Network-1 Technologies, Inc. (NTIP) has reported a 465.45 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $23.22 million, or $0.93 a share in the year, compared with $4.11 million, or $0.17 a share for the last year.

Revenue during the year surged 292.92 percent to $65.09 million from $16.56 million in the previous year. Gross margin for the year contracted 639 basis points over the previous year to 60.37 percent. Total expenses were 50.68 percent of annual revenues, down from 76.29 percent for the last year. This has led to an improvement of 2561 basis points in operating margin to 49.32 percent.

Operating income for the year was $32.10 million, compared with $3.93 million in the previous year.

"It was a record year for Network-1", commented Corey M. Horowitz, chairman and chief executive officer of Network-1. "We now have twenty-six (26) licensees for our patent portfolios, sixteen (16) of which generate on-going royalties for Network-1. During the year, we added new licensees for our Remote Power Patent, successfully licensed our Mirror Worlds Portfolio to Apple and the validity of several of our patents from the Cox Portfolio was affirmed by United States Patent and Trademark Office in five separate proceedings, which we believe will facilitate licensing opportunities for the Portfolio". "In addition, the development of the Cox Portfolio is proceeding very well and we expect to proceed to trial against Google and YouTube on the portfolio. The combination of our cash position, our profitable royalty stream and our diverse and valuable IP portfolio positions us very well going forward in the IP development and monetization space," he continued.