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VerifyMe Reports Full Year and Fourth Quarter 2023 Financial Results

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VerifyMe, Inc. (NASDAQ: VRME) reported strong financial results for Q4 2023, with cash of $3.1 million, annual revenue of $25.3 million, a 29% increase from 2022, and a gross profit of $9.0 million. The company also reduced its net loss to $3.4 million from $14.4 million in 2022. Adjusted EBITDA for Q4 2023 was $1.1 million, showing positive growth.
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The year-over-year revenue growth of 29% reported by VerifyMe is a positive indicator of the company's expanding market presence. This uptick in revenue, from $19.6 million in 2022 to $25.3 million in 2023, suggests effective business strategies and possibly an increasing demand for the company's services. However, the decline in Q4 revenue from $9.7 million in Q4 2022 to $8.7 million in Q4 2023 raises questions about the sustainability of this growth, particularly as it indicates a significant reduction in large orders within the Authentication segment and a strategic shift away from low-margin customers in the Precision Logistics segment.

Notably, the improved gross profit margin, from 33% to 36%, reflects better cost management or a shift towards higher-margin services. The substantial decrease in net loss from $14.4 million to $3.4 million year-over-year is also noteworthy, as it may indicate a turnaround in the company's operational efficiency or the absence of large one-time expenses like the loss on the SPAC reported in 2022. Investors should consider the consistency of these improvements in operational efficiency when evaluating the company's future performance.

Furthermore, a positive Adjusted EBITDA of $1.1 million in Q4 2023 compared to $0.7 million in Q4 2022, alongside a modest positive net income, suggests operational profitability excluding non-recurring costs. However, the cash position of $3.1 million, while sufficient for short-term operations, may necessitate further scrutiny of the company's ability to fund long-term growth initiatives or withstand unforeseen financial challenges.

VerifyMe's focus on brand protection and logistics services is increasingly relevant in today's market, where supply chain integrity and anti-counterfeiting measures are critical for brand owners. The 29% annual revenue increase underscores the potential market appetite for such services. However, the quarterly revenue dip and the report that 56% of this reduction is due to a non-recurring large order in the Authentication segment might indicate over-reliance on a few large clients, which could pose risks to revenue stability.

The company's strategic decision to move away from low-margin customers, as evidenced by the 40% reduction in the Precision Logistics segment, suggests a pivot towards profitability over volume. This could be a wise move if the company can secure enough high-margin business to compensate for the reduced customer base. The increased gross profit margin aligns with this strategy and could be a sign of a stronger value proposition to its customers.

Adjusted EBITDA is a useful measure for stakeholders to assess the company's core operational performance by excluding non-cash expenses and one-time items. A year-over-year increase in Adjusted EBITDA indicates operational improvements, but the reliance on non-GAAP measures like Adjusted EBITDA and Adjusted EPS should be approached with caution, as they do not replace the importance of GAAP measures such as net income and cash flow from operations.

VerifyMe's service offerings in authentication and supply chain traceability place it at the intersection of legal compliance and technology. The 29% annual revenue growth may reflect an increased demand for services that help companies comply with regulatory requirements and protect against litigation risks associated with counterfeit goods. The legal landscape is increasingly complex and companies are seeking out solutions that VerifyMe provides.

While the financials suggest operational improvements, a legal perspective would emphasize the importance of understanding the regulatory environment that VerifyMe operates within. The reduction in revenue from large orders in the Authentication segment could also have legal implications if it reflects a changing regulatory environment or evolving industry standards that could impact future business. Moreover, the strategic decision to shift away from low-margin customers may reduce legal risks associated with less profitable or more litigious business segments.

From a legal standpoint, the use of non-GAAP financial measures like Adjusted EBITDA and Adjusted EPS can be acceptable, provided they are reconciled with GAAP measures and do not mislead investors. It's important for the company to ensure that these measures are used transparently and in compliance with regulations such as the SEC's guidelines on the use of non-GAAP financial measures.

  • Cash of $3.1 million as of December 31, 2023 (with cash flow provided by operations of $0.8 million in Q4 2023 and $0.2 million in the year ended December 31, 2023)
  • 2023 annual revenue of $25.3 million, compared to $19.6 million in 2022, an increase of 29%; with fourth quarter revenue of $8.7 million in Q4 2023, compared to $9.7 million in Q4 2022
  • 2023 annual gross profit of $9.0 million or 36%, compared to $6.5 million or 33% in 2022; Gross Profit of $3.1 million or 36% in Q4 2023, compared to $2.8 million or 29% in Q4 2022
  • 2023 annual net loss of $3.4 million, compared to a net loss of $14.4 million in 2022 (which includes the loss on the SPAC of 10.9 million); Net income of less than $0.1 million in Q4 2023, compared to net income of $0.1 million in Q4 2022
  • Adjusted EBITDA(1) of $1.1 million in Q4 2023, compared to Adjusted EBITDA of $0.7 million in Q4 2022

LAKE MARY, Fla., March 21, 2024 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiaries, Trust Codes Global Limited ("Trust Codes Global") and PeriShip Global LLC ("PeriShip Global"), (together "VerifyMe," "we," "our," or the "Company") provides brand owners time and temperature sensitive logistics, supply chain traceability, authentication, anti-counterfeiting, and data-rich brand enhancement services, announced today the Company's financial results for its full year and fourth quarter ended December 31, 2023 ("Q4 2023").

Key Financial Highlights for Q4 2023:

  • Cash flow from operations was $0.8 million in Q4 2023
  • Quarterly consolidated revenue of $8.7 million in Q4 2023, compared to $9.7 million for the three months ended December 31, 2022 ("Q4 2022"), approximately 56% of the reduction is attributable to a large order in the Authentication segment in 2022 that did not recur in 2023, approximately 40% of the reduction was in the Precision Logistics segment due to reduced proactive shipments with low margin customers
  • Gross profit of $3.1 million or 36% in Q4 2023, compared to $2.8 million or 29% in Q4 2022
  • Net income of less than $0.1 million or ($0.00) per diluted share in Q4 2023, compared to a net income of $0.1 million or $0.01 per diluted share in Q4 2022
  • Adjusted net income per diluted share ("Adjusted EPS")(1) of $0.02, in Q4 2023, and $0.01 in Q4 2022, after adjusting for severance expense, loss on equity investment, impairments and acquisition-related costs
  • Adjusted EBITDA(1) of $1.1 million in Q4 2023, compared to Adjusted EBITDA of $0.7 million in Q4 2022
  • Cash of $3.1 million as of December 31, 2023

 









(1)

Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" below for information about these non-GAAP measures. A reconciliation to the most directly comparable GAAP measure, net loss, and net loss per diluted share, respectively, are included as a schedule to this release.

Adam Stedham, VerifyMe's CEO and President stated, "I am pleased with our efficiency gains and margin improvements in Q4.  We are enthusiastic about the strategy we articulated during the Investor Day, on February 6th.  We have a strong balance sheet and 2023 was the company's first year with positive cash flow from operations.  Despite the reduced Q4 revenue, the Authentication segment's pivot continues to progress.  We are excited about our growth prospects in 2024 and believe the revenue growth will further increase our positive cash flow and create shareholder value."

Recent Business Highlights

  • Manuka Health uses VerifyMe's traceability platform integrated with Amazon Transparency
  • Announced Share Repurchase Plan and Reductions to Board Compensation Program
  • Hosted Investor Day in February to provide an overview of strategic objectives, operating model and business development plans. A replay can be viewed on our website.

Financial Results for the Three Months Ended December 31, 2023:

Revenue in Q4 2023 was $8.7 million, compared to $9.7 million in Q4 2022. Approximately 56% of the reduction is attributable to a large order in the Authentication segment in 2022 that did not recur in 2023, approximately 40% of the reduction was due to reduced proactive shipments with low margin customers in our Precision Logistics segment. The Precision Logistics segment accounted for 98% of the revenue for the quarter.  

Gross profit in Q4 2023 was $3.1 million, compared to $2.8 million in Q4 2022. The resulting gross margin percentage was 36% for the three months ended December 31, 2023, compared to 29% for the three months ended December 31, 2022, principally due to process improvements and increased premium services revenue in the Precision Logistics segment which has higher margins.

Operating income in Q4 2023, and Q4 2022, was $0.1 million.  The results for 2023 included incremental expenses related to the Trust Codes Global acquisition in March 2023, and additional stock compensation, partially offset by the improvement in gross margin.

Our net income in Q4 2023 was less than $0.1 million, compared to net income of $0.1 million in Q4 2022, primarily due to the realized loss on equity investment and impairment of inventory in 2023. The resulting earnings per diluted share in Q4 2023 was ($0.00), compared to earnings per diluted share of $0.01 in Q4 2022.  After accounting for special items, which are set forth in the Non-GAAP Reconciliation – Adjusted EPS below, Adjusted EPS was $0.02 in Q4 2023, and $0.01 in Q4 2022.

Adjusted EBITDA in Q4 2023 was $1.1 million, an increase of $0.4 million, compared to an adjusted EBITDA of $0.7 million in Q4 2022. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures. Please see "Use of Non-GAAP Financial Measures" for a discussion of these non-GAAP measures. A reconciliation to the most directly comparable GAAP measure, net loss and net loss per diluted share, is included as a schedule to this release.

At December 31, 2023, VerifyMe had a $3.1 million cash balance and $2.5 million in working capital.

At December 31, 2023, VerifyMe had 10,453,315 shares issued and 10,123,964 shares outstanding.

Earnings Call

The Company has scheduled an earnings conference call and webcast for 11:00 a.m. ET on Thursday March 21, 2024.  Prepared remarks regarding the company's financial and operational results will be followed by a question and answer period with VerifyMe's executive team. The conference call may be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=M0oIhG8d or by calling +1 (844) 282-4569 within the US, or +1 (412) 317-5614 internationally, and requesting the "VerifyMe Call." The presentation slides broadcast via the webcast will also be available on the Investors section of the VerifyMe website the morning of the call. Participants must be logged in via telephone to submit a question to management during the call. Participants may optionally pre-register for the conference call and webcast at: https://dpregister.com/sreg/10186772/fbaf662250

The webcast and presentation will be archived on the Investors section of VerifyMe's website and will remain available for 90 days.

About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), together with its subsidiaries, PeriShip Global and Trust Codes Global, is a traceability and customer support services provider using specialized software and process technology. The company operates a Precision Logistics Segment and an Authentication Segment to provide specialized logistics for time-and-temperature sensitive products, as well as item level traceability, anti-diversion and anti-counterfeit protection, brand protection and enhancement technology solutions. VerifyMe serves customers worldwide. To learn more, visit https://www.verifyme.com.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements regarding our segments and our sales pipeline and opportunities. The words "believe," "may," "will," "continues," and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include our engagement in future acquisitions or strategic partnerships that increase our capital requirements or cause us to incur debt or assume contingent liabilities, the successful integration of our acquisitions (including the assets of PeriShip Global and Trust Codes Global), our reliance on one key strategic partner for shipping services in our Precision Logistics segment, competition including by our key strategic partner, seasonal trends in our business, severe climate conditions, the highly competitive nature of the industry in which we operate, our brand image and corporate reputation, impairments related to our goodwill and other intangible assets, economic and other factors such as recessions, downturns in the economy, inflation, global uncertainty and instability, the effects of pandemics, changes in United States social, political, and regulatory conditions and/or a disruption of financial markets, reduced freight volumes due to economic conditions, reduced discretionary spending in a recessionary environment, global supply-chain delays or shortages, fluctuations in labor costs, raw materials, and changes in the availability of key suppliers, our history of losses, our ability to use our net operating losses to offset future taxable income, the confusion of our name brand with other brands, the ability of our technology to work as anticipated and to successfully provide analytics logistics management, our ability to manage our growth effectively, our ability to successfully develop and expand our sales and marketing capabilities, risks related to doing business outside of the U.S., intellectual property litigation, our ability to successfully develop, implement, maintain, upgrade, enhance, and protect our information technology systems, our reliance on third-party information technology service providers, our ability to respond to evolving laws related to information technology such as privacy laws, risks related to deriving revenue from some clients in the cannabis industry, our ability to retain key management personnel, our ability to work with partners in selling our technologies to businesses, production difficulties, our inability to enter into contracts and arrangements with future partners, our ability to acquire new customers, issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies and the efficiency of our authenticators in the field, our ability to comply with the continued listing standards of the Nasdaq Capital Market, and our ability to timely pay amounts due and comply with the covenants under our debt facilities. These risk factors and uncertainties include those more fully described in VerifyMe's Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 

Use of Non-GAAP Financial Measures
This press release includes both financial measures in accordance with U.S. generally accepted accounting principles ("GAAP"), as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to and should not be considered as alternatives to any other GAAP financial measures. They may not be indicative of the historical operating results of VerifyMe nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.

VerifyMe's management uses and relies on EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The Company believes that both management and shareholders benefit from referring to EBITDA and Adjusted EBITDA in planning, forecasting and analyzing future periods. Additionally, the Company believes Adjusted EBITDA is useful to investors to evaluate its results because it excludes certain items that are not directly related to the Company's core operating performance. In particular, with regard to our comparison of Adjusted EBITDA for the three and twelve months ended December 31, 2023, to the three and twelve months ended December 31, 2022, we believe is useful to investors than a comparison of net income (loss) in the corresponding periods, in understanding the results of operations. The Company's management uses these non-GAAP financial measures in evaluating its financial and operational decision making and as a means to evaluate period-to-period comparison. The Company's management recognizes that EBITDA and Adjusted EBITDA, as non-GAAP financial measures, have inherent limitations because of the described excluded items.

The Company defines EBITDA as net income (loss) before interest expense, extinguishment of debt, income tax expense (benefit), and depreciation and amortization. Adjusted EBITDA represents EBITDA plus non-cash stock compensation expense, severance expense, unrealized gain on equity investment, loss on equity investment, impairments, change in fair value of contingent consideration and one-time professional expenses for acquisitions. VerifyMe believes EBITDA and Adjusted EBITDA are important measures of VerifyMe's operating performance because they allow management, investors and analysts to evaluate and assess VerifyMe's core operating results from period-to-period after removing the impact of items of a non-operational nature that affect comparability.

Adjusted net loss per diluted Share ("Adjusted EPS"), which is a non-GAAP financial measure, is defined as loss per diluted share excluding severance expense,  loss on equity investment, change in fair value of contingent consideration, gain on extinguishment of debt. impairments and one-time professional expenses for acquisitions. Management uses Adjusted EPS to assess total Company operating performance on a consistent basis.  We believe that this non-GAAP financial measure, when considered together with our GAAP financial results, provides management and investors with an additional understanding of our business operating results, including underlying trends.

A reconciliation of EBITDA, Adjusted EBITDA and Adjusted EPS to the most comparable financial measure, net income (loss), and net income (loss) per diluted share, respectively, calculated in accordance with GAAP is included in a schedule to this press release. The Company believes that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between VerifyMe and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable SEC rules as the presentation here may not be comparable to other similarly titled measures of other companies.

 

VerifyMe, Inc.

Consolidated Balance Sheets

(In thousands, except share data)




December 31, 2023



December 31, 2022







      ASSETS












CURRENT ASSETS






  Cash and cash equivalents including restricted cash


$

3,095



$

3,411

  Accounts receivable, net of allowance for credit loss reserve, $165 and $37 as of

     December 31, 2023 and December 31, 2022, respectively



3,017




4,448

  Unbilled revenue



1,282




1,185

  Prepaid expenses and other current assets



254




333

  Inventory



38




81

TOTAL CURRENT ASSETS



7,686




9,458









PROPERTY AND EQUIPMENT, NET


$

240



$

292









RIGHT OF USE ASSET



468




469









INTANGIBLE ASSETS, NET



6,927




6,545









GOODWILL



5,384




3,988

TOTAL ASSETS


$

20,705



$

20,752









      LIABILITIES AND STOCKHOLDERS' EQUITY
















CURRENT LIABILITIES








  Term note, current


$

500



$

500

  Accounts payable



3,310




3,912

  Other accrued expense



988




902

  Lease liability- current



170




115

  Contingent liability-current



173




-

TOTAL CURRENT LIABILITIES



5,141




5,429









LONG-TERM LIABILITIES








  Contingent liability, non-current


$

751



$

-

  Long-term lease liability



307




359

  Long-term derivative liability



-




3

  Term note



875




1,375

  Convertible note – related party



475




-

  Convertible note



625




-

TOTAL LIABILITIES


$

8,174



$

7,166









STOCKHOLDERS' EQUITY








  Series A Convertible Preferred Stock, $0.001 par value, 37,564,767 shares authorized;

     0 shares issued and outstanding as of December 31, 2023 and December 31, 2022,

     respectively



-




-









  Series B Convertible Preferred Stock, $0.001 par value; 85 shares authorized; 0.85 shares

     issued and outstanding as of December 31, 2023 and December 31, 2022, respectively



-




-









  Common stock, $0.001 par value; 675,000,000 shares authorized;10,453,315 and 9,341,002

     shares issued, 10,123,964 and 8,951,035 shares outstanding as of December 31, 2023 and

     December 31, 2022, respectively



10




10









  Additional paid in capital



95,031




92,987









  Treasury stock as cost; 329,351 and 389,967 shares at December 31, 2023 and December 31,

     2022, respectively



(659)




(949)









  Accumulated deficit



(81,849)




(78,459)









  Accumulated other comprehensive loss



(2)




(3)









STOCKHOLDERS' EQUITY



12,531




13,586









TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

20,705



$

20,752

 

VerifyMe, Inc.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except share data)




Three months ended



Year Ended



December 31, 2023



December 30, 2022



December 31, 2023



December 31, 2022

























NET REVENUE


$

8,713



$

9,703



$

25,313



$

19,576

















COST OF REVENUE



5,576




6,878




16,310




13,088

















GROSS PROFIT



3,137




2,825




9,003




6,488

















OPERATING EXPENSES
















General and administrative (a)



2,734




2,215




10,586




8,428

Research and development



84




16




107




89

Sales and marketing (a)



250




494




1,638




1,718

Total Operating expenses



3,068




2,725




12,331




10,235

















INCOME (LOSS) BEFORE OTHER (EXPENSE) INCOME



69




100




(3,328)




(3,747)

















OTHER (EXPENSE) INCOME
















Interest expenses, net



(34)




(34)




(161)




(88)

Loss on equity investment



(100)




27




(100)




(10,932)

Unrealized (loss) gain on equity investment



2




12




-




12

Change in fair value of contingent consideration



65




-




201




-

Other income (expense), net



-




3




(2)




31

Gain on extinguishment of debt



-








-




326

TOTAL OTHER (EXPENSE) INCOME, NET



(67)




8




(62)




(10,651)

















NET INCOME (LOSS)


$

2



$

108



$

(3,390)



$

(14,398)

















EARNINGS (LOSS) PER SHARE:
















BASIC



0.00




0.01




(0.35)




(1.70)

DILUTED



0.00




0.01




(0.35)




(1.70)

WEIGHTED AVERAGE COMMON SHARE OUTSTANDING
































BASIC



9,912,505




9,158,580




9,766,469




8,466,075

DILUTED



9,912,505




9,540,600




9,766,469




8,466,075



(a)

Includes share-based compensation of $576 thousand and $1,675 thousand for the three and twelve months ended December 31, 2023, respectively, and $373 thousand $1,468 thousand for the three and twelve months ended December 31, 2022.

 

VerifyMe, Inc.

Consolidated EBITDA and Adjusted EBITDA Reconciliation Table (Unaudited)
(In thousands)




Three months ended
December 31,



Year ended
December 31,




2023




2022




2023




2022

















Net Income (Loss) (GAAP)


$

2



$

108



$

(3,390)



$

(14,398)

Interest expense, net



34




34




161




88

Gain on extinguishment of debt



-




-




-




(326)

Amortization and depreciation



299




266




1,134




770

















Total EBITDA (Non-GAAP)



335




408




(2,095)




(13,866)

















Adjustments:
































Stock based compensation



154




22




200




145

Fair value of restricted stock and restricted stock units issued in exchange for services



422




351




1,354




1,323

Severance expense



11




-




590




-

Loss (gain) on equity investment



100




(27)




100




10,932

Change in fair value of contingent consideration



(65)




-




(201)




-

Unrealized gain on equity investment



(2)




(12)




-




(12)

Impairments



156




-




190




-

One-time professional expenses for acquisitions



-




-




278




661

















Total Adjusted EBITDA (Non-GAAP)


$

1,111



$

742



$

416



$

(817)

 

VerifyMe, Inc.

Consolidated EPS and Adjusted EPS Reconciliation Table
(Unaudited)




Three months ended
December 31,



Year ended
December 31,




2023




2022




2023




2022

















Income (Loss) per share (GAAP)


$

-



$

0.01



$

(0.35)



$

(1.70)

Severance expense, per share



-




-




0.06




-

Loss on equity investment, per share



0.01




-




0.01




1.29

Change in fair value of contingent consideration, per share



(0.01)




-




(0.02)




-

Gain on extinguishment of debt, per share



-




-




-




(0.04)

Impairments



0.02




-




0.02




-

One-time professional expenses for acquisitions, per share



-




-




0.03




0.08

Total Adjusted EPS (Non-GAAP)


$

0.02



$

0.01



$

(0.25)



$

(0.37)

 

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SOURCE VerifyMe, Inc.

FAQ

What was VerifyMe's cash position as of December 31, 2023?

VerifyMe had cash of $3.1 million as of December 31, 2023.

What was VerifyMe's annual revenue for 2023?

VerifyMe reported annual revenue of $25.3 million for 2023, a 29% increase from 2022.

What was VerifyMe's gross profit for 2023?

VerifyMe's gross profit for 2023 was $9.0 million.

What was VerifyMe's net loss for 2023?

VerifyMe's net loss for 2023 was $3.4 million, reduced from $14.4 million in 2022.

What was VerifyMe's Adjusted EBITDA for Q4 2023?

VerifyMe's Adjusted EBITDA for Q4 2023 was $1.1 million.

VerifyMe, Inc.

NASDAQ:VRME

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LAKE MARY

About VRME

verifyme ™ is a pioneer in combining patented physical, cyber and biometric security solutions to prevent identity theft, counterfeiting and fraud.