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) will attend the White Label World Expo in Frankfurt, Germany, on October 13-14, 2021. The event allows interaction with top suppliers and showcases VerifyMe's brand protection technologies against counterfeiting. Vice President Paul Vitali will present on October 14th at 11:45 a.m., discussing strategies to engage consumers while protecting brands. VerifyMe specializes in consumer engagement and brand protection through serialization and track-and-trace technology.
VerifyMe (NASDAQ: VRME) has announced an Investor Day scheduled for November 18, 2021, from 11 a.m. to 1 p.m. ET. This event will be hosted via conference call and webcast, featuring presentations from the executive management team on strategic objectives and business development updates, followed by a Q&A session. Pre-registration is required for investors and analysts, who can register through a provided link. The presentation will be uploaded to the Investors section of VerifyMe's website, and the webcast will be archived for 90 days.
VerifyMe (NASDAQ:VRME) will participate in the White Label World Expo at the Javits Center, NYC on September 30 and October 1, 2021. The event aims to connect global leaders and entrepreneurs, featuring over 200 speakers and 10,000 attendees. Robert Dlugopolski, Business Development Manager, is set to present on October 1st at 1:15 p.m. ET, discussing strategies for protecting brands from counterfeits. This presentation will be made available on the company’s investor relations website after the event.
VerifyMe (NASDAQ:VRME) announced an initial order of 4 million technology-enabled labels from a new cannabis client, with potential for 3-5 million labels monthly. These labels will allow consumers to authenticate products via smartphone. The Company’s CEO highlighted the rapid sales cycle, completing the sale in just 60 days. The launch aims to tackle counterfeiting and comply with advertising and product tracking requirements in the cannabis industry. VerifyMe specializes in brand protection, with products that enable serialization, authentication, and product tracking.
G3 VRM Acquisition Corp. (NASDAQ:GGGVU) announced the ability for unit holders to separately trade shares of its Class A common stock and rights, starting August 17, 2021. The Class A Common Stock will be traded under the symbol 'GGGV', while rights will trade under 'GGGVR'. Initially offered through an underwritten offering managed by Maxim Group LLC, these trading options are part of the company’s strategy before its planned business combination, targeting businesses with enterprise values between $250 million and $500 million, particularly in technology and business services.
VerifyMe (NASDAQ: VRME) reported Q2 2021 revenues of $124,000, a 65% increase from Q2 2020's $75,000, driven by its security printing and authentication technology. The company recorded a net loss of $1.36 million, reduced from $2.65 million YOY, with a diluted loss per share of $0.18. Operating loss rose to $1.43 million due to expanded sales and marketing efforts. Adjusted EBITDA loss was $884,000. VerifyMe ended the quarter with $11.4 million in cash and has extended its share repurchase program.
VerifyMe (NASDAQ:VRME) has co-sponsored the initial public offering (IPO) of G3 VRM Acquisition Corp. which started trading on NASDAQ under the symbol GGGVU. The IPO closed with 10,626,000 units sold at $10.00 per unit. VerifyMe indirectly owns approximately 9.95% of G3's outstanding shares. G3 VRM Acquisition targets technology and business services firms valued between $250 million and $500 million, indicating a strategic move into acquiring such companies to foster growth.
VerifyMe (NASDAQ:VRME) will join the Russell Microcap® Index on June 28, 2021. This significant move follows the annual reconstitution of Russell's indexes, enhancing the company's visibility among institutional investors who manage approximately $9 trillion. CEO Patrick White highlighted the inclusion as a validation of VerifyMe's progress in security authentication technology solutions and its strong growth pipeline with major global brands. Membership will last for one year and positions VerifyMe for greater recognition in the investment community.
On May 13, 2021, VerifyMe (NASDAQ:VRME) announced its Q1 2021 financial results, reporting revenues of $188,000, marking a 104% increase from Q1 2020. Gross profit reached $145,000 with a 77% margin. Despite revenue growth, the company faced an operating loss of $1.215 million, up 82% year-over-year. Cash position is strong at $15.4 million. Notable developments include a partnership with Renavotio for anti-counterfeiting solutions in Personal Protective Equipment and a strategic shift towards blockchain technology for supply chain management.
VerifyMe, Inc. (NASDAQ:VRME) announced the retirement of founder and Chairman Norman Gardner due to health issues, effective April 21, 2021. Scott Greenberg, an existing board member, has been appointed as the new Chairman. Gardner, who will become Chairman Emeritus and consult for two years, was instrumental in developing the company's anti-counterfeiting technology. The management change aims to strengthen leadership as VerifyMe continues to provide brand protection and customer engagement solutions.
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