Business
VerifyMe Reports Third Quarter 2022 Financial Results and Positive Outlook
Quarterly revenue of $5.2 million, compared to $0.3 million in Q3 2021 Net Loss of $0.6 million in Q3 2022, compared to Net Income of $7.2 million in Q3 2021
About this update from Verifyme, Inc.
[{"type":"text","content":"Quarterly revenue of $5.2 million, compared to $0.3 million in Q3 2021 Net Loss of $0.6 million in Q3 2022, compared to Net Income of $7.2 million in Q3 2021 (inclusive of non-cash gain on equity investment of $8.2 million related to the SPAC in Q3 2021)Adjusted EBITDA(1) of ($0.2) million, compared to ($0.6) million in Q3 2021Cash of $3.7 million as of September 30, 2022ROCHESTER, N.Y., Nov. 10, 2022 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiary PeriShip Global LLC (\"PeriShip 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, announced today the Company's financial results for its third quarter ended September 30, 2022 (\"Q3 2022\").\n\n \n \n \n \n \n \n\n \nKey Financial Highlights for Q3 2022:Quarterly consolidated revenue of $5.2 million, an increase of 1,638% compared to $0.3 million for the three months ended September 30, 2021, primarily attributable to the acquisition of the PeriShip Global business in April 2022Gross profit of $1.9 million or 36% for the three months ended September 30, 2022, compared to $0.2 million or 62% for the three months ended September 30, 2021Net loss of $0.6 million or ($0.06) fully diluted loss per share for the three months ended September 30, 2022, compared to net income of $7.2 million or $0.95 fully diluted earnings per share for the three months ended September 30, 2021, which included approximately $8.2 million non-cash fair value gain related to the SPAC.Cash of $3.7 million as of September 30, 20221\nAdjusted EBITDA is a non-GAAP financial measure. See \"Use of Non-GAAP Financial Measures\" below for information about this non-GAAP measure.\nPatrick White, VerifyMe's CEO stated, \"The acquisition of the PeriShip Global business continues to improve our financial results as shown by our near breakeven adjusted EBITDA in the third quarter. During the third quarter, PeriShip Global gained several new clients in the perishable food and beverage and health and beauty market sectors. PeriShip Global began distribution of flu vaccines in August and we expect the majority of flu vaccines will be shipped by the end of November. As a result of revenue related to shipping services for new clients, flu vacci...