Business
VerifyMe Reports Improved First Quarter 2024 Financial Results including a Gross Profit increase of 49%
Quarterly revenue of $5.8 million in Q1 2024, compared to $5.7 million in Q1, 2023 Gross Profit of $2.3 million or 39% in Q1 2024, compared to $1.5 million or
About this update from Verifyme, Inc.
[{"type":"text","content":"Quarterly revenue of $5.8 million in Q1 2024, compared to $5.7 million in Q1, 2023 Gross Profit of $2.3 million or 39% in Q1 2024, compared to $1.5 million or 27% in Q1 2023, an increase of 49%Net loss of ($0.6) million in Q1, 2024, compared to a net loss of ($1.6) million in Q1 2023Adjusted EBITDA(1) of $0.1 million in Q1 2024, compared to Adjusted EBITDA loss of ($0.5) million in Q1 2023LAKE MARY, Fla., May 14, 2024 /PRNewswire/ -- 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, authentication, anti-counterfeiting, and data-rich brand enhancement services, announced today the Company's financial results for its first quarter ended March 31, 2024 (\"Q1 2024\").\n\n \n \n \n \n \n \n\n \nAdam Stedham, VerifyMe's CEO and President stated, \"The company achieved significant growth in both gross margin and gross margin percent in the first quarter of 2024. We are pleased that Q1 is our third quarter in a row of reporting a positive adjusted EBITDA. As we continue to grow revenue, we believe the margin improvement will have a positive impact on our results from operations.\"\nKey Financial Highlights for Q1 2024:\nQuarterly consolidated revenue of $5.8 million in Q1 2024, compared to $5.7 million for the three months ended March 31, 2023 (\"Q1 2023\"), an increase of 2%Gross profit of $2.3 million or 39% in Q1 2024, compared to $1.5 million or 27% in Q1 2023Net loss of ($0.6) million or ($0.05) per diluted share in Q1 2024, compared to a net loss of ($1.6) million or ($0.17) per diluted share in Q1 2023Adjusted EBITDA(1) of $0.1 million in Q1 2024, compared to Adjusted EBITDA loss of ($0.5) million in Q1 2023Cash of $2.8 million as of March 31, 2024(1) Adjusted EBITDA is a non-GAAP financial measure. See \"Use of Non-GAAP Financial Measures\" below for information about this non-GAAP measure. A reconciliation to the most directly comparable GAAP measure, net loss, is included as a schedule to this release.\nFinancial Results for the Three Months Ended March 31, 2024:\nRevenue in Q1 2024 was $5.8 million, compared to $5.7 million in Q1 2023. The increase is pri...