The financial report released by Acacia Research last week revealed declining revenue for the fourth consecutive quarter. Acacia reported first-quarter revenue of $12.6 million, down 84% compared to $76.9 million in the first quarter of 2013; trailing four-quarter revenue totals $66.3 million. Acacia revealed a net loss of $24.4 million in Q1 2014, compared to a net income of $5.1 million in the same period last year. Twenty licenses were signed in the quarter, of which one licensee individually accounted for 39% (or $4.9 million) of revenue. Excluding this transaction, Acacia recorded an average of $400 thousand per license agreement in the quarter. No other 10% customer was disclosed, suggesting that no other licensee accounted for more than $1.3 million in the quarter. In March Acacia issued press releases regarding seven settlement and license agreements, followed by seven announcements in the first week of April regarding license agreements, indicating that the majority of Acacia’s deals were signed right before the end of the quarter.