VerifyMe reports Q1 2024 revenue of $5.8M, gross profit up 49%, net loss narrows to $0.6M

VerifyMe, Inc.

2024-Q1 EPS reported -$0.05 revenue$5,759,000

Revenue of $5.8M in Q1 2024, up 2% from $5.7M in Q1 2023.
Gross profit of $2.3M (39% margin), a 49% increase from $1.5M (27%) a year earlier.
Net loss of ($0.6M) or ($0.05) per diluted share vs. ($1.6M) or ($0.17) in Q1 2023.
Adjusted EBITDA of $0.1M positive, the third consecutive quarter of positive adjusted EBITDA.
Cash balance of $2.8M as of March 31, 2024.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

VerifyMe, Inc. reported three months ended March 31, 2024 results: revenue $5.8 million, net income ($0.6) million, EPS ($0.05) per diluted share.

Period: three months ended March 31, 2024
Revenue: $5.8 million
Net income: ($0.6) million
EPS: ($0.05) per diluted share
Result: reported results

Exact text from the filing

2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 VerifyMe Reports Improved First Quarter 2024 Financial Results including a Gross Profit increase of 49% · Quarterly revenue of $5.8 million in Q1 2024, compared to $5.7 million in Q1, 2023 · Gross Profit of $2.3 million or 39% in Q1 2024, compared to $1.5 million or 27% in Q1 2023, an increase of 49% · Net loss of

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Source: SEC EDGAR

accession 0001214659-24-008994

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