In This Story
Digimarc Corporation (DMRC-2.71%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $9.4 million from $9.0 million in the same quarter the previous year. This increase is attributed to higher subscription revenue from new and existing commercial contracts.
Cost of revenue for the quarter was $3.5 million, representing 38% of sales, compared to 42% in the same quarter of the previous year. This decrease in cost ratio is due to higher subscription revenue.
The company reported a gross profit of $5.9 million for the quarter, compared to $5.2 million in the previous year, with the increase attributed to higher subscription revenue.
Operating expenses for the quarter increased to $17.3 million from $16.4 million, primarily due to cash severance costs and lower labor costs allocated to cost of revenue.
Net loss for the quarter was $10.8 million, compared to $10.7 million in the previous year. The loss per share was $0.50, compared to $0.53 in the previous year.
Cash used in operating activities was $22.3 million, while cash provided by financing activities was $29.3 million, primarily due to net proceeds from the issuance of common stock.
Digimarc had a working capital of $35.4 million as of September 30, 2024. The company anticipates that its current cash, cash equivalents, and marketable securities balances will satisfy its projected working capital and capital expenditure requirements for at least the next 12 months.
The filing also details a registered direct offering of 929 thousand shares of common stock, resulting in gross cash proceeds of $32.5 million.
Digimarc continues to focus on its product suite built on the Digimarc Illuminate platform, addressing business needs in areas like automation, authenticity, sustainability, and customer trust and connectivity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Digimarc Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.