VerifyMe Stories Optimistic Web Revenue in Fourth Quarter 2022 Monetary Outcomes

• Quarterly income of $9.7 million in This autumn 2022, in comparison with $0.3 million in This autumn 2021
• Web earnings of $0.1 million in This autumn 2022, in comparison with Web lack of $1.0 million in This autumn 2021
• Adjusted EBITDA⁽¹⁾ of $0.7 million in This autumn 2022, in comparison with ($0.8) million in This autumn 2021
• Money of $3.4 million as of December 31, 2022
• Reported efficient inside controls over monetary reporting

LAKE MARY, Fla., March 28, 2023 /PRNewswire/ — VerifyMe, Inc. (NASDAQ: VRME) along with its subsidiaries PeriShip World LLC (“PeriShip World”) and Belief Codes World Restricted (“Belief Codes World”), (collectively “VerifyMe,” “we,” “our,” or the “Firm”) gives model homeowners time and temperature delicate logistics, provide chain monitoring, authentication, and data-rich client engagement providers, introduced at the moment the Firm’s monetary outcomes for its fourth quarter ended December 31, 2022 (“This autumn 2022”), which incorporates the outcomes of PeriShip World acquired by the Firm in April 2022 and are consistent with our preliminary unaudited outcomes printed on February 21, 2023.

Key Monetary Highlights for This autumn 2022:

• Quarterly consolidated income of $9.7 million for the three months ended December 31, 2022, a rise of three,705% in comparison with $0.3 million for the three months ended December 31, 2021, primarily attributable to the acquisition of the PeriShip World enterprise in April 2022
• Gross revenue of $2.8 million or 29% for the three months ended December 31, 2022, in comparison with $0.2 million or 67% for the three months ended December 31, 2021
• Web earnings of $0.1 million or $0.01 per diluted share for the three months ended December 31, 2022, in comparison with a internet lack of $1.0 million or ($0.14) per diluted share for the three months ended December 31, 2021
• Adjusted EBITDA⁽¹⁾ of $0.7 million in This autumn 2022, in comparison with ($0.8) million in This autumn 2021
• Money of $3.4 million as of December 31, 2022
• Administration concluded our inside controls over monetary reporting had been efficient as of December 31, 2022, after reporting a cloth weak spot in 2020 and 2021

Scott Greenberg, VerifyMe’s Interim CEO and Government Chairman said, “I’m excited to share that for the primary time we reported constructive working  earnings in the course of the fourth quarter on account of our acquisition of the PeriShip World enterprise.  The fourth quarter was the strongest quarter for income and gross revenue in our historical past.  The extra income from PeriShip World did end in a decline in our gross margin share for the quarter.  With the addition of Belief Codes World we glance to proceed to develop and broaden our world operations.”

Latest Enterprise Highlights

• Bought the property of Belief Codes Restricted, a cloud-based model safety entity, based mostly in New Zealand
• We entered right into a mutual gross sales referral settlement with The Agrarian Group to assist advance meals security and buyer loyalty in addition to improve income for each corporations
• We entered right into a five-year extension and growth of our settlement with ink taggant associate HP Indigo Ltd.

Monetary Outcomes for the Three Months Ended December 31, 2022:

Income for the three months ended December 31, 2022, was $9.7 million, a 3,705% improve as in comparison with $0.3 million for the three months ended December 31, 2021. The rise in income was primarily attributable to the acquisition of the PeriShip World enterprise in April 2022, which accounted for 92% of the income for the quarter.  

Gross revenue for the three months ended December 31, 2022, was $2.8 million, in comparison with $0.2 million for the three months ended December 31, 2021. The ensuing gross margin share was 29% for the three months ended December 31, 2022, in comparison with 67% for the three months ended December 31, 2021, principally because of the decrease margins of PeriShip World. Our PeriShip World Options phase product combine between our proactive and premium income streams resulted in decrease margins within the fourth quarter.

Working earnings for the three months ended December 31, 2022, was $0.1 million, a rise of $1.3 million in comparison with an working lack of $1.2 million for the three months ended December 31, 2021. The rise is primarily associated to the elevated gross revenue attributable to the acquisition of PeriShip World, partially offset by the extra working bills from the acquisition of PeriShip World.

Our internet earnings for the three months ended December 31, 2022, was $0.1 million, in comparison with internet lack of $1.0 million for the three months ended December 31, 2021. The ensuing earnings per share for the three months ended December 31, 2022, was $0.01 per diluted share, in comparison with a loss per diluted share of ($0.14) for the three months ended December 31, 2021. 

Adjusted EBITDA for the three months ended December 31, 2022, was $0.7 million, an enchancment of $1.5 million, in comparison with a lack of $0.8 million for the three months ended December 31, 2021. Adjusted EBITDA is a non-GAAP monetary measure. Please see “Use of Non-GAAP Monetary Measures” for a dialogue of this non-GAAP measure. A reconciliation to probably the most immediately comparable GAAP measure, internet earnings (loss), is included as a schedule to this launch.

At December 31, 2022, VerifyMe had a $3.4 million money steadiness and $4.0 million in working capital.

At December 31, 2022, VerifyMe had 9,341,002 shares issued and eight,951,035 shares excellent.

Earnings Name

The Firm has scheduled an earnings convention name and webcast for 11:00 a.m. ET on Tuesday March 28, 2023.  Ready remarks concerning the corporate’s monetary and operational outcomes can be adopted by a query and reply interval with VerifyMe’s govt workforce. The convention name could also be accessed by way of webcast at: https://occasion.choruscall.com/mediaframe/webcast.html?webcastid=8oUmHohp or by calling +1 (844) 282-4569 inside the US, or +1 (412) 317-5614 internationally, and requesting the “VerifyMe Name.” The presentation slides broadcast by way of the webcast will even be obtainable on the Buyers part of the VerifyMe web site the morning of the decision. Individuals have to be logged in by way of phone to submit a query to administration in the course of the name. Individuals could optionally pre-register for the convention name and webcast at: https://dpregister.com/sreg/10176573/f88c16333a.

The webcast and presentation can be archived on the Buyers part of VerifyMe’s web site and can stay obtainable for 90 days.

About VerifyMe, Inc.

VerifyMe, Inc. (NASDAQ: VRME), along with its subsidiaries, PeriShip World and Belief Codes World, is a software program pushed logistics supplier of high-touch, end-to-end logistics administration. We offer logistics administration from a complicated IT platform with proprietary databases, bundle and flight-tracking software program, climate, and flight standing monitoring techniques, in addition to dynamic dashboards with real-time visibility into cargo transit and last-mile occasions. As well as, VerifyMe and Belief Codes World present model safety and client engagement options permitting model homeowners to collect enterprise intelligence. To study extra, go to https://www.verifyme.com.

Cautionary Be aware Relating to Ahead-Trying Statements

This launch incorporates forward-looking statements concerning income alternatives, recurring income, commercialization efforts, our gross sales pipeline and alternatives, and the acquisition of the enterprise and property of PeriShip, LLC and Belief Codes World Restricted. The phrases “consider,” “could,” “anticipate,” “intend,” “ought to,” “plan,” “may,” “proceed,” “potential,” “to be,” “will,” “anticipate” and comparable expressions, as they relate to us, are meant to determine forward-looking statements. We’ve based mostly these forward-looking statements largely on our present expectations and projections about future occasions and monetary tendencies that we consider could have an effect on our monetary situation, outcomes of operations, enterprise technique and monetary wants. Essential components that would trigger precise outcomes to vary from these within the forward-looking statements embody our engagement in future acquisitions or strategic partnerships that improve our capital necessities or trigger us to incur debt or assume contingent liabilities, the profitable integration of our acquisitions (together with the property of PeriShip World and Belief Codes World), our reliance on one key strategic associate for delivery providers in our PeriShip World Options phase, competitors together with by our key strategic associate, seasonal tendencies in our enterprise, sever local weather circumstances, the extremely aggressive nature of the business by which we function, our model picture and company fame, impairments associated to our goodwill and different intangible property, financial and different components corresponding to recessions, downturns within the financial system, inflation, world uncertainty and instability, the consequences of pandemics, adjustments in United States social, political, and regulatory circumstances and/or a disruption of economic markets, diminished freight volumes as a consequence of financial circumstances, diminished discretionary spending in a recessionary surroundings, world supply-chain delays or shortages, fluctuations in labor prices, uncooked supplies, and adjustments within the availability of key suppliers, our historical past of losses, our capability to make use of our internet working losses to offset future taxable earnings, the confusion of our title model with different manufacturers, the flexibility of our know-how to work as anticipated and to efficiently present analytics logistics administration, our capability to handle our progress successfully, the small variety of clients that account for our income, our capability to efficiently develop and broaden our gross sales and advertising capabilities, dangers associated to doing enterprise exterior of the U.S., mental property litigation, our capability to efficiently develop, implement, preserve, improve, improve, and shield our info know-how techniques, our reliance on third-party info know-how service suppliers, our capability to answer evolving legal guidelines associated to info know-how corresponding to privateness legal guidelines, dangers associated to deriving income from some purchasers within the hashish business, our capability to retain key administration personnel, our capability to work with companions in promoting our applied sciences to companies, manufacturing difficulties, our incapability to enter into contracts and preparations with future companions, our capability to amass new clients, points which can have an effect on the reluctance of huge corporations to alter their buying of merchandise, acceptance of our applied sciences and the effectivity of our authenticators within the discipline, our capability to adjust to the continued itemizing requirements of the Nasdaq Capital Market, and our capability to well timed pay quantities due and adjust to the covenants beneath our debt amenities. These danger components and uncertainties embody these extra totally described in VerifyMe’s Annual Report and Quarterly Stories filed with the Securities and Change Fee, together with beneath the heading entitled “Danger Components.” Ought to a number of of those dangers or uncertainties materialize, or ought to any of our underlying assumptions show incorrect, precise outcomes could range materially from these at present anticipated. Any forward-looking assertion made by us herein speaks solely as of the date on which it’s made. Components or occasions that would trigger our precise outcomes to vary could emerge infrequently, and it’s not potential for us to foretell all of them. We undertake no obligation to publicly replace any forward-looking assertion, whether or not on account of new info, future developments or in any other case, besides as could also be required by regulation.

Use of Non-GAAP Monetary Measures

This press launch contains each monetary measures in accordance with U.S. usually accepted accounting ideas (“GAAP”), in addition to non-GAAP monetary measures. Typically, a non-GAAP monetary measure is a numerical measure of an organization’s efficiency, monetary place or money flows that both excludes or contains quantities that aren’t usually included or excluded in probably the most immediately comparable measure calculated and offered in accordance with GAAP. Non-GAAP monetary measures needs to be seen as supplemental to and shouldn’t be thought of as alternate options to some other GAAP monetary measures. They is probably not indicative of the historic working outcomes of VerifyMe nor are they meant to be predictive of potential future outcomes. Buyers shouldn’t contemplate non-GAAP monetary measures in isolation or as substitutes for efficiency measures calculated in accordance with GAAP.

VerifyMe’s administration makes use of and depends on EBITDA and Adjusted EBITDA, that are non-GAAP monetary measures. The Firm believes that each administration and shareholders profit from referring to EBITDA and Adjusted EBITDA in planning, forecasting and analyzing future durations. The Firm’s administration makes use of these non-GAAP monetary measures in evaluating its monetary and operational choice making and as a method to judge period-to-period comparability. The Firm’s administration acknowledges that EBITDA and Adjusted EBITDA, as non-GAAP monetary measures, have inherent limitations due to the described excluded gadgets.

The Firm defines EBITDA as internet earnings (loss) earlier than earnings tax expense (profit), curiosity expense, achieve on extinguishment of debt, payroll safety program debt forgiveness and depreciation and amortization. Adjusted EBITDA represents EBITDA plus non-cash inventory compensation expense, loss (achieve) on fairness investments, unrealized achieve on fairness funding and one-time skilled bills for acquisitions. VerifyMe believes EBITDA and Adjusted EBITDA are necessary measures of VerifyMe’s working efficiency as a result of they permit administration, buyers and analysts to judge and assess VerifyMe’s core working outcomes from period-to-period after eradicating the impression of things of a non-operational nature that have an effect on comparability.

A reconciliation of EBITDA and Adjusted EBITDA to probably the most comparable monetary measure, internet earnings (loss), calculated in accordance with GAAP is included in a schedule to this press launch. The Firm believes that offering the non-GAAP monetary measures, along with the reconciliation to GAAP, helps buyers make comparisons between VerifyMe and different corporations. In making any comparisons to different corporations, buyers should be conscious that corporations use totally different non-GAAP measures to judge their monetary efficiency. Buyers ought to pay shut consideration to the precise definition getting used and to the reconciliation between such measure and the corresponding GAAP measure supplied by every firm beneath relevant SEC guidelines because the presentation right here is probably not corresponding to different equally titled measures of different corporations.

SOURCE VerifyMe, Inc.