Digimarc Corp

DMRC remains in a Stage 4 decline with persistent lower highs and lower lows. Price is oversold and has shown a relief bounce but remains below the declining 9 and 21 EMAs. Short-term timing is unfavorable for additional selling; we will defer action and look to trim into relief rallies into the 9/21 EMA resistance zone.

• ↑Focus on digital authentication and retail loss prevention in $1T gift card market
• ↑Secure gift card solution initial orders with major retailers boost ARR potential
• ↓ARR declined 25% YoY to $15M after losing two major customers