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, Inc. (NASDAQ: VRME) has entered into a Mutual Sales Referral Agreement with The Agrarian Group, LLC, aimed at enhancing food safety and customer loyalty while boosting revenue for both firms. This collaboration leverages VerifyMe's logistics and food safety solutions with TAG's focus on next-generation agriculture. CEO Patrick White emphasized the potential of advanced indoor farming in improving food supply chains. The partnership allows consumers to access product information efficiently via QR codes, promoting transparency and trust.
On December 15, 2022, VerifyMe (NASDAQ: VRME) announced over $0.8 million in fourth quarter orders for technology-enabled product labels, primarily from agriculture and apparel sectors. The company noted that all orders are expected to ship before year-end. An agricultural client has enhanced brand protection features in its latest order. CEO Patrick White expressed satisfaction with growth in these industries, highlighting the effectiveness of their solutions in providing product authentication and consumer engagement. This positive trend is projected to bolster fourth quarter results.
VerifyMe, Inc. (NASDAQ: VRME) has renewed its exclusive partnership with HP Indigo for five years, enhancing its agreement to provide VerifyInk™ security ink taggants for HP Indigo digital presses. The renewal, effective November 21, 2022, expands cooperation to include additional technologies and potential new press models. CEO Patrick White highlighted the expected revenue growth from this partnership, emphasizing the effectiveness of their taggant technology in preventing counterfeiting across various products.
VerifyMe reported Q3 2022 revenue of $5.2 million, a significant increase of 1,638% from $0.3 million in Q3 2021, primarily due to the acquisition of PeriShip Global in April 2022. The company incurred a net loss of $0.6 million ($0.06 per share), contrasting with a net income of $7.2 million in the same quarter last year, which included an $8.2 million non-cash gain. Gross profit was $1.9 million (36% margin), down from 62%. Adjusted EBITDA improved to ($0.2 million) from ($0.6 million) year-over-year. Cash balance stood at $3.7 million.
VerifyMe, Inc. (NASDAQ: VRME) will announce its third-quarter financial results for the period ending September 30, 2022, on November 10, 2022. An investor conference call and webcast is scheduled for 11:00 AM ET the same day, where management will discuss financial and operational updates, followed by a Q&A session. VerifyMe, alongside its subsidiary PeriShip Global, specializes in logistics, supply chain monitoring, and brand protection solutions, providing essential data-driven insights for brand owners.
VerifyMe, Inc. (NASDAQ: VRME) announced an agreement to provide brand protection solutions to an international luxury apparel company. The deal includes approximately 3 million labels featuring dynamic QR codes, enabling product authentication throughout the supply chain. This marks VerifyMe's second contract in the apparel industry this year. The company specializes in software-driven logistics and brand protection technologies, offering features like serialization and counterfeit prevention. VerifyMe's CEO expressed excitement about this prestigious contract, highlighting its significance for the company's growth.
VerifyMe, Inc. (NASDAQ: VRME) announced that its subsidiary PeriShip Global has secured a new debt facility with PNC Bank, consisting of a $1 million revolving line of credit and a $2 million four-year term loan. The debt facility aims to improve financial flexibility and replace a $2 million promissory note, which has been fully repaid. The revolving line of credit features no principal repayments until maturity and is secured by PeriShip's assets. This move is expected to support VerifyMe's long-term growth strategy.
VerifyMe, Inc. (NASDAQ: VRME) announced a multi-year extension of its professional services agreement with a strategic partner, extending the contract from March 2024 to March 2026. This partnership focuses on providing proactive customer service and enhances logistics solutions for time and temperature-sensitive deliveries. Executives highlighted the trust placed in VerifyMe's services, which aim to minimize loss and spoilage for customers. The company utilizes advanced technology for supply chain management, brand protection, and consumer engagement.
VerifyMe reported a Q2 2022 revenue of $4.5 million, a 3,527% increase from $0.1 million in Q2 2021, driven by the acquisition of PeriShip. However, the company faced a net loss of $12.6 million (including an $11.2 million impairment), compared to a $1.4 million loss in the prior year. Adjusted EBITDA improved to a loss of $0.3 million. The gross profit margin dropped to 37% from 79% due to lower margins from PeriShip. VerifyMe maintains a cash balance of $3.8 million as of June 30, 2022.
VerifyMe, Inc. (NASDAQ: VRME) has announced its participation in the 15th Annual Barrington Research Virtual Fall Conference on September 8, 2022. The company's leaders, Scott Greenberg and Patrick White, will engage in one-on-one and small group video meetings with investors and analysts. This marks a significant opportunity for VerifyMe to showcase its unique offerings in logistics, authentication, and consumer engagement, using innovative technology solutions. Presentation slides will be available on the company's website prior to the event.
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