Company: DMRC
Filing Date: 2025-04-17
Form Type: PX14A6G
Source: 0001193125-25-084288
Chunk: 2

Company: Digimarc CORP
Filing Date: 2025-04-17
Form: PX14A6G
Chunk 2
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 McCormack’s performance |

| • |     | Since Ocho published our public letter on 3/20/25, numerous shareholders have reached out to share their                                             
 frustration with the Company’s poor operating and financial performance under his leadership, as well as his inadequate communication with investors |

2. Four years of no growth in quarterly revenue per share

|                         |     |   |  1q21 |     |   |  4q24 |     |     | CAGR |   |
|:------------------------|:----|:--|------:|:----|:--|------:|:----|:----|-----:|:--|
| Quarterly revenue       |     | $ |  6.70 |     | $ |  8.66 |     |     |  7.1 | % |
| Share count             |     |   | 16.91 |     |   | 21.55 |     |     |  6.7 | % |
| Quarterly revenue/share |     | $ | 0.396 |     | $ | 0.402 |     |     |  0.4 | % |

| • |     | For the past four years, quarterly revenue has been flat at ~$0.40 per share |

| • |     | Modest growth in revenue has been offset by ongoing dilution from capital raises and acquisitions |

| 1 | The Guidelines can be found here. |

https://dmremktdocs.blob.core.windows.net/documents/4E57NSXD3ZZP-373239220-511.pdf 2

| • |     | Mr. McCormack has no prior sales or                                                                                                                   
 go-to-market experience; unfortunately, he has been unable to overcome the lack of this skill set, and the result has been a dearth of revenue growth |

3. Declining Net ARR

|                          | $ in millions |   | 3q23 |     |   | 4q24 |     |     | vs 3q23 |   |
|:-------------------------|:--------------|:--|-----:|:----|:--|-----:|:----|:----|--------:|:--|
| Actual results           |               | $ | 19.6 |     | $ | 16.3 |     |     |     -17 | % |
| Needham est (as of 6/24) |               |   |