VerifyMe, a technology solutions company that markets a portfolio of products in the field of counterfeiting prevention, authentication, track and trace, serialization and multi-factor biometric verification solutions, has announced their financial results for the period ended 30 September 2018.
Image: VerifyMe has reported increase of revenue in third quarter of 2018. Photo: courtesy of Graphics Mouse / FreeDigitalPhotos.net.
Revenue for the three-month period ended September 30, 2018 was $28,273, an increase of 7,113% over the third quarter 2018, and 315% over the second quarter of 2018. Revenue year to date was $35,072, an increase of 8,847% over the revenue for the same period in 2017.
Operating Loss was $567,227 for the quarter ended September 30, 2018, compared to an Operating Loss of $382,766 for the third quarter of 2017.
Cumulative year to date Operating Loss was $2,109,586 through the third quarter of 2018, compared to Operating Loss of $1,163,710 for the comparable period of 2017, which was principally due to an increase in non-cash charges related to restricted stock awards and stock options as well as increases in some non-recurring product development expenses related to activities that will expand our operations.
Net Cash Used in Operations for the quarter amounted to $479,476, compared to $345,294 for the third quarter of 2017. Net Cash Used in Operations year to date was $1,987,465 as compared to $626,743 in the same period in 2017. The increase primarily related to a one-time settlement payment of $500,000 to certain shareholders of the Company as well as increases in expenses related to activities that will expand our operations.
Net loss increased to $479,476 in the third quarter 2018 from a net loss of $384,983 in the third quarter of 2017. Our year to date Net Loss of $2,398,304 compared to a $1,198,079 Net Loss in the comparable period ended September 30, 2017.
Adjusted EBITDA (in the attached table), which we believe is a meaningful supplemental disclosure that may be indicative of how management and our Board of Directors evaluates Company performance, adjusts Income or Loss for non-cash charges such as depreciation & amortization, stock based compensation, transactions outside the normal course of business for the three-month periods ended September 30, 2018 and 2017 was $(271,297) and $(258,520). Year to date Adjusted EBITDA was $(894,803) as compared to $(698,163) for the comparable period of 2017.
Cash balance as of September 30, 2018 was $2,124,272 compared to $693,001 as of December 31, 2017, and $759,698 as of September 30, 2017. The Company has no Long-Term Debt as of September 30, 2018.
Important Milestones to Watch For:
New RainbowSecure Identifier Authentication Technology Revenue Generating Projects
Revenue from VerifyMe’s VeriPAS Serialization, Track and Trace Cloud Solutions
Additional Licensing Contracts with Label and Packaging Print Providers;
Expansion of VerifyMe Technology to Additional Larger Format HP Indigo Digital Presses
Expansion of VerifyMe Technology to Inkjet and Flexographic Printing Presses
Expansion of VerifyMe Technology to Thermal Transfer Printers
VerifyMe president and CEO Patrick White said: “It took a lot of effort but we are now positioned for revenue growth as well as fulfilling “meeting requests” we have received from over 50 prospects which includes some of the largest names in the Fortune 500 from all parts of the globe that have inquired about our products and technology.”
White continued, “Watch for new announcements concerning new revenue wins, market penetration and key technology expansion offerings in the coming months.”
VerifyMe is a technology solutions company that markets products supported by patents, patent applications and trade secrets which provides identifiers and serialization for authenticating, tracking and tracing functions for labels, packaging, products.
Source: Company Press Release