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Digimarc
Digimarc (DMRC) investor relations material
Digimarc Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Significant progress in Q3 2025 with advanced adoption of the gift card solution, initial rollout to major brands, and strong KPI performance; first Digimarc-protected gift cards launched in August with more retailers expected to adopt.
Multiple upsell opportunities closed in product authentication, including expansion with a global tobacco company to a 6th country and a paid pilot with a major pharmaceutical firm.
Launched a new digitized security label solution, advancing digital authentication offerings and growing the pipeline for 2026 and beyond.
Corporate reorganization and cost reductions led to increased operational focus, lower operating expenses, and improved margins.
Focused on three core areas: retail loss prevention, product authentication, and digital authentication.
Financial highlights
Q3 2025 ending ARR was $15.8 million, down from $18.7 million year-over-year, mainly due to contract expirations and churn; excluding this, ARR grew $600,000.
Total revenue for Q3 2025 was $7.6 million, a 19% decrease from $9.4 million in Q3 2024.
Subscription revenue was $4.6 million (down 13%), and service revenue was $3.1 million (down 27%) year-over-year.
Subscription gross profit margin was 86% (flat year-over-year); service gross profit margin was 57% (down 4 points year-over-year).
Net loss for Q3 2025 was $8.2 million ($0.38/share), improved from $10.8 million ($0.50/share) in Q3 2024; non-GAAP net loss was $2.2 million ($0.10/share), improved from $6.0 million ($0.28/share).
Free cash flow usage for Q3 2025 was $3.1 million, down 58% year-over-year.
Cash, cash equivalents, and short-term investments totaled $12.6 million at quarter-end, down from $28.7 million at year-end 2024.
Outlook and guidance
ARR expected to trough in Q4 2025 and reaccelerate in 2026, driven by gift card and digital authentication growth.
On track to achieve positive non-GAAP net income and positive free cash flow in Q4 2025.
Plan to rebuild cash balance via operating cash flow throughout 2026.
Expenses in fiscal 2025 expected to be significantly lower than 2024 due to reorganization and cost-saving measures.
Strategy to replace lost $3.5M ARR?
Pharma pilot's expected revenue contribution?
Plan to improve cash flow and liquidity?
Gift card solution: capacity contracting progress
Digital authentication: market demand for use cases
Q4 ARR trough: impact of retailer contract
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Next Digimarc earnings date
Q4 202527 Feb, 2026
Digimarc
Next Digimarc earnings date
Q4 202527 Feb, 2026
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Digimarc Corporation is a technology company specializing in digital watermarking and automatic identification solutions. The company’s Digimarc Platform enables businesses and organizations to enhance their products, packaging, and media with imperceptible digital watermarks and barcodes. The company is headquartered in Beaverton, Oregon, and its shares are listed on the NASDAQ.
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