Nocopi Technologies Inc/Md/
Nocopi Technologies is a Maryland-based technology licensing and specialty products company focused on reactive inks, security inks, and authentication technologies. Its business combines licensing, technical services, and direct sales of ink-based products and related equipment used in educational, toy, document authentication, and retail loss prevention applications.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLicenses for use of Nocopi's proprietary ink and authentication technologies.
Royalties and minimum license fees tied to customer sales or contract terms.
Direct sales of inks, security paper, labels, and related materials.
Support services provided to licensees and their printers.
Products
Reported · share of revenue- Productand Other Sales59.5 %
- Licenses Royalties and Fees40.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Nocopi sells primarily to a small number of licensees and their authorized printers, rather than to a broad consumer base. Its end markets include entertainment and toy products, educational products, and retail loss prevention, where customers use Nocopi's technologies in finished goods or production workflows.
Buy licenses, technical support, and inks to incorporate Nocopi technologies into consumer products.
Purchase inks and related materials to manufacture products for Nocopi's licensees.
Use security inks and authentication technologies to reduce fraud and diversion.
Buy specialty reactive inks for printed learning and activity products.
Strategy
Nocopi's strategy centers on deepening relationships with existing licensees in entertainment and toy products while expanding its licensee base in adjacent niche markets. It also seeks growth in retail loss prevention, broader security applications, and selective acquisitions that could add complementary technologies or services.
Royalties and license fees are tied to customer product launches and sales volume.
This provides an additional end market beyond toys and can diversify revenue.
Acquisitions could broaden the product set and expand revenue sources.
Geography
Q1/2026Nocopi is headquartered in Maryland and operates as a U.S.-based business with customer and licensee relationships that can extend into niche and geographic markets. The available disclosures do not provide a country revenue split, but the company notes exposure to U.S. consumer demand, global supply-chain conditions, and international geopolitical disruptions that can affect its licensees and end markets.
Share of the revenue the company reports by geography.
Risks
Nocopi depends on a small number of licensees, so revenue can swing materially if a customer delays product development, changes marketing plans, or renegotiates contract terms. Its business is also exposed to consumer spending trends, retail channel demand, and broader supply-chain and geopolitical disruptions that can affect toy and security product volumes.
A small number of substantial customers can materially affect revenue if orders change.
Exposure: Entertainment and toy licensees
Revenue depends on customer product development, marketing, and production decisions.
Exposure: Product launches and royalty streams
Toy and entertainment products are sold through retail channels and are sensitive to spending trends.
Exposure: Retail end markets
Customer production and distribution can be affected by global logistics and conflict-related shocks.
Exposure: Licensees and printers
Accounting
Judgemental itemsDifferent timing for licenses, product sales, and services affects quarterly comparability.
Impact: Can shift revenue between periods
Royalties and license fees have higher gross profit margins than product sales.
Impact: Affects reported profitability and operating leverage
A small customer base and lumpy license activity can create uneven results.
Impact: Makes period-to-period trends harder to interpret
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Last updated: 29/04/2026