The company's liquidity buffer has eroded significantly, with cash and equivalents falling from $36.4 million in 2024Q1 to just $8.8 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 19.04M | 21.34M | 39.33M | 37.08M | 64.14M | 44.01M | 83.83M | 43.29M | 49.64M | 76.31M | 62.91M | 42.29M | 45.48M | 37.16M | 37.5M | 30.47M | 39.61M | 47.23M | 44.88M | 36.85M | 35.82M |
| Cash & Short-Term Investments | 9.96M | 12.87M | 28.73M | 27.18M | 52.54M | 33.33M | 77.73M | 36.82M | 43.66M | 67.74M | 56.13M | 36.19M | 38.32M | 29.66M | 32.27M | 25.66M | 34.78M | 42.79M | 40.17M | 32.71M | 33.07M |
| Cash Only | 8.82M | 9.82M | 12.37M | 21.46M | 33.6M | 13.79M | 19.7M | 11.21M | 27.28M | 40.82M | 11.64M | 3.16M | 6.12M | 3.81M | 6.87M | 3.42M | 6.34M | 8.88M | 18.93M | 29.14M | 33.07M |
| Short-Term Investments | 1.15M | 3.05M | 16.36M | 5.73M | 18.94M | 19.54M | 58.03M | 25.6M | 16.38M | 26.91M | 44.5M | 33.03M | 32.2M | 25.85M | 25.4M | 22.24M | 28.44M | 33.9M | 21.24M | 3.57M | 0 |
| Accounts Receivable | 7.09M | 6.51M | 6.41M | 5.81M | 5.43M | 8.37M | 3.91M | 4.02M | 3.89M | 6.4M | 5.08M | 4.62M | 4.54M | 5.84M | 4.22M | 3.5M | 3.48M | 3.57M | 3.84M | 3.75M | 2.44M |
| Days Sales Outstanding | 74.66 | 70.1 | 60.92 | 60.88 | 65.6 | 115.18 | 59.44 | 63.85 | 66.96 | 92.71 | 85.05 | 75.93 | 64.66 | 60.94 | 34.68 | 35.47 | 40.79 | 68.33 | 70.83 | 105.14 | 80.48 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.99M | 1.96M | 4.19M | 4.08M | 6.17M | 2.32M | 2.2M | 2.46M | 2.1M | 2.17M | 1.7M | 1.49M | 2.61M | 1.66M | 1.02M | 1.31M | 1.34M | 872K | 875K | 387K | 309K |
| Total Non-Current Assets | 29.47M | 31.62M | 36.44M | 43.47M | 49.64M | 20.86M | 13.2M | 14.09M | 12.14M | 12.06M | 15.83M | 14.07M | 11.94M | 20.04M | 19.83M | 15.32M | 16.16M | 3.25M | 7.56M | 1.6M | 1.83M |
| Property, Plant & Equipment | 4.11M | 4.34M | 4.7M | 5.59M | 7.11M | 4.17M | 3.27M | 3.65M | 3.96M | 4.24M | 3.57M | 3.01M | 2.98M | 2.4M | 1.45M | 1.4M | 1.33M | 1.11M | 1.21M | 1.23M | 1.47M |
| Fixed Asset Turnover | 7.33x | 7.81x | 8.18x | 6.24x | 4.25x | 6.35x | 7.33x | 6.30x | 5.36x | 5.95x | 6.10x | 7.37x | 8.62x | 14.60x | 30.54x | 25.83x | 23.42x | 17.12x | 16.32x | 10.62x | 7.52x |
| Goodwill | 8.92M | 9.06M | 8.53M | 8.64M | 8.23M | 1.11M | 1.11M | 1.11M | 1.11M | 1.11M | 1.11M | 1.11M | 1.11M | 1.11M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 15.24M | 17.05M | 22.19M | 28.46M | 33.17M | 6.61M | 6.61M | 6.67M | 6.65M | 6.38M | 6.42M | 6.61M | 6.72M | 6.71M | 6.72M | 2.81M | 2.17M | 1.3M | 456K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 8.29M | 0 | 0 | 0 | 0 | 4.39M | 3M | 749K | 5.3M | 6.79M | 8.13M | 12.19M | 409K | 5.74M | 0 | 0 |
| Other Non-Current Assets | 1.19M | 1.18M | 1.01M | 786K | 1.13M | 673K | 2.2M | 2.66M | 425K | 326K | 331K | 338K | 378K | 570K | 166K | 355K | 462K | 430K | 147K | 372K | 363K |
| Total Assets | 48.51M | 52.96M | 75.77M | 80.55M | 113.78M | 64.88M | 97.03M | 57.39M | 61.79M | 88.37M | 78.74M | 56.36M | 57.42M | 57.2M | 57.33M | 45.79M | 55.77M | 50.48M | 52.44M | 38.45M | 37.66M |
| Asset Turnover | 0.59x | 0.64x | 0.51x | 0.43x | 0.27x | 0.41x | 0.25x | 0.40x | 0.34x | 0.29x | 0.28x | 0.39x | 0.45x | 0.61x | 0.77x | 0.79x | 0.56x | 0.38x | 0.38x | 0.34x | 0.29x |
| Asset Growth % | -126.92% | -30.1% | -5.94% | -29.2% | 75.38% | -33.14% | 69.07% | -7.12% | -30.08% | 12.24% | 39.69% | -1.83% | 0.38% | -0.23% | 25.2% | -17.88% | 10.46% | -3.73% | 36.38% | 2.11% | - |
| Total Current Liabilities | 10.23M | 8.35M | 9.14M | 12.53M | 10.13M | 7.72M | 9.78M | 5.44M | 4.32M | 5.04M | 4.45M | 4.68M | 5.04M | 5.78M | 3.65M | 3.61M | 4.08M | 3.73M | 3.78M | 3.4M | 2.77M |
| Accounts Payable | 6M | 501K | 4.34M | 6.09M | 5.05M | 3.98M | 2.16M | 1.61M | 1.09M | 1.91M | 1.52M | 1.66M | 1.38M | 1.56M | 1.14M | 952K | 0 | 0 | 0 | 464K | 0 |
| Days Payables Outstanding | 105.37 | 11.65 | 111.64 | 151.36 | 123.92 | 165.6 | 99.55 | 73.08 | 47.3 | 81.63 | 65.42 | 67.6 | 59.7 | 69.4 | 64.1 | 50.09 | - | - | - | 42 | - |
| Short-Term Debt | 0 | 0 | 781K | 0 | 0 | 0 | 3.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 16.01M | 3.99M | 4.02M | 5.85M | 4.14M | 2.99M | 3M | 3.17M | 3.23M | 3.12M | 2.92M | 3.02M | 3.66M | 4.22M | 2.51M | 2.66M | 2.56M | 2.32M | 2.42M | 2.73M | 1.62M |
| Other Current Liabilities | 0 | 0 | 0 | 582K | 939K | 745K | 663K | 663K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.52M | 0 | 0 | 0 | 1.16M |
| Current Ratio | 1.86x | 2.56x | 4.30x | 2.96x | 6.33x | 5.70x | 8.58x | 7.95x | 11.50x | 15.15x | 14.15x | 9.04x | 9.03x | 6.43x | 10.26x | 8.44x | 9.71x | 12.68x | 11.86x | 10.85x | 12.93x |
| Quick Ratio | 1.86x | 2.56x | 4.30x | 2.96x | 6.33x | 5.70x | 8.58x | 7.95x | 11.50x | 15.15x | 14.15x | 9.04x | 9.03x | 6.43x | 10.26x | 8.44x | 9.71x | 12.68x | 11.86x | 10.85x | 12.93x |
| Cash Conversion Cycle | -30.7 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 4.21M | 4.38M | 5.27M | 6.1M | 6.05M | 1.78M | 3.41M | 2.49M | 854K | 985K | 956K | 226K | 203K | 496K | 673K | 464K | 525K | 99K | 257K | 215K | 294K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 17.71M | 4.31M | 5.21M | 5.99M | 5.98M | 1.03M | 1.77M | 2.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 140K | 63K | 56K | 106K | 76K | 752K | 523K | 0 | 854K | 985K | 956K | 226K | 203K | 496K | 0 | 0 | 525K | 99K | 257K | 215K | 294K |
| Total Liabilities | 14.44M | 12.73M | 14.41M | 18.63M | 16.19M | 9.5M | 13.19M | 7.94M | 5.17M | 6.02M | 5.4M | 4.91M | 5.24M | 6.27M | 4.33M | 4.08M | 4.61M | 3.82M | 4.04M | 3.61M | 3.06M |
| Total Debt | 4.07M | 5.21M | 5.99M | 5.99M | 5.98M | 1.03M | 6.84M | 2.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -4.75M | -4.61M | -6.37M | -15.46M | -27.62M | -12.76M | -12.86M | -8.72M | -27.28M | -40.82M | -11.64M | -3.16M | -6.12M | -3.81M | -6.87M | -3.42M | -6.34M | -8.88M | -18.93M | -29.14M | -33.07M |
| Debt / Equity | 0.12x | 0.13x | 0.10x | 0.10x | 0.06x | 0.02x | 0.08x | 0.05x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.20x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.23x | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.44x | -0.48x | -0.93x | - | -15.20x | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 34.07M | 40.23M | 61.36M | 61.93M | 97.59M | 55.38M | 83.84M | 49.45M | 56.62M | 82.35M | 73.33M | 51.46M | 52.17M | 50.92M | 53M | 41.72M | 51.16M | 46.66M | 48.4M | 34.84M | 34.59M |
| Equity Growth % | -147.1% | -34.44% | -0.92% | -36.54% | 76.22% | -33.94% | 69.54% | -12.66% | -31.25% | 12.29% | 42.51% | -1.37% | 2.46% | -3.92% | 27.05% | -18.46% | 9.64% | -3.6% | 38.93% | 0.71% | - |
| Book Value per Share | 1.55 | 1.86 | 2.89 | 3.05 | 5.10 | 3.36 | 6.50 | 4.20 | 4.98 | 7.79 | 7.98 | 6.28 | 7.26 | 7.42 | 7.58 | 5.61 | 6.71 | 6.53 | 6.76 | 4.88 | 4.84 |
| Total Shareholders' Equity | 34.07M | 40.23M | 61.36M | 61.93M | 97.59M | 55.38M | 83.84M | 49.45M | 56.62M | 82.35M | 73.33M | 51.46M | 52.17M | 50.92M | 53M | 41.72M | 51.16M | 46.66M | 48.4M | 34.84M | 34.59M |
| Common Stock | 22K | 22K | 21K | 20K | 20K | 17K | 17K | 12K | 12K | 12K | 11K | 9K | 8K | 7K | 7K | 7K | 7K | 7K | 7K | 0 | 0 |
| Retained Earnings | -390.05M | -383.09M | -350.78M | -311.77M | -265.81M | -206.01M | -171.25M | -138.72M | -105.88M | -73.51M | -47.71M | -26.04M | -8.11M | 9.37M | 13.08M | 7.15M | 1.49M | -2.68M | 76K | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.74M | -1.42M | -2.98M | -2.56M | -4.36M | 0 | 0 | 0 | -7.89M | -6.49M | -5.43M | -4.5M | -3.45M | -2.63M | -1.94M | -1.93M | -1.31M | -750K | -192K | -3.95M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity runway
According to the latest quarterly balance sheet, Digimarc's total assets have declined from $99.7 million in 2024Q1 to $48.5 million in 2026Q1, reflecting a consistent contraction that mirrors the company's ongoing struggle to scale its commercial software business while legacy revenue streams continue to fade away.
The steady reduction in total assets suggests that the company is consuming its resource base to fund operating losses rather than reinvesting for growth. This trend warrants close monitoring, as the shrinking asset base may limit the company's future flexibility to pivot or pivot its technology toward new market opportunities.
As reported in recent financial statements, Digimarc's cash and equivalents have plummeted from a peak of $36.4 million in 2024Q1 to just $8.8 million in 2026Q1, indicating a rapid depletion of the company's primary liquidity buffer against its persistent and substantial quarterly operating cash burn.
The current ratio of 1.86 provides a superficial sense of stability, but the absolute cash level is concerning given the company's negative operating margins. Investors should consider the high probability that the company will require external financing in the near term to maintain its current R&D and operational trajectory.
Based on the company's reported figures, retained earnings have deteriorated to a deficit of $390.1 million as of 2026Q1, highlighting the long-term impact of persistent net losses on the company's equity base and the resulting erosion of shareholder value over the past several fiscal periods.
The accumulation of such a significant deficit suggests that the company has historically struggled to generate returns on invested capital. This persistent negative equity trend implies that the business model has yet to achieve the necessary scale to transition from a capital-consuming entity to a self-sustaining enterprise.
Analysis of the balance sheet reveals that despite a precarious cash position, the company has continued to deploy capital toward share repurchases, a strategy that appears inconsistent with the urgent need to preserve liquidity for the ongoing commercial transition and the funding of critical R&D initiatives.
This capital allocation choice may indicate a disconnect between management's signaling and the underlying financial reality of the business. Investors should investigate whether these repurchases are intended to offset dilution from stock-based compensation, which effectively masks the true economic cost of the company's talent acquisition strategy.
Quick answers to the most common questions about buying DMRC stock.
As of 2025, Digimarc Corporation (DMRC) had total assets of $53.0M including $21.3M in current assets.
Digimarc Corporation (DMRC) carries total debt of $5.2M, offset by $12.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Digimarc Corporation (DMRC) has total shareholders' equity (book value) of $40.2M ($1.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Digimarc Corporation (DMRC) reported a current ratio of 2.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.