Adeia at Roth Conference: Strategic Shift to Diversification

On Monday, 23 March 2026, Adeia Inc. (NASDAQ:ADEA) presented at the 38th Annual Roth Conference, revealing a strategic transition from its legacy pay-TV model to a more diversified business approach. While the company faces challenges in stabilizing pay-TV revenue, it is making strides in OTT streaming and semiconductor innovations, positioning itself for future growth.

Readers are invited to refer to the full transcript for a detailed account of Adeia’s strategic initiatives and financial performance.

Scott Searle, Communications Wireless AIoT Analyst, Roth: Hey, good morning. Thanks for joining us again, for session number 3 of Fireside Chats on Monday, at the Roth 30th Annual Conference. I’m Scott Searle. I’m the communications wireless AIoT analyst at Roth. What we try to do in our Fireside Chats are highlight companies that are going through undiscovered growth phases, something that’s unknown about them or transformational, and trying to really shed some light on that for institutional investors. With that in mind, and really fitting key into that theme, it’s my pleasure that we have Adeia here today. Presenting on behalf of the company is CEO Paul Davis. Paul, thank you so much.

Paul Davis, CEO, Adeia: Well, thank you, Scott. This is an amazing conference, and we’re very thankful for being invited and being able to get to talk to you and all the investors here today. It’s very exciting. Beautiful setting and very exciting, and we can kick right into it.

Scott Searle, Communications Wireless AIoT Analyst, Roth: Well, good. Yeah, you were out surfing this morning, I take it, right?

Paul Davis, CEO, Adeia: That is not what I do. No. Maybe getting lots of coffee and getting ready for this conversation.

Scott Searle, Communications Wireless AIoT Analyst, Roth: You’ve got a story that is very stealth in a bunch of different ways in terms of what’s going on in the world. Let’s take a step back. Why don’t you give us a quick overview of the company and kind of what’s happened over the past couple years to get to this point of where we are today?

Paul Davis, CEO, Adeia: Sure. It’s been a pretty fun journey. You know, we separated from Xperi in October 2022. We’ve been a standalone public company for a little over three years. Xperi and Adeia were two sides of similar types of technology, but we monetized in a different way. Xperi was on the product side, and Adeia is really a technology R&D company that then monetizes through our patent portfolio primarily in two specific areas. The media part of our portfolio, which our legacy comes from TiVo and Rovi. On the semiconductor side of our portfolio really comes from Tessera Technologies, Ziptronix, and some other technologies. We invent. We continue to invent. Invention is at our core.

It’s one of our key values at the company. We’ve continued to add to our portfolio. At the time of separation just over three years ago, we had about 9,500 patent assets, which is really the lifeblood of our company. This is how we monetize. Today we’ve got 13,750 patent assets, plus. I’m looking at my CFO. Beyond that. We are, you know, we go beyond, you know, just you know monetizing through patent portfolios. We partner with the industry as well. That’s a big part of, you know, our value proposition, that we go down.

Scott Searle, Communications Wireless AIoT Analyst, Roth: I’ve tended to try and focus investors on some of the excitement around semiconductors and not intentionally neglecting the media side of the business.

Paul Davis, CEO, Adeia: Yeah.

Scott Searle, Communications Wireless AIoT Analyst, Roth: Why don’t we start there? Because media is 90%+ of the revenue stream today.

Paul Davis, CEO, Adeia: Right.

Scott Searle, Communications Wireless AIoT Analyst, Roth: An incredible patent portfolio there. Take us through where we are now. It’s been on this secular decline in terms of pay TV, but the investment that you’ve made in other sectors, such as streaming, e-commerce, social media, et cetera, are now at a point where we’re starting to overcome that decline in pay TV.

Paul Davis, CEO, Adeia: Yeah, absolutely. You’re not alone. There’s a lot of focus on semiconductors, and I know we’ll get into that, because there’s tremendous growth there. Media is a really important part of our business and continues to be. Today it represents, you know, over 90% of our revenue. Pay TV is a big part of that. It’s gone from when we separated to being really the bulk of our revenue, almost the entirety of our media, you know, revenue, to this year we’re projecting it to be about 35%-40% of our revenue. This was anticipated. What do we do? With the time of separation, we said we gotta focus on OTT, we gotta focus on adjacent media markets.

In addition, we have a very strong consumer electronics part of our media business and social media as well. We have had a concerted effort to increase our revenue streams in these other areas. OTT’s been the biggest success when you look at that. We got a deal done with Amazon in 2024, at the end of 2024. Great deal. Kind of an initial big licensee in OTT. We had some other licensees in OTT before, like Starz and DAZN, amongst others. But Amazon was the first big proof point, right? In terms of, okay, we can get these deals done with the big guys. Then, at the same time, we ended up having to file litigation against Disney, which is not our preferred approach.

We have a tremendous track record, especially on the media side, of getting deals done without litigation, and that is our strength. Occasionally, you do have to go down that path. At the time we got Amazon done, about a month before that, we filed litigation against Disney. Last year, in December, we were able to get a deal done with Disney. Just 13 months after filing litigation there, which really demonstrates the strength of our portfolio in the OTT space. We have those two proof points, one with litigation, one without litigation. As we go and talk to others that are unlicensed, that are significant, those are great way to juxtapose, like, the different paths we can take.

Our preferred path, which is doing it without litigation, or if we need to, going down that path.

Scott Searle, Communications Wireless AIoT Analyst, Roth: Couple quick questions before getting into semis. I always get asked, what are some examples of media IP that you guys are licensing?

Paul Davis, CEO, Adeia: Yeah. We have a very broad portfolio in our media portfolio. The media portfolio alone is over 10,000 patent assets. You know, people think of us kind of in that pay TV space with the legacy of Rovi and interactive program guides, but it’s much broader than that. Where we’ve been investing is in areas where it goes beyond that. Search and recommendation has always been at our core as well. That still continues to be a strength. When you think about, okay, how do you find and watch entertainment? Well, if you’ve watched The Diplomat on Netflix, for example, it’s probably gonna recommend to you The Night Agent, ’cause they’re similar genres and you’re gonna see that. I’m basically telling you what I’m watching on TV right now. I try to keep it relevant.

It used to be I’d give Baby Reindeer as an example. I realized that was pretty dated. This is something that, you know, that’s at our core. When you think about TiVo and your DVR that you had, that was kind of like one of its strength early on. We’ve continued to invent in that area. The technology’s gotten better. The algorithms have gotten better, the technology behind that. In addition, we have really strong portfolio in CDN. The content delivery at the back end, how video is being delivered, that has gotten more and more deeper into the tech stack. Then a lot of the user interface, like how the people find shows. Again, going back to that at the strength.

That is something that how you navigate through a smart TV or an OTT platform is something at our core. Imaging. I could go on and on ’cause our portfolio is quite long. Those-

Scott Searle, Communications Wireless AIoT Analyst, Roth: No, that’s perfect though, ’cause I always think of Janet Jackson and wardrobe malfunction with TiVo. Before I get myself into trouble. Now with pay TV, right? Pay TV is now gonna be down to 35%.

Paul Davis, CEO, Adeia: Yeah

Scott Searle, Communications Wireless AIoT Analyst, Roth: of the mix. We take that step down in the first quarter. Now from this base going forward, now with what you’ve done from an OTT standpoint, from e-commerce, should we be thinking about this business on a growth trajectory now, where those growth vectors overcome the secular decline in pay TV?

Paul Davis, CEO, Adeia: Yeah. I think that’s true. I think couple things that I would also note. I think now that we’ve had this step down in pay TV, we had a very large pay TV provider that was paying in more of a fixed structure. That deal expired at the end of last year, which we knew obviously was going to happen, and that helped moderate some of the secular declines we were seeing in the pay TV industry. Now we’ve taken that step down in this year, and we’ve anticipated that all along. Now we anticipate our pay TV business will really mirror most of the pay TV industry writ large, and so you’ll have some moderate declines.

I also think, just as I look at the industry, that there is going to be some stabilization in the pay TV industry. You’re seeing that already. Charter, for example, had actually an increase in their video subscribers in Q4 for the first time since 2017. You know, so you’re seeing that. They’ve gotten really smarter about how they think about skinny bundles and making their offerings tied to some of the hybrid OTT subscriptions as well. You have companies like YouTube TV, Google as a licensee of ours, who have actually seen consistent subscriber increases, right? So the way people want to watch entertainment, there’s actually a going back to almost what pay TV was befo