Digimarc Reports Second Quarter 2021 Financial Results
PR Newswire
BEAVERTON, Ore.
,
Aug. 5, 2021
/PRNewswire/ —
Digimarc
Corporation (NASDAQ: DMRC) reported financial results for the second quarter ended
June 30, 2021
.
Second Quarter 2021 Financial Results
Revenue for the second quarter of 2021 decreased three percent to
$6.3 million
compared to
$6.5 million
in the second quarter of 2020, reflecting lower revenue from Government services and Commercial subscriptions, partially offset by higher Commercial services revenue.
Operating expenses for the second quarter of 2021 increased 65% to
$19.7 million
compared to
$11.9 million
in the same quarter a year ago, reflecting non-recurring costs of
$7.5 million
incurred during the three month period ended
June 30, 2021
. These costs were associated with the Separation Agreement and General Release we entered into on
April 12, 2021
with our former chief executive officer, as well as severance costs incurred for organizational changes we made in
June 2021
. Excluding the
$7.5 million
of non-recurring costs, operating expenses increased 2% to
$12.2 million
, reflecting higher consulting and legal costs, partially offset by lower recurring compensation costs.
Operating loss for the second quarter of 2021 increased 105% to
$15.4 million
compared to
$7.5 million
in the second quarter of 2020, due primarily to higher operating expenses. Excluding the
$7.5 million
of non-recurring costs noted above, operating loss increased 5% to
$7.9 million
.
Net loss for the second quarter of 2021 increased 107% to
$15.4 million
or
$(0.94)
per diluted share compared to net loss of
$7.5 million
or
$(0.62)
per diluted share in the same quarter a year ago. Excluding the
$7.5 million
of non-recurring costs noted above, net loss increased 6% to
$7.9 million
, or
$(0.48)
per diluted share.
At quarter-end, cash, cash equivalents, short- and long-term marketable securities totaled
$61.1 million
compared to
$77.7 million
at
December 31, 2020
.
Conference call
Digimarc will hold a conference call today (
Thursday, August 5, 2021
) to discuss these results and provide an update on market conditions and execution of strategy. CEO
Riley McCormack
, CFO
Charles Beck
, CLO Robert Chamness and CRO Tim Price 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 presentation.
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: 866-562-9934
International Number: 706-679-0638
Conference ID: 2188966
If you have any difficulty connecting with the conference call, please contact Digimarc investor relations team at +1 503-469-4826.
About Digimarc
Digimarc Corporation (NASDAQ: DMRC) is a pioneer and leader in digital watermarking solutions and the automatic identification of media, including packaging, commercial print, digital images, audio and video. Digimarc helps customers drive efficiency, accuracy and security across physical and digital supply chains. Visit us at
digimarc.com
on
LinkedIn
and follow us on Twitter
@digimarc
to learn more.
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, 2020
, 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.
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View original content to download multimedia:
https://www.prnewswire.com/news-releases/digimarc-reports-second-quarter-2021-financial-results-301348898.html
SOURCE Digimarc Corporation