Verifyme Inc Stock Price, News & Analysis

VerifyMe, Inc. (NASDAQ: VRME) will participate in the Aegis Capital Virtual Conference from May 2-4, 2023, with a presentation scheduled for May 4 at 3:00 PM ET. This follows their recent acquisition of Trust Codes Global and the release of their annual results for 2022. The conference aims to enhance investor engagement without any specific securities offering. Interim CEO Scott Greenberg expressed enthusiasm for the opportunity to share important operational insights. The company specializes in logistics management and brand protection services, utilizing advanced technology for supply chain monitoring and consumer engagement.

VerifyMe reported significant growth in Q4 2022, achieving $9.7 million in revenue, a 3,705% increase year-over-year from $0.3 million in Q4 2021, primarily due to the acquisition of PeriShip Global. The company posted a net income of $0.1 million or $0.01 per diluted share, a turnaround from a net loss of $1.0 million a year earlier. Adjusted EBITDA improved to $0.7 million, up from a loss of $0.8 million. The gross margin slipped to 29% from 67%, reflecting PeriShip Global's lower margins. Cash reserves stood at $3.4 million as of December 31, 2022.

VerifyMe, Inc. (NASDAQ: VRME) announced its upcoming release of financial results for Q4 2022, scheduled for March 28, 2023. The announcement includes an investor conference call at 11:00 a.m. Eastern Time on the same day, which can be accessed via webcast or telephone. The results will provide insights into the company's performance and operational metrics. VerifyMe specializes in time and temperature-sensitive logistics and supply chain monitoring, enhancing brand protection and consumer engagement. Further details can be found on their official website.

VerifyMe, Inc. (NASDAQ: VRME) announced the departure of CEO Patrick White, who is leaving to pursue other opportunities. Scott Greenberg, the Executive Chairman, will serve as the interim CEO, ensuring leadership continuity until a permanent replacement is appointed. Greenberg expressed gratitude for White’s contributions over the past six years, highlighting advancements in technology and revenue growth. VerifyMe, along with its subsidiaries, specializes in logistics management and brand protection services, utilizing proprietary IT systems for real-time visibility and consumer engagement.

VerifyMe (NASDAQ: VRME) has acquired the assets of Trust Codes Limited, a New Zealand company specializing in item-level coding for brand protection and consumer engagement in the food sector. This strategic acquisition enhances VerifyMe's capabilities in product traceability and expands its service offerings. Trust Codes utilizes advanced algorithms for brand authenticity and has an established customer base with recurring revenue. The acquisition aims to leverage synergies between Trust Codes and VerifyMe's existing customers, particularly in the U.S. and European markets, while targeting growth in Australasia and China.