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VerifyMe (NASDAQ: VRME) announced Q1 2024 financial results, showcasing notable improvements. Revenue slightly increased by 2% to $5.8 million from $5.7 million in Q1 2023. Gross profit surged 49% to $2.3 million, with a margin rise from 27% to 39%. Net loss decreased to $0.6 million from $1.6 million, and Adjusted EBITDA turned positive at $0.1 million, up from a $0.5 million loss last year. The Precision Logistics segment drove most revenue, countering declines in other areas. CEO Adam Stedham expressed confidence in continued growth and margin improvement. VerifyMe ended Q1 2024 with $2.8 million in cash and 10,176,603 shares outstanding.
VerifyMe, Inc. (NASDAQ: VRME) will report its first quarter financial results on May 14, 2024. The company offers brand owners logistics, supply chain traceability, authentication, anti-counterfeiting, and brand enhancement services. An investor conference call and webcast are scheduled for the same day at 11:00 a.m. Eastern Time.