Developer and marketer of technologies and products for wireless applications, ParkerVision Inc (OTCMKTS:PRKR), on August 10, 2022, announced results for three- and six months ending June 30, 2022.
On Tuesday, PRKR stock fell 0.31% to $0.1605 with 35K shares, compared to its average volume of 67K shares. The stock moved within a range of $0.1605 – 0.1900 after opening trade at $0.1752.
ParkerVision Reports Second Quarter 2022 Results
A recent development included the court issuing a new scheduling order moving Intel’s trial date eight weeks to February 6, 2023, to give more time for deadlines. Furthermore, the Texas court issued a claim construction order in ParkerVision v. LG Electronics with the majority of terms deciding in the Company’s favor. ParkerVision Inc also confirmed on preparing to file an appellate brief later in the month for appealing the Orlando district court’s summary judgment ruling in March 2022.
Jeffrey Parker, Chairman, and Chief Executive Officer said that the firm continues to prepare for trial in Texas in the case against Intel. Parker added that the trial date was shifted by eight weeks to accommodate the extension of discovery based on the court’s agreement. This will enable the firm to amend its complaint by adding will fulness to infringement claims. The CEO added that the firm is presenting facts of the case to a jury and is expecting to file the appeal brief in the Qualcomm case. Parker also said that the company believes the brief will be explaining the Orlando court’s error in the disposal of a long-awaited day in court.
ParkerVision said that the net loss for quarter two was $4.4 million as compared to a net loss of $4.4 million in the previous year. The 41% decrease in year-to-date net loss is a result of lower loss from changes in the fair value of contingent payment obligations. The firm harnessed cash for operations of about $1.6 million in the six months ending June 30, 2022,vis-à-vis $6.1 million in cash in the previous year. The company got about $1.7 million in proceeds from the sale of five-year convertible notes from May to August 2022.
CORRECTION: Texas Court Grants ParkerVision Motion to Add Willfulness to Intel Complaint
ParkerVision Inc on July 6, 2022, announced several recent rulings with respect to patent infringement cases in the Western District of Texas.
Parker said that the company is glad about the court’s ruling allowing it to assert its claims of willfulness against Intel. He further said that though the amended complaint is sealed as Intel claims redactions are needed for protecting confidential business information, the company requests the court to remove most of these redactions.
The CEO added that the Counsel filed an amended complaint based on Intel emails. He believes that the emails demonstrate Intel’s knowledge of ParkerVision’s patented technology in the case.
Parker further stated that the claim construction orders against LGE bythe Texas court has been remained consistent and have not been reconsidered despite repeated requests by defendants for understanding the same terms.
Parker believes that ParkerVision’s ‘108 Patent is only one of few patents asserted in the second trial against Intel. Furthermore, he opined that it is disappointing to see PTAB’s ruling disregarding the two different Article III Federal District Court decisions.
PRKR stock is trading below the 20-Day and 50-Day Moving averages of $0.19 and $0.17 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 43.