DMRC

MKT CAP:$161M

Digimarc Corporation

Market Cap

$161M

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$8.16+$1.84 (+29.11%)

Apr 21, 2026

Company Details

Digimarc Corporation provides automatic identification solutions to commercial and government customers in the United States and internationally. The company offers Digimarc watermarks, a data carrier that provides a digital identity to med...

CEO

Riley Young McCormack

IPO Date

Dec 2, 1999

Website

www.digimarc.com

Key Metrics TTM

Revenue

$34M

-11.7% YoY

Net Income

-$32M

EPS (Diluted)

-$1.50

Free Cash Flow

-$12M

Revenue / Share

$1.56

Gross Margin

53.7%

Operating Margin

-98.3%

Net Margin

-95.3%

FCF Margin

-36.8%

P/S

4.8x

P/E

—

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Mar 11, 2026

$34M-11.7%EPS -$1.49

Q4 2025

Mar 11, 2026

$9M+2.9%EPS -$0.19

Q3 2025

Nov 13, 2025

$8M-19.2%EPS -$0.38

Q2 2025

Aug 14, 2025

$8M-22.8%EPS -$0.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$7M	$5M	-$18M
Q2 22	$8M	$4M	-$15M
Q3 22	$8M	$5M	-$16M
Q4 22	$7M	$5M	-$13M
Q1 23	$8M	$5M	-$15M
Q2 23	$9M	$6M	-$11M
Q3 23	$9M	$5M	-$11M
Q4 23	$9M	$5M	-$11M
Q1 24	$10M	$6M	-$11M
Q2 24	$10M	$7M	-$10M
Q3 24	$9M	$6M	-$11M
Q4 24	$9M	$5M	-$9M
Q1 25	$9M	$6M	-$12M
Q2 25	$8M	$5M	-$8M
Q3 25	$8M	$4M	-$8M
Q4 25	$9M	$3M	-$5M

Valuation

Quarter	P/S	P/E
Q1 22	5.9x	—
Q2 22	5.6x	—
Q3 22	5.4x	—
Q4 22	5.3x	—
Q1 23	5.3x	—
Q2 23	5.1x	—
Q3 23	4.9x	—
Q4 23	4.6x	—
Q1 24	4.4x	—
Q2 24	4.2x	—
Q3 24	4.1x	—
Q4 24	4.2x	—
Q1 25	4.3x	—
Q2 25	4.5x	—
Q3 25	4.8x	—
Q4 25	4.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$12M	-$12M
Q2 22	-$14M	-$14M
Q3 22	-$11M	-$11M
Q4 22	-$8M	-$8M
Q1 23	-$9M	-$9M
Q2 23	-$8M	-$8M
Q3 23	-$189.0K	-$373.0K
Q4 23	-$5M	-$6M
Q1 24	-$8M	-$9M
Q2 24	-$7M	-$7M
Q3 24	-$7M	-$7M
Q4 24	-$4M	-$4M
Q1 25	-$5M	-$6M
Q2 25	-$5M	-$5M
Q3 25	-$3M	-$3M
Q4 25	$991.0K	$895.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$533.0K
Q2 22	$454.0K
Q3 22	$200.0K
Q4 22	$280.0K
Q1 23	$163.0K
Q2 23	$156.0K
Q3 23	$184.0K
Q4 23	$237.0K
Q1 24	$212.0K
Q2 24	$116.0K
Q3 24	$67.0K
Q4 24	$131.0K
Q1 25	$55.0K
Q2 25	$318.0K
Q3 25	$221.0K
Q4 25	$96.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.6%	+70.4%
Q2 22	+23.4%	+4.5%
Q3 22	+21.9%	+62.4%
Q4 22	+1.3%	+33.6%
Q1 23	+5.8%	-11.1%
Q2 23	+12.7%	-11.9%
Q3 23	+15.0%	-13.7%
Q4 23	+28.6%	-1.1%
Q1 24	+26.7%	-8.0%
Q2 24	+18.9%	+1.8%
Q3 24	+5.0%	+3.3%
Q4 24	-6.7%	-12.5%
Q1 25	-5.7%	+3.1%
Q2 25	-22.8%	-19.3%
Q3 25	-19.2%	-27.2%
Q4 25	+2.9%	-19.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	33.3%
Q2 22	$3M	42.3%
Q3 22	$4M	45.6%
Q4 22	$2M	27.4%
Q1 23	$3M	36.7%
Q2 23	$3M	29.5%
Q3 23	$3M	29.9%
Q4 23	$3M	32.4%
Q1 24	$3M	28.5%
Q2 24	$2M	23.2%
Q3 24	$3M	28.6%
Q4 24	$2M	24.1%
Q1 25	$1M	13.5%
Q2 25	$4M	47.1%
Q3 25	$336.0K	4.4%
Q4 25	$386.0K	4.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$6M	$6M	$8M
Q2 22	$6M	$4M	$8M
Q3 22	$8M	$4M	$8M
Q4 22	$7M	$4M	$6M
Q1 23	$8M	$5M	$5M
Q2 23	$6M	$4M	$5M
Q3 23	$6M	$4M	$5M
Q4 23	$6M	$5M	$6M
Q1 24	$7M	$5M	$6M
Q2 24	$7M	$4M	$6M
Q3 24	$6M	$5M	$6M
Q4 24	$6M	$3M	$4M
Q1 25	$8M	$5M	$5M
Q2 25	$5M	$5M	$3M
Q3 25	$4M	$5M	$3M
Q4 25	$4M	$3M	$3M

Revenue Segments

Quarter	Service	Subscription
Q1 22	$4M	$4M
Q2 22	$5M	$3M
Q3 22	$4M	$4M
Q4 22	$3M	$4M
Q1 23	$4M	$4M
Q2 23	$4M	$5M
Q3 23	$4M	$5M
Q4 23	$4M	$6M
Q1 24	$4M	$6M
Q2 24	$4M	$6M
Q3 24	$4M	$5M
Q4 24	$4M	$5M
Q1 25	$4M	$5M
Q2 25	$3M	$5M
Q3 25	$3M	$5M
Q4 25	$4M	$5M

Revenue by Geography

Quarter	Non Us	United States	Non-US
Q1 22	$5M	$2M	—
Q2 22	$6M	$2M	—
Q3 22	$5M	$3M	—
Q4 22	—	$3M	$4M
Q1 23	—	$3M	$5M
Q2 23	—	$3M	$6M
Q3 23	—	$3M	$6M
Q4 23	—	$3M	$6M
Q1 24	—	$3M	$7M
Q2 24	—	$3M	$7M
Q3 24	—	$2M	$7M
Q4 24	—	$2M	$7M
Q1 25	—	$2M	$7M
Q2 25	—	$2M	$6M
Q3 25	—	$2M	$5M
Q4 25	—	$2M	$7M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3M	$16M	$19M
Q2 22	$47M	$21M	$68M
Q3 22	$40M	$16M	$56M
Q4 22	$34M	$19M	$53M
Q1 23	$32M	$11M	$43M
Q2 23	$27M	$8M	$35M
Q3 23	$32M	$996.0K	$33M
Q4 23	$21M	$6M	$27M
Q1 24	$36M	$13M	$49M
Q2 24	$31M	$11M	$41M
Q3 24	$26M	$8M	$34M
Q4 24	$12M	$16M	$29M
Q1 25	$9M	$13M	$22M
Q2 25	$10M	$6M	$16M
Q3 25	$9M	$3M	$13M
Q4 25	$10M	$3M	$13M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	17M	+4.7%	+6.2%
Q2 22	20M	+12.7%	+18.9%
Q3 22	20M	+0.9%	+19.4%
Q4 22	20M	+1.0%	+20.3%
Q1 23	20M	+0.9%	+15.8%
Q2 23	20M	+0.3%	+3.2%
Q3 23	20M	+0.3%	+2.5%
Q4 23	20M	+0.8%	+2.2%
Q1 24	21M	+1.8%	+3.2%
Q2 24	21M	+3.2%	+6.1%
Q3 24	21M	+0.2%	+6.0%
Q4 24	21M	+0.2%	+5.5%
Q1 25	22M	+0.2%	+3.8%
Q2 25	22M	+0.4%	+1.0%
Q3 25	22M	+0.0%	+0.8%
Q4 25	22M	+0.9%	+1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$32.5K	228
Q2 22	$34.0K	228
Q3 22	$34.3K	228
Q4 22	$26.1K	277
Q1 23	$28.3K	277
Q2 23	$31.5K	277
Q3 23	$32.5K	277
Q4 23	$37.4K	248
Q1 24	$40.1K	248
Q2 24	$41.9K	248
Q3 24	$38.1K	248
Q4 24	$40.3K	215
Q1 25	$43.6K	215
Q2 25	$37.3K	215
Q3 25	$35.5K	215
Q4 25	$81.0K	110

Revenue / Employee