Welcome to our dedicated page for VerifyMe news (Ticker: VRME), a resource for investors and traders seeking the latest updates and insights on VerifyMe stock.
VerifyMe, Inc. (NASDAQ: VRME) is a leading innovator in combining patented physical, cyber, and biometric security solutions to combat identity theft, counterfeiting, and fraud. The company operates through two primary segments: Precision Logistics and Authentication.
The Precision Logistics Segment is the cornerstone of VerifyMe's operations, generating the majority of the company's revenue. This segment specializes in providing advanced logistics management for time-and-temperature sensitive products. Utilizing a proprietary software platform, VerifyMe offers predictive analytics based on key metrics such as pre-shipment weather analysis and flight tracking. This value-added service ensures that sensitive parcels are managed with the utmost care and efficiency.
The Authentication Segment, which includes Trust Codes Global Limited, focuses on brand protection and consumer engagement solutions. This segment offers item-level traceability, anti-diversion and anti-counterfeit protection, and enhances brand value through data-rich technology solutions. The Trust Codes platform, acquired in March 2023, provides a powerful product cloud for brand protection, consumer engagement, and GS1 digital link traceability.
Recent strategic reorganization has positioned VerifyMe for accelerated growth. Key management appointments include Paul Ryan as Executive Vice President of the Authentication Segment and Curt Kole as Executive Vice President of the Precision Logistics Segment. These appointments bring decades of industry experience and expertise to the company.
Financial Performance: VerifyMe has shown promising financial results, with recent quarters reflecting revenue growth and improved gross margins. In Q3 2023, the company reported a 7% increase in revenue to $5.6 million and a gross margin of 41%. Despite challenges such as the loss of a major contract, the company anticipates mid-single-digit revenue growth for 2024, supported by ongoing investments in sales resources and strategic initiatives.
Latest Achievements: VerifyMe has made significant advancements in its technology offerings. The integration of Trust Codes' AI and machine learning capabilities has strengthened its authentication services. Moreover, the company's participation in industry events, such as the Pack Expo in Las Vegas, highlights its commitment to innovation and customer engagement.
Partnerships: VerifyMe collaborates with global leaders like Amcor to demonstrate connected packaging solutions, leveraging unique identifiers for enhanced traceability and consumer engagement.
With a strong balance sheet and a focus on long-term strategic goals, VerifyMe is well-positioned to deliver substantial value to its customers and shareholders. The company's ongoing commitment to innovation, quality service, and strategic growth sets it apart as a leader in the logistics and authentication sectors.
VerifyMe (NASDAQ: VRME) has announced an extension of its share repurchase plan through December 31, 2025. The Board approved a repurchase authorization of up to $500,000 of common stock shares, which can be executed through open market purchases, block trades, and private transactions. The plan will be funded from operational cash flow and maintains flexibility for strategic growth initiatives. The company is not obligated to purchase any specific number of shares and can modify or suspend the program at any time. Management highlighted operational efficiencies in PeriShip and expressed confidence in delivering shareholder value through organic and strategic initiatives.
VerifyMe (NASDAQ: VRME) reported Q3 2024 financial results with revenue of $5.4 million, down from $5.6 million in Q3 2023. Gross profit decreased to $1.9 million (35%) from $2.0 million (37%) year-over-year. The company recorded a net loss of ($2.4 million), including $1.8M of one-time adjustments, compared to ($0.9 million) loss in Q3 2023. Adjusted EBITDA remained stable at $0.2 million. The company announced plans to discontinue its Authentication Segment's code portion, including Amazon Transparency initiatives, redirecting investments toward Precision Logistics and other strategic growth options.
VerifyMe (NASDAQ: VRME) announced it will release its third quarter 2024 financial results on November 12, 2024. The company will host an investor conference call and webcast at 11:00 a.m. Eastern Time on the same day. The call will include prepared remarks about financial and operational results, followed by a Q&A session with executive management. Participants can access the webcast through the provided link or join by phone. Presentation slides will be available on VerifyMe's website and archived for 90 days.
VerifyMe (NASDAQ: VRME) reported its Q2 2024 financial results, showing improvements in key metrics. Quarterly revenue increased slightly to $5.4 million from $5.3 million in Q2 2023. Gross profit saw a significant rise of 32%, reaching $2.1 million (39% margin) compared to $1.6 million (30% margin) in Q2 2023. The company's net loss narrowed to ($0.3) million from ($0.9) million year-over-year. Notably, VerifyMe achieved a positive Adjusted EBITDA of $0.2 million, a turnaround from the ($0.4) million loss in Q2 2023.
CEO Adam Stedham highlighted the company's progress towards formalizing an agreement with Amazon and expressed optimism about the regulatory environment's potential to enhance VerifyMe's long-term prospects. The company maintains its projection of positive adjusted EBITDA for the full year 2024.
VerifyMe, Inc. (NASDAQ: VRME), a provider of brand protection and supply chain solutions, has announced it will release its Q2 2024 financial results on August 13, 2024. The company will host an investor conference call and webcast at 11:00 a.m. Eastern Time on the same day. The call will include prepared remarks on financial and operational results, followed by a Q&A session with executive management.
Investors can access the webcast at a provided link or join via phone. The presentation slides will be available on VerifyMe's website. Participants must be on the phone line to ask questions during the call. Pre-registration for the event is available. The webcast and slides will be archived on the company's website for 90 days after the event.
VerifyMe (NASDAQ: VRME) has updated its 2024 outlook following a strategic realignment by a major global carrier customer. This customer will discontinue subcontracting VerifyMe's Premium logistics services for one of its clients in June 2024. The service discontinuation is not due to quality issues but will impact a significant portion of Premium services revenue. Consequently, VerifyMe now anticipates mid-single digit revenue growth for 2024, down from previous double-digit expectations. Despite a reduction in the gross margin percentage, it is still expected to exceed 2023 levels. The company is actively seeking strategies to mitigate the gross margin impact on adjusted EBITDA. CEO Adam Stedham reiterated the company's commitment to its five-year growth plan, focused on initiatives outside the Premium services segment.
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.
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