Business
VerifyMe Reports 79% Year-over-Year Revenue Growth for its Third Quarter 2020 Results
$9 Million Cash Position and Strong Business Pipeline Expected to Lead to Increased Revenue Over the Next 12 MonthsROCHESTER, NY / ACCESSWIRE / November 12,
About this update from Verifyme, Inc.
[{"type":"text","content":"$9 Million Cash Position and Strong Business Pipeline Expected to Lead to Increased Revenue Over the Next 12 MonthsROCHESTER, NY / ACCESSWIRE / November 12, 2020 / 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 third quarter ended September 30, 2020 (\"Q3 2020\").Key Financial Highlights for Q3 2020:Revenues increased 79% to $100,697, compared to $56,255 in the third quarter ended September 30, 2019 (\"Q3 2019\"), and increased 34% compared to $75,256 in the second quarter ended June 30, 2020Gross margins of 82% versus 85% in Q3 2019Operating loss increased by 48% to $982,829Net loss increased by 39% to $706,548Cash balance of $9.0 million as of September 30, 2020Key Business Highlights for Q3 2020:Expanded business with multi-billion dollar global consumer products companyPartnered with Corsearch, Inc. to collaborate on solutions for e-commerce counterfeiting and brand abusePartnered with SmartGlyph to integrate technologies and market digital securityVerifyMe has added several new partners over the past few months, including Corsearch, Inc., a brand clearance and protection leader, and SmartGlyph, a U.K.-based digital solutions provider. The collaboration with Corsearch will support brands to reduce the global multi-billion dollar economic impact resulting from counterfeiting and piracy activities. The partnership with SmartGlyph is focused on the integration of our respective technologies offering a high value-add solution to brand owners worldwide, and includes a cross-selling agreement, whereby each company will promote the combined product offering. Both partnerships are expected to increase business opportunities and add incremental revenue.Management CommentaryPatrick White, VerifyMe's President and Chief Executive Officer, commented, \"We have a lot of positive momentum in the business and are excited for what lies ahead over the next 12 months. Our team and sales partners are focused on increasing sales with expanding our technology to new products and countries with current clients and targeting significant new brand owner client...