Digimarc Corporation (NASDAQ:DMRC) Q1 2023 Results Conference Call May 10, 2023 5:00 PM ET
Company Participants
Joel Meyer - EVP, Chief Legal Officer, Compliance Officer & Corporate Secretary
Riley McCormack - CEO, President & Director
Charles Beck - EVP, CFO & Treasurer
Conference Call Participants
Jeff Van Rhee - Craig-Hallum
Robin Knipp - Janney Montgomery
Matt Collard - PCB Advisory
Operator
Greetings, and welcome to the Digimarc Corporation First Quarter 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
At this time, it is my pleasure to turn the call over to Joel Meyer. Sir, the floor is yours.
Joel Meyer
Thank you, Karen. Welcome to our Q1 conference call. Riley McCormack, our CEO; and Charles Beck, our CFO, are with me on the call. On the call today, we will provide a business update and discuss Q1 2023 financial results. This will be followed by a question-and-answer forum. We have posted our prepared remarks in the Investor Relations section of our website and will archive this webcast there.
Before we begin, let me remind everyone that today's discussion contains forward-looking statements that have risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.
Riley will now provide a business update.
Riley McCormack
Thank you, Joe, and hello, everyone. Our goal is to digitize the world's products. To accomplish this, we must be easy to begin doing business with and excellently guiding customers along their Digimarc journey. These simple truths drive everything that we do. We have 2 distinct ways of going to market.
On the direct sales side, by building a growing number of our own accretive products upon our world-leading product digitization engine, the Digimarc Illuminate Platform. We are not only ensuring a customer is able to solve the problem that brought them to us today, but also providing them a frictionless path to solve the problems they want to solve tomorrow. Moreover, because our products are accretive, which means that the stand-alone value they provide is increased by the adoption of additional Digimarc products, this frictionless path forward not just solve new problems, it compounds returns for all products existing and new.
On the channel sales side, by licensing the Digimarc Illuminate Platform to a growing number of value-added resellers or VARs, we not only gained quickly scalable and high-margin revenue as our VARs go-to-market with our own products and services built upon our world-leading product digitization platform. We also increased the amount of items that are digitized using our technology. This creates an ever-increasing number of upsell and cross-sell opportunities for both us and our VARs.