Business
VerifyMe Reports Record Revenue Growth for the Third Quarter 2021
- Record Quarterly revenues of $300 Thousand, an increase of 197% compared to Q3 2020 - Record Reported Diluted EPS of $0.95 - Cash of $10.6 Million and
About this update from Verifyme, Inc.
[{"type":"text","content":"- Record Quarterly revenues of $300 Thousand, an increase of 197% compared to Q3 2020\n - Record Reported Diluted EPS of $0.95\n - Cash of $10.6 Million and Equity Investment of $10.8 Million as of September 30, 2021\n - Repurchased 69,836 shares at an average price of $3.38 per share in the third quarter of 2021\n\n\nROCHESTER, N.Y., Nov. 10, 2021 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) (\"VerifyMe,\" \"we,\" \"our,\" or the \"Company\"), providing brands authenticity testing, supply chain monitoring and connecting brand owners with consumers using unique consumer engagement smartphone readable codes, today announced the Company's financial results for the third quarter ended September 30, 2021 (\"Q3 2021\").\n\n \n \n \n \n \n \n\n \nKey Financial Highlights for Q3 2021:\nRevenues of $300 thousand for the three months ended September 30, 2021, increased by 197% compared to $101 thousand for the three months ended September 30, 2020 Net income of $7.2 million or $0.95 fully diluted earnings per share for the three months ended September 30, 2021, compared to a net loss of $983 thousand or ($0.18) fully diluted loss per share for the three months ended September 30, 2020 Other income reflects a $8.2 million gain on equity investment that was recognized in the three months ended September 30, 2021, from our co-sponsorship of a SPAC earlier this year Adjusted EBITDA, a non-GAAP financial measure, loss of $624 thousand for the three months ended September 30, 2021, compared to an adjusted EBITDA loss of $648 thousand for the three months ended September 30, 2020 Share repurchase of 69,836 and 137,352 in the third quarter of 2021 and year to date 2021 respectively both at an average price of $3.38 per share and approximately $1.0 million remaining under the share repurchase plan Cash balance of $10.6 million on September 30, 2021 Scott Greenberg, VerifyMe's Chairman of the Board of Directors, stated, \"we are extremely pleased with our record revenue results for the quarter. We are beginning to see the benefits of our investment in our sales team and continue to be excited about our potential opportunities. The Company is focused on turning these opportunities into revenue generating contracts.\"\nIn addition, Scott Greenberg stated, \"The fair value gain of $8.2 million from our co-sponsorship and equity investment in the SPA...