Business
VerifyMe Reports First Quarter 2020 Results
ROCHESTER, NY / ACCESSWIRE / May 13, 2020 / VerifyMe, Inc. (OTCQB:VRME) ("VerifyMe" or the "Company"), a technology solutions provider specializing in brand
About this update from Verifyme, Inc.
[{"type":"text","content":"ROCHESTER, NY / ACCESSWIRE / May 13, 2020 / VerifyMe, Inc. (OTCQB:VRME) (\"VerifyMe\" or the \"Company\"), a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, track and trace features for labels, packaging and products, today announced the Company's financial results for the first quarter ended March 31, 2020 (\"Q1 2020\").Key Financial Highlights for Q1 2020:Revenues increased 98% to $91,846, compared to $46,454 in the first quarter ended March 31, 2019 (\"Q1 2019\")Gross margins of 81.7% versus 68.2% in Q1 2019Operating loss increased by 30% to $668,994 (including $322,629 of non-cash stock-based compensation and adjustments)Net loss increased by 113% to $1,092,163 (including $322,629 of non-cash stock-based compensation and adjustments)Adjusted EBITDA[1] loss decreased by 23% to $323,286Closed $2 Million Financing of Senior Secured Convertible DebenturesEliminated All Variable Priced Convertible DebtKey Business Highlights for Q1 2020:Granted Patent for Invisible QR Code System from the U.S. Patent & Trademark OfficeExpanded Capabilities with HP IndigoOpened New European Office with Appointment of Paul VitaliExpanded VerifyMe As Authentic™ Labels Availability for All Legitimate Coronavirus Related ProductsManagement CommentaryMr. Patrick White, the Chief Executive Officer of VerifyMe, commented, \"I am pleased with our start to 2020 as we continue to ramp our revenue at nearly 100% year-over-year growth. We believe we are maintaining our momentum of gaining traction with a well-known multi-billion-dollar global consumer products company that sells nutrition, personal care, beauty and home care products and another global consumer product client. Our team is hard at work trying to penetrate additional business segments and product lines within these companies. We anticipate that revenues will continue to grow in 2020 as we ramp our business with our strategic partners, existing clients and prospective new clients. We believe our high margined revenue demonstrates our business model's ability to generate profitable growth.\"Financial Results for the Three Months Ended March 31, 2020:Revenue for the three months ended March 31, 2020 was $91,846, an increase of $45,392, or 98%, as compared to $46,454 for the three months ended March 31, 2019. Th...