VerifyMe Inc (FRA:LT1B)

€ 1.11 -0.01 (-0.89%) Market Cap: 11.87 Mil Enterprise Value: 11.61 Mil PE Ratio: 0 PB Ratio: 1.06 GF Score: 75/100

Q2 2024 VerifyMe Inc Earnings Call Transcript

Aug 13, 2024 / 03:00PM GMT

Release Date Price: €0.945

Transcript 10-Q8-K

Key Points

Positve

VerifyMe Inc (VRME) reported a fourth consecutive quarter of positive adjusted EBITDA.
Gross profit increased by 32% to $2.1 million in Q2 2024 compared to Q2 2023.
The company has a healthy balance sheet with sufficient cash flow to execute organic growth plans.
The relationship with Amazon is expected to be transformative for the authentication segment.
The company has increased its customer base within the proactive service line by 7% in H1 2024 compared to 2023.

Negative

Q2 2024 revenue remained flat compared to 2023, indicating stagnant growth.
The company anticipates a slight negative adjusted EBITDA for Q3 2024 due to changes in a large FedEx contract.
Parcel shipping volumes with existing customers are down 9% year-over-year in H1 2024.
The adoption of authentication and traceability services is slower than desired, impacting revenue growth.
The formalization of the relationship with Amazon is taking longer than anticipated, delaying potential revenue.

Operator

Good day, and welcome to the VerifyMe second-quarter 2024 financial results conference call. (Operator Instructions)

Please note today's event is being recorded. I'd now like to turn the conference over to Nancy Meyers, Chief Financial Officer. Please go ahead.

Nancy Meyers

VerifyMe Inc - Chief Financial Officer, Executive Vice President, Treasurer, Corporate Secretary

Good morning, everyone, and thank you for joining us today for our earnings call presentation. On the call today, I am joined by Adam Stedham, CEO and President, who will give an operations and strategic update. Following our management presentation, we will have a Q&A session.

I would like to bring your attention to the note on forward-looking statements on slide 3. Today's presentation and the answers to questions include forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and on the risk factors of the

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