VerifyMe, Inc. (NASDAQ: VRME) shares advanced Tuesday, on announcing today the Company's financial results for its second quarter ended June 30, 2024
The company reported quarterly consolidated revenue of $5.4 million in Q2 2024, compared to $5.3 million for the three months ended June 30, 2023.
Gross profit of $2.1 million or 39% in Q2 2024, compared to $1.6 million or 30% in Q2 2023
Net loss of ($0.3) million or ($0.03) per diluted share in Q2 2024, compared to a net loss of ($0.9) million or ($0.09) per diluted share in Q2 2023
CEO Adam Stedham, VerifyMe's CEO and President stated, "The Company reported second quarter positive adjusted EBITDA and continues to project a positive adjusted EBITDA for the full year of 2024. We continue to believe the regulatory environment impacting VerifyMe and the overall authentication industry can significantly enhance our long-term prospects.
“In addition, we have made significant progress towards formalizing an agreement of our desired relationship with Amazon. Although the length and time commitment of this process has been larger than anticipated, we look forward to updating shareholders further in the near future."
At June 30, 2024, VerifyMe had a $2.9 million cash balance and $2.2 million in working capital and had 10,655,065 shares issued and 10,384,698 shares outstanding.
VRME captured four cents, or 3.8%, to $1.10.
