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. reports company developments tied to its logistics and brand-protection businesses. The company operates Precision Logistics for time- and temperature-sensitive parcel management, including healthcare and food markets, and an Authentication segment focused on anti-counterfeit and brand protection solutions.
Recurring VRME news includes operating and financial results, material agreements, shareholder voting matters, governance updates, capital-structure disclosures, and Nasdaq listing-rule compliance notices. Company updates also address public-company events that affect its common stock, reporting status, and corporate governance.
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.
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.