Verifyme Inc Stock Price, News & Analysis

VerifyMe, Inc. (NASDAQ: VRME) has entered into a Mutual Sales Referral Agreement with The Agrarian Group, LLC, aimed at enhancing food safety and customer loyalty while boosting revenue for both firms. This collaboration leverages VerifyMe's logistics and food safety solutions with TAG's focus on next-generation agriculture. CEO Patrick White emphasized the potential of advanced indoor farming in improving food supply chains. The partnership allows consumers to access product information efficiently via QR codes, promoting transparency and trust.

On December 15, 2022, VerifyMe (NASDAQ: VRME) announced over $0.8 million in fourth quarter orders for technology-enabled product labels, primarily from agriculture and apparel sectors. The company noted that all orders are expected to ship before year-end. An agricultural client has enhanced brand protection features in its latest order. CEO Patrick White expressed satisfaction with growth in these industries, highlighting the effectiveness of their solutions in providing product authentication and consumer engagement. This positive trend is projected to bolster fourth quarter results.

VerifyMe, Inc. (NASDAQ: VRME) has renewed its exclusive partnership with HP Indigo for five years, enhancing its agreement to provide VerifyInk™ security ink taggants for HP Indigo digital presses. The renewal, effective November 21, 2022, expands cooperation to include additional technologies and potential new press models. CEO Patrick White highlighted the expected revenue growth from this partnership, emphasizing the effectiveness of their taggant technology in preventing counterfeiting across various products.

VerifyMe reported Q3 2022 revenue of $5.2 million, a significant increase of 1,638% from $0.3 million in Q3 2021, primarily due to the acquisition of PeriShip Global in April 2022. The company incurred a net loss of $0.6 million ($0.06 per share), contrasting with a net income of $7.2 million in the same quarter last year, which included an $8.2 million non-cash gain. Gross profit was $1.9 million (36% margin), down from 62%. Adjusted EBITDA improved to ($0.2 million) from ($0.6 million) year-over-year. Cash balance stood at $3.7 million.

VerifyMe, Inc. (NASDAQ: VRME) will announce its third-quarter financial results for the period ending September 30, 2022, on November 10, 2022. An investor conference call and webcast is scheduled for 11:00 AM ET the same day, where management will discuss financial and operational updates, followed by a Q&A session. VerifyMe, alongside its subsidiary PeriShip Global, specializes in logistics, supply chain monitoring, and brand protection solutions, providing essential data-driven insights for brand owners.

VerifyMe, Inc. (NASDAQ: VRME) announced an agreement to provide brand protection solutions to an international luxury apparel company. The deal includes approximately 3 million labels featuring dynamic QR codes, enabling product authentication throughout the supply chain. This marks VerifyMe's second contract in the apparel industry this year. The company specializes in software-driven logistics and brand protection technologies, offering features like serialization and counterfeit prevention. VerifyMe's CEO expressed excitement about this prestigious contract, highlighting its significance for the company's growth.

VerifyMe, Inc. (NASDAQ: VRME) announced that its subsidiary PeriShip Global has secured a new debt facility with PNC Bank, consisting of a $1 million revolving line of credit and a $2 million four-year term loan. The debt facility aims to improve financial flexibility and replace a $2 million promissory note, which has been fully repaid. The revolving line of credit features no principal repayments until maturity and is secured by PeriShip's assets. This move is expected to support VerifyMe's long-term growth strategy.

VerifyMe, Inc. (NASDAQ: VRME) announced a multi-year extension of its professional services agreement with a strategic partner, extending the contract from March 2024 to March 2026. This partnership focuses on providing proactive customer service and enhances logistics solutions for time and temperature-sensitive deliveries. Executives highlighted the trust placed in VerifyMe's services, which aim to minimize loss and spoilage for customers. The company utilizes advanced technology for supply chain management, brand protection, and consumer engagement.

VerifyMe reported a Q2 2022 revenue of $4.5 million, a 3,527% increase from $0.1 million in Q2 2021, driven by the acquisition of PeriShip. However, the company faced a net loss of $12.6 million (including an $11.2 million impairment), compared to a $1.4 million loss in the prior year. Adjusted EBITDA improved to a loss of $0.3 million. The gross profit margin dropped to 37% from 79% due to lower margins from PeriShip. VerifyMe maintains a cash balance of $3.8 million as of June 30, 2022.