Business
VerifyMe Announces Select Preliminary Unaudited Fourth Quarter Record Revenue Results
LAKE MARY, Fla., Feb. 21, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiary PeriShip Global LLC ("PeriShip Global"), (together
About this update from Verifyme, Inc.
[{"type":"text","content":"LAKE MARY, Fla., Feb. 21, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiary PeriShip Global LLC (\"PeriShip Global\"), (together \"VerifyMe,\" \"we,\" \"our,\" or the \"Company\") provides brand owners time and temperature sensitive logistics, supply chain monitoring, authentication, and data-rich consumer engagement services, announced today preliminary, unaudited revenue results for the fourth quarter ended December 31, 2022. The results are subject to the completion of the Company's year-end financial audit.\n\n \n \n \n \n \n \n\n \nPreliminary fourth quarter 2022, revenue of approximately $9.7 million expected compared to $0.3 million in Q4 2021 and $5.2 million in Q3, 2022 representing growth of approximately 87% quarter over quarter.Cash of $3.3 million expected as of December 31, 2022The company expects to report revenue for the fourth quarter of fiscal 2022 of approximately $9.7 million, compared to $0.3 million in Q4 2021 which did not include the PeriShip acquisition and compared to $5.2 million in Q3, 2022 representing 87% growth quarter over quarter. The fourth quarter is traditionally the highest revenue quarter for our PeriShip Global Solutions segment primarily due to the holiday season and Q4 of fiscal 2022 is expected to exceed expectations. Guidance for our VerifyMe Solutions segment was at least 50% growth per annum and in 2022 our preliminary unaudited revenue is 60% growth compared to 2021.\nVerifyMe's Chief Executive Officer, Patrick White, commented, \"We are excited to share our full results where we expect to exceed revenue expectations in 2022 and achieve positive EBITDA in the fourth quarter with adjustments consistent with the third quarter. We look forward to sharing what is ahead in 2023 to continue our goal of positive cash flow\".\n*NOTE: Preliminary EBITDA is a non-GAAP financial measure. The Company is unable to present a quantitative reconciliation of this preliminary non-GAAP financial measure to its most directly comparable preliminary GAAP financial measure because such information is not available, and management cannot reliably predict the necessary components of the GAAP measure without unreasonable effort or expense. In addition, the Company believes that such reconciliation would imply a degree of precision that would be confusing or misleading to investor...