VerifyMe, Inc. (VRME): restructuring charge — VerifyMe Q3 net loss widens to $2.4M; board approves closing Trust Codes Global segment

VerifyMe, Inc.

2024-Q3 EPS reported -$0.32 revenue$16,546,000

Revenue $5.4M in Q3 2024, down from $5.6M in Q3 2023; net loss ($2.4M) vs ($0.9M); adjusted EBITDA flat at $0.2M.
Board approved closing Trust Codes Global by end of Nov 2024 unless sold; $1.8M impairment recorded in Q3 (goodwill $1.35M, intangible $0.9M, offset by $0.48M gain).
Company discontinuing codes portion of Authentication segment and ending Amazon Transparency pursuit, redirecting resources to Precision Logistics.
Cash expenditures for potential closure estimated below $50,000; no material future cash outlay expected.

item 2.02 item 2.05 item 2.06 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

VerifyMe, Inc. announced a restructuring with charges of approximately $1.8 million affecting Trust Codes Global Limited business.

Type: restructuring
Charge: approximately $1.8 million
Affected area: Trust Codes Global Limited business

Exact text from the filing

On November 8, 2024, the Board of Directors approved closing the Trust Codes Global Limited (“TCGL”) business by the end of November 2024, unless the Company can find a purchaser for the TCGL business prior to the end of November 2024. The Company recorded an aggregate charge associated with decision to sell or close the TCGL business of approximately $1.8 million in the third quarter of 2024 consisting of an intangible asset impairment charge of $901 thousand and a goodwill impairment charge of $1,351 thousand, partially offset by a gain in contingent consideration of $475 thousand.

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VerifyMe, Inc. filing history →

Source: SEC EDGAR

accession 0001214659-24-018697

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