Copyright enforcement company Rightscorp told investors it has closed 130,000 cases against Internet pirates, up from 100,000 just two months ago. Despite that, the company’s newest earnings report shows it’s losing more money than ever.
Rightscorp launched in 2011, and it now represents the broadest attempt to wrestle cash from online piracy outside the adult media space. The company boasts that its proprietary technology can identify individual pirates even as they change ISP addresses. It constantly monitors peer-to-peer sharing sites, policing its clients’ 1.5 million copyrighted works.
The company reported its Q3 earnings Friday afternoon, emphasizing its jump in revenue to $248,000. While that is an increase of $183,000 from the third quarter of 2013, company expenses totaled $1.05 million, up from $526,000 last year. Since beginning in 2011, Rightscorp has lost $6.5 million. It now needs to find additional investors to avoid bankruptcy. “If the Company is unable to obtain adequate capital it could be forced to cease operations,” it acknowledged in its most recent SEC filing.