Business
VerifyMe Reports Second Quarter 2023 Financial Results
Quarterly revenue of $5.3 million in Q2 2023, compared to $4.5 million in Q2 2022 Net loss of $0.9 million in Q2 2023, compared to a net loss of $12.6 million
About this update from Verifyme, Inc.
[{"type":"text","content":"Quarterly revenue of $5.3 million in Q2 2023, compared to $4.5 million in Q2 2022 Net loss of $0.9 million in Q2 2023, compared to a net loss of $12.6 million in Q2 2022 (inclusive of write off of $11.2 million related to the SPAC)Adjusted EBITDA(1) of ($0.4) million in Q2 2023, primarily due to acquisition, integration and operating costs of ($0.2) million, compared to ($0.3) million in Q2 2022Cash of $2.7 million as of June 30, 2023LAKE MARY, Fla., Aug. 10, 2023 /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 and monitoring, authentication, and data-rich brand enhancement services, announced today the Company's financial results for its second quarter ended June 30, 2023 (\"Q2 2023\").\n\n \n \n \n \n \n \n\n \nKey Financial Highlights for Q2 2023:\nQuarterly consolidated revenue of $5.3 million for the three months ended June 30, 2023, an increase of 19% compared to $4.5 million for the three months ended June 30, 2022, primarily attributable to the acquisition of the PeriShip Global business in April 2022Gross profit of $1.8 million or 34% for the three months ended June 30, 2023, compared to $1.7 million or 37% for the three months ended June 30, 2022Net loss of $0.9 million or ($0.09) per diluted share for the three months ended June 30, 2023, compared to a net loss of $12.6 million or ($1.50) per diluted share for the three months ended June 30, 2022, which included approximately $11.2 million non-cash impairment related to the SPAC liquidationAdjusted net loss per diluted share(1) of ($0.11), for the three months ended June 30, 2023, and ($0.10) for the three months ended June 30, 2022, after adjusting for severance expense, unrealized and realized loss on equity investment, change in fair value of contingent consideration and acquisition-related costsAdjusted EBITDA(1) of ($0.4) million in Q2 2023, primarily due to acquisition, integration and operating costs of ($0.2) million, compared to ($0.3) million in Q2, 2022Cash of $2.7 million as of June 30, 2023(1)\nAdjusted EBITDA and Adjusted net loss per diluted share are non-GAAP financial measures...