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Digimarc Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Fourth Quarter 2023 Financial Results Subscription revenue for the fourth quarter of 2023 increased to $5.6 million compared to $4.1 million for the fourth quarter of 2022, primarily due to higher subscription revenue from new and existing commercial contracts. Service revenue for the fourth quarter of 2023 increased to $3.7 million compared to $3.1 million for the fourth quarter of 2022, primarily due to higher service revenue from a consortium of the world's central banks (the "Central Banks"). Total revenue for the fourth quarter of 2023 increased to $9.3 million compared to $7.2 million for the fourth quarter of 2022. Gross profit margin for the fourth quarter of 2023 increased to 63% compared to 53% for the fourth quarter of 2022. Excluding amortization expense on acquired intangible assets, subscription gross profit margin for the fourth quarter of 2023 increased to 87% from 77% for the fourth quarter of 2022, while service gross profit margin was flat at 56%. Non-GAAP gross profit margin for the fourth quarter of 2023 increased to 79% compared to 72% for the fourth quarter of 2022. Operating expenses for the fourth quarter of 2023 decreased to $16.8 million compared to $17.1 million for the fourth quarter of 2022. Non-GAAP operating expenses for the fourth quarter of 2023 decreased to $13.4 million compared to $14.3 million for the fourth quarter of 2022. Net loss for the fourth quarter of 2023 was $10.6 million or ($0.52) per share compared to $12.4 million or ($0.62) per share for the fourth quarter of 2022. Non-GAAP net loss for the fourth quarter of 2023 was $5.6 million or ($0.28) per share compared to $8.2 million or ($0.41) per share for the fourth quarter of 2022. Fiscal Year 2023 Financial Results Subscription revenue for fiscal year 2023 increased to $19.0 million compared to $15.2 million for fiscal year 2022, primarily due to $4.9 million of higher subscription revenue from new and existing commercial contracts, partially offset by $0.9 million of lower subscription revenue as a result of sunsetting our Piracy Intelligence product in 2022. Service revenue for fiscal year 2023 increased to $15.9 million compared to $15.0 million for fiscal year 2022, primarily due to $1.9 million of higher service revenue from the Central Banks, reflecting a larger annual budget for program work, partially offset by $0.8 million of lower service revenue from the timing of HolyGrail 2.0 recycling projects. Total revenue for fiscal year 2023 increased to $34.9 million compared to $30.2 million for fiscal year 2022. Gross profit margin for fiscal year 2023 increased to 58% compared to 51% for fiscal year 2022. Excluding amortization expense on acquired intangible assets, subscription gross profit margin for fiscal year 2023 increased to 84% from 75% for fiscal year 2022, while service gross profit margin decreased from 56% for fiscal year 2022 to 54% for fiscal year 2023. Non-GAAP gross profit margin for the fiscal year 2023 increased to 76% compared to 70% for fiscal year 2022. Operating expenses for fiscal year 2023 decreased to $68.4 million compared to $77.1 million for fiscal year 2022, primarily due to $4.2 million of lower compensation costs due to lower headcount, partially offset by annual compensation adjustments, $1.5 million of lower contractor and consulting costs, $1.1 million of lower travel and training costs, $0.9 million of lower legal costs, $0.8 million of lower facility costs, and $0.7 million of lower lease impairment expense, partially offset by higher severance costs of $0.7 million incurred for organizational changes. Non-GAAP operating expenses for fiscal year 2023 decreased to $55.0 million compared to $61.8 million for fiscal year 2022, primarily due to $4.1 million of lower cash compensation costs due to lower headcount, partially offset by annual compensation adjustments, $1.5 million of lower contractor and consulting costs, $1.1 million of lower travel and training costs, and $0.9 million of lower legal costs, partially offset by higher cash severance costs of $0.7 million incurred for organizational changes. Net loss for fiscal year 2023 was $46.0 million or ($2.26) loss per common share compared to a net loss of $59.8 million or ($3.12) loss per common share for fiscal year 2022. Non-GAAP net loss for fiscal year 2023 was $26.4 million or ($1.30) loss per common share compared to a net loss of $38.6 million or ($2.02) loss per common share for fiscal year 2022. At December 31, 2023, cash, cash equivalents, and marketable securities totaled $27.2 million compared to $52.5 million at December 31, 2022.
Conference Call Digimarc will hold a conference call today (Wednesday, February 28, 2024) to discuss these financial results and to provide a business update. CEO Riley McCormack, CFO Charles Beck and CLO Joel Meyer 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 will be broadcast live and available for replay here and in the investor section of the company's website. The conference call script 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:
Toll-Free Number: 877-407-0832
About Digimarc Digimarc Corporation (NASDAQ: DMRC) is the pioneer and global leader in digital watermarking technologies. For nearly 30 years, Digimarc innovations and intellectual property in digital watermarking have been deployed at massive scale for the identification and the authentication of physical and digital items. A notable example of this is our partnership with a consortium of the world's central banks to deter counterfeiting of global currency. Digimarc is also instrumental in supporting global industry standards efforts spanning both the physical and digital worlds. In 2023, Digimarc was named to the Fortune 2023 Change the World list and honored as a 2023 Fast Company World Changing Ideas finalist. 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," "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, 2022, 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, and Non-GAAP loss per share (diluted). 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228080364/en/
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