Business
VerifyMe Reports Positive Net Income in Fourth Quarter 2022 Financial Results
Quarterly revenue of $9.7 million in Q4 2022, compared to $0.3 million in Q4 2021 Net income of $0.1 million in Q4 2022, compared to Net loss of $1.0 million
About this update from Verifyme, Inc.
[{"type":"text","content":"Quarterly revenue of $9.7 million in Q4 2022, compared to $0.3 million in Q4 2021 Net income of $0.1 million in Q4 2022, compared to Net loss of $1.0 million in Q4 2021Adjusted EBITDA(1) of $0.7 million in Q4 2022, compared to ($0.8) million in Q4 2021Cash of $3.4 million as of December 31, 2022Reported effective internal controls over financial reportingLAKE MARY, Fla., March 28, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiaries PeriShip Global LLC (\"PeriShip Global\") and Trust Codes Global Limited (\"Trust Codes Global\"), (together \"VerifyMe,\" \"we,\" \"our,\" or the \"Company\") provides brand owners time and temperature sensitive logistics, supply chain monitoring, authentication, and data-rich consumer engagement services, announced today the Company's financial results for its fourth quarter ended December 31, 2022 (\"Q4 2022\"), which includes the results of PeriShip Global acquired by the Company in April 2022 and are in line with our preliminary unaudited results published on February 21, 2023.\n\n \n \n \n \n \n \n\n \nKey Financial Highlights for Q4 2022:\nQuarterly consolidated revenue of $9.7 million for the three months ended December 31, 2022, an increase of 3,705% compared to $0.3 million for the three months ended December 31, 2021, primarily attributable to the acquisition of the PeriShip Global business in April 2022Gross profit of $2.8 million or 29% for the three months ended December 31, 2022, compared to $0.2 million or 67% for the three months ended December 31, 2021Net income of $0.1 million or $0.01 per diluted share for the three months ended December 31, 2022, compared to a net loss of $1.0 million or ($0.14) per diluted share for the three months ended December 31, 2021Adjusted EBITDA(1) of $0.7 million in Q4 2022, compared to ($0.8) million in Q4 2021Cash of $3.4 million as of December 31, 2022Management concluded our internal controls over financial reporting were effective as of December 31, 2022, after reporting a material weakness in 2020 and 2021(1)\nAdjusted 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 income (loss), is included as a schedule to this release.\nScott Greenberg, VerifyMe's Interim CEO and ...