Digimarc Corporation (NASDAQ: DMRC) Q2 2026 loss widens as ARR falls to $11.6M
Rhea-AI Filing Summary
Digimarc Corporation reported second-quarter 2026 revenue of $7.4 million, down from $8.0 million a year earlier, as subscription revenue declined to $3.7 million while service revenue grew modestly to $3.6 million. Ending Annual Recurring Revenue (ARR) was $11.6 million versus $15.9 million, primarily due to the expiration and step-down of key commercial contracts.
Total gross margin was 58%, with subscription and service margins improving to 89% and 60%, respectively. GAAP operating expenses rose to $16.7 million, driven largely by $5.4 million of one-time stock-based compensation tied to the former CEO and $0.4 million of reorganization costs. This led to a wider GAAP net loss of $12.1 million or ($0.54) per diluted share.
On a non-GAAP basis, operating expenses declined to $8.1 million and net loss improved to $1.7 million or ($0.08) per share. Cash, cash equivalents and marketable securities totaled $8.8 million at June 30, 2026, down from $12.9 million at year-end 2025. Free cash flow usage improved significantly to $1.0 million in the quarter from $5.0 million in the prior-year period.
Positive
- Non-GAAP net loss improved to $1.7 million from $2.3 million, with non-GAAP operating expenses reduced to $8.1 million from $8.9 million, indicating better underlying cost control.
- Free cash flow usage for the quarter improved to $1.0 million from $5.0 million, showing significantly lower cash burn than the prior-year period.
- Non-GAAP gross margin increased to 83% from 80%, with subscription gross margin at 89% and service gross margin at 60%, reflecting more efficient delivery of revenue.
Negative
- Annual Recurring Revenue (ARR) declined to $11.6 million from $15.9 million, reflecting the loss and step-down of important commercial contracts.
- GAAP net loss widened to $12.1 million from $8.2 million, driven largely by higher stock-based compensation and reorganization-related expenses.
- Cash, cash equivalents and marketable securities fell to $8.8 million at June 30, 2026 from $12.9 million at December 31, 2025, reducing the company’s liquidity cushion.
8-K Event Classification
Key Figures
Key Terms
Annual Recurring Revenue (ARR) financial
free cash flow financial
stock-based compensation financial
Non-GAAP gross profit margin financial
corporate reorganization expenses financial
amortization of acquired intangible assets financial
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Digimarc (DMRC) perform financially in Q2 2026?
What happened to Digimarc (DMRC) subscription and service revenue in Q2 2026?
How much Annual Recurring Revenue (ARR) does Digimarc (DMRC) have?
What were Digimarc (DMRC) GAAP and non-GAAP losses in Q2 2026?
How strong is Digimarc (DMRC) liquidity as of June 30, 2026?
Did Digimarc (DMRC) improve its cash burn in Q2 2026?
How did Digimarc (DMRC) operating expenses change in Q2 2026?
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(Commission
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(IRS Employer
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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The
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits
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ExhibitNo.
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Description
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99.1
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Press Release issued by Digimarc Corporation, dated August 13, 2026 (furnished pursuant to Item 2.02 hereof).
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99.2
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Investor Presentation issued by Digimarc Corporation, dated August 13, 2026 (furnished pursuant to Item 2.02 hereof). | |
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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By:
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/s/ Charles Beck
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Charles Beck
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Chief Financial Officer, Treasurer and Secretary
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Exhibit 99.1
Digimarc Reports Second Quarter 2026 Financial Results
Narrowing our Aperture to Accelerate
Beaverton, Ore. – August 13, 2026 – Digimarc Corporation (NASDAQ: DMRC) reported financial results for the second quarter ended June 30, 2026.
"We are already starting to see early signs that our re-modeled execution focus and discipline are paying off, and the results are showing up in our pipeline across both Retail and CPG," said Paul Carreiro, Digimarc CEO. "This is a company with world leading technology that the global Central Bank Counterfeit Deterrence Group (CBCDG) has trusted for over 25 years and with global brands as customers, and now the leadership and structure forming to scale — I'm confident this is just the beginning."
Second Quarter 2026 Financial Results
Total revenue for the second quarter of 2026 was $7.4 million compared to $8.0 million for the second quarter of 2025.
Subscription revenue for the second quarter of 2026 was $3.7 million compared to $4.6 million for the second quarter of 2025. The decrease reflects $0.8 million of lower commercial subscription revenue from the expiration of a commercial contract in October 2025.
Service revenue for the second quarter of 2026 was $3.6 million compared to $3.4 million for the second quarter of 2025. The increase primarily reflects higher service revenue from existing commercial and government customers.
Ending ARR(1) as of June 30, 2026 was $11.6 million compared to $15.9 million as of June 30, 2025. The decrease primarily reflects the expiration of a commercial contract in October 2025 that accounted for $3.1 million of ARR and the step-down in another commercial contract in June 2026 that accounted for $2.6 million of ARR, partially offset by $1.5 million of net increases to ARR from new and existing commercial contracts.
Gross profit margin for the second quarter of 2026 was 58% compared to 59% for the second quarter of 2025. Subscription gross profit margin(2) increased to 89% from 85% and service gross profit margin(2) increased to 60% from 59% for the second quarter of 2026 compared to the second quarter of 2025.
Non-GAAP gross profit margin for the second quarter of 2026 was 83% compared to 80% for the second quarter of 2025.
Operating expenses for the second quarter of 2026 were $16.7 million compared to $13.1 million for the second quarter of 2025. The increase primarily reflects increases of stock-based compensation expense of $4.0 million and professional services costs of $0.4 million, partially offset by decreases in cash compensation of $0.3 million, software and hardware costs of $0.2 million, and other costs of $0.4 million. The $4.0 million increase in stock-based compensation expense includes $5.4 million of one-time expense related to the acceleration of unvested equity awards held by our former CEO, partially offset by $1.4 million of lower stock-based compensation expense largely due to a lower number of employee stock grants. The $0.4 million increase in professional services costs includes $0.4 million of one-time costs associated with the recent corporate reorganization. The $0.3 million decrease in cash compensation costs includes $1.0 million of lower costs largely due to lower headcount, partially offset by one-time cash severance costs of $0.7 million paid to our former CEO.
Non-GAAP operating expenses for the second quarter of 2026 were $8.1 million compared to $8.9 million for the second quarter of 2025.
Net loss for the second quarter of 2026 was $12.1 million or ($0.54) per diluted share compared to $8.2 million or ($0.38) per diluted share for the second quarter of 2025.
Non-GAAP net loss for the second quarter of 2026 was $1.7 million or ($0.08) per diluted share compared to $2.3 million or ($0.11) per diluted share for the second quarter of 2025.
At June 30, 2026, cash, cash equivalents and marketable securities totaled $8.8 million compared to $12.9 million at December 31, 2025. Free cash flow usage for the second quarter of 2026 was $1.0 million compared to $5.0 million for the second quarter of 2025.
(1) Annual Recurring Revenue (ARR) is a company performance metric calculated as the aggregation of annualized subscription fees from all of our commercial contracts as of the measurement date.
(2) Cost of revenue, Gross profit and Gross profit margin for Subscription and Service excludes amortization expense on acquired intangible assets.
Conference Call
Digimarc will hold a conference call today (Thursday, August 13, 2026) to discuss strategic priorities, quarterly highlights, and these financial results. CEO Paul Carreiro and CFO Charles Beck will host the call starting at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). A question and answer session will follow management’s prepared remarks.
The conference call and investor presentation will be broadcast live and available for replay here and in the investor section of the company’s website. The investor presentation will also be posted to the company’s website shortly before the call.
For those who wish to call in via telephone to ask a question, please dial the number below at least five minutes before the scheduled start time. We encourage you to also login to the live broadcast so you can follow along with the investor presentation.
Toll Free number: 877-407-0832
International number: 201-689-8433
Conference ID number: 13754823
Company Contact:
Charles Beck
Chief Financial Officer
Charles.Beck@digimarc.com
+1 503-469-4721
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About Digimarc
Digimarc Corporation (NASDAQ: DMRC) is building the trust layer for the modern world. As AI accelerates how we produce, share, and interact with the world, the risks of fraud, counterfeiting, and misinformation are growing exponentially. Our innovative, highly scalable, and ultra-secure solutions make it possible for consumers, businesses, and intelligent systems to instantly verify what's real, protect what matters, and transact with confidence. Digimarc's solutions for loss prevention, authentication, and digital are built to counter the speed and sophistication of today's AI-enabled threats. Trusted by the world's central banks to deter the counterfeiting of global currency, we exist to protect truth in every interaction, spanning both the physical and digital worlds. Learn more at Digimarc.com.
Forward-Looking Statements
Except for historical information contained in this release, the matters described in this release contain various “forward-looking statements.” These forward-looking statements include statements identified by terminology such as “will,” “should,” "may," “expects,” “estimates,” “predicts” and “continue” or other derivations of these or other comparable terms. These forward-looking statements are statements of management’s opinion and are subject to various assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied from the statements in this release as a result of changes in economic, business and regulatory factors. More detailed information about risk factors that may affect actual results are outlined in the company’s Form 10-K for the year ended December 31, 2025, and in subsequent periodic reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date of this release. Except as required by law, Digimarc undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Non-GAAP Financial Measures
This release contains the following non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP gross profit margin, Non-GAAP operating expenses, Non-GAAP net loss, Non-GAAP net loss per diluted share, and free cash flow. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. These non-GAAP financial measures are an important measure of our operating performance because they allow management, investors and analysts to evaluate and assess our core operating results from period-to-period after removing non-cash and non-recurring activities that affect comparability. Our management uses these non-GAAP financial measures in evaluating its financial and operational decision making and as a means to evaluate period-to-period comparisons.
Digimarc believes that providing these non-GAAP financial measures, together with the reconciliation to GAAP, helps management and investors make comparisons between us and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measures and the corresponding GAAP measures provided by each company under applicable SEC rules. These non-GAAP financial measures are not measurements of financial performance or liquidity under GAAP. In order to facilitate a clear understanding of its consolidated historical operating results, investors should examine Digimarc’s non-GAAP financial measures in conjunction with its historical GAAP financial information, and investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to, GAAP financial measures. Non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive of potential future results.
Digimarc Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2026 |
2025 |
2026 |
2025 |
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Revenue: |
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Subscription |
$ | 3,742 | $ | 4,624 | $ | 8,110 | $ | 9,938 | ||||||||
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Service |
3,646 | 3,386 | 6,856 | 7,440 | ||||||||||||
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Total revenue |
7,388 | 8,010 | 14,966 | 17,378 | ||||||||||||
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Cost of revenue: |
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Subscription (2) |
417 | 715 | 872 | 1,459 | ||||||||||||
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Service (2) |
1,470 | 1,383 | 2,848 | 2,790 | ||||||||||||
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Amortization expense on acquired intangible assets |
1,201 | 1,205 | 2,409 | 2,337 | ||||||||||||
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Total cost of revenue |
3,088 | 3,303 | 6,129 | 6,586 | ||||||||||||
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Gross profit: |
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Subscription (2) |
3,325 | 3,909 | 7,238 | 8,479 | ||||||||||||
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Service (2) |
2,176 | 2,003 | 4,008 | 4,650 | ||||||||||||
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Amortization expense on acquired intangible assets |
(1,201 | ) | (1,205 | ) | (2,409 | ) | (2,337 | ) | ||||||||
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Total gross profit |
4,300 | 4,707 | 8,837 | 10,792 | ||||||||||||
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Gross profit margin: |
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Subscription (2) |
89 | % | 85 | % | 89 | % | 85 | % | ||||||||
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Service (2) |
60 | % | 59 | % | 58 | % | 63 | % | ||||||||
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Total |
58 | % | 59 | % | 59 | % | 62 | % | ||||||||
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Operating expenses: |
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Sales and marketing |
2,414 | 3,231 | 4,496 | 8,309 | ||||||||||||
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Research, development and engineering |
3,652 | 4,536 | 7,399 | 12,170 | ||||||||||||
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General and administrative |
10,311 | 5,078 | 15,866 | 10,259 | ||||||||||||
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Amortization expense on acquired intangible assets |
287 | 288 | 576 | 559 | ||||||||||||
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Total operating expenses |
16,664 | 13,133 | 28,337 | 31,297 | ||||||||||||
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Operating loss |
(12,364 | ) | (8,426 | ) | (19,500 | ) | (20,505 | ) | ||||||||
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Other income, net |
229 | 210 | 400 | 579 | ||||||||||||
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Loss before income taxes |
(12,135 | ) | (8,216 | ) | (19,100 | ) | (19,926 | ) | ||||||||
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Benefit (provision) for income taxes |
4 | (4 | ) | 3 | (24 | ) | ||||||||||
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Net loss |
(12,131 | ) | (8,220 | ) | (19,097 | ) | (19,950 | ) | ||||||||
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Net loss attributable to non-controlling interest |
(17 | ) | - | (17 | ) | - | ||||||||||
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Net loss attributable to Digimarc Corporation |
$ | (12,114 | ) | $ | (8,220 | ) | $ | (19,080 | ) | $ | (19,950 | ) | ||||
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Net loss per share: |
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Net loss per share attributable to Digimarc Corporation common shareholders — basic |
$ | (0.54 | ) | $ | (0.38 | ) | $ | (0.86 | ) | $ | (0.93 | ) | ||||
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Net loss per share attributable to Digimarc Corporation common shareholders — diluted |
$ | (0.54 | ) | $ | (0.38 | ) | $ | (0.86 | ) | $ | (0.93 | ) | ||||
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Weighted average shares outstanding — basic |
22,268 | 21,608 | 22,139 | 21,565 | ||||||||||||
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Weighted average shares outstanding — diluted |
22,268 | 21,608 | 22,139 | 21,565 | ||||||||||||
Digimarc Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
(Unaudited)
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2026 |
2025 |
2026 |
2025 |
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GAAP gross profit |
$ | 4,300 | $ | 4,707 | $ | 8,837 | $ | 10,792 | ||||||||
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Amortization of acquired intangible assets |
1,201 | 1,205 | 2,409 | 2,337 | ||||||||||||
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Amortization and write-off of other intangible assets |
206 | 219 | 414 | 438 | ||||||||||||
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Stock-based compensation |
401 | 253 | 747 | 390 | ||||||||||||
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Non-GAAP gross profit |
$ | 6,108 | $ | 6,384 | $ | 12,407 | $ | 13,957 | ||||||||
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Non-GAAP gross profit margin |
83 | % | 80 | % | 83 | % | 80 | % | ||||||||
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GAAP operating expenses |
$ | 16,664 | $ | 13,133 | $ | 28,337 | $ | 31,297 | ||||||||
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Depreciation and write-off of property and equipment |
(146 | ) | (138 | ) | (300 | ) | (284 | ) | ||||||||
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Amortization of acquired intangible assets |
(287 | ) | (288 | ) | (576 | ) | (559 | ) | ||||||||
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Amortization and write-off of other intangible assets |
(99 | ) | (227 | ) | (221 | ) | (201 | ) | ||||||||
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Amortization of lease right of use assets under operating leases |
(122 | ) | (103 | ) | (240 | ) | (201 | ) | ||||||||
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Stock-based compensation |
(7,524 | ) | (3,518 | ) | (9,187 | ) | (4,641 | ) | ||||||||
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Corporate reorganization expenses |
(433 | ) | — | (1,656 | ) | — | ||||||||||
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Non-GAAP operating expenses |
$ | 8,053 | $ | 8,859 | $ | 16,157 | $ | 25,411 | ||||||||
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GAAP net loss |
$ | (12,131 | ) | $ | (8,220 | ) | $ | (19,097 | ) | $ | (19,950 | ) | ||||
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Total adjustments to gross profit |
1,808 | 1,677 | 3,570 | 3,165 | ||||||||||||
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Total adjustments to operating expenses |
8,611 | 4,274 | 12,180 | 5,886 | ||||||||||||
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Non-GAAP net loss |
(1,712 | ) | (2,269 | ) | (3,347 | ) | (10,899 | ) | ||||||||
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Non-GAAP net loss attributable to non-controlling interest |
(2 | ) | - | (2 | ) | - | ||||||||||
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Non-GAAP net loss attributable to Digimarc Corporation |
$ | (1,710 | ) | $ | (2,269 | ) | $ | (3,345 | ) | $ | (10,899 | ) | ||||
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GAAP net loss per diluted share |
$ | (0.54 | ) | $ | (0.38 | ) | $ | (0.86 | ) | $ | (0.93 | ) | ||||
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Non-GAAP net loss attributable to Digimarc Corporation |
$ | (1,710 | ) | $ | (2,269 | ) | $ | (3,345 | ) | $ | (10,899 | ) | ||||
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Non-GAAP net loss per diluted share attributable to Digimarc Corporation common shareholders |
$ | (0.08 | ) | $ | (0.11 | ) | $ | (0.15 | ) | $ | (0.51 | ) | ||||
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Free cash flow |
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Cash flows from operating activities |
$ | (790 | ) | $ | (4,688 | ) | $ | (2,637 | ) | $ | (10,174 | ) | ||||
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Purchase of property and equipment |
(51 | ) | (198 | ) | (95 | ) | (253 | ) | ||||||||
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Capitalized patent costs |
(113 | ) | (120 | ) | (190 | ) | (208 | ) | ||||||||
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Free cash flow |
$ | (954 | ) | $ | (5,006 | ) | $ | (2,922 | ) | $ | (10,635 | ) | ||||
Digimarc Corporation
Consolidated Balance Sheet Information
(in thousands)
(Unaudited)
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June 30, |
December 31, |
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2026 |
2025 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 6,932 | $ | 9,820 | ||||
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Marketable securities |
1,823 | 3,046 | ||||||
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Trade accounts receivable, net |
6,462 | 6,513 | ||||||
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Other current assets |
2,624 | 1,961 | ||||||
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Total current assets |
17,841 | 21,340 | ||||||
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Property and equipment, net |
872 | 1,104 | ||||||
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Intangibles, net |
13,766 | 17,045 | ||||||
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Goodwill |
8,937 | 9,056 | ||||||
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Lease right of use assets |
2,998 | 3,238 | ||||||
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Other assets |
1,429 | 1,175 | ||||||
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Total assets |
$ | 45,843 | $ | 52,958 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable and other accrued liabilities |
$ | 7,850 | $ | 4,359 | ||||
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Deferred revenue |
4,613 | 3,993 | ||||||
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Total current liabilities |
12,463 | 8,352 | ||||||
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Long-term lease liabilities |
3,816 | 4,314 | ||||||
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Other long-term liabilities |
125 | 63 | ||||||
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Total liabilities |
16,404 | 12,729 | ||||||
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Shareholders’ equity: |
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Preferred stock |
50 | 50 | ||||||
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Common stock |
23 | 22 | ||||||
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Additional paid-in capital |
433,215 | 424,665 | ||||||
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Accumulated deficit |
(402,167 | ) | (383,087 | ) | ||||
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Accumulated other comprehensive loss |
(1,809 | ) | (1,421 | ) | ||||
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Total shareholders’ equity - Digimarc Corporation |
29,312 | 40,229 | ||||||
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Non-controlling interest |
127 | — | ||||||
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Total equity |
29,439 | 40,229 | ||||||
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Total liabilities and equity |
$ | 45,843 | $ | 52,958 | ||||
Digimarc Corporation
Consolidated Cash Flow Information
(in thousands)
(Unaudited)
|
Six Months Ended June 30, |
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2026 |
2025 |
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Cash flows from operating activities: |
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Net loss |
$ | (19,097 | ) | $ | (19,950 | ) | ||
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and write-off of property and equipment |
300 | 284 | ||||||
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Amortization of acquired intangible assets |
2,985 | 2,896 | ||||||
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Amortization and write-off of other intangible assets |
635 | 639 | ||||||
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Amortization of lease right of use assets under operating leases |
240 | 201 | ||||||
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Stock-based compensation |
9,934 | 5,031 | ||||||
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Increase (decrease) in allowance for doubtful accounts |
15 | 311 | ||||||
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Changes in operating assets and liabilities: |
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Trade accounts receivable |
84 | (442 | ) | |||||
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Other current assets |
(857 | ) | 1,447 | |||||
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Other assets |
(456 | ) | (201 | ) | ||||
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Accounts payable and other accrued liabilities |
3,300 | 79 | ||||||
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Deferred revenue |
616 | (71 | ) | |||||
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Lease liability and other long-term liabilities |
(336 | ) | (398 | ) | ||||
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Net cash provided by (used in) operating activities |
(2,637 | ) | (10,174 | ) | ||||
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Cash flows from investing activities: |
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Purchase of property and equipment |
(95 | ) | (253 | ) | ||||
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Capitalized patent costs |
(190 | ) | (208 | ) | ||||
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Proceeds from maturities of marketable securities |
2,351 | 13,741 | ||||||
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Purchases of marketable securities |
(1,127 | ) | (3,355 | ) | ||||
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Net cash provided by (used in) investing activities |
939 | 9,925 | ||||||
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Cash flows from financing activities: |
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Issuance of common stock, net of issuance costs |
262 | — | ||||||
|
Non-controlling interest capital contributions |
56 | — | ||||||
|
Purchase of common stock |
(1,462 | ) | (2,048 | ) | ||||
|
Repayment of loans |
(17 | ) | (18 | ) | ||||
|
Net cash provided by (used in) financing activities |
(1,161 | ) | (2,066 | ) | ||||
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Effect of exchange rate on cash |
(29 | ) | 59 | |||||
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Net increase (decrease) in cash and cash equivalents |
$ | (2,888 | ) | $ | (2,256 | ) | ||
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Cash, cash equivalents and marketable securities at beginning of period |
$ | 12,866 | $ | 28,730 | ||||
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Cash, cash equivalents and marketable securities at end of period |
8,755 | 16,088 | ||||||
|
Net increase (decrease) in cash, cash equivalents and marketable securities |
$ | (4,111 | ) | $ | (12,642 | ) | ||
###
Exhibit 99.2
