VerifyMe ( (VRME) ) has released its Q3 earnings. Here is a breakdown of the information VerifyMe presented to its investors.
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VerifyMe, Inc., operating in the traceability and customer support services sector, specializes in providing logistics and brand protection solutions globally. In its third-quarter earnings report for 2024, VerifyMe announced a slight decline in revenue to $5.4 million compared to the previous year, while maintaining a consistent Adjusted EBITDA of $0.2 million. However, the company faced a significant net loss of $2.4 million, primarily due to one-time adjustments and impairments in their Authentication segment. Despite the challenges, the Precision Logistics segment showed growth, contributing 98% of the quarter’s revenue. VerifyMe has decided to discontinue its codes portion in the Authentication segment, redirecting focus and investment towards Precision Logistics and other strategic growth avenues. Looking forward, VerifyMe remains optimistic about achieving continued growth in Adjusted EBITDA and is exploring new strategic opportunities to enhance shareholder value.
