ParkerVision is a patent licensing and enforcement company focused on RF (radio frequency) wireless technologies. ParkerVision does not manufacture or sell products — its entire business is licensing patented RF technologies and suing companies it believes are infringing those patents without a license. As of December 31, 2025, ParkerVision had five licensees, all of which became licensees as a result of litigation rather than voluntary licensing. Key defendants in active or pending actions include Qualcomm, Apple, and LG. ParkerVision makes money exclusively through one-time upfront payments from patent license and settlement agreements, meaning revenue is entirely event-driven with no recurring component. A significant portion of litigation costs are funded through a contingent payment arrangement with Brickell Key Investments and contingent fee arrangements with legal counsel, meaning ParkerVision shares proceeds if it wins but has limited direct cash exposure if it loses. ParkerVision's patent portfolio includes approximately 36 active U.S. and foreign patents, expiring between 2026 and 2036, plus over 70 expired patents that ParkerVision believes still have value for asserting past damages. The primary risk to this business model is patent invalidation — if defendants successfully invalidate ParkerVision's patents through Inter Partes Review proceedings or litigation, ParkerVision loses its ability to extract licensing fees on those claims entirely.