VerifyMe, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
VerifyMe, Inc. (NASDAQ: VRME), a leading provider of time and temperature sensitive logistics, and brand protection and enhancement solutions, recently announced its financial results for the fourth quarter and full year ended December 31, 2024 (“Q4 2024” and “FY 2024” respectively).
Financial Highlights for Q4 2024
The Company reported cash flow provided by operations of $0.6 million for Q4 2024, compared to $0.9 million in the same period last year. The annual revenue for 2024 was reported at $24.2 million, a decrease from $25.3 million in 2023. The fourth quarter revenue came in at $7.7 million, down from $8.7 million in Q4 2023.
Gross Profit and Operating Income
Gross profit for Q4 2024 was reported at $2.4 million or 32%, a decrease from $2.9 million or 33% in the same period last year. The annual gross profit stood at $8.7 million or 36%, up from $8.0 million or 32% in 2023.
Net Loss and Adjusted EBITDA
The net loss for Q4 2024 was reported at $0.5 million, a reversal from net income less than $0.1 million in the same period last year. The full year net loss was reported at $3.8 million, including $1.6 million of one-time adjustments, compared to a net loss of $3.4 million in 2023. Adjusted EBITDA for Q4 2024 was reported at $0.5 million, a decrease from $1.1 million in Q4 2023. The annual adjusted EBITDA came in at $0.9 million, up from $0.4 million in 2023.
Cash and Debt
As of February 28, 2025, the Company reported cash of $5.7 million or $0.46 per share. Senior long-term debt of $0.9 million was repaid in 2025.
Impact on Individual Investors
The financial results reported by VerifyMe, Inc. for Q4 2024 and FY 2024 suggest a decline in revenue and profitability compared to the previous year. This could potentially lead to a decrease in the stock price as investors may become hesitant to invest in the company due to the negative financial performance. However, it is important to note that the net loss includes one-time adjustments, which could impact the accuracy of the net loss comparison to the previous year.
Impact on the World
VerifyMe, Inc.’s financial results for Q4 2024 and FY 2024 may not have a significant impact on the world as a whole. The company is primarily focused on providing brand protection and enhancement solutions to various industries. However, the decline in revenue and profitability could potentially impact the company’s ability to innovate and invest in new technologies, which could in turn impact the overall growth and development of the brand protection industry.
Conclusion
VerifyMe, Inc. reported its financial results for Q4 2024 and FY 2024, which showed a decline in revenue and profitability compared to the previous year. The net loss for the year included one-time adjustments, which could impact the accuracy of the comparison. The financial results could potentially lead to a decrease in the stock price and impact the company’s ability to invest in new technologies. However, it is important to consider the company’s focus on providing brand protection and enhancement solutions and the potential long-term implications for the industry as a whole.
- VerifyMe, Inc. reported cash flow provided by operations of $0.6 million for Q4 2024, down from $0.9 million in the same period last year.
- Annual revenue for 2024 was reported at $24.2 million, a decrease from $25.3 million in 2023.
- Gross profit for Q4 2024 was reported at $2.4 million or 32%, a decrease from $2.9 million or 33% in the same period last year.
- The net loss for Q4 2024 was reported at $0.5 million, a reversal from net income less than $0.1 million in the same period last year.
- The full year net loss was reported at $3.8 million, including $1.6 million of one-time adjustments, compared to a net loss of $3.4 million in 2023.
- Adjusted EBITDA for Q4 2024 was reported at $0.5 million, a decrease from $1.1 million in Q4 2023.
- As of February 28, 2025, the Company reported cash of $5.7 million or $0.46 per share.
- Senior long-term debt of $0.9 million was repaid in 2025.
- The decline in revenue and profitability could potentially lead to a decrease in the stock price and impact the company’s ability to invest in new technologies.
- The financial results may not have a significant impact on the world as a whole, but could impact the growth and development of the brand protection industry.
