Nocopi Technologies Inc (OTCQB: NNUP) is an anti-counterfeiting technology company that develops and sells proprietary ink-based document and product authentication systems. Revenue comes from direct product sales and multiyear license agreements with businesses seeking to authenticate printed materials and packaging. The company sells its Copimark and Rub & Reveal technologies to brand owners, manufacturers, and other end customers through its own sales staff. Headquartered in King of Prussia, Pennsylvania, in approximately 6,100 square feet of leased space, Nocopi is a small-scale operation: as of March 11, 2026, it had 11,101,789 shares outstanding held by approximately 335 holders of record. Customer concentration is material. In FY2025, two customers individually accounted for approximately 52% and 23% of total revenues. The company reported a net loss of $154,900 in FY2025, improved from a net loss of $2,678,900 in FY2024. Cash and cash equivalents stood at $11,553,600 as of December 31, 2025. Research and development spending was $179,900 in FY2025 and $178,200 in FY2024, focused on ink chemistry formulations and new product applications.

Revenue model

Nocopi generates revenue through direct product sales of its authentication inks and through multiyear license agreements with existing customers. In Europe, Contrast Technologies (formerly Euro-Nocopi S.A.) holds a perpetual royalty-free license to exploit certain Nocopi anti-counterfeiting technologies, so no ongoing royalty revenue flows from that territory.

Products and services

Copimark: an invisible printing system applied to documents or packaging that is revealed using a special highlighter pen for authentication. Rub & Reveal: a proprietary authentication technology for printed materials and products. The company also conducts ink production at its King of Prussia facility and maintains a patent portfolio requiring periodic annuity payments to remain in force.

Customers and end markets

End markets include brand owners, manufacturers, and businesses seeking to protect product labels, packaging, retail receipts, and event or transportation tickets from counterfeiting. In FY2025, two non-affiliated customers individually accounted for approximately 52% and 23% of total revenues, representing high customer concentration.

Geographic exposure

Primary operations are in the United States, headquartered in King of Prussia, Pennsylvania. Contrast Technologies holds a perpetual royalty-free license covering European territories. The company states it is focused on commercializing technologies across current and new geographic areas, but no specific international revenue breakdown is disclosed in the filing.

Source: SEC 10-K, filed 2026-03-31

Industry: Games, Toys & Children's Vehicles (No Dolls & Bicycles) Peers: Arq Inc BioLargo Inc Flotek Industries Inc INDUSTRIES INTERNATIONAL INC Solesence Inc Sherwin-Williams Co