BEAVERTON, Ore., April 25, 2018 /PRNewswire/ -- Digimarc Corporation (NASDAQ: DMRC), inventor of the Intuitive Computing Platform™ featuring Digimarc Barcode, reported financial results for the first quarter 2018.
First Quarter 2018 Financial Results
Revenue for the first quarter of 2018 totaled $5.6 million compared to $6.1 million in the same quarter a year-ago. The decrease was primarily due to lower license revenue reflecting the impact of amending an existing license agreement in the third quarter of 2017 whereby the company waived all future royalty obligations in one of the licensed fields of use in exchange for an upfront $3.5 million license fee.
Operating expenses for the first quarter of 2018 totaled $11.8 million compared to $10.2 million in the same quarter a year-ago. The increase was primarily due to higher investment in sales, marketing, and engineering as the company continues to address important opportunities in market development and delivery of Digimarc Discover and Digimarc Barcode.
Operating loss for the first quarter of 2018 totaled $8.4 million compared to an operating loss of $6.4 million in the same quarter a year-ago. The higher operating loss was primarily due to higher operating expenses.
Net loss for the first quarter of 2018 totaled $8.1 million or $(0.72) per diluted share, compared to net loss of $6.2 million or $(0.61) per diluted share in the same quarter a year-ago.
At quarter-end, cash, cash equivalents and marketable securities totaled $63.7 million, compared to $67.7 million at December 31, 2017.
Digimarc will hold a conference call later today (Wednesday, April 25, 2018) to discuss these results, as well as provide an update on market conditions and execution of strategy. Chairman and CEO Bruce Davis and CFO Charles Beck 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 via the investor section of the company's website here.
For those who wish to listen to the call via telephone, please dial the number below at least five minutes prior to the scheduled start time:
Toll-Free Number: --- see the full press release here
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