NETWORK-1 TECHNOLOGIES, INC.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
NTIP$1.600.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001072613-25-000752
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001072613-26-000387
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 53 previous paragraphs and 38 current paragraphs.
15 unchanged; 14 reworded; 9 added; 24 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
We have five pending litigations involving certain patents within our M2M/IoT Patent Portfolio, HFT Patent Portfolio and Cox Patent Portfolio (see “Legal Proceedings” at pages 18 - 19 hereof). We may not achieve successful outcomes of such litigation, or future litigation involving our patent assets.
Current report
To date we have invested $7,000,000 in ILiAD, a clinical stage biotechnology company dedicated to the prevention and treatment of human disease caused byBordetella pertussiswith a focus on validating its proprietary intranasal vaccine, BPZE1, for the prevention of pertussis (see Note K to our consolidated financial statements included herein). On February 5, 2026, ILiAD completed a $115,000,000 preferred stock financing. As part of the financing, ILiAD converted from a limited liability company to a corporation. The financing was led by RA Capital Management with participation from new investors Janus Henderson Investors and BNP Paribas Asset Management Alts, as well as existing investors including a multi-national pharmaceutical company and AI Life Sciences. As a result of the financing, the Company’s percentage ownership of ILiAD was reduced to approximately 2.5% on a fully diluted basis. As a result of the financing, we no longer account for our investment in ILiAD using the equity method of accounting and now we use the cost method of accounting (see Note B[3] and Note K of our unaudited condensed consolidated financial statements included herein).
Current report
Our current dividend policy consists of semi-annual cash dividends of $0.05 per share ($0.10 per share annually) which have been paid in March and September of each year. To date, we have paid semi-annual cash dividends in accordance with our dividend policy. At this time, we anticipate continuing to pay dividends consistent with our policy. However, our dividend policy undergoes a periodic review by our Board of Directors and is subject to change at any time depending upon our financial requirements, earnings and other factors existing at the time (see Note N to our unaudited condensed consolidated financial statements included herein).
Current report
Gain on Equity Investment. For the three months ended March 31, 2026, as a result of ILiAD’s private financing completed in February 2026 and the resulting change in our accounting for the investment from the equity method to the cost method, we recorded a gain on our equity investment in ILiAD of $1,052,000 (see Note K and Note B[3] to our unaudited condensed consolidated financial statements included herein).
Current report
Realized and Unrealized Gain on Marketable Securities. For the three months ended March 31, 2026, we recorded realized and unrealized losses on marketable securities of $287,000, as compared to realized and unrealized gains on marketable securities of $149,000 for the three months ended March 31, 2025. The decrease of $436,000 was primarily due to unrealized losses of $103,000 as of March 31, 2026 on our marketable securities, compared to unrealized gains of $257,000 at December 31, 2025. The decrease reflects a decline in the market value of U.S. government securities and fixed income mutual funds held by us. During the period ended March 31, 2026, short-term Treasury yields increased, which resulted in lower market prices for our fixed-income securities.
Current report
Income Taxes. For the three months ended March 31, 2026 and 2025, we had a deferred tax expense of $245,000 as compared to a deferred tax benefit of $111,000, respectively. The net increase of $356,000 in our deferred income taxes was the result of deferred income tax expense of $245,000 for the three months ended March 31, 2026 recorded in connection with the gain on our equity investment and no deferred income tax benefit was recorded in the same period as a result of no longer recognizing our share of the losses of our equity method investee (ILiAD) in 2026, as compared to $111,000 of deferred income tax benefit for the three months ended March 31, 2025.
Current report
Share of Net Losses of Equity Method Investee. As a result of the conversion to the fair value method of accounting for our equity investment, we recognized no net losses during the three months period ended March 31, 2026 as compared to $462,000 of net losses during the three month period ended March 31, 2025 as a result of application of the equity method of accounting.
Current report
Working capital decreased by $2,662,000 at March 31, 2026 to $33,674,000 as compared to working capital of $36,336,000 at December 31, 2025. The decrease was primarily attributed to dividend payments of $1,140,000, certain aspects of the net cash used in operating activities of $310,000 and lower accrued payroll of $289,000 during the three month period ended March 31, 2026. These decreases in working capital were partially offset by increased current liabilities of $340,000.
Current report
Net cash used in operating activities increased by $469,000 to $310,000 for the three months ended March 31, 2026 from $159,000 net cash provided by operating activities for the three months ended March 31, 2025. The increase was primarily attributable to components of the net loss of $511,000, such as the $1,052,000 non-cash gain on equity investment in the period ended March 31, 2026, which reduced operating cash flows as it is deducted from net loss of $511,000 in the reconciliation to cash flows from operating activities. These items were offset by working-capital decreases, including an increase of $314,000 in net cash provided by operating activities related to the increase in accounts payable and accrued expenses as of March 31, 2026. Operating cash flows during the three month period ended March 31, 2026 were also increased by a $361,000 unrealized loss on marketable securities, compared to a $149,000 unrealized gain in the same period in 2025. These items were partially offset by higher deferred tax expense of $245,000 in the three months ended March 31, 2026 versus a $111,000 deferred tax benefit in the same period in 2025.
Removed paragraphs (24)
Previous report
Although fifty-four (54) of our U.S. patents have expired, we can assert expired patents against third parties but only for past damages up to the patent expiration date. We currently have a pending appeal involving certain expired patents within our Cox Patent Portfolio and our revenue for the nine months ended September 30, 2025 related to a settlement payment received from litigation involving our expired Remote Power Patent (see Note I[5] to our unaudited condensed consolidated financial statements included herein).
Previous report
To date we have invested $7,000,000 in ILiAD, a clinical stage biotechnology company with an exclusive license to seventy-eight**(**78) patents (see Note J to our unaudited condensed consolidated financial statements included herein). Our investment continues to involve significant risk and the outcome is uncertain.
Previous report
We have been dependent upon our Remote Power Patent for a significant portion of our revenue. Our Remote Power Patent has generated licensing revenue in excess of $188,000,000 from May 2007 through February 2025. We are no longer asserting our Remote Power Patent. All of our revenue for the nine months ended September 30, 2025 was from a settlement involving our Remote Power Patent (see Note I[5] to our unaudited condensed consolidated financial Statements included herein).
Previous report
On September 8, 2025, we commenced patent infringement litigation against Optiver US LLC and Optiver Trading US LLC in the United States District Court for the Western District of Texas involving our HFT Patent Portfolio (see Note I[1] to our unaudited condensed consolidated financial statements included herein).
Previous report
On June 27, 2025, we commenced patent litigation against Samsung Electronics Co., LTD and Samsung Electronics America, Inc. (collectively, “Samsung”) in the United States District Court for the Eastern District of Texas for infringement of certain patents within our M2M/IoT Patent Portfolio (see Note I[2] to our unaudited condensed consolidated financial statements included herein).
Previous report
On December 24, 2024, we commenced patent infringement litigations against Citadel Securities, LLC and Jump Trading, LLC in the Unted States District Court for the Northern District of Illinois involving our HFT Patent Portfolio (see Note I[3] to our unaudited condensed consolidated financial statements included herein).
Previous report
In addition, we have appealed the judgment of the United States District Court for the Southern District of New York dismissing our litigation against Google and YouTube involving certain patents within our Cox Patent Portfolio (see Note I[4] to our unaudited condensed consolidated financial statements included herein).
Previous report
On March 31, 2025, we acquired our Smart Home Patent Portfolio from IoT and M2M Technologies, LLC, relating to, among other things, enabling technology to support the interoperability of smart home IoT devices, advanced security against quantum computers and improvements in Internet transport layer security. The patent portfolio currently consists of eight (8) U.S. patents and one (1) international patent as well as eleven (11) U.S. pending patent applications and five (5) pending international patents (see Note G[2] to our unaudited condensed consolidated financial statements included herein).
Previous report
Professional fees and related costs were $226,000 for the three months ended September 30, 2025 as compared to $290,000 for the three months ended September 30, 2024. The decrease in professional fees and related costs of $64,000 was primarily due to decreased professional fees of $189,000 in 2025 due to the 2024 settlement of a putative class action, offset somewhat by increased professional fees of $104,000 related to the patent litigations commenced in 2025**.**
Previous report
General and administrative expenses were $537,000 for the three months ended September 30, 2025 as compared to $576,000 for the three months ended September 30, 2024. The decrease in general and administrative expenses of $39,000 was primarily due to decreased stock-based compensation of $37,000**.**
Previous report
Realized and Unrealized Gain on Marketable Securities. For the three months ended September 30, 2025, we recorded realized and unrealized gains on marketable securities of $44,000, as compared to $293,000 for the three months ended September 30, 2024. The decrease of $249,000 was due to increased unrealized losses of $358,000, offset somewhat by increased realized gains of $109,000.
Previous report
Income Taxes. For the three months ended September 30, 2025 and 2024, we had a deferred tax benefit of $83,000 and $71,000, respectively. The increase of $12,000 in our deferred tax benefit was caused primarily by an increase of $46,000 in the net losses of ILiAD recognized in 2025.
Previous report
Share of Net Losses of Equity Method Investee. We recognized $354,000 of net losses during the three month period ended September 30, 2025 related to our equity share of ILiAD net losses, as compared to a recognized net loss of $308,000 for the three months ended September 30, 2024. We anticipate continuing to record our share of net losses from ILiAD.
Previous report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Previous report
Revenue. We had revenue of $150,000 for the nine months ended September 30, 2025 and $100,000 in revenue for the nine months ended September 30, 2024. All such revenue was from litigation settlements involving our Remote Power Patent (See Note I[5] to our unaudited condensed consolidated financial statements included herein).
Previous report
Operating Expenses. Operating expenses for the nine months ended September 30, 2025 were $2,315,000 as compared to $2,538,000 for the nine months ended September 30, 2024. The decrease in operating expenses of $223,000 was primarily as a result of decreased professional fees and related costs of $145,000 and decreased general and administrative expenses of $86,000.
Previous report
Professional fees and related costs were $511,000 for the nine months ended September 30, 2025 as compared to $656,000 for the nine months ended September 30, 2024. The decrease in professional fees and related costs of $145,000 was primarily due to decreased professional fees of $269,000 in 2025 due to the 2024 settlement of a putative class action, offset somewhat by increased professional fees of $144,000 related to the patent litigations commenced in 2025**.**
Previous report
General and administrative expenses were $1,658,000 for the nine months ended September 30, 2025 as compared to $1,764,000 for the nine months ended September 30, 2024. The decrease in general and administrative expenses of $106,000 was primarily due to decreased state franchise and capital-based taxes of $52,000, decreased directors’ fees of $28,000 and decreased stock-based compensation of $86,000, offset by increased compensation expenses of $33,000 and consulting fees of $23,000.
Previous report
Realized and Unrealized Gain on Marketable Securities. For the nine months ended September 30, 2025, we recorded realized and unrealized gains on marketable securities of $215,000, as compared to $395,000 for the nine months ended September 30, 2024. The decrease of $180,000 was due to decreased unrealized gains of $203,000, offset somewhat by increased realized gains of $23,000.
Previous report
Income Taxes. For the nine months ended September 30, 2025, we realized a $31,000 current tax benefit related to a federal income tax refund, as compared to no current income tax expense or benefit for the same period in 2024. We had a deferred tax benefit of $232,000 and $355,000 for the nine months ended September 30, 2025 and 2024, respectively. The decrease of $123,000 in our deferred tax benefit was primarily due to a decrease of $518,000 in the net losses of ILiAD recognized in 2025.
Previous report
Share of Net Losses of Equity Method Investee. We recognized $1,095,000 of net losses during the nine month period ended September 30, 2025 related to our equity share of ILiAD net losses, as compared to a recognized net loss of $1,613,000 for the nine months ended September 30, 2024. We anticipate continuing to record our share of net losses from ILiAD.
Previous report
Net Loss. As a result of the foregoing, we realized a net loss of $1,386,000 or $0.06 per share basic and diluted for the nine months ended September 30, 2025, compared with a net loss of $1,894,000 or $0.08 per share basic and diluted for the nine months ended September 30, 2024. The reduction in net loss of $508,000 for the nine months ended September 30, 2025, as compared to 2024, was primarily the result of the decrease in the recognized share of the net losses of our equity method investee of $518,000.
Previous report
Working capital decreased by $3,210,000 at September 30, 2025 to $36,856,000 as compared to working capital of $40,066,000 at December 31, 2024. The decrease in working capital was primarily due to payment of dividends of $2,296,000, cash used in operating activities of $606,000, the acquisition of patents of $415,000 and repurchases of our common stock of $287,000.
Previous report
Net cash used in operating activities decreased by $79,000 to $606,000 for the nine months ended September 30, 2025, from $685,000 for the nine months ended September 30, 2024. The decrease in cash used in operating activities was attributable to the decrease in our net loss of $508,000, offset by non-cash income and expense items of $352,000. The non-cash items include reduced recognized losses of our equity method investee of $518,000 and decreased stock-based compensation of $86,000, offset by the reduced deferred tax benefit of $123,000 and reduced unrealized gains on marketable securities of $136,000. In addition, the decrease in cash used in operating activities is net of an increase in cash used for operating assets and liabilities of $77,000. This included decreased cash provided by accounts payable of $229,000, offset by decreased cash used in payment of accrued expenses of $117,000.
Reworded paragraphs (14)
Previous wording
Our principal business is the development, licensing and protection of our intellectual property assets. We presently own one-hundred fifteen (115) U.S. patents, fifty-four (54) of which have expired, and seventeen (17) international patents related to (i) the M2M/IoT patent portfolio (the “M2M/IoT Patent Portfolio”) relating to, among other things, enabling technology for authenticating and using eSIM (embedded Subscriber Identification Module) technology in Internet of Things (“IoT”) Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers, as well as automobiles; (ii) the HFT patent portfolio (the “HFT Patent Portfolio”) covering certain advanced technologies relating to high frequency trading, which inventions specifically address technological problems associated with speed and latency and provide critical latency gains in trading systems where the difference between success and failure may be measured in nanoseconds; (iii) the Cox patent portfolio (the “Cox Patent Portfolio) relating to enabling technology for identifying media content on the Internet and taking further actions to be performed after such identification; (iv) the smart home patent portfolio (the “Smart Home Patent Portfolio”) relating to, among other things, the enabling technology to support the interoperability of smart home IoT devices; (v) the Mirror Worlds patent portfolio (the “Mirror Worlds Patent Portfolio”) relating to foundational technologies that enable unified search and indexing, displaying and archiving of documents in a computer system; and (vi) the remote power patent (the “Remote Power Patent”) covering delivery of Power over Ethernet (PoE) cables for the purpose of remotely powering network devices, such as wireless access ports, IP phones and network based cameras.
Current wording
Our principal business is the development, licensing and protection of our intellectual property assets. We presently own one hundred twenty-one (121) U.S. patents, fifty-four (54) of which have expired, and fifteen (15) foreign patents (unexpired) relating to: (i) our M2M/IoT Patent Portfolio relating to, among other things, enabling technology for authenticating and using eSIM (embedded Subscriber Identification Module) technology in IoT, Machine-to-Machine and other mobile devices, including smartphones, tablets and computers, as well as automobiles; (ii) our HFT Patent Portfolio covering certain advanced technologies relating to high frequency trading, which inventions specifically address technological problems associated with speed and latency and provide critical latency gains in trading systems; (iii) our Cox Patent Portfolio relating to enabling technology for identifying media content on the internet and taking further action to be performed after such identification; (iv) our Smart Home Patent Portfolio relating to, among other things, the enabling technology to support the interoperability of smart home IoT devices; (v) our Remote Power Patent covering the delivery of power over Ethernet (PoE) cables for the purpose of remotely powering network devices, such as wireless access ports, IP phones and network based cameras**;** and (vi) our Mirror Worlds Patent Portfolio relating to foundational technologies that enable unified search and indexing, displaying and archiving of documents in a computer system. The Company is no longer monetizing its Remote Power Patent and Mirror Worlds Patent Portfolio**.**
Previous wording
At September 30, 2025 our principal sources of liquidity consisted of cash and cash equivalents and marketable securities of $37,097,000 and working capital of $36,856,000. Based on our cash position, we review opportunities to acquire additional intellectual property as well as evaluate other strategic opportunities.
Current wording
At March 31, 2026, our principal sources of liquidity consisted of cash and cash equivalents and marketable securities of $34,589,000 and working capital of $33,674,000**.**Based on our cash position, we review opportunities to acquire additional intellectual property as well as evaluate other strategic opportunities.
Previous wording
If we are unable to successfully monetize our patent portfolios or achieve a successful outcome of our investment in ILiAD, our business, financial condition and results of operations will be negatively impacted.
Current wording
Our future revenue is dependent on our ability to monetize our M2M/IOT Patent Portfolio, HFT Patent Portfolio, Cox Patent Portfolio and Smart Home Patent Portfolio. If we are unable to successfully monetize such patent portfolios or achieve a successful outcome of our investment in ILiAD, our business, financial condition and results of operations will be negatively impacted.
Previous wording
The significant components of expenses, when revenue is recorded, that may impact our net income (loss) relate to contingent legal fees and expenses related to our patent litigation (see Note G[1] to our unaudited condensed consolidated financial statements included herein) and incentive compensation payable to our Chairman and Chief Executive Officer pursuant to his employment agreement (see Note H to our unaudited condensed consolidated financial statements included herein). Both such components of expenses are based on a percentage of the revenue received by us as a result of litigation or otherwise.
Current wording
The significant components of expenses, when revenue is recorded, that may impact our net income (loss) relate to contingent legal fees and expenses related to our patent litigation as well as contingent payments related to patent acquisitions (see Note H[1] and Note H[2] hereof) to our unaudited condensed consolidated financial statements included herein) and incentive compensation payable to our Chairman and Chief Executive Officer pursuant to his employment agreement (see Note I[1] to our unaudited condensed consolidated financial statements included herein). Both such components of expenses are based on a percentage of the revenue received by us as a result of litigation or otherwise.
Previous wording
Our annual and quarterly operating and financial results may fluctuate significantly from period to period as a result of a variety of factors that are outside our control, including the timing and our ability to achieve successful outcomes of our patent litigation, our ability and timing of consummating future license agreements for our intellectual property, and whether we will achieve a return on our investment in ILiAD and the timing of any such return.
Current wording
Our quarterly and annual operating and financial results may fluctuate significantly from period-to-period as a result of a variety of factors that are outside our control, including the timing and our ability to achieve successful outcomes of our patent litigation, our ability and timing of consummating future license agreements for our intellectual property, and whether we will achieve a return on our investment in ILiAD and the timing of any such return.
Previous wording
In 2025 and future years we could be classified as a Personal Holding Company. If this is the case, we would be subject to a 20% tax on the amount of any undistributed personal holding company income (as defined) for such year that we do not distribute to our shareholders (see Note B[4] to our unaudited condensed consolidated financial statements included in this Quarterly Report).
Current wording
In 2026 and future years we could be classified as a Personal Holding Company. If this is the case, we would be subject to a 20% tax on the amount of any undistributed personal holding company income (as defined) for such year that we do not distribute to our shareholders (see Note B[4] to our unaudited condensed consolidated financial statements included herein).
Previous wording
Revenue. We had no revenue for the three months ended September 30, 2025 and September 30, 2024. We currently have four pending patent infringement litigations involving certain patents within our HFT Patent Portfolio and M2M/ IoT Patent Portfolio as well as a pending appeal of an adverse ruling involving certain patents within our Cox Patent Portfolio (see Note I to our unaudited condensed consolidated financial statements included herein).
Current wording
Revenue. We had no revenue for the three months ended March 31, 2026 and revenue of $150,000 for the three months ended March 31, 2025. We currently have five pending patent infringement litigations involving certain patents within our HFT Patent Portfolio, M2M/IoT Patent Portfolio and Cox Patent Portfolio (see Note J to our unaudited condensed consolidated financial statements included herein).
Previous wording
*Operating Expenses.*Operating expenses for the three months ended September 30, 2025 were $800,000 as compared to $896,000 for the three months ended September 30, 2024. The decrease in operating expenses was primarily due to decreased professional fees and related costs of $64,000 and general and administrative expenses of $39,000.
Current wording
*Operating Expenses.*Operating expenses for the three months ended March 31, 2026 were $1,415,000 as compared to $795,000 for the three months ended March 31, 2025. The increase in operating expenses of $620,000 was primarily due to increased professional fees and related costs of $654,000, as a result of increased litigation related costs of $625,000, offset by reduced costs of revenue of $42,000 due to no revenue in the period ended March 31, 2026.
Previous wording
Net Loss. As a result of the foregoing, we realized a net loss of $560,000 or $0.02 per share basic and diluted for the three months ended September 30, 2025, compared with a net loss of $316,000 or $0.01 per share basic and diluted for the three months ended September 30, 2024. The increase in our net loss of $244,000 for the three months ended September 30, 2025, as compared to the same period in 2024 was primarily the result of decreased other income of $306,000 and increased share of net losses of equity method investee of $46,000, offset somewhat by decreased operating expenses of $96,000**.**
Current wording
Net Loss. As a result of the foregoing, we realized a net loss of $511,000 or $0.02 per share basic and diluted for the three months ended March 31, 2026, compared with a net loss of $363,000 or $0.02 per share basic and diluted for the three months ended March 31, 2025. The increase in our net loss of $148,000 for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily the result of the gain on equity investment of $1,052,000 and the benefit of no recognized share of net losses of equity method investee, which loss was $462,000 for the three months ended March 31, 2025. These items were offset by lower revenue of $150,000, increases in litigation related costs of $625,000, realized and unrealized losses on marketable securities of $436,000, deferred income taxes of $356,000 and a decrease in earned interest and dividend income of $100,000 during the three months ended March 31, 2026.
Previous wording
We have financed our operations primarily from revenue from licensing our patents. At September 30, 2025 our principal sources of liquidity consisted of cash and cash equivalents and marketable securities of $37,097,000 and working capital of $36,856,000. Based on our current cash position, we believe that we will have sufficient cash to fund our operations for the next twelve months and the foreseeable future. Our pending patent infringement litigation or realization of our investment in ILiAD may result in a material increase in our liquidity and capital resources.
Current wording
We have financed our operations primarily from revenue from licensing our patents. At March 31, 2026, our principal sources of liquidity consisted of cash and cash equivalents and marketable securities of $34,589,000 and working capital of $33,674,000. Based on our current working capital position, we believe that we will have sufficient liquidity to fund our operations for the next twelve months and the foreseeable future. Our pending patent infringement litigation or realization of our investment in ILiAD may result in a material increase in our liquidity and capital resources.
Previous wording
Net cash used in investing activities during the nine months ended September 30, 2025 increased by $3,855,000 to $2,241,000 as compared to cash provided by investing activities of $1,614,000 for the nine months ended September 30, 2024, primarily as a result of decreased sales of marketable securities of $3,390,000 and the acquisition of patents in 2025 of $415,000.
Current wording
Net cash used in investing activities during the three months ended March 31, 2026 increased by $3,533,000 to $3,248,000 as compared to net cash provided by investing activities of $285,000 for the three months ended March 31, 2025, primarily as a result of increased purchases of marketable securities of $2,802,000 and sales of marketable securities of $770,000 as our investments shifted to longer duration maturities of greater than three months.
Previous wording
Net cash used in financing activities for the nine months ended September 30, 2025 and 2024 was $2,590,000 and $3,510,000, respectively. The decrease of $920,000 for the nine months ended September 30, 2025 primarily resulted from a decrease of $796,000 in repurchases of our common stock.
Current wording
Net cash used in financing activities for the three months ended March 31, 2026 and 2025 was $1,234,000 and $1,301,000, respectively. The decrease of $67,000 for the three months ended March 31, 2025 primarily resulted from reduced stock repurchases of $65,000.
Previous wording
We maintain our cash in money market funds, government securities, certificates of deposit and short-term fixed income securities. Accordingly, we do not believe that our investments have significant exposure to interest rate risk.
Current wording
We maintain our cash in money market funds, government securities, certificates of deposit, corporate bonds and notes, and short-term fixed income securities. Accordingly, we do not believe that our investments have significant exposure to interest rate risk.
Previous wording
For a detailed discussion of our significant accounting policies and related judgements, see Note B to our consolidated financial statements included herein.
Current wording
For a detailed discussion of our significant accounting policies and related judgements, see Note B to our unaudited condensed consolidated financial statements included herein.