Business
VerifyMe Reports Fourth Quarter and Full Year 2019 Results
Revenue Traction Accelerating with 42% of Total 2019 Revenue in Q4ROCHESTER, NY / ACCESSWIRE / March 9, 2020 / VerifyMe, Inc. (OTCQB:VRME) ("VerifyMe" or the
About this update from Verifyme, Inc.
[{"type":"text","content":"Revenue Traction Accelerating with 42% of Total 2019 Revenue in Q4ROCHESTER, NY / ACCESSWIRE / March 9, 2020 / VerifyMe, Inc. (OTCQB:VRME) (\"VerifyMe\" or the \"Company\"), a technology solutions company that markets invisible rare earth identifiers and codes for the prevention of counterfeiting and the authentication of products, today announced the Company's financial results for the fourth quarter (\"Q4 2019\") and year ended December 31, 2019.Key Financial Highlights for Q4 2019:Revenues increased 155% to $101,590, compared to $39,812 in the fourth quarter ended December 31, 2018 (\"Q4 2018\")Gross margins of 85.5% versus 63.5% in Q4 2018Operating loss increased by 21% to $0.6 million (including $0.1 million of non-cash stock-based compensation)Net loss increased by 16% to $0.6 million (including $0.1 million of non-cash stock-based compensation)Adjusted EBITDA[1] loss decreased by 62% to $104,056Key Financial Highlights for Full Year 2019:Revenues increased 227% to $244,748, compared to $74,884 in 2018Gross margins of 81.6% versus 61.5% in 2018Operating loss decreased by 6% to $2.4 million (includes $0.8 million of non-cash stock-based compensation)Net loss decreased by 14% to $2.5 million (includes $0.8 million of non-cash stock-based compensation)Adjusted EBITDA[2] loss increased by 33% to $1.2 millionKey Business Highlights for Q4 and Full Year 2019:Launched counterfeit prevention solution for Amazon retailersFirst revenue generated by Forbes Top 50 Private Company customerFirst Smart Phone Authenticator leases signedAwarded initial contract from multi-billion-dollar global consumer products companyFormed strategic partnership with INX International ink companySigned commercial technology license agreement with Niagara LabelSigned first European license agreementSigned marketing and licensing agreement with Nosco[1] Non-GAAP financial measure. Reconciliation to the most directly comparable GAAP measure is included as a schedule to this press release.[2] Non-GAAP financial measure. Reconciliation to the most directly comparable GAAP measure is included as a schedule to this press release.Management CommentaryMr. Patrick White, the Chief Executive Officer of VerifyMe commented: \"VerifyMe had a tremendously successful 2019 as we transitioned from a development stage company to commercialization. We believe we are at a maj...