VerifyMe, Inc., a leading provider of brand protection and time-sensitive logistics solutions, has announced its financial results for the second quarter ended June 30, 2024. The company reported positive adjusted EBITDA for the quarter and continues to project a positive adjusted EBITDA for the full year of 2024. This positive financial performance reflects the company’s commitment to enhancing its operational efficiency and expanding its premium service offerings.
Key financial highlights for the quarter include:
*
Quarterly revenue of $5.4 million
, a slight increase compared to $5.3 million in the same period last year. Revenue growth was driven by continued strong performance in the Precision Logistics segment, which accounts for 98% of the company’s revenue.*
Gross profit of $2.1 million
, representing a significant 32% increase from the previous year. The rise in gross margin is attributed to process improvements and a surge in demand for premium services within the Precision Logistics segment, which generally carries higher margins.*
Net loss of ($0.3) million
, a marked improvement compared to the net loss of ($0.9) million reported in the same period last year. This improvement can be primarily attributed to the increase in gross profit.*
Adjusted EBITDA of $0.2 million
, a notable turnaround from the adjusted EBITDA loss of ($0.4) million in Q2 2023. This improvement signifies the company’s progress towards achieving sustainable profitability.Amazon Partnership Progress
In addition to its strong financial performance, VerifyMe highlighted its progress in formalizing an agreement with Amazon, a key strategic partnership for the company. While the process has been more extensive than initially anticipated, VerifyMe expects to provide further updates to shareholders in the near future.
VerifyMe’s CEO and President, Adam Stedham, expressed confidence in the company’s future prospects, stating, “The Company reported second quarter positive adjusted EBITDA and continues to project a positive adjusted EBITDA for the full year of 2024. We continue to believe the regulatory environment impacting VerifyMe and the overall authentication industry can significantly enhance our long-term prospects. In addition, we have made significant progress towards formalizing an agreement of our desired relationship with Amazon.”
Earnings Call
VerifyMe will host an earnings conference call and webcast on August 13, 2024, at 11:00 a.m. ET. The call will provide further insights into the company’s financial and operational results and offer an opportunity for investors to ask questions. More information about the earnings call can be found on the VerifyMe website.
About VerifyMe, Inc.
VerifyMe, Inc. provides a comprehensive suite of traceability and customer support services for brands seeking to safeguard their products and enhance customer experiences. The company operates a Precision Logistics Segment and an Authentication Segment, offering specialized logistics for time-sensitive products, anti-counterfeiting measures, and brand protection solutions. VerifyMe serves clients worldwide.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties are further outlined in VerifyMe’s filings with the Securities and Exchange Commission.
