XWEL on Nasdaq

Vringo

Logo: Vringodood, CC BY-SA 3.0, via Wikimedia Commons4

Technology company

Vringo was a technology company that became involved in the worldwide patent wars. The company won a 2012 intellectual property lawsuit against Google, in which a U.S. District Court ordered Google to pay 1.36 percent of U.S. AdWords sales.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

2006Founded1

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  • TickerXWEL on Nasdaq1
  • Industryconsumer electronics industry1
  • HeadquartersNew York City1
  • Websitevringoip.com/cgi-bin/index.pl
  • Incorporated inDE5
  • Business address254 West 31St Street, 11Th Floor, New York, Ny 100015
  • Filer categoryNon-accelerated filer, Smaller reporting company5
  • Legal formCorporation

Vringo was a technology company that became involved in the worldwide patent wars. The company won a 2012 intellectual property lawsuit against Google, in which a U.S. District Court ordered Google to pay 1.36 percent of U.S. AdWords sales. Analysts estimated Vringo's judgment against Google to be worth over $1 billion. The Court of Appeals for the Federal Circuit overturned the District Court's ruling on appeal in August 2014 in a split 2-1 decision, which Intellectual Asset Magazine called "the most troubling case of 2014." Vringo appealed to the United States Supreme Court. Vringo also pursued worldwide litigation against ZTE Corporation in twelve countries, including the United Kingdom, Germany, Australia, Malaysia, India, Spain, Netherlands (the Hague), Romania, China, Malaysia, Brazil and the United States. The high profile nature of the intellectual property suits filed by the firm against large corporations known for anti-patent tendencies has led some commentators to refer to the firm as a patent vulture or patent troll.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

25.7%Gross margin7
-53.6%Operating margin7
-58.2%Net margin7
-13.8%Revenue growth, 20257
-$11.7MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 90% of the revenue Vringo broke down this way in fiscal 2025.

  1. Service$26.3M790%down 14% from 2024
  2. Product$2.9M710%down 9% from 2024
Products and services by year
Products and services20242025
Service$30.7M$26.3M
Product$3.2M$2.9M

Business segments

Xpres Spa brought in 64% of the revenue Vringo broke down this way in fiscal 2025.

  1. Xpres Spa$18.6M764%down 1% from 2024
  2. Xpres Test$8.2M728%down 37% from 2024
  3. Naples Wax$2.3M78%up 11% from 2024
Business segments by year
Business segments20242025
Xpres Spa$18.8M$18.6M
Xpres Test$13.1M$8.2M
Naples Wax$2.1M$2.3M

Regions

United States brought in 80% of the revenue Vringo broke down this way in fiscal 2025.

  1. United States$23.4M780%down 16% from 2024
  2. Outside the United States$5.8M720%down 5% from 2024
Regions by year
Regions20242025
United States$27.8M$23.4M
Outside the United States$6.1M$5.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue58¢$21.7M
  • Selling, general and admin42¢$16.0M
  • Income tax0¢$29.0K

Out of $29.2M in revenue.7 The company lost money this year.

Financial statements

Revenue891011127$29.2M in 2025−40% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $48.5M$48.5M20192020: $8.4M$8.4M2020−83%2021: $73.7M$73.7M2021+779%2022: $55.9M$55.9M2022−24%2023: $30.1M$30.1M2023−46%2024: $33.9M$33.9M2024+13%2025: $29.2M$29.2M2025−14%
Gross profit1011127$7.5M in 2025−77% since 2021
0$10.0M$20.0M$30.0M$40.0M2021: $32.3M$32.3M20212022: $12.0M$12.0M2022−63%2023: $3.7M$3.7M2023−69%2024: $8.9M$8.9M2024+142%2025: $7.5M$7.5M2025−16%
Operating income891011127-$15.7M in 2025−1% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$15.9M-$15.9M20192020: -$40.1M-$40.1M2020+153%2021: $4.1M$4.1M20212022: -$31.2M-$31.2M20222023: -$28.2M-$28.2M2023−9%2024: -$16.7M-$16.7M2024−41%2025: -$15.7M-$15.7M2025−6%
Net income891011127-$17.0M in 2025−20% since 2019
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2019: -$21.2M-$21.2M20192020: -$90.5M-$90.5M2020+326%2021: $3.3M$3.3M20212022: -$32.8M-$32.8M20222023: -$27.7M-$27.7M2023−16%2024: -$16.9M-$16.9M2024−39%2025: -$17.0M-$17.0M2025+1%
Fiscal year2019202020212022202320242025
Revenue$48.5M8$8.4M9$73.7M10$55.9M11$30.1M12$33.9M7$29.2M7
Cost of revenue$37.9M8$12.0M9$41.4M10$43.9M11$26.4M12$25.0M7$21.7M7
Gross profit$32.3M10$12.0M11$3.7M12$8.9M7$7.5M7
Research and development
Selling, general and admin$14.3M8$15.9M9$24.2M10$21.2M11$13.0M12$20.1M7$16.0M7
Operating expenses$28.2M10$43.2M11$31.9M12$25.6M7$23.2M7
Operating income-$15.9M8-$40.1M9$4.1M10-$31.2M11-$28.2M12-$16.7M7-$15.7M7
Interest$2.9M15
Income before tax$2.9M10-$32.6M11-$28.0M12-$16.4M7-$16.1M7
Income tax-$146.0K8$7.0K9$56.0K10$55.0K11$35.0K12$49.0K7$29.0K7
Net income-$21.2M8-$90.5M9$3.3M10-$32.8M11-$27.7M12-$16.9M7-$17.0M7
Earnings per share-$2.059$0.0310-$7.0111-$6.6412-$3.667-$5.087
Earnings per share (diluted)-$2.059$0.0310-$7.0111-$6.6412-$3.667-$5.087
Shares (weighted, basic)104.3M shares104.7M shares114.2M shares124.6M shares75.6M shares7
Shares (weighted, diluted)105.1M shares104.7M shares114.2M shares124.6M shares75.6M shares7

Compare Vringo with another company

The story

Vringo was founded in 2006 by Israeli entrepreneurs and venture capitalist Jonathan Medved and mobile software specialist David Goldfarb. The company was initially funded by private equity firm Warburg Pincus in 2007. By December 2009, it had raised $14 million in funding. Vringo priced its initial public offering on June 22, 2010, and raised $11 million.

On March 14, 2012, Vringo entered into a definitive agreement to merge with Innovate/Protect, an intellectual property company founded by Andrew Kennedy Lang, the former chief technology officer at Lycos, and Alexander R. Berger, a Vice President at Hudson Bay Capital Management. At that time, Andrew Perlman, Vringo's then-President, replaced Jonathan Medved as CEO. The merger with Innovate/Protect was completed on July 19, 2012, with Lang joining Vringo as chief technology officer, and Berger as chief operating officer. Innovate/Protect directors H. Van Sinclair, Chief Executive Officer of the RLJ Companies, and Donald E. Stout, the president of NTP, Inc., which collected $612.5 million from BlackBerry-maker RIM, joined the Vringo board of directors in connection with the merger.

James Altucher, a graduate school colleague of Lang, posted an article on Tech Crunch drawing attention to the history of the patents that Vringo had acquired from Lycos. On April 13, 2012, billionaire investor Mark Cuban, the owner of the Dallas Mavericks and "shark" investor on the television series Shark Tank, disclosed a 7.4% stake in the company.

The company was invited to ring the opening bell at the New York Stock Exchange on August 1, 2012, to mark the successful completion of the merger. In August 2012, the company raised $31.2 million to buy 124 patent families relating to telecommunications and infrastructure technology from Nokia Corp. In an October 2012 common stock offering, Vringo raised an additional $45 million. In April 2013, Vringo's shares commenced trading on the NASDAQ.

From Wikipedia’s article on Vringo, shared under CC BY-SA 4.0.6

Leadership

Who has led Vringo, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (29)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Financial OfficerThomas Ian Brown named Jan 28, 2025 to Mar 3, 202656
  • Chairman of the BoardBruce Ian Bernstein named Jan 28, 2025 to Mar 3, 202656
  • DirectorRobert Ian Weinstein named Jan 28, 2025 to Mar 3, 202656

Former names

  • XpresSpa Group, Inc.Jan 5, 2018 to Oct 7, 20225
  • FORM Holdings Corp.May 23, 2016 to Dec 29, 20175
  • Vringo IncAug 20, 2007 to May 5, 20165

Timeline

  1. Jan 9, 2023New chief executive Ezra Ernst becomes CEO16
  2. Apr 22, 2022New chief executive Scott R. Milford becomes CEO17
  3. Feb 13, 2019New chief executive Doug Satzman becomes CEO18
  4. Jun 22, 2010New chief executive Jonathan Medved becomes CEO19
  5. 2006Founded Founded1

Filings

257 filings to the SEC since October 2021: 11 annual reports, 15 quarterly reports, 74 major events, 74 insider forms, 14 large holders, 2 private raises, 67 other. The latest 20:

  1. Oct 8, 2026DEF 14A EDGAR
  2. Oct 8, 20268-K EDGAR
  3. Sep 8, 2026SCHEDULE 13D/A EDGAR
  4. Sep 4, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 4, 20263 OWNERSHIP DOCUMENT EDGAR
  6. Sep 3, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Aug 14, 202610-Q EDGAR
  11. Aug 13, 2026SCHEDULE 13G/A EDGAR
  12. Aug 12, 2026SCHEDULE 13G/A EDGAR
  13. Aug 5, 20268-K EDGAR
  14. Aug 4, 2026SCHEDULE 13D EDGAR
  15. Jul 27, 2026PREM14A EDGAR
  16. Jul 9, 20268-K EDGAR
  17. Jun 11, 2026SCHEDULE 13G EDGAR
  18. May 20, 202610-Q EDGAR
  19. May 15, 2026NT 10-Q EDGAR
  20. Apr 30, 202610-K/A EDGAR

The 257 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

24 open-market trades by officers, directors and large owners since October 2021: 14 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2024Wizenberg Gaelle SandraDirectorBuy1,201$1.65$2.0KForm 4
May 7, 2024Wizenberg Gaelle SandraDirectorBuy199$1.85$368Form 4
Apr 26, 2024Wizenberg Gaelle SandraDirectorBuy100$1.83$183Form 4
May 30, 2023WEINSTEIN ROBERTDirectorBuy25,000$0.25$6.2KForm 4
May 26, 2023WEINSTEIN ROBERTDirectorBuy25,000$0.25$6.2KForm 4
Dec 6, 2022Milford Scott RPresident & CEOBuy22,950$0.54$12.4KForm 4
Dec 5, 2022Milford Scott RPresident & CEOBuy5,800$0.51$3.0KForm 4
Dec 1, 2022Bernstein BruceDirectorBuy33,890$0.43$14.6KForm 4
Nov 30, 2022Bernstein BruceDirectorBuy16,110$0.41$6.6KForm 4
Jun 17, 2022Ernst EzraPresident and CEOBuy12,602$0.79$10.0KForm 4
Apr 20, 2022WEINSTEIN ROBERTDirectorSale45,000$1.06$47.7KForm 4
Apr 18, 2022Milford Scott RPresident & CEOSale5,020$1.06$5.3KForm 4
Apr 14, 2022Milford Scott RPresident & CEOSale5,000$1.08$5.4KForm 4
Apr 13, 2022Milford Scott RPresident & CEOSale5,000$1.10$5.5KForm 4
Apr 12, 2022Milford Scott RPresident & CEOSale5,000$1.11$5.5KForm 4
Apr 11, 2022Milford Scott RPresident & CEOSale5,000$1.10$5.5KForm 4
Mar 17, 2022Bernstein BruceDirectorBuy5,000$1.23$6.2KForm 4
Mar 7, 2022Bernstein BruceDirectorSale15,000$1.00$15.0KForm 4
Jan 21, 2022Bernstein BruceDirectorSale25,000$1.46$36.5KForm 4
Jan 19, 2022WEINSTEIN ROBERTDirectorSale45,000$1.56$70.2KForm 4

All 24 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Feb 27, 2026Raised $31 million in a private offering of equity Form D: 1 investor so far Form D
  2. Jan 14, 2025Raised $4 million in a private offering of equity Form D: 2 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Citadel Advisors LLC117,022$121.7K0.0%New
Wealthspire Advisors, LLC105,102$109.3K0.0%New
BlackRock, Inc.81,990$85.3K0.0%No change
Geode Capital Management, LLC56,069$58.3K0.0%−11,455
Vanguard Capital Management LLC51,310$53.4K0.0%No change
XTX Topco Ltd32,770$34.1K0.0%New
Jane Street Group, LLC31,216$32.5K0.0%−50,944
Vanguard Fiduciary Trust Co23,380$24.3K0.0%No change
Integrated Wealth Concepts LLC20,704$21.5K0.0%+10,352
State Street Corp16,144$16.8K0.0%No change
Citigroup Inc6,191$6.4K0.0%+3,615
Tower Research Capital LLC (TRC)5,754$6.0K0.0%+1,217
Morgan Stanley2,701$2.8K0.0%−19,186
Vanguard Global Advisers, LLC2,383$2.5K0.0%No change
Allworth Financial LP66$690.0%No change
Activest Wealth Management50$520.0%No change
SBI Securities Co., Ltd.15$160.0%No change
Caitong International Asset Management Co., Ltd8$80.0%+6
Steward Partners Investment Advisory, LLC3$30.0%New
Barclays PLC1$10.0%New
Royal Bank Of Canada1$00.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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