Business
VerifyMe Reports 40% Revenue Growth for its Full Year 2020 Results and is Well-Positioned for Further Growth
Strong Cash Position, Growing Roster of Strategic Partners and Solid Business Pipeline Expected to Lead to Accelerated Revenue Over the Next 12
About this update from Verifyme, Inc.
[{"type":"text","content":"Strong Cash Position, Growing Roster of Strategic Partners and Solid Business Pipeline Expected to Lead to Accelerated Revenue Over the Next 12 MonthsROCHESTER, NY / ACCESSWIRE / March 25, 2021 / VerifyMe, Inc. (NASDAQ:VRME) (\"VerifyMe,\" \"we,\" \"our,\" or the \"Company\"), a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products, today announced the Company's financial results for the year ended December 31, 2020.Key Financial Highlights for 2020:Revenues of $343 thousand for the year ended December 31, 2020 compared to $245 thousand for the year ended December 31, 2019 or an increase of 40%Gross profit of $281 thousand or 82% for the year ended December 31, 2020 compared to $200 thousand or 82% for the year ended December 31, 2019Cash and equivalents of $7,939 thousand at December 31, 2020 compared to $353 thousand at December 31, 2019. In the first quarter of 2020 the Company raised approximately $8.5 million in net proceeds in a bought deal of 1,750,000 common stock shares with Maxim group, including partial exercise of the overallotment optionOperating loss of $3,568 thousand for the year ended December 31, 2020 compared to an operating loss of $2,632 thousand or an increase of 47%Net loss of $5,902 thousand or $1.48 fully diluted loss per share for the year ended December 31, 2020 compared to a net loss of $2,507 thousand or $1.17 fully diluted loss per share for the year ended December 31, 2019Net cash used in operating activities of $2,281 thousand for the year ended December 31, 2020 compared to $1,579 thousand for the year ended December 31, 2019, or an increase of 44%Adjusted EBITDA loss of $2,125 for the year ended December 31, 2020 compared to and adjusted EBITDA loss of $1,598 for the year ended December 31, 2019, or an increase of 34%*See \"Use of Non-GAAP Financial Measures\" and \"GAAP to Non-GAAP Reconciliation\" for the Adjusted EBITDA loss reconciliation to net loss.Subsequent to the end of 2020, VerifyMe raised approximately $8.5 million in net proceeds in a bought deal of common stock priced at $5.30 per share with Maxim Group, including partial exercise of the over-allotment option.Key Business Highlights for 2020:Expanded business with multi-billion dollar glo...