Business
VerifyMe Reports Second Quarter 2021 Results
Added to Russell Microcap IndexStrong Cash Position of $11.4 Million at June 30, 2021Successful Completion of SPAC Investment in July 2021ROCHESTER, NY /
About this update from Verifyme, Inc.
[{"type":"text","content":"Added to Russell Microcap IndexStrong Cash Position of $11.4 Million at June 30, 2021Successful Completion of SPAC Investment in July 2021ROCHESTER, NY / ACCESSWIRE / August 13, 2021 / VerifyMe, Inc. (NASDAQ:VRME) (\"VerifyMe,\" \"we,\" \"our,\" or the \"Company\"), a provider of comprehensive brand protection and customer engagement solutions that combine ultra-secure product authentication, track and trace, and customized engagement strategies with industry-leading online retail monitoring capabilities, today announced the Company's financial results for the second quarter ended June 30, 2021 (\"Q2 2021\").Key Financial Highlights for Q2 2021:Revenues of $124 thousand for the three months ended June 30, 2021 increased by 65% compared to $75 thousand for the three months ended June 30, 2020Net loss of $1,358 thousand or ($0.18) fully diluted loss per share for the three months ended June 30, 2021 compared to a net loss of $2,653 thousand or ($1.04) fully diluted loss per share for the three months ended June 30, 2020Adjusted EBITDA, a non-GAAP financial measure, loss of $884 thousand for the three months ended June 30, 2021 compared to an adjusted EBITDA loss of $353 thousand for the three months ended June 30, 2020,Scott Greenberg, VerifyMe's Chairman of the Board of Directors, stated, \"that although revenues grew by 65% for the quarter ended June 30, 2021 compared to the second quarter of 2020, this revenue growth was below expectations. However, our investment in our sales team is starting to provide the Company with momentum to begin engagements with some of the larger global brand names. We are excited about these opportunities and our strong pipelines over the next twelve months.\"In addition, Scott Greenberg stated, \"During the quarter, we successfully utilized a portion of our cash to strategically build shareholder value, as a co-sponsor of a SPAC. This culminated on July 6, 2021 with the closing of a $106,260,000 IPO, including partial exercise of the overallotment option, by our co-sponsored SPAC - G3 VRM Acquisition Corp., commencing trading on NASDAQ under the symbol \"GGGVU\". G3 VRM Acquisition Corp. is targeting businesses with enterprise values of approximately $250 million to $500 million within the technology and business services industry. VerifyMe, through the Sponsor Entity beneficially owns approximatel...