Business
VerifyMe Reports First Quarter 2023 Financial Results
Quarterly revenue of $5.7 million in Q1 2023, compared to $0.2 million in Q1 2022 Net loss of $1.6 million in Q1 2023, compared to a net loss of $1.4 million
About this update from Verifyme, Inc.
[{"type":"text","content":"Quarterly revenue of $5.7 million in Q1 2023, compared to $0.2 million in Q1 2022 Net loss of $1.6 million in Q1 2023, compared to a net loss of $1.4 million in Q1 2022Adjusted EBITDA(1) of ($0.5) million in Q1 2023, compared to ($1.1) million in Q1 2022Cash of $3.1 million as of March 31, 2023LAKE MARY, Fla., May 11, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiaries, Trust Codes Global Limited (\"Trust Codes Global\") and PeriShip Global LLC (\"PeriShip Global\"), (together \"VerifyMe,\" \"we,\" \"our,\" or the \"Company\") provides brand owners time and temperature sensitive logistics, supply chain traceability and monitoring, authentication, and data-rich consumer engagement services, announced today the Company's financial results for its first quarter ended March 31, 2023 (\"Q1 2023\").\n\n \n \n \n \n \n \n\n \nKey Financial Highlights for Q1 2023:\nQuarterly consolidated revenue of $5.7 million for the three months ended March 31, 2023, an increase of 3,416% compared to $0.2 million for the three months ended March 31, 2022, primarily attributable to the acquisition of the PeriShip Global business in April 2022Gross profit of $1.8 million or 31% for the three months ended March 31, 2023, compared to $0.1 million or 76% for the three months ended March 31, 2022Net loss of $1.6 million or ($0.17) per diluted share for the three months ended March 31, 2023, compared to a net loss of $1.4 million or ($0.19) per diluted share for the three months ended March 31, 2022Adjusted net loss per diluted share(1) of ($0.11) and ($0.17), for the three months ended March 31, 2023, and March 31, 2022, respectively after adjusting for severance expense and acquisition-related costsAdjusted EBITDA(1) of ($0.5) million in Q1 2023, compared to ($1.1) million in Q1 2022Cash of $3.1 million as of March 31, 2023(1)\nAdjusted net loss per diluted share and EBITDA are non-GAAP financial measures. See \"Use of Non-GAAP Financial Measures\" below for information about these non-GAAP measures. A reconciliation to the most directly comparable GAAP measure, net income (loss), and net loss per diluted share respectively are included as a schedule to this release.\nScott Greenberg, VerifyMe's Interim CEO and Executive Chairman stated, \"While our results continue to improve with the addition of our acquisitions, we have be...