What is Digimarc's operating income?

Digimarc's total operating income in 2024 was -$41.31 million, based on the following breakdown: Total Gross Profit: $24.24 million Total Operating Expenses: $65.55 million

Digimarc (DMRC) Financials

$6.89 +0.23 (+3.45%)

Closing price 07/13/2026 04:00 PM Eastern

Extended Trading

$6.88 -0.01 (-0.22%)

As of 07/13/2026 06:18 PM Eastern

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Annual Income Statements for Digimarc

This table shows Digimarc's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-16	-18	-22	-26	-33	-33	-21	-35	-60	-46	-39
Consolidated Net Income / (Loss)	-16	-18	-22	-26	-33	-33	-33	-35	-60	-46	-39
Net Income / (Loss) Continuing Operations	-16	-18	-22	-26	-33	-33	-33	-35	-60	-46	-39
Total Pre-Tax Income	-15	-18	-22	-26	-32	-33	-33	-35	-60	-46	-39
Total Operating Income	-15	-18	-22	-27	-34	-34	-33	-40	-62	-48	-41
Total Gross Profit	17	13	13	17	13	15	16	18	15	20	24
Total Revenue	26	22	22	25	21	23	24	27	30	35	38
Operating Revenue	26	22	22	25	21	23	24	27	30	35	38
Total Cost of Revenue	8.43	8.95	8.50	8.56	8.43	8.04	7.93	8.78	15	15	14
Operating Cost of Revenue	8.43	8.95	8.50	8.56	8.43	8.04	7.93	8.78	15	15	14
Total Operating Expenses	32	31	35	43	46	49	49	58	77	68	66
Selling, General & Admin Expense	8.97	7.95	8.30	9.68	9.90	12	13	20	19	18	17
Marketing Expense	7.97	9.28	12	17	19	20	19	20	30	22	21
Research & Development Expense	14	12	13	15	16	16	17	18	26	27	26
Amortization Expense	-	-	-	-	-	-	-	0.00	1.06	1.07	1.10
Impairment Charge	-	-	-	-	-	-	-	0.00	0.92	0.25	0.00
Total Other Income / (Expense), net	0.06	0.11	0.26	0.59	1.06	0.91	0.55	5.12	2.11	2.45	2.34
Other Income / (Expense), net	-	-	-	-	-	-	0.28	0.03	2.11	2.45	2.34
Income Tax Expense	0.65	0.07	0.01	-0.21	0.04	-0.02	0.00	0.02	0.10	0.20	0.04
Basic Earnings per Share	($2.22)	($2.19)	($2.36)	($2.44)	($2.86)	($2.79)	($3.41)	($2.11)	($3.12)	($2.26)	($1.83)
Weighted Average Basic Shares Outstanding	7.19M	8.20M	9.19M	10.57M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
Diluted Earnings per Share	($2.22)	($2.19)	($2.36)	($2.44)	($2.86)	($2.79)	($3.41)	($2.11)	($3.12)	($2.26)	($1.83)
Weighted Average Diluted Shares Outstanding	7.19M	8.20M	9.19M	10.57M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
Weighted Average Basic & Diluted Shares Outstanding	7.10M	8.20M	10.69M	11.86M	12.13M	12.61M	16.85M	17.69M	20.27M	20.44M	21.55M

This table shows Digimarc's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-11	-11	-10	-9.27	-11	-8.65	-12	-8.22	-8.15	-6.97
Consolidated Net Income / (Loss)	-11	-11	-10	-9.27	-11	-8.65	-12	-8.22	-8.15	-6.97
Net Income / (Loss) Continuing Operations	-11	-11	-10	-9.27	-11	-8.65	-12	-8.22	-8.15	-6.97
Total Pre-Tax Income	-11	-10	-10	-9.26	-11	-8.63	-12	-8.22	-8.15	-6.97
Total Operating Income	-11	-11	-11	-9.98	-11	-9.10	-12	-8.43	-8.36	-7.14
Total Gross Profit	5.22	5.83	6.21	6.86	5.90	5.27	6.09	4.71	4.45	4.54
Total Revenue	8.99	9.28	9.94	10	9.44	8.66	9.37	8.01	7.63	7.58
Operating Revenue	8.99	9.28	9.94	10	9.44	8.66	9.37	8.01	7.63	7.58
Total Cost of Revenue	3.77	3.46	3.73	3.52	3.55	3.39	3.28	3.30	3.18	3.04
Operating Cost of Revenue	3.77	3.46	3.73	3.52	3.55	3.39	3.28	3.30	3.18	3.04
Total Operating Expenses	16	17	17	17	17	14	18	13	13	12
Selling, General & Admin Expense	4.43	4.66	4.52	4.31	4.86	3.38	5.18	5.08	5.36	5.56
Marketing Expense	5.37	5.64	5.54	5.62	5.64	4.38	5.08	3.23	2.85	2.08
Research & Development Expense	6.31	6.28	6.74	6.64	6.49	6.34	7.63	4.54	4.32	3.75
Amortization Expense	0.27	0.27	0.27	0.27	0.28	0.27	0.27	0.29	0.29	0.29
Total Other Income / (Expense), net	0.48	0.58	0.53	0.72	0.62	0.47	0.37	0.21	0.22	0.17
Other Income / (Expense), net	0.48	0.58	0.53	0.72	0.62	0.47	0.37	0.21	0.22	0.17
Income Tax Expense	0.05	0.14	0.01	0.01	0.00	0.02	0.02	0.00	0.01	0.00
Basic Earnings per Share	($0.53)	($0.50)	($0.50)	($0.43)	($0.50)	($0.40)	($0.55)	($0.38)	($0.38)	($0.32)
Weighted Average Basic Shares Outstanding	20.22M	20.32M	20.73M	21.39M	21.44M	21.26M	21.52M	21.61M	21.71M	22.01M
Diluted Earnings per Share	($0.53)	($0.50)	($0.50)	($0.43)	($0.50)	($0.40)	($0.55)	($0.38)	($0.38)	($0.32)
Weighted Average Diluted Shares Outstanding	20.22M	20.32M	20.73M	21.39M	21.44M	21.26M	21.52M	21.61M	21.71M	22.01M
Weighted Average Basic & Diluted Shares Outstanding	20.36M	20.44M	21.37M	21.42M	21.45M	21.55M	21.55M	21.68M	21.76M	22.24M

This table details how cash moves in and out of Digimarc's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	2.31	-2.96	8.48	29	-14	-16	8.48	-5.91	20	-12	-9.09
Net Cash From Operating Activities	-6.73	-9.74	-14	-18	-21	-22	-20	-26	-44	-22	-27
Net Cash From Continuing Operating Activities	-6.73	-9.74	-14	-18	-21	-22	-20	-26	-44	-22	-27
Net Income / (Loss) Continuing Operations	-16	-18	-22	-26	-33	-33	-33	-35	-60	-46	-39
Consolidated Net Income / (Loss)	-16	-18	-22	-26	-33	-33	-33	-35	-60	-46	-39
Depreciation Expense	0.97	1.24	1.34	1.43	1.55	1.45	1.53	1.37	1.37	1.12	0.73
Amortization Expense	1.34	1.20	1.12	1.00	0.59	1.92	1.45	1.82	7.21	7.01	6.87
Non-Cash Adjustments To Reconcile Net Income	5.40	5.08	5.55	6.76	7.30	8.21	9.12	6.90	12	11	10
Changes in Operating Assets and Liabilities, net	1.37	0.68	-0.20	-1.02	1.86	-0.44	0.51	-1.45	-5.48	4.41	-5.20
Net Cash From Investing Activities	-4.39	-5.19	-15	19	8.50	-12	-34	26	3.76	13	-11
Net Cash From Continuing Investing Activities	-4.39	-5.19	-15	19	8.50	-12	-34	26	3.76	13	-11
Purchase of Property, Plant & Equipment	-1.40	-1.22	-1.84	-2.19	-1.29	-1.06	-1.02	-0.97	-0.93	-0.31	-0.21
Acquisitions	-1.19	-0.90	-0.79	-0.82	-0.75	-0.66	-0.61	-0.61	-4.05	-0.43	-0.43
Purchase of Investments	-30	-45	-54	-38	-24	-51	-76	-55	-13	-14	-33
Sale and/or Maturity of Investments	28	42	41	60	35	41	43	82	21	28	23
Net Cash From Financing Activities	13	12	38	28	-0.83	17	63	-5.77	60	-2.76	29
Net Cash From Continuing Financing Activities	13	12	38	28	-0.83	17	63	-5.77	60	-2.76	29
Repayment of Debt	-	-	-	-	-	-	-	0.00	-0.04	-0.04	-0.04
Repurchase of Common Equity	-2.39	-2.44	-2.54	-3.03	-2.09	-3.51	-3.76	-5.77	-2.36	-2.72	-3.42
Issuance of Common Equity	16	13	40	30	0.00	20	39	0.00	63	0.00	32
Other Net Changes in Cash	-	-	-	-	-	-	-	0.00	-0.04	0.05	-0.00
Cash Income Taxes Paid	0.26	1.23	-0.04	-0.04	0.09	0.09	0.02	-0.04	-0.06	-0.23	-0.06

This table details how cash moves in and out of Digimarc's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	5.51	-11	15	-5.82	-5.04	-13	-3.46	1.21	-1.01	-1.00
Net Cash From Operating Activities	-0.19	-5.32	-8.42	-6.83	-7.09	-4.24	-5.49	-4.69	-2.60	-1.85
Net Cash From Continuing Operating Activities	-0.19	-5.32	-8.42	-6.83	-7.09	-4.24	-5.49	-4.69	-2.60	-1.85
Net Income / (Loss) Continuing Operations	-11	-11	-10	-9.27	-11	-8.65	-12	-8.22	-8.15	-6.97
Consolidated Net Income / (Loss)	-11	-11	-10	-9.27	-11	-8.65	-12	-8.22	-8.15	-6.97
Depreciation Expense	0.22	0.21	0.19	0.20	0.18	0.16	0.15	0.14	0.15	0.15
Amortization Expense	1.87	1.73	1.77	1.66	1.76	1.69	1.69	2.04	1.96	1.94
Non-Cash Adjustments To Reconcile Net Income	2.69	3.03	2.81	2.41	2.82	2.01	1.26	4.08	4.24	2.03
Changes in Operating Assets and Liabilities, net	5.75	0.29	-2.86	-1.82	-1.08	0.56	3.14	-2.73	-0.78	0.99
Net Cash From Investing Activities	6.53	-4.97	-7.03	1.57	2.55	-8.37	3.56	6.37	2.04	1.78
Net Cash From Continuing Investing Activities	6.53	-4.97	-7.03	1.57	2.55	-8.37	3.56	6.37	2.04	1.78
Purchase of Property, Plant & Equipment	-0.09	-0.11	-0.11	-0.03	-0.07	-0.01	-0.06	-0.20	-0.22	-0.04
Acquisitions	-0.10	-0.13	-0.11	-0.09	-0.12	-0.12	-0.09	-0.12	-0.26	-0.08
Purchase of Investments	-	-5.70	-10	-4.43	-4.62	-14	-2.86	-0.49	0.91	-0.23
Sale and/or Maturity of Investments	6.71	0.97	3.50	6.12	7.36	5.58	6.56	7.18	1.61	2.13
Net Cash From Financing Activities	-0.77	-0.69	30	-0.55	-0.58	-0.53	-1.56	-0.51	-0.43	-0.89
Net Cash From Continuing Financing Activities	-0.77	-0.69	30	-0.55	-0.58	-0.53	-1.56	-0.51	-0.43	-0.89
Repayment of Debt	-0.02	-0.00	-0.02	-0.00	-0.02	-0.00	-0.02	-0.00	-0.01	-0.00
Repurchase of Common Equity	-0.76	-0.69	-1.78	-0.55	-0.56	-0.53	-1.55	-0.50	-0.42	-0.89
Other Net Changes in Cash	-	0.10	-	-	-	-	0.03	-	-	-0.05
Cash Income Taxes Paid	-0.01	-0.10	-0.02	-0.03	-0.00	-0.01	-0.00	-0.03	-0.00	-0.00

This table presents Digimarc's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	56	79	88	62	57	97	65	114	81	76	53
Total Current Assets	42	63	76	50	43	84	44	64	37	39	21
Cash & Equivalents	3.16	12	41	27	11	20	14	34	21	12	9.82
Short-Term Investments	33	44	27	16	26	58	20	19	5.73	16	3.05
Accounts Receivable	4.62	5.08	6.40	3.89	4.02	3.91	8.37	5.43	5.81	6.41	6.51
Other Current Assets	1.49	1.70	2.17	2.10	2.46	2.20	2.32	6.17	4.09	4.19	1.96
Plant, Property, & Equipment, net	3.01	3.57	4.24	3.96	3.65	3.27	2.88	2.39	1.57	1.04	1.10
Total Noncurrent Assets	11	12	7.82	8.19	10	9.92	18	47	42	35	31
Goodwill	1.11	1.11	1.11	1.11	1.11	1.11	1.11	8.23	8.64	8.53	9.06
Intangible Assets	6.61	6.42	6.38	6.65	6.67	6.61	6.61	33	28	22	17
Other Noncurrent Operating Assets	0.34	0.33	0.33	0.43	2.66	2.20	10	5.85	4.80	4.67	4.41
Total Liabilities & Shareholders' Equity	56	79	88	62	57	97	65	114	81	76	53
Total Liabilities	4.91	5.40	6.02	5.17	7.94	13	9.50	16	19	14	13
Total Current Liabilities	4.68	4.45	5.04	4.32	5.44	9.78	7.72	10	13	9.14	8.35
Accounts Payable	1.66	1.52	1.91	1.09	2.27	2.83	4.73	5.99	6.67	5.12	4.36
Current Deferred Revenue	3.02	2.92	3.12	3.23	3.17	3.00	2.99	4.15	5.85	4.02	3.99
Total Noncurrent Liabilities	0.23	0.96	0.99	0.85	2.49	3.41	1.78	6.05	6.10	5.27	4.38
Other Noncurrent Operating Liabilities	0.23	0.96	0.99	0.85	-	-	1.78	6.05	6.10	5.27	4.38
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	51	73	82	57	49	84	55	98	62	61	40
Total Preferred & Common Equity	51	73	82	57	49	84	55	98	62	61	40
Preferred Stock	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Total Common Equity	51	73	82	57	49	84	55	98	62	61	40
Common Stock	77	121	156	162	188	255	261	368	376	415	425
Retained Earnings	-26	-48	-74	-106	-139	-171	-206	-266	-312	-351	-383
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	0.00	-4.36	-2.56	-2.98	-1.42

This table presents Digimarc's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	89	100	93	85	67	61	55	49
Total Current Assets	45	58	53	45	31	25	22	19
Cash & Equivalents	32	36	31	26	8.90	10	9.10	8.82
Short-Term Investments	1.00	13	11	8.13	13	5.98	3.46	1.15
Accounts Receivable	7.04	5.22	8.07	6.97	6.47	6.36	6.32	7.09
Other Current Assets	4.58	3.80	3.65	4.14	2.88	2.66	2.87	1.99
Plant, Property, & Equipment, net	1.66	1.45	1.26	1.16	0.91	1.04	1.23	0.99
Total Noncurrent Assets	42	40	39	39	35	35	32	28
Goodwill	8.32	8.58	8.59	9.03	8.75	9.21	9.06	8.92
Intangible Assets	29	27	25	25	21	21	19	15
Other Noncurrent Operating Assets	4.94	5.04	5.08	5.21	4.77	4.79	4.63	4.31
Total Liabilities & Shareholders' Equity	89	100	93	85	67	61	55	49
Total Liabilities	20	15	16	15	17	14	14	14
Total Current Liabilities	14	9.36	10	9.38	11	9.43	9.44	10
Accounts Payable	6.21	4.10	5.69	5.97	6.73	5.47	5.60	6.00
Current Deferred Revenue	7.32	5.26	4.81	3.41	4.71	3.95	3.84	4.23
Total Noncurrent Liabilities	6.44	5.89	5.71	5.48	5.06	4.84	4.61	4.21
Other Noncurrent Operating Liabilities	6.44	5.89	5.71	5.48	5.06	4.84	4.61	4.21
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	69	84	77	70	50	46	41	34
Total Preferred & Common Equity	69	84	77	70	50	46	41	34
Preferred Stock	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Total Common Equity	69	84	77	70	50	46	41	34
Common Stock	374	409	411	414	415	418	422	426
Retained Earnings	-301	-322	-331	-342	-363	-371	-379	-390
Accumulated Other Comprehensive Income / (Loss)	-3.84	-2.97	-2.86	-1.26	-2.32	-0.95	-1.40	-1.74

This table displays calculated financial ratios and metrics derived from Digimarc's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-26.62%	-13.52%	-1.78%	15.69%	-15.95%	8.47%	4.36%	10.55%	13.87%	15.41%	10.24%
EBITDA Growth	-2,951.77%	-20.41%	-25.21%	-24.03%	-30.00%	3.23%	2.66%	-23.97%	-39.50%	26.40%	16.63%
EBIT Growth	-531.14%	-18.09%	-21.93%	-21.19%	-26.20%	-0.62%	3.54%	-22.44%	-49.86%	23.36%	14.84%
NOPAT Growth	-531.14%	-18.09%	-21.93%	-21.19%	-26.20%	-0.62%	2.72%	-21.49%	-55.04%	22.01%	14.31%
Net Income Growth	-3,020.32%	-13.36%	-20.84%	-18.91%	-26.13%	-1.03%	0.92%	-6.83%	-72.04%	23.14%	15.12%
EPS Growth	-2,120.00%	1.35%	-7.76%	-3.39%	-17.21%	2.45%	-22.22%	38.12%	-47.87%	27.56%	19.03%
Operating Cash Flow Growth	-293.87%	-44.66%	-42.34%	-27.03%	-20.44%	-2.32%	8.13%	-30.99%	-70.04%	50.47%	-20.81%
Free Cash Flow Firm Growth	-110.76%	-50.71%	-35.10%	-28.44%	-6.96%	-18.16%	17.33%	-71.21%	-81.59%	64.62%	-14.32%
Invested Capital Growth	-17.90%	-6.33%	4.37%	14.06%	-11.29%	16.73%	-10.95%	63.71%	104.26%	-22.87%	-6.09%
Revenue Q/Q Growth	-3.62%	-3.68%	0.76%	-1.26%	1.77%	0.40%	0.99%	6.30%	0.31%	6.30%	-1.60%
EBITDA Q/Q Growth	-5.47%	-7.35%	-3.94%	-12.69%	0.98%	1.88%	1.74%	-1.89%	-3.34%	11.17%	5.18%
EBIT Q/Q Growth	-5.66%	-6.41%	-2.79%	-11.69%	1.18%	-1.85%	3.89%	-0.98%	-5.22%	9.41%	4.43%
NOPAT Q/Q Growth	-5.66%	-6.41%	-2.79%	-11.69%	1.18%	-1.85%	3.08%	-1.05%	-8.93%	4.56%	4.44%
Net Income Q/Q Growth	0.00%	0.00%	-2.13%	-11.29%	1.08%	-2.08%	2.60%	-1.25%	-7.56%	3.92%	4.70%
EPS Q/Q Growth	-94.74%	22.61%	3.28%	-9.42%	2.05%	-0.72%	-23.55%	29.19%	-2.63%	3.42%	5.18%
Operating Cash Flow Q/Q Growth	5.14%	-24.03%	-18.49%	6.80%	-7.68%	0.76%	1.15%	-12.71%	0.30%	9.11%	3.91%
Free Cash Flow Firm Q/Q Growth	46.23%	-157.26%	-14.59%	4.38%	-5.50%	-13.25%	14.65%	-5.12%	3.78%	-14.99%	14.05%
Invested Capital Q/Q Growth	-34.95%	-4.75%	8.41%	-11.44%	-3.50%	16.28%	-5.69%	3.16%	-10.83%	-2.27%	-10.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.14%	59.68%	61.01%	66.06%	60.24%	65.04%	66.93%	66.90%	50.74%	57.86%	63.09%
EBITDA Margin	-50.31%	-70.05%	-89.31%	-95.74%	-148.08%	-132.11%	-123.22%	-138.18%	-169.30%	-107.97%	-81.66%
Operating Margin	-59.33%	-81.02%	-100.58%	-105.36%	-158.19%	-146.74%	-136.78%	-150.32%	-204.69%	-138.32%	-107.52%
EBIT Margin	-59.33%	-81.02%	-100.58%	-105.36%	-158.19%	-146.74%	-135.62%	-150.21%	-197.71%	-131.29%	-101.43%
Profit (Net Income) Margin	-61.66%	-80.82%	-99.44%	-102.21%	-153.39%	-142.86%	-135.63%	-131.07%	-198.03%	-131.87%	-101.54%
Tax Burden Percent	104.30%	100.37%	100.05%	99.21%	100.12%	100.06%	100.00%	100.05%	100.16%	100.45%	100.11%
Interest Burden Percent	99.64%	99.39%	98.82%	97.79%	96.85%	97.30%	100.00%	87.21%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-73.34%	-99.19%	-122.36%	-135.65%	-170.25%	-168.14%	-160.63%	-157.11%	-128.96%	-84.58%	-85.83%
ROIC Less NNEP Spread (ROIC-NNEP)	-59.39%	-85.51%	-109.67%	-124.46%	-154.02%	-144.47%	-142.36%	-143.89%	-90.45%	-53.94%	-49.72%
Return on Net Nonoperating Assets (RNNOA)	42.65%	64.58%	87.63%	102.54%	123.46%	106.21%	111.81%	107.17%	50.77%	26.96%	22.55%
Return on Equity (ROE)	-30.69%	-34.61%	-34.73%	-33.11%	-46.78%	-61.92%	-48.82%	-49.93%	-78.18%	-57.62%	-63.28%
Cash Return on Invested Capital (CROIC)	-53.67%	-92.65%	-126.63%	-148.79%	-158.28%	-183.58%	-149.05%	-205.43%	-197.49%	-58.76%	-79.55%
Operating Return on Assets (OROA)	-26.56%	-31.60%	-32.45%	-31.79%	-44.65%	-56.61%	-42.14%	-49.21%	-66.83%	-47.09%	-49.85%
Return on Assets (ROA)	-27.61%	-31.52%	-32.08%	-30.84%	-43.30%	-55.11%	-42.14%	-42.94%	-66.94%	-47.30%	-49.91%
Return on Common Equity (ROCE)	-30.66%	-34.58%	-34.71%	-33.09%	-46.75%	-61.87%	-48.79%	-49.90%	-78.13%	-57.59%	-63.23%
Return on Equity Simple (ROE_SIMPLE)	-30.32%	-34.85%	-29.55%	-31.30%	-57.42%	-66.41%	-38.81%	-62.76%	-61.27%	-74.21%	-63.58%
Net Operating Profit after Tax (NOPAT)	-11	-13	-15	-19	-23	-24	-23	-28	-43	-34	-29
NOPAT Margin	-41.53%	-56.71%	-70.41%	-73.75%	-110.73%	-102.72%	-95.74%	-105.23%	-143.28%	-96.83%	-75.26%
Net Nonoperating Expense Percent (NNEP)	-13.95%	-13.67%	-12.69%	-11.19%	-16.23%	-23.67%	-18.28%	-13.22%	-38.50%	-30.64%	-36.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-54.49%	-47.12%
Cost of Revenue to Revenue	32.86%	40.32%	38.99%	33.94%	39.76%	34.96%	33.07%	33.10%	49.26%	42.14%	36.91%
SG&A Expenses to Revenue	34.97%	35.85%	38.08%	38.39%	46.70%	53.68%	52.98%	74.03%	62.74%	51.85%	44.44%
R&D to Revenue	53.44%	56.18%	61.46%	61.22%	75.36%	71.64%	72.17%	66.15%	87.72%	76.26%	68.22%
Operating Expenses to Revenue	126.47%	140.70%	161.59%	171.42%	218.43%	211.78%	203.71%	217.23%	255.43%	196.18%	170.61%
Earnings before Interest and Taxes (EBIT)	-15	-18	-22	-27	-34	-34	-33	-40	-60	-46	-39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	-16	-19	-24	-31	-30	-30	-37	-51	-38	-31
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.01	6.33	4.31	4.98	3.05	8.44	8.63	12.08	3.80	11.88	13.10
Price to Tangible Book Value (P/TBV)	4.72	7.45	4.80	5.48	3.53	10.02	9.51	14.04	6.60	29.68	26.27
Price to Revenue (P/Rev)	8.14	14.66	14.49	16.24	8.13	18.14	30.16	25.21	12.27	21.10	20.91
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	2.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	12.96	23.32	19.92	23.40	9.94	25.31	48.49	28.80	7.06	20.38	23.74
Enterprise Value to Revenue (EV/Rev)	6.62	12.90	11.71	13.56	6.08	16.65	27.23	23.95	10.53	20.32	20.16
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.05	0.09	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.05	0.04	0.00	0.00	0.00	0.00
Financial Leverage	-0.72	-0.76	-0.80	-0.82	-0.80	-0.74	-0.79	-0.74	-0.56	-0.50	-0.45
Leverage Ratio	1.11	1.10	1.08	1.07	1.08	1.12	1.16	1.16	1.17	1.22	1.27
Compound Leverage Factor	1.11	1.09	1.07	1.05	1.05	1.09	1.16	1.01	1.17	1.22	1.27
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	4.80%	8.07%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.33%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	4.80%	3.74%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.10%	0.10%	0.07%	0.06%	0.09%	0.10%	0.05%	0.09%	0.05%	0.08%	0.08%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.90%	99.90%	99.93%	99.94%	99.91%	95.10%	91.87%	99.91%	99.95%	99.92%	99.92%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.08	-0.25	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	1.13	2.38	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.08	-0.12	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.11	-0.32	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	1.45	3.06	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.11	-0.15	0.00	0.00	0.00	0.00
Altman Z-Score	24.13	39.27	34.46	39.90	17.03	27.39	30.50	36.84	9.56	17.19	26.26
Noncontrolling Interest Sharing Ratio	0.10%	0.10%	0.08%	0.06%	0.07%	0.09%	0.08%	0.07%	0.07%	0.06%	0.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.03	9.04	14.15	15.15	11.50	7.95	8.58	5.70	6.33	2.96	4.30
Quick Ratio	8.51	8.72	13.77	14.72	11.01	7.50	8.35	5.40	5.72	2.63	3.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7.80	-12	-16	-20	-22	-26	-21	-36	-66	-23	-27
Operating Cash Flow to CapEx	-481.27%	-799.67%	-754.71%	-804.89%	-1,641.64%	-2,057.06%	-1,954.71%	-2,703.52%	-4,754.60%	-7,004.78%	-12,533.96%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.39	0.32	0.30	0.28	0.39	0.31	0.33	0.34	0.36	0.49
Accounts Receivable Turnover	4.94	4.84	4.50	4.39	4.12	5.81	6.05	4.32	4.38	6.20	6.29
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	9.55	7.41	6.62	6.46	5.17	6.05	6.93	8.63	11.47	17.60	29.44
Accounts Payable Turnover	5.74	5.89	5.34	4.98	5.61	4.78	3.11	2.32	2.78	2.32	2.41
Days Sales Outstanding (DSO)	73.85	75.35	81.18	83.11	88.63	62.79	60.31	84.48	83.38	58.86	58.07
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	63.62	61.93	68.30	73.29	65.11	76.40	117.29	157.07	131.48	157.34	151.75
Cash Conversion Cycle (CCC)	10.23	13.42	12.88	9.82	23.52	-13.61	-56.98	-72.59	-48.10	-98.48	-93.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13	12	13	15	13	15	13	22	45	35	33
Invested Capital Turnover	1.77	1.75	1.74	1.84	1.54	1.64	1.68	1.49	0.90	0.87	1.14
Increase / (Decrease) in Invested Capital	-2.86	-0.83	0.54	1.80	-1.65	2.17	-1.66	8.58	23	-10	-2.12
Enterprise Value (EV)	170	286	255	342	129	383	653	635	318	708	775
Market Capitalization	209	325	316	410	172	417	724	668	370	735	803
Book Value per Share	$6.77	$5.77	$6.96	$7.26	$4.76	$3.97	$5.47	$3.27	$4.87	$3.04	$2.86
Tangible Book Value per Share	$5.76	$4.90	$6.25	$6.60	$4.11	$3.35	$4.97	$2.81	$2.80	$1.22	$1.43
Total Capital	52	51	73	82	57	52	91	55	98	62	61
Total Debt	0.00	0.00	0.00	0.00	0.00	2.49	7.36	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	2.49	3.41	0.00	0.00	0.00	0.00
Net Debt	-39	-39	-61	-68	-44	-34	-70	-33	-53	-27	-29
Capital Expenditures (CapEx)	1.40	1.22	1.84	2.19	1.29	1.06	1.02	0.97	0.93	0.31	0.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2.12	1.42	2.33	3.54	1.67	1.03	0.28	2.97	1.47	-2.63	1.46
Debt-free Net Working Capital (DFNWC)	40	38	58	71	45	38	78	36	54	25	30
Net Working Capital (NWC)	40	38	58	71	45	38	74	36	54	25	30
Net Nonoperating Expense (NNE)	5.16	5.35	6.33	7.18	9.04	9.23	9.57	6.85	17	12	10
Net Nonoperating Obligations (NNO)	-39	-39	-61	-68	-44	-34	-70	-33	-53	-27	-29
Total Depreciation and Amortization (D&A)	2.31	2.43	2.46	2.43	2.14	3.36	2.98	3.19	8.58	8.13	7.60
Debt-free, Cash-free Net Working Capital to Revenue	8.25%	6.41%	10.68%	14.03%	7.88%	4.49%	1.15%	11.20%	4.85%	-7.54%	3.81%
Debt-free Net Working Capital to Revenue	157.61%	169.50%	268.26%	282.69%	213.88%	164.66%	325.15%	136.86%	178.85%	70.46%	78.59%
Net Working Capital to Revenue	157.61%	169.50%	268.26%	282.69%	213.88%	164.66%	308.70%	136.86%	178.85%	70.46%	78.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.22)	($2.19)	($2.36)	($2.44)	($2.86)	($2.79)	($3.41)	($2.11)	($3.12)	($2.26)	($1.83)
Adjusted Weighted Average Basic Shares Outstanding	7.19M	8.20M	9.19M	10.57M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
Adjusted Diluted Earnings per Share	($2.22)	($2.19)	($2.36)	($2.44)	($2.86)	($2.79)	($3.41)	($2.11)	($3.12)	($2.26)	($1.83)
Adjusted Weighted Average Diluted Shares Outstanding	7.19M	8.20M	9.19M	10.57M	11.36M	11.76M	12.91M	16.46M	19.14M	20.32M	21.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.51M	9.07M	10.69M	11.86M	12.13M	12.61M	16.85M	17.69M	20.27M	20.44M	21.55M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-13	-15	-19	-23	-24	-23	-28	-43	-34	-29
Normalized NOPAT Margin	-41.53%	-56.71%	-70.41%	-73.75%	-110.73%	-102.72%	-95.74%	-105.23%	-141.16%	-96.32%	-75.26%
Pre Tax Income Margin	-59.12%	-80.53%	-99.40%	-103.03%	-153.20%	-142.77%	-135.62%	-131.01%	-197.71%	-131.29%	-101.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-10.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-25.58%	-13.62%	-11.71%	-11.76%	-6.43%	-10.68%	-11.56%	-16.61%	-3.94%	-5.93%	-8.76%

This table displays calculated financial ratios and metrics derived from Digimarc's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	20,336,193.00	20,357,870.00	20,443,596.00	21,373,323.00	21,420,625.00	-	21,548,579.00	21,552,001.00	21,681,378.00	21,756,987.00
DEI Adjusted Shares Outstanding	20,336,193.00	20,357,870.00	20,443,596.00	21,373,323.00	21,420,625.00	-	21,548,579.00	21,552,001.00	21,681,378.00	21,756,987.00
DEI Earnings Per Adjusted Shares Outstanding	-0.53	-0.52	-0.51	-0.43	-0.50	-	-0.54	-0.38	-0.38	-0.32
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.00%	28.62%	26.71%	18.89%	4.99%	-6.74%	-5.74%	-22.82%	-19.23%	-19.10%
EBITDA Growth	33.16%	25.20%	29.67%	14.39%	-2.73%	20.18%	-17.98%	18.49%	31.43%	50.67%
EBIT Growth	28.35%	21.65%	26.34%	12.82%	-0.69%	17.33%	-13.37%	11.26%	24.23%	40.52%
NOPAT Growth	28.15%	17.28%	26.48%	11.41%	-1.91%	17.40%	-11.26%	15.59%	26.43%	40.92%
Net Income Growth	28.18%	15.06%	26.37%	12.74%	-0.29%	18.21%	-13.46%	11.33%	24.20%	40.61%
EPS Growth	30.26%	13.79%	28.57%	18.87%	5.66%	20.00%	-10.00%	11.63%	24.00%	41.82%
Operating Cash Flow Growth	98.32%	29.31%	3.68%	11.83%	-3,648.68%	20.33%	34.86%	31.36%	63.36%	66.33%
Free Cash Flow Firm Growth	117.90%	108.02%	129.87%	36.69%	-224.01%	-264.11%	-378.49%	-141.82%	120.20%	52.31%
Invested Capital Growth	-29.63%	-22.87%	-18.54%	-19.02%	2.59%	-6.09%	-19.96%	-14.88%	-20.97%	-15.28%
Revenue Q/Q Growth	3.02%	3.22%	7.04%	4.44%	-9.02%	-8.31%	8.20%	-14.50%	-4.78%	0.00%
EBITDA Q/Q Growth	0.77%	0.99%	1.55%	11.49%	-19.07%	23.07%	-45.51%	38.85%	-0.17%	0.00%
EBIT Q/Q Growth	-0.54%	2.29%	1.01%	10.36%	-16.12%	19.77%	-35.75%	29.84%	0.84%	0.00%
NOPAT Q/Q Growth	0.99%	1.25%	1.44%	8.06%	-13.90%	19.97%	-32.75%	30.24%	0.74%	0.00%
Net Income Q/Q Growth	-0.94%	1.40%	2.22%	10.33%	-16.01%	19.58%	-35.64%	29.92%	0.83%	0.00%
EPS Q/Q Growth	0.00%	5.66%	0.00%	14.00%	-16.28%	20.00%	-37.50%	30.91%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	97.56%	-2,712.70%	-58.43%	18.90%	-3.73%	40.23%	-29.54%	14.55%	44.62%	0.00%
Free Cash Flow Firm Q/Q Growth	598.34%	-63.81%	-81.17%	187.15%	-733.58%	52.10%	68.04%	56.87%	406.07%	0.00%
Invested Capital Q/Q Growth	-19.38%	-2.27%	2.31%	0.45%	2.15%	-10.54%	-12.81%	6.84%	-5.17%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.07%	62.79%	62.51%	66.12%	62.45%	60.83%	64.96%	58.76%	58.29%	59.86%
EBITDA Margin	-95.43%	-91.53%	-84.18%	-71.35%	-93.37%	-78.34%	-105.36%	-75.36%	-79.27%	-64.24%
Operating Margin	-124.04%	-118.66%	-109.25%	-96.18%	-120.40%	-105.09%	-128.94%	-105.19%	-109.66%	-94.15%
EBIT Margin	-118.72%	-112.39%	-103.93%	-89.21%	-113.86%	-99.63%	-125.00%	-102.57%	-106.82%	-91.90%
Profit (Net Income) Margin	-119.22%	-113.88%	-104.03%	-89.32%	-113.88%	-99.88%	-125.21%	-102.62%	-106.88%	-91.91%
Tax Burden Percent	100.42%	101.33%	100.09%	100.12%	100.02%	100.26%	100.17%	100.05%	100.06%	100.01%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-66.14%	-72.56%	-71.37%	-65.12%	-91.37%	-83.90%	-106.76%	-79.04%	-79.15%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-59.18%	-65.38%	-65.41%	-59.11%	-83.03%	-75.75%	-97.47%	-70.98%	-69.21%	0.00%
Return on Net Nonoperating Assets (RNNOA)	29.16%	32.67%	35.15%	28.83%	40.02%	34.35%	51.09%	33.03%	28.70%	0.00%
Return on Equity (ROE)	-36.98%	-39.88%	-36.22%	-36.28%	-51.35%	-49.55%	-55.67%	-46.01%	-50.45%	0.00%
Cash Return on Invested Capital (CROIC)	-47.37%	-58.76%	-57.89%	-54.43%	-86.58%	-79.55%	-70.86%	-70.71%	-57.98%	16.54%
Operating Return on Assets (OROA)	-37.29%	-40.31%	-38.26%	-35.92%	-51.14%	-48.97%	-56.92%	-47.23%	-51.20%	0.00%
Return on Assets (ROA)	-37.45%	-40.85%	-38.29%	-35.97%	-51.15%	-49.10%	-57.02%	-47.25%	-51.23%	0.00%
Return on Common Equity (ROCE)	-36.96%	-39.86%	-36.20%	-36.26%	-51.32%	-49.50%	-55.63%	-45.97%	-50.41%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-69.44%	0.00%	-50.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.81	-7.71	-7.60	-6.99	-7.96	-6.37	-8.46	-5.90	-5.85	-5.00
NOPAT Margin	-86.83%	-83.06%	-76.47%	-67.32%	-84.28%	-73.57%	-90.26%	-73.64%	-76.76%	-65.91%
Net Nonoperating Expense Percent (NNEP)	-6.97%	-7.18%	-5.96%	-6.01%	-8.34%	-8.15%	-9.29%	-8.07%	-9.93%	-12.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-12.45%	-9.00%	-9.05%	-11.34%	-10.38%	-16.90%	-12.69%	-14.15%	-14.66%
Cost of Revenue to Revenue	41.93%	37.21%	37.49%	33.88%	37.55%	39.17%	35.04%	41.24%	41.71%	40.14%
SG&A Expenses to Revenue	49.29%	50.18%	45.48%	41.56%	51.48%	39.02%	55.31%	63.40%	70.21%	73.29%
R&D to Revenue	70.14%	67.66%	67.83%	64.01%	68.71%	73.18%	81.49%	56.63%	56.58%	49.44%
Operating Expenses to Revenue	182.11%	181.44%	171.75%	162.30%	182.84%	165.93%	193.89%	163.96%	167.96%	154.02%
Earnings before Interest and Taxes (EBIT)	-11	-10	-10	-9.26	-11	-8.63	-12	-8.22	-8.15	-6.97
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.58	-8.50	-8.37	-7.41	-8.82	-6.78	-9.87	-6.04	-6.05	-4.87
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.60	11.88	6.58	8.59	8.21	13.10	5.53	6.13	5.12	3.14
Price to Tangible Book Value (P/TBV)	20.95	29.68	11.31	15.32	15.89	26.27	13.78	17.12	15.68	10.85
Price to Revenue (P/Rev)	20.15	21.10	15.04	17.17	14.75	20.91	7.30	8.02	6.29	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	17.65	20.38	14.26	17.40	14.86	23.74	8.95	8.84	6.91	4.02
Enterprise Value to Revenue (EV/Rev)	19.14	20.32	13.72	16.10	13.89	20.16	6.73	7.57	5.92	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	22.29
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.49	-0.50	-0.54	-0.49	-0.48	-0.45	-0.52	-0.47	-0.41	-0.38
Leverage Ratio	1.23	1.22	1.17	1.23	1.25	1.27	1.24	1.25	1.26	1.37
Compound Leverage Factor	1.23	1.22	1.17	1.23	1.25	1.27	1.24	1.25	1.26	1.37
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.07%	0.08%	0.06%	0.06%	0.07%	0.08%	0.10%	0.11%	0.12%	0.15%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.93%	99.92%	99.94%	99.94%	99.93%	99.92%	99.90%	99.89%	99.88%	99.85%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	15.51	18.64	17.96	20.21	18.15	27.59	2.75	3.88	-0.13	-7.08
Noncontrolling Interest Sharing Ratio	0.06%	0.06%	0.06%	0.06%	0.07%	0.08%	0.07%	0.08%	0.09%	0.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.32	2.96	6.19	5.07	4.77	4.30	2.70	2.66	2.31	1.86
Quick Ratio	2.99	2.63	5.79	4.72	4.33	3.85	2.45	2.38	2.00	1.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7.16	2.59	0.49	1.40	-8.88	-4.25	-1.36	-0.59	1.79	-0.65
Operating Cash Flow to CapEx	-217.24%	-5,015.09%	-7,945.28%	-26,269.23%	-10,574.63%	-32,576.92%	-9,974.55%	-2,367.68%	-1,174.66%	-4,197.73%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.36	0.37	0.40	0.45	0.49	0.46	0.46	0.48	0.00
Accounts Receivable Turnover	4.42	6.20	7.36	3.85	5.57	6.29	6.48	4.92	5.07	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	15.29	17.60	21.30	25.44	27.74	29.44	32.16	30.84	28.22	0.00
Accounts Payable Turnover	2.03	2.32	3.23	2.67	2.34	2.41	2.54	2.42	2.27	0.00
Days Sales Outstanding (DSO)	82.62	58.86	49.60	94.82	65.47	58.07	56.35	74.22	72.03	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	179.93	157.34	112.84	136.88	156.07	151.75	143.90	150.65	160.45	0.00
Cash Conversion Cycle (CCC)	-97.31	-98.48	-63.24	-42.06	-90.59	-93.68	-87.55	-76.43	-88.42	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	36	35	36	36	36	33	28	30	29	24
Invested Capital Turnover	0.76	0.87	0.93	0.97	1.08	1.14	1.18	1.07	1.03	0.00
Increase / (Decrease) in Invested Capital	-15	-10	-8.09	-8.39	0.92	-2.12	-7.10	-5.31	-7.65	-4.35
Enterprise Value (EV)	627	708	507	621	542	775	255	269	199	97
Market Capitalization	661	735	556	663	576	803	276	285	212	107
Book Value per Share	$3.38	$3.04	$4.13	$3.61	$3.27	$2.86	$2.32	$2.15	$1.91	$1.55
Tangible Book Value per Share	$1.55	$1.22	$2.40	$2.02	$1.69	$1.43	$0.93	$0.77	$0.62	$0.45
Total Capital	69	62	84	77	70	61	50	46	41	34
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-33	-27	-49	-41	-34	-29	-22	-16	-13	-9.96
Capital Expenditures (CapEx)	0.09	0.11	0.11	0.03	0.07	0.01	0.06	0.20	0.22	0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.90	-2.63	-0.34	1.23	1.73	1.46	-2.09	-0.40	-0.24	-1.15
Debt-free Net Working Capital (DFNWC)	31	25	49	43	35	30	19	16	12	8.81
Net Working Capital (NWC)	31	25	49	43	35	30	19	16	12	8.81
Net Nonoperating Expense (NNE)	2.91	2.86	2.74	2.28	2.80	2.28	3.27	2.32	2.30	1.97
Net Nonoperating Obligations (NNO)	-33	-27	-49	-41	-34	-29	-22	-16	-13	-9.96
Total Depreciation and Amortization (D&A)	2.10	1.94	1.96	1.85	1.94	1.84	1.84	2.18	2.10	2.10
Debt-free, Cash-free Net Working Capital to Revenue	-5.80%	-7.54%	-0.92%	3.17%	4.42%	3.81%	-5.52%	-1.14%	-0.72%	0.00%
Debt-free Net Working Capital to Revenue	95.86%	70.46%	131.51%	110.60%	90.70%	78.59%	51.47%	44.21%	36.60%	0.00%
Net Working Capital to Revenue	95.86%	70.46%	131.51%	110.60%	90.70%	78.59%	51.47%	44.21%	36.60%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.53)	($0.50)	($0.50)	($0.43)	($0.50)	($0.40)	($0.55)	($0.38)	($0.38)	($0.32)
Adjusted Weighted Average Basic Shares Outstanding	20.22M	20.32M	20.73M	21.39M	21.44M	21.26M	21.52M	21.61M	21.71M	22.01M
Adjusted Diluted Earnings per Share	($0.53)	($0.50)	($0.50)	($0.43)	($0.50)	($0.40)	($0.55)	($0.38)	($0.38)	($0.32)
Adjusted Weighted Average Diluted Shares Outstanding	20.22M	20.32M	20.73M	21.39M	21.44M	21.26M	21.52M	21.61M	21.71M	22.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.36M	20.44M	21.37M	21.42M	21.45M	21.55M	21.55M	21.68M	21.76M	22.24M
Normalized Net Operating Profit after Tax (NOPAT)	-7.81	-7.71	-7.60	-6.99	-7.96	-6.37	-8.46	-5.90	-5.85	-5.00
Normalized NOPAT Margin	-86.83%	-83.06%	-76.47%	-67.32%	-84.28%	-73.57%	-90.26%	-73.64%	-76.76%	-65.91%
Pre Tax Income Margin	-118.72%	-112.39%	-103.93%	-89.21%	-113.86%	-99.63%	-125.00%	-102.57%	-106.82%	-91.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-5.92%	-5.93%	-9.11%	-9.23%	-8.74%	-8.76%	-7.87%	-7.96%	-8.14%	0.00%

Financials Breakdown Chart

Key Financial Trends

Digimarc’s latest quarter shows a business that is still losing money, but its cash position remains solid enough for now. In Q1 2026, revenue came in at $7.6 million, roughly flat with the prior year’s comparable quarter, while operating losses remained large at $7.1 million. The company continues to spend heavily on sales, marketing, and R&D, and that has kept profitability out of reach. On the positive side, Digimarc still ended the quarter with meaningful cash and investments, and operating cash burn improved versus several prior periods.

Cash and investments remain substantial. As of Q1 2026, Digimarc held $8.8 million in cash, $1.1 million in short-term investments, and a total of about $19.0 million in current assets from cash and investments alone, giving it a cushion despite ongoing losses.
Operating cash burn improved year over year. Net cash used in operating activities was $1.85 million in Q1 2026, better than the $5.49 million used in Q1 2025 and the $4.69 million used in Q2 2025.
Revenue was relatively stable versus last year’s first quarter. Q1 2026 revenue of $7.58 million was down only modestly from $9.37 million in Q1 2025, showing some resilience in the top line.
Other income helped offset losses a bit. Digimarc generated $171,000 of net other income in Q1 2026, which slightly reduced the pretax loss.
Share count was lower than a year ago. Weighted average basic shares were 22.0 million in Q1 2026 versus 21.5 million in Q1 2025, so dilution was not a major issue this quarter and share count has been relatively controlled compared with many unprofitable tech names.
Investing cash flow was positive this quarter, but for mixed reasons. The company received $2.13 million from sales/maturity of investments, which boosted investing cash flow to $1.78 million, but this is not recurring operating strength.
Balance sheet equity remains positive. Total shareholders’ equity was $34.1 million at the end of Q1 2026, though that is down from $41.4 million in Q3 2025.
Digimarc is still deeply unprofitable. Q1 2026 net loss was $7.0 million, and the company has posted losses in every period shown across the last four years.
Operating expenses remain far above gross profit. Q1 2026 gross profit was $4.5 million, but operating expenses were $11.7 million, leading to an operating loss of $7.1 million.
Revenue has not shown consistent growth. Quarterly revenue has generally hovered around $7.5 million to $10 million, and Q1 2026 was below Q1 2025’s $9.4 million, suggesting limited momentum.

Longer-term trend: Digimarc’s quarterly losses have narrowed at times, but the company has not produced sustained profitability. Revenue has been choppy over the last four years, while expenses—especially R&D and marketing—have remained high. The good news is that the balance sheet still provides some runway. The risk is that if revenue does not accelerate or expenses do not come down, the company could continue consuming cash and eventually need additional financing.

Bottom line: Digimarc looks like a company with enough liquidity to keep operating, but the core business still needs to prove it can scale efficiently. Investors should focus on revenue growth, operating expense discipline, and quarterly cash burn in the next few reports.

07/14/26 03:01 AM ETAI Generated. May Contain Errors.

Digimarc Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Digimarc's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Digimarc's net income appears to be on an upward trend, with a most recent value of -$39.01 million in 2024, rising from -$15.82 million in 2014. The previous period was -$45.96 million in 2023. Check out Digimarc's forecast to explore projected trends and price targets.

Digimarc's total operating income in 2024 was -$41.31 million, based on the following breakdown:

Total Gross Profit: $24.24 million
Total Operating Expenses: $65.55 million

Over the last 10 years, Digimarc's total revenue changed from $25.66 million in 2014 to $38.42 million in 2024, a change of 49.7%.

Digimarc's total liabilities were at $12.73 million at the end of 2025, a 11.6% decrease from 2024, and a 159.5% increase since 2015.

In the past 10 years, Digimarc's cash and equivalents has ranged from $3.16 million in 2015 to $40.82 million in 2017, and is currently $9.82 million as of their latest financial filing in 2025.

Over the last 10 years, Digimarc's book value per share changed from 6.77 in 2014 to 2.86 in 2024, a change of -57.8%.

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Financial statements for NASDAQ:DMRC last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Digimarc (DMRC) Financials

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How has Digimarc's revenue changed over the last 10 years?

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