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) announced a new agreement with a sports memorabilia company to enhance brand protection and consumer engagement via mobile app solutions. This collaboration will enable consumers to authenticate products from a digital marketplace and facilitate ownership transfer through a trading platform. The offering includes promotional content related to products and loyalty programs. CEO Patrick White expressed optimism about the partnership, emphasizing its importance for brand-consumer connection.
VerifyMe (NASDAQ: VRME) announced a significant follow-on order for approximately five million technology-enabled product labels from a cannabis-related client. This repeat order underscores the quality of VerifyMe's brand protection and consumer engagement solutions, which enable product authentication and detailed information access via smartphones. The delivery is scheduled for the second quarter. CEO Patrick White highlights the importance of these solutions in enhancing product security and consumer trust.
VerifyMe (NASDAQ: VRME) announced a new partnership with a global consumer products company's security firm to provide product authentication solutions. The agreement includes the deployment of VerifyMe's invisible ink technology, mobile authentication devices, and a custom app to combat counterfeiting. This contract is expected to generate at least 500,000 units annually. CEO Patrick White expressed enthusiasm for the partnership and its potential to enhance brand protection. VerifyMe aims to leverage this success into future opportunities with other brand protection firms.
VerifyMe, Inc. (NASDAQ: VRME) will present at the 2022 Virtual Growth Conference, hosted by Maxim Group LLC and M-Vest, from March 28-30, 2022, between 9:00 AM – 5:00 PM ET. The conference will showcase a variety of sectors including Biotech, Clean Energy, and Fintech, featuring company presentations and discussions moderated by Maxim Research Analysts. Interested attendees can sign up for M-Vest membership to access the live conference and interact with the management team. Presentation slides will be available on the company’s website after the event.
VerifyMe, Inc. (NASDAQ: VRME) reported Q4 2021 revenues of $255 thousand, reflecting a 240% increase from Q4 2020. For the year ended December 31, 2021, revenues reached $867 thousand, a rise of 153%. Despite these gains, the company recorded a net loss of $1.0 million for Q4 2021, improving from a loss of $1.2 million in Q4 2020. Cash reserves stood strong at $9.4 million as of year-end, with no debt. CEO Patrick White emphasized ongoing growth in various sectors and the potential launch of VerifyNFTTM technology to combat counterfeit products.
VerifyMe, Inc. (NASDAQ: VRME) announced new executive promotions aimed at enhancing its strategic initiatives. Patrick White remains CEO, while Keith Goldstein has been promoted to President and COO. Margaret Gezerlis continues as CFO with an expanded role, and Nancy Meyers joins as Senior VP of Finance and Investor Relations. Chairman Scott Greenberg highlighted the importance of these leadership transitions in aiding the company's evolution from development to commercialization. These changes reflect the team's contributions over the past three years as VerifyMe pursues its growth strategy.
VerifyMe, Inc. (NASDAQ: VRME) has announced the passing of its founder and former Chairman, Norman Gardner, due to complications from COVID-19. Mr. Gardner's contributions began in November 1999 and he served in various leadership roles until his departure as Chairman in April 2021. Current CEO Patrick White expressed deep sorrow over the loss, calling Gardner a brilliant inventor and personal mentor. VerifyMe specializes in technology solutions connecting brands and consumers, focusing on brand protection and supply chain features.
VerifyMe, Inc. (NASDAQ: VRME) announced its participation in the Anti-Counterfeiting Group IP Roadshow on December 2, 2021, at the Hilton London Olympia Hotel. The event aims to educate attendees on identifying counterfeit products and will feature practical updates from various speakers.
Paul Vitali, Vice President of Business Development, will showcase VerifyMe's brand protection strategies that enhance consumer engagement while securing products from counterfeiting and other infringements.
VerifyMe, Inc. (NASDAQ: VRME) reported a 197% revenue increase to $300,000 for Q3 2021, up from $101,000 in Q3 2020. The net income soared to $7.2 million, or $0.95 per diluted share, compared to a net loss of $983,000 in the prior year. A significant contributor was an $8.2 million gain from a SPAC co-sponsorship. Although the adjusted EBITDA loss decreased to $624,000 from $648,000, operating loss rose to $1 million. The company retains a strong balance sheet with $10.6 million in cash. CEO Patrick White emphasized the potential of their new consumer engagement technology.
VerifyMe, Inc. (NASDAQ:VRME) announced its participation in the EMEA Security High Security Printing, Anti-Counterfeiting & Brand Protection Conference on October 27-28, 2021, in Dubai, UAE. The event will gather over 300 industry experts to discuss challenges and solutions related to counterfeit products. Paul Vitali, Vice President of Business Development, will participate in a panel on combating illicit trade. VerifyMe offers technology solutions for brand protection, including serialization, authentication, and track and trace features.
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