Costly Litigation Continues to Be Vringo’s Focus Despite a Shrinking Cash Balance
- August 20, 2014
Vringo, Inc. continues to spend increasing amounts of cash on its litigation campaigns and for the fifth consecutive quarter it has reported a net loss of more than $10.0M. The NPE released its Q2 2014 financial results last week, reporting revenue of $0.8M compared to $1.1M during the same period last year. At the end of the second quarter, Vringo had a cash balance of $31.7M. The entity primarily attributes its Q2 expenditures to costs related to litigation with ASUS, Google, ZTE, and certain affiliates and customers of those companies, and to other planned enforcements of intellectual property. Legal expenses totaled $6.0M, up from $4.8M in Q2 2013.