---
schema_version: "secwatch.filing_event.v1"
accession: "0001214659-24-004915"
form_type: "8-K"
ticker: "VRME"
cik: "0001104038"
company_name: "VerifyMe, Inc."
filed_at: "2024-03-21T23:59:59+00:00"
generated_at: "2026-06-04T09:33:05.721739+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001214659-24-004915
- form_type: 8-K
- ticker: VRME
- cik: 0001104038
- company_name: VerifyMe, Inc.
- filed_at: 2024-03-21T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1104038/000121465924004915/0001214659-24-004915-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1104038/000121465924004915/p3202468k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001214659-24-004915
- JSON: https://secwatch.observer/filing/0001214659-24-004915.json
- Plain text: https://secwatch.observer/filing/0001214659-24-004915.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1104038/000121465924004915/0001214659-24-004915-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1104038/000121465924004915/0001214659-24-004915-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.