or enforcement actions that may be signed or received during the quarter, while the full year outlook includes expected contributions from such events. InterDigital returned $159 million to shareholders in Q1 through share repurchases and dividends.