Digimarc Corp. said its normalized net income for the first quarter amounted to a loss of 40 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 59 cents per share.
The per-share loss widened 22.0% year over year from 33 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.4 million, compared with a loss of $2.6 million in the year-earlier period.
The normalized profit margin dropped to negative 60.8% from negative 43.3% in the year-earlier period.
Total revenue fell 6.8% on an annual basis to $5.6 million from $6.0 million, and total operating expenses increased 8.8% year over year to $11.1 million from $10.2 million.
Reported net income totaled a loss of $5.5 million, or a loss of 64 cents per share, compared to a loss of $4.1 million, or a loss of 52 cents per share, in the prior-year period.