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DMRC · NASDAQ · Software - Application

Digimarc

Embeds machine-readable identifiers in products and media, then connects them through Illuminate.

$5.95

After-hours close−0.05 (−0.83%)

At close$6.00(−3.85%)

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Profile

Digimarc CorporationDMRCInformation Technology

Digital watermark and dynamic QR technologies identify, authenticate, and connect physical and digital media. Illuminate adds APIs, AI-assisted workflows, and interaction insights to turn those identifiers into data-driven services.

Machine-readable digital watermarks and dynamic QR codes are embedded in product packaging, imagery, and other physical and digital media. Illuminate, the company's SaaS platform, combines those identifiers with APIs, AI-assisted authentication workflows, interaction insights, and automation.

Built from the digital-watermarking business and the acquired EVRYTHNG product-cloud capability, the offering is used for identification, authentication, and data-driven workflows. The company describes this as a trust layer for a world of AI-enabled fraud, counterfeiting, and misinformation. Its operating base remains in Beaverton, Oregon. Following a 2026 reorganization, the Nasdaq-listed public parent holds the customer-facing business through Digimarc LLC.

Company facts

CEOPaul Carreiro

ListedDec 2, 1999

ExchangeNASDAQ

HeadquartersBeaverton, OR

CountryUnited States

Employees110

CIK0002119322

ISINUS25382K1007

Key statistics

Market cap$134.7M

EPS (ttm)−$1.43

P/E (ttm)−4.20

ROE-86.7%

P/B4.57

P/S4.27

Dividend yield—

Beta2.54vs XLK 0.65

Year to date −5.1% · Average volume (30d) 121.9K

Analysts

Price target, next 12 months$15.00+149.6%Median of 8 analysts · vs the Aug 28 close

ConsensusBuy5 of 8 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $6.01

High$15.00+149.6%

Median$15.00+149.6%

Low$15.00+149.6%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 14, 2026	Needham	Reiterate	Buy	$20	$15
Oct 31, 2025	Needham	Reiterate	Buy	$40	$20

Earnings

EPS

Estimate−$0.37

ReportedDue Oct 29, 2026

Revenue

Estimate$6.2M

ReportedDue Oct 29, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 13, 2026Q2 FY26	−$0.33	−$0.54	−63.6%	$7.1M	$7.4M	+4.1%	+6.96%
May 12, 2026Q1 FY26	−$0.36	−$0.07	+80.6%	$7.1M	$7.6M	+7.5%	+18.52%
Mar 11, 2026Q4 FY25	−$0.24	$0.05	+120.8%	$8.2M	$8.9M	+8.6%	+18.15%
Oct 30, 2025Q3 FY25	−$0.02	−$0.10	−566.7%	$8.2M	$7.6M	−7.3%	+4.18%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$9.4M	$8.0M	$7.6M	$8.9M	$7.6M	$7.4M
Gross profit	$6.1M	$4.7M	$4.4M	$5.7M	$4.2M	$3.6M
Operating income	−$12.1M	−$8.4M	−$7.5M	−$4.3M	−$7.1M	−$12.4M
Net income	−$11.7M	−$8.2M	−$8.2M	−$4.2M	−$7.0M	−$12.1M
Diluted EPS	−$0.55	−$0.38	−$0.38	−$0.19	−$0.32	−$0.54
Gross margin	65.0%	58.8%	58.3%	63.5%	56.0%	49.3%
Operating margin	-128.9%	-105.2%	-98.6%	-47.8%	-94.2%	-167.6%

Fiscal years (4-quarter sums)FY21 $26.5M · FY22 $30.2M · FY23 $34.9M · FY24 $38.4M · FY25 $33.9M

Revenue by product · Q1 FY26

Subscription$4.4M · 58%

Service$3.2M · 42%

Revenue by geography · Q1 FY26

Non-US$5.7M · 75%

United States$1.9M · 25%

Balance sheet, Jun 30, 2026Cash & short-term investments $8.8M · Total debt $4.8M · Total assets $45.8M · Shareholders' equity $29.3M

Dividends

No dividends on record.

Ownership

Institutions 65.10%14.59M sharesInsiders 26.65%5.97M sharesOther 8.25%1.85M shares

Shares outstanding 22.41M · Float 16.27M · 72.6% free float

A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Rishi Bajaj · director, 10 percent owner:	2.79M	12.46%	Form 4	May 4, 2026
Altai Capital Management, L.P.	2.77M	12.36%	13F	Aug 13, 2026
riley mccormack · director, 10 percent owner, officer: Chief Executive Officer	2.42M	10.80%	Form 4	Mar 19, 2025
Morgan Stanley	2.06M	9.18%	13F	Aug 13, 2026
Lagoda Investment Management, L.P.	1.14M	5.09%	13F	Aug 14, 2026

Insider tradesForm 4

No open-market trades in the last 12 months.