Quest Patent Research (OTC:QPRC) Stock Gains Momentum: But Why?
This morning, many investors will be looking into those companies that may have announced their financial results last week, and one of those was Quest Patent Research Corporation (OTC:QPRC). The company announced its financial results for the fiscal year that ended on December 31, 2023, last Thursday.
In light of the announcement, it could be a good time to take a look into some of the key numbers. The company announced that it posted net income of around $3.6 million in the fiscal year ended December 31, 2023, which worked out to earnings per share of $0.68. Additionally, the company generated revenues of $13.2 million in the fiscal year.
In the previous year, Quest Patent Research Corporation suffered a net loss of $0.8 million against revenues of $0.5 million. In the news release, the company noted that revenues in both fiscal years had been generated from patent infringement litigation settlements.
Quest Patent Research Corporation is involved in the intellectual property asset management space. Its main operations include the licensing, acquisition, and enforcement of intellectual property rights that are controlled or owned by Quest Patent Research Corporation. Currently, the company owns or manages a total of 22 intellectual property portfolios, and out of those, it is currently looking to monetize 12. The 12 portfolios in question are mainly made up of patent rights that the company owns or controls.
On May 17, 2022, the company announced that Tyche Licensing LLC, its affiliate, had filed four lawsuits against Mediatek Inc., Infineon Technologies AG, Texas Instruments Incorporated, and Realtek Semiconductor Corporation. The complaints had been filed by Tyche at the United States District Court for the Eastern District of Texas. In light of the performance of the company, it remains to be seen if the stock gets any traction this week.
