VerifyMe, Inc. (VRME) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to Verify Me's first quarter 2025 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. So now to turn the conference over to Nancy Meyer, Chief Financial Officer. Please go ahead. Good morning, everyone, and thank you for joining us today for our earnings call presentation. On the call today, I am joined by Adam Stedham, CEO and President, who will give an operations and strategic update. Following our management presentation, we will have a Q&A session. I would like to bring your attention to the note on forward-looking statements on slide three. Today's presentation and the answer to questions includes forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and on the risk factors of the company's annual report on Form 10-K and quarterly reports on Form 10-Q. I will now turn the call over to Adam Stedham to discuss the company strategy. Thank you, Nancy. So during the first quarter of 2025, our revenue decreased approximately 23% versus the first quarter last year. Now, this decline in revenue was due to discontinuing the Trust Coast operation, the customer insourcing in 2024, and then some overall softening of customer shipments. The decline was most pronounced in our premium services, which was down 47% versus the...