Verifyme Inc Stock Price, News & Analysis

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.

VerifyMe, Inc. (NASDAQ: VRME) has announced its participation in the 15th Annual Barrington Research Virtual Fall Conference on September 8, 2022. The company's leaders, Scott Greenberg and Patrick White, will engage in one-on-one and small group video meetings with investors and analysts. This marks a significant opportunity for VerifyMe to showcase its unique offerings in logistics, authentication, and consumer engagement, using innovative technology solutions. Presentation slides will be available on the company's website prior to the event.

VerifyMe (NASDAQ: VRME) announced it will not extend the SPAC business combination period with G3 VRM Acquisition Corp, which will dissolve due to prevailing market conditions. Instead, the company has initiated a new $1.5 million share repurchase program effective July 1, 2022, aimed at enhancing shareholder value. VerifyMe's subsidiary, PeriShip, reported $3.1 million income before tax for 2021. The company aims to focus on its core business, emphasizing strategic growth post-acquisition of PeriShip.

VerifyMe, Inc. (NASDAQ: VRME) announces the addition of two former FedEx executives, Dave Edmonds and Curt Kole, to the board of directors of its subsidiary, PeriShip Global LLC. Edmonds, with 41 years of experience in logistics, served as Senior VP at FedEx until 2020. Kole brings over 30 years of expertise in Cold Chain logistics, having played a key role at FedEx Custom Critical. Their appointments are expected to enhance PeriShip's business, especially in the pharmaceutical sector, leveraging their extensive industry knowledge and relationships.

VerifyMe, Inc. (NASDAQ: VRME) has introduced VerifyInk™, a covert ink technology designed for continuous inkjet printers. This development, in partnership with INX International, enhances brand protection and consumer engagement capabilities for product labeling and packaging. The technology aims to penetrate the vast global market that utilizes CIJ technology across various industries, including consumer goods and pharmaceuticals. CEO Patrick White emphasized the potential for significant market expansion and operational cost benefits for brands using existing printing infrastructure.

VerifyMe, Inc (NASDAQ: VRME) has successfully acquired its first customer in the UK, a new cannabis company, as part of its EMEA strategy. This partnership involves the purchase of tamper-evident labels with dynamic QR codes, allowing consumers to authenticate products and engage with the brand for promotions. CEO Patrick White emphasized EMEA as a key growth market, targeting a population of over 2 billion. The company expects further customer conversions in 2022 as the market recovers from COVID-19 challenges.

VerifyMe, Inc. (NASDAQ: VRME) reported Q1 2022 revenue of $161,000, a 14% decrease from $188,000 in Q1 2021, attributed to supply chain issues. Gross profit fell to $123,000 with a margin of 76%. Net loss increased to $1,394,000 or ($0.19) per diluted share. Despite this, CEO Patrick White anticipates triple-digit organic growth in 2022 due to ongoing sales orders and acquisition synergies from acquiring PeriShip, LLC. The company has a solid cash position of $8.4 million and no debt, positioning it well for future growth.