VerifyMe reports FY 2023 revenue up 29% to $25.3M; Q4 gross margin improves to 36%

VerifyMe, Inc.

Annual revenue $25.3M (+29% YoY); Q4 revenue $8.7M (down 10% YoY due to non-recurring authentication order).
Annual gross margin improved to 36% (33% in 2022); Q4 gross margin 36% vs 29% YoY.
Annual net loss narrowed to $3.4M from $14.4M (prior year included $10.9M SPAC loss); Q4 net income ~$0.
Adjusted EBITDA Q4 $1.1M (vs $0.7M Q4 2022); operating cash flow $0.8M in Q4.
Cash $3.1M at Dec 31, 2023; full-year operating cash flow $0.2M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VerifyMe, Inc. reported the three months ended December 31, 2023 results: revenue $8.7 million, net income less than $0.1 million, EPS ($0.00) per diluted share.

Period: the three months ended December 31, 2023
Revenue: $8.7 million
Net income: less than $0.1 million
EPS: ($0.00) per diluted share
Result: reported results

Exact text from the filing

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

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VerifyMe, Inc. reported the year ended December 31, 2023 results: revenue $25.3 million, net income net loss of $3.4 million.

Period: the year ended December 31, 2023
Revenue: $25.3 million
Net income: net loss of $3.4 million
Result: reported results

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001214659-24-004915

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