Anfa Partners

Anfa Partners is an evidence-driven, fundamental investment firm.

Not financial advice. Always do your own diligence.

[Anfa Partners @AnfaPartners]

Amazon materially strengthens the SCS thesis, but it does not complete it. Arbitration economics, Disney’s appeals and workarounds, and licensing timing remain key risks.

Full note: https://t.co/o1M1pIRl8D

Not investment advice. (8/8)

[Anfa Partners @AnfaPartners]

Today we publish our second follow-up on InterDigital $IDCC.

Amazon has moved Streaming & Cloud Services from largely unrecognised optionality to material reported revenue.

The accounting, Samsung precedent and implications for Disney matter.

https://t.co/o1M1pIRl8D (1/8)

[Anfa Partners @AnfaPartners]

We continue to forecast $165m of recurring SCS revenue in FY27 and $247m in FY28.

FY27 requires meaningful Amazon and Disney economics. FY28 requires another substantial licence beyond those two counterparties.

Management’s ambition remains $300m+ of SCS ARR by 2030. (7/8)

[Anfa Partners @AnfaPartners]

$IDCC

[Anfa Partners @AnfaPartners]

A detailed analysis of InterDigital ($IDCC) will reach subscribers’ inboxes in the coming days. For now, today’s Q2 release marks a pivotal milestone: the first material monetisation of its Streaming & Cloud Services IP. (1/4)

[Anfa Partners @AnfaPartners]

There are important accounting and cash-flow nuances. We’ll address these, as well as the Disney opportunity which we continue to see as a 2026 event, in our full note. Subscribe: https://t.co/ZP3slF28gS (4/4)

[Anfa Partners @AnfaPartners]

Thesis is playing out. Now time for the follow-through. Early innings. https://t.co/IMGhpERPu9

[ipfray @ipfray]

UPC Mannheim hearing went very well for InterDigital — Disney highly likely to be enjoined (as predicted by ip fray) on June 16

$IDCC $DIS

https://t.co/sZMziVgujf

[Anfa Partners @AnfaPartners]

For context, @InterDigitalCom is guiding for $300m of ARR by 2030 for the entire streaming division by 2030.

We recently provided an update to our thoughts breaking down potential expectations around this: https://t.co/HodycLOkuB

$IDCC #IDCC

[ipfray @ipfray]

BREAKING: InterDigital seeking $200M/yr. from Amazon for license to streaming patents, according to Amazon lawyer in UK court

Amazon's counsel breached a protective order and revealed, seemingly inadvertently, this number in open court.

$IDCC $AMZN

https://t.co/pIak5eZBmd

[Anfa Partners @AnfaPartners]

It was always unlikely, but nevertheless an important negative tailrisk with regards to $IDCC. Good to see common sense prevail and be put to bed: https://t.co/CfsuikBA6B

[Anfa Partners @AnfaPartners]

2/2 Read our full take on why that is here: https://t.co/HodycLOSk9

[Anfa Partners @AnfaPartners]

1/2 Interesting insight from
@AvanciCompany

...We think this is the most meaningful development for
@InterDigitalCom
since we published our piece

[ipfray @ipfray]

Unified Patent Court threatens Amazon with initial €50M ($59M) fine, “severe consequences”, declares all UK interim licenses unenforceable, suggests EU WTO action against UK

$IDCC $AMAZN

https://t.co/wbuuFwNexi