Welcome to our dedicated page for Verifyme news (Ticker: VRME), a resource for investors and traders seeking the latest updates and insights on Verifyme stock.
VerifyMe, Inc. (VRME) delivers innovative authentication solutions and precision logistics services to global brands. This news hub provides investors with essential updates on the company's advancements in supply chain security, anti-counterfeit technologies, and logistics optimization.
Access official press releases and market analysis covering VRME's financial performance, strategic partnerships, and technology deployments. Our curated collection includes updates on:
• Earnings reports and SEC filings
• Strategic collaborations in brand protection
• New authentication technology launches
• Supply chain security initiatives
• Leadership announcements and corporate milestones
Bookmark this page for real-time updates on VerifyMe's dual focus areas: protecting brand integrity through advanced traceability solutions and optimizing temperature-sensitive logistics through predictive analytics. Stay informed about developments impacting the company's position in cybersecurity and precision logistics markets.
VerifyMe (NASDAQ: VRME) has updated its 2024 outlook following a strategic realignment by a major global carrier customer. This customer will discontinue subcontracting VerifyMe's Premium logistics services for one of its clients in June 2024. The service discontinuation is not due to quality issues but will impact a significant portion of Premium services revenue. Consequently, VerifyMe now anticipates mid-single digit revenue growth for 2024, down from previous double-digit expectations. Despite a reduction in the gross margin percentage, it is still expected to exceed 2023 levels. The company is actively seeking strategies to mitigate the gross margin impact on adjusted EBITDA. CEO Adam Stedham reiterated the company's commitment to its five-year growth plan, focused on initiatives outside the Premium services segment.
VerifyMe (NASDAQ: VRME) announced Q1 2024 financial results, showcasing notable improvements. Revenue slightly increased by 2% to $5.8 million from $5.7 million in Q1 2023. Gross profit surged 49% to $2.3 million, with a margin rise from 27% to 39%. Net loss decreased to $0.6 million from $1.6 million, and Adjusted EBITDA turned positive at $0.1 million, up from a $0.5 million loss last year. The Precision Logistics segment drove most revenue, countering declines in other areas. CEO Adam Stedham expressed confidence in continued growth and margin improvement. VerifyMe ended Q1 2024 with $2.8 million in cash and 10,176,603 shares outstanding.
VerifyMe, Inc. (NASDAQ: VRME) will report its first quarter financial results on May 14, 2024. The company offers brand owners logistics, supply chain traceability, authentication, anti-counterfeiting, and brand enhancement services. An investor conference call and webcast are scheduled for the same day at 11:00 a.m. Eastern Time.
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