Start Time: 17:00 January 1, 0000 5:18 PM ET
Digimarc Corporation (NASDAQ:DMRC)
Q2 2022 Earnings Conference Call
August 03, 2022, 17:00 PM ET
Company Participants
Riley McCormack - President and CEO
Charles Beck - EVP, CFO and Treasurer
Joel Meyer - EVP, Chief Legal Officer and Corporate Secretary
Conference Call Participants
Operator
Greetings, and welcome to the Digimarc Corporation Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
I would now like to turn this conference over to your host, Mr. Joel Meyer, Chief Legal Officer. Sir, please proceed.
Joel Meyer
Welcome to our Q2 conference call. Riley McCormack, our CEO; and Charles Beck, our CFO, are with me on the call. On the call today, we will discuss Q2 financial results and provide a business update. This will be followed by a question-and-answer forum. We have posted our prepared remarks in the Investor Relations section of our Web site 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.
Charles will now comment on our Q2 financial results.
Charles Beck
Thank you, Joel, and hello, everyone. First year commercial bookings were 2.2 million during the quarter compared to 2.3 million in Q2 2021. Bookings in Q2 last year included 800 thousand from our Piracy Intelligence product that we are nearly complete in winding down. We are not signing any new Piracy Intelligence deals and we have now effectively exited most of our legacy customer contracts.
Excluding Piracy Intelligence, our first year commercial bookings increased 700,000 or 44%. As a reminder, we are now selling a combined solution of Digimarc watermarks and the EVRYTHNG Product Cloud, which makes it impractical to provide a breakout of bookings and revenue for each.
Revenue for the second quarter was 7.7 million, up 23% from 6.3 million in Q2 last year, reflecting growth in both subscription and service revenue. Subscription revenue grew 30% in the quarter from 2.5 million to 3.2 million. Keep in mind there are two offsetting factors impacting our year-over-year growth, the addition of subscription revenue from EVRYTHNG, offset by the decline in subscription revenue from sunsetting our Piracy Intelligence product.