Services-Computer Integrated Systems DesignIFRS · EUR

Old Digimarc CORP

Digimarc is a U.S.-based software and services company focused on digital watermarking and related identification technologies. Its platform is used to embed, detect, and verify information in digital content, packaging, and physical items across enterprise and public-sector workflows.

Kysy yhtiöstä
Liikevaihto33,9milj. EUR
−11,7 %v/v
Liikevoitto (EBIT)−33,2milj. EUR
+19,7 %v/v
EBIT-marginaali−97,8%
+9,7 %-yks.v/v
Nettotulos−32,3milj. EUR
+17,2 %v/v
Vapaa kassavirta−12,3milj. EUR
+53,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−75−50−2502550milj. EUR2020: 24 milj. EUR2020: EBIT −33 milj. EUR20202021: 27 milj. EUR2021: EBIT −40 milj. EUR20212022: 30 milj. EUR2022: EBIT −62 milj. EUR20222023: 35 milj. EUR2023: EBIT −48 milj. EUR20232024: 38 milj. EUR2024: EBIT −41 milj. EUR20242025: 34 milj. EUR2025: EBIT −33 milj. EUR202534−33
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Old Digimarc CORP

Liiketoiminta

Osuus liikevaihdosta
Digital watermarking platform55 %

Software that embeds and detects imperceptible identifiers in content and objects.

Authentication and verification solutions20 %

Tools used to verify content integrity, provenance, and product identity.

Packaging and item identification15 %

Solutions for encoded packaging, labels, and physical product workflows.

Professional services10 %

Implementation, integration, and support services tied to customer deployments.

Tuotteet

Raportoitu · osuus liikevaihdosta
58,5%41,5%FY2025100 %
  • Subscription58,5 %
  • Services41,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Digimarc sells primarily to enterprises and institutions that need to identify, authenticate, or track digital and physical items. Its customer base includes large commercial customers, public-sector users, and other organizations that integrate the technology into existing workflows. The company also appears to have a concentrated customer mix, with a small number of customers accounting for a large share of revenue.

Large enterprise customers

Buy watermarking and verification software for content, packaging, and workflow integration.

Public-sector and institutional users

Use identification and authentication tools for verification, compliance, or operational control.

Packaging and consumer brands

Adopt encoded packaging and product identification solutions to support traceability and authenticity.

Channel and solution partners

Integrate Digimarc technology into broader software, scanning, or workflow offerings.

Strategia

Digimarc’s strategy centers on expanding adoption of its watermarking and authentication technology across more customer workflows and use cases. The company also depends on winning and retaining a small number of large customers, which makes solution depth, integration quality, and customer trust strategically important.

Broaden adoption of watermarking and authentication solutionsKeskipitkä aikaväli

More use cases increase the installed base and make the platform harder to replace.

Manage customer concentrationLyhyt aikaväli

A few large customers can materially affect revenue and renewal visibility.

Strengthen international commercializationKeskipitkä aikaväli

International revenue is a major part of the business and broadens market reach.

Maantiede

Digimarc reports revenue from both domestic and international customers, with international revenue representing the larger share in the latest annual disclosure. The company also maintains long-lived tangible assets in the United States and Europe, indicating a modest operating footprint outside its home market. Geography matters because customer adoption, partner relationships, and regulatory or packaging standards can differ by region.

Riskit

Digimarc faces customer concentration risk, since a small number of customers account for a large portion of revenue. Its business also depends on continued acceptance of its technology, successful contract execution, and protection of intellectual property in a competitive software and identification market.

Järjestetty vakavuuden mukaan
Customer concentrationKorkea

A few customers account for a large share of revenue, so loss or delay can materially affect results.

Kohdistuu: Customer A and Customer B were major revenue contributors.

Revenue recognition judgmentKeskitaso

Contracts require assessment of terms and recognition timing, which can affect reported revenue.

Kohdistuu: New contracts and customer-specific terms.

Technology adoption and competitive pressureKeskitaso

The company must keep its watermarking and verification tools relevant versus alternative solutions.

Kohdistuu: Enterprise software and identification markets.

International revenue dependenceKeskitaso

A large share of revenue comes from outside the U.S., increasing cross-border execution risk.

Kohdistuu: International customers and central bank-related revenue.

Kysy Clarifolta: Old Digimarc CORP

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Management must assess contract terms and applicable recognition rules for new agreements.

Vaikutus: Can shift revenue timing between periods.

Goodwill impairment

The company operates as a single reporting unit and tests goodwill annually.

Vaikutus: Could create a non-cash charge if fair value falls below carrying value.

Allowance for doubtful accounts

Revenue is concentrated among a few customers, so collectability estimates matter.

Vaikutus: Affects receivables and bad debt expense.

Cash equivalents and marketable securities

The company holds short-term investments in commercial paper, notes, and U.S. Treasuries.

Vaikutus: Affects liquidity presentation and fair value/carrying value disclosures.

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Päivitetty: 16.6.2026