- Quarterly revenue of $5.3
million in Q2 2023, compared to $4.5
million in Q2 2022
- Net loss of $0.9 million in Q2
2023, compared to a net loss of $12.6
million in Q2 2022 (inclusive of write off of $11.2 million related to the SPAC)
- Adjusted EBITDA(1) of ($0.4) million in Q2 2023, primarily due to
acquisition, integration and operating costs of ($0.2) million, compared to ($0.3) million in Q2 2022
- Cash of $2.7 million as of
June 30, 2023
LAKE
MARY, Fla., Aug. 10,
2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ:
VRME) together with its subsidiaries, Trust Codes Global Limited
("Trust Codes Global") and PeriShip Global LLC ("PeriShip Global"),
(together "VerifyMe," "we," "our," or the "Company") provides brand
owners time and temperature sensitive logistics, supply chain
traceability and monitoring, authentication, and data-rich brand
enhancement services, announced today the Company's financial
results for its second quarter ended June
30, 2023 ("Q2 2023").
Key Financial Highlights for Q2 2023:
- Quarterly consolidated revenue of $5.3
million for the three months ended June 30, 2023, an increase of 19% compared to
$4.5 million for the three months
ended June 30, 2022, primarily
attributable to the acquisition of the PeriShip Global business in
April 2022
- Gross profit of $1.8 million or
34% for the three months ended June 30,
2023, compared to $1.7 million
or 37% for the three months ended June 30,
2022
- Net loss of $0.9 million or
($0.09) per diluted share for the
three months ended June 30, 2023,
compared to a net loss of $12.6
million or ($1.50) per diluted
share for the three months ended June 30,
2022, which included approximately $11.2 million non-cash impairment related to the
SPAC liquidation
- Adjusted net loss per diluted share(1) of
($0.11), for the three months ended
June 30, 2023, and ($0.10) for the three months ended June 30, 2022, after adjusting for severance
expense, unrealized and realized loss on equity investment, change
in fair value of contingent consideration and acquisition-related
costs
- Adjusted EBITDA(1) of ($0.4) million in Q2 2023, primarily due to
acquisition, integration and operating costs of ($0.2) million, compared to ($0.3) million in Q2, 2022
- Cash of $2.7 million as of
June 30, 2023
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA and
Adjusted net loss per diluted share are non-GAAP financial
measures. See "Use of Non-GAAP Financial Measures" below for
information about these non-GAAP measures. A reconciliation to the
most directly comparable GAAP measure, net income (loss), and net
loss per diluted share, respectively, are included as a schedule to
this release.
|
Adam Stedham, VerifyMe's CEO and
President stated, "Since joining the Company in June of this year,
we have defined two operating segment strategies aligned to our
traceability services, and overhauled the executive team. Q2
2023 revenue is 19% above the same quarter 2022 revenue. The
acquisition and integration of Trust Codes impacted Q2
profitability, but the vertical integration of their technology is
key to execution of our traceability strategy. I expect the
combination of the traceability strategy, strategic leadership
reorganization, and cost rationalization will enable growth of the
company beginning in the second half of 2023 and accelerating in
2024."
Recent Business Highlights
- Adam Stedham was appointed CEO
effective June 19, 2023
- Outlined our two business segments (Authentication &
Precision Logistics)
- Strategic reorganization aimed at accelerating growth through
leveraging our technology strengths, expanding marketing
capabilities and optimizing overhead expenses
- Reorganized VerifyMe sales and marketing team
Financial Results for the Three Months Ended June 30, 2023:
Revenue for the three months ended June
30, 2023, was $5.3 million, a
19% increase as compared to $4.5
million for the three months ended June 30, 2022. The increase in revenue was
primarily attributable to the acquisition of the PeriShip Global
business in April 2022, which
accounted for 98% of the revenue for the quarter.
Gross profit for the three months ended June 30, 2023, was $1.8
million, compared to $1.7
million for the three months ended June 30, 2022. The resulting gross margin
percentage was 34% for the three months ended June 30, 2023, compared to 37% for the three
months ended June 31, 2022,
principally due to the acquisition of the PeriShip Global business
in April 2022. The mix between our proactive services and
premium services is attributed to our lower gross profit margin for
the quarter.
Operating loss for the three months ended June 30, 2023, was $1.0
million, a decreased loss of $0.3
million compared to $1.3
million for the three months ended June 30, 2022. The decreased loss is primarily
related to the increased gross profit attributable to the
acquisition of PeriShip Global, acquisition costs for PeriShip
Global in 2022 that did not recur in 2023, a reduction in employees
in the Authentication segment partially offset by the integration
and operating costs of Trust Codes Global and additional operating
expenses in the Precision Logistics segment in 2023 for the full
quarter.
Our net loss for the three months ended June 30, 2023, was $0.9
million, compared to $12.6
million for the three months ended June 30, 2022, which included $11.2 million non-cash impairment related to the
SPAC liquidation. The resulting loss for the three months ended
June 30, 2023, was ($0.09) per diluted share, compared to a loss per
diluted share of ($1.50) for the
three months ended June 30, 2022.
After accounting for special items, which are set forth in
the Non-GAAP Reconciliation – Adjusted EPS below, Adjusted EPS was
($0.11) for the three months ended
June 30, 2023, and ($0.10) for the three months ended June 30. 2022.
Adjusted EBITDA loss for the three months ended June 30, 2023, was ($0.4)
million, a decrease of $0.1
million, compared to ($0.3)
million for the three months ended June 30, 2022. Adjusted EBITDA is a non-GAAP
financial measure. Please see "Use of Non-GAAP Financial Measures"
for a discussion of this non-GAAP measure. A reconciliation to the
most directly comparable GAAP measure, net loss, is included as a
schedule to this release.
At June 30, 2023, VerifyMe had a
$2.7 million cash balance and
$1.4 million in working capital.
At June 30, 2023, VerifyMe had
10,190,433 shares issued and 9,842,765 shares outstanding.
Earnings Call
The Company has scheduled an earnings conference call and
webcast for 11:00 a.m. ET on Thursday
August 10, 2023. Prepared remarks regarding the
company's financial and operational results will be followed by a
question and answer period with VerifyMe's executive team. The
conference call may be accessed via webcast
at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=s45ujf2v or
by calling +1 (844) 282-4569 within the US, or +1 (412) 317-5614
internationally, and requesting the "VerifyMe Call." The
presentation slides broadcast via the webcast will also be
available on the Investors section of the VerifyMe website the
morning of the call. Participants must be logged in via telephone
to submit a question to management during the call. Participants
may optionally pre-register for the conference call and webcast at:
https://dpregister.com/sreg/10181116/f9f8ae8850.
The webcast and presentation will be archived on the Investors
section of VerifyMe's website and will remain available for 90
days.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), together with its subsidiaries,
PeriShip Global and Trust Codes Global, is a software driven
logistics provider of high-touch, end-to-end logistics management.
We provide logistics management from a sophisticated IT platform
with proprietary databases, package and flight-tracking software,
weather, and flight status monitoring systems, as well as dynamic
dashboards with real-time visibility into shipment transit and
last-mile events. In addition, VerifyMe and Trust Codes Global
provide brand protection and brand enhancement solutions allowing
brand owners to gather business intelligence. To learn more, visit
https://www.verifyme.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements regarding
revenue opportunities, recurring revenue, commercialization
efforts, our sales pipeline and opportunities, and the acquisition
of the business and assets of PeriShip, LLC and Trust Codes Global
Limited. The words "believe," "may," "will," "beginning," "expect"
and similar expressions, as they relate to us, are intended to
identify forward-looking statements. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy and financial needs. Important factors that could
cause actual results to differ from those in the forward-looking
statements include our engagement in future acquisitions or
strategic partnerships that increase our capital requirements or
cause us to incur debt or assume contingent liabilities, the
successful integration of our acquisitions (including the assets of
PeriShip Global and Trust Codes Global), our reliance on one key
strategic partner for shipping services in our Precision Logistics
segment, competition including by our key strategic partner,
seasonal trends in our business, severe climate conditions, the
highly competitive nature of the industry in which we operate, our
brand image and corporate reputation, impairments related to our
goodwill and other intangible assets, economic and other factors
such as recessions, downturns in the economy, inflation, global
uncertainty and instability, the effects of pandemics, changes in
United States social, political,
and regulatory conditions and/or a disruption of financial markets,
reduced freight volumes due to economic conditions, reduced
discretionary spending in a recessionary environment, global
supply-chain delays or shortages, fluctuations in labor costs, raw
materials, and changes in the availability of key suppliers, our
history of losses, our ability to use our net operating losses to
offset future taxable income, the confusion of our name brand with
other brands, the ability of our technology to work as anticipated
and to successfully provide analytics logistics management, our
ability to manage our growth effectively, our ability to
successfully develop and expand our sales and marketing
capabilities, risks related to doing business outside of the U.S.,
intellectual property litigation, our ability to successfully
develop, implement, maintain, upgrade, enhance, and protect our
information technology systems, our reliance on third-party
information technology service providers, our ability to respond to
evolving laws related to information technology such as privacy
laws, risks related to deriving revenue from some clients in the
cannabis industry, our ability to retain key management personnel,
our ability to work with partners in selling our technologies to
businesses, production difficulties, our inability to enter into
contracts and arrangements with future partners, our ability to
acquire new customers, issues which may affect the reluctance of
large companies to change their purchasing of products, acceptance
of our technologies and the efficiency of our authenticators in the
field, our ability to comply with the continued listing standards
of the Nasdaq Capital Market, and our ability to timely pay amounts
due and comply with the covenants under our debt facilities. These
risk factors and uncertainties include those more fully described
in VerifyMe's Annual Report and Quarterly Reports filed with the
Securities and Exchange Commission, including under the heading
entitled "Risk Factors." Should one or more of these risks or
uncertainties materialize, or should any of our underlying
assumptions prove incorrect, actual results may vary materially
from those currently anticipated. Any forward-looking statement
made by us herein speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Use of Non-GAAP Financial Measures
This press release includes both financial measures in
accordance with U.S. generally accepted accounting principles
("GAAP"), as well as non-GAAP financial measures. Generally, a
non-GAAP financial measure is a numerical measure of a company's
performance, financial position or cash flows that either excludes
or includes amounts that are not normally included or excluded in
the most directly comparable measure calculated and presented in
accordance with GAAP. Non-GAAP financial measures should be viewed
as supplemental to and should not be considered as alternatives to
any other GAAP financial measures. They may not be indicative of
the historical operating results of VerifyMe nor are they intended
to be predictive of potential future results. Investors should not
consider non-GAAP financial measures in isolation or as substitutes
for performance measures calculated in accordance with GAAP.
VerifyMe's management uses and relies on EBITDA and Adjusted
EBITDA, which are non-GAAP financial measures. The Company believes
that both management and shareholders benefit from referring to
EBITDA and Adjusted EBITDA in planning, forecasting and analyzing
future periods. Additionally, the Company believes Adjusted EBIDTA
is useful to investors to evaluate its results because it excludes
certain items that are not directly related to the Company's core
operating performance. In particular, with regard to our comparison
of Adjusted EBITDA for the three and six months ended June 30, 2023, to the three and six months ended
June 30, 2022, we believe that
certain charges make a three and six month to three and six month
comparison of net loss less useful to investors than a comparison
of Adjusted EBITDA in understanding the results of operations. The
Company's management uses these non-GAAP financial measures in
evaluating its financial and operational decision making and as a
means to evaluate period-to-period comparison. The Company's
management recognizes that EBITDA and Adjusted EBITDA, as non-GAAP
financial measures, have inherent limitations because of the
described excluded items.
The Company defines EBITDA as net income (loss) before interest
expense, income tax expense (benefit), and depreciation and
amortization. Adjusted EBITDA represents EBITDA plus non-cash stock
compensation expense, severance expense, unrealized (loss) gain on
equity investment, realized loss on equity investment, impairment
of intangibles, change in fair value of contingent consideration
and one-time professional expenses for acquisitions. VerifyMe
believes EBITDA and Adjusted EBITDA are important measures of
VerifyMe's operating performance because they allow management,
investors and analysts to evaluate and assess VerifyMe's core
operating results from period-to-period after removing the impact
of items of a non-operational nature that affect comparability.
Adjusted Net Loss per Diluted Share ("Adjusted EPS"), which is a
non-GAAP financial measure, is defined as loss per diluted share
excluding severance expense, unrealized gain (loss) on equity
investment, realized loss on equity investment, change in fair
value of contingent consideration and one-time professional
expenses for acquisitions. Management uses Adjusted EPS to assess
total Company operating performance on a consistent basis. We
believe that this non-GAAP financial measure, when considered
together with our GAAP financial results, provides management and
investors with an additional understanding of our business
operating results, including underlying trends.
A reconciliation of EBITDA, Adjusted EBITDA and Adjusted EPS to
the most comparable financial measure, net loss, calculated in
accordance with GAAP is included in a schedule to this press
release. The Company believes that providing the non-GAAP financial
measures, together with the reconciliation to GAAP, helps investors
make comparisons between VerifyMe and other companies. In making
any comparisons to other companies, investors need to be aware that
companies use different non-GAAP measures to evaluate their
financial performance. Investors should pay close attention to the
specific definition being used and to the reconciliation between
such measure and the corresponding GAAP measure provided by each
company under applicable SEC rules as the presentation here may not
be comparable to other similarly titled measures of other
companies.
VerifyMe, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
|
|
|
|
As of
|
|
|
|
|
|
|
|
June 30,
2023
|
|
|
December 31,
2022
|
|
|
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents including restricted cash
|
|
$
|
2,697
|
|
|
$
|
3,411
|
|
Accounts receivable,
net of allowance for credit loss reserve, $33 and $37 as of June
30,
2023 and December 31, 2022, respectively
|
|
|
1,286
|
|
|
|
4,448
|
|
Unbilled
revenue
|
|
|
734
|
|
|
|
1,185
|
|
Prepaid expenses and
other current assets
|
|
|
308
|
|
|
|
333
|
|
Inventory
|
|
|
47
|
|
|
|
81
|
|
TOTAL CURRENT
ASSETS
|
|
|
5,072
|
|
|
|
9,458
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET
|
|
$
|
288
|
|
|
|
292
|
|
|
|
|
|
|
|
|
|
|
RIGHT OF USE
ASSET
|
|
|
554
|
|
|
|
469
|
|
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS,
NET
|
|
|
6,990
|
|
|
|
6,412
|
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
5,338
|
|
|
|
3,988
|
|
|
|
|
|
|
|
|
|
|
DEFERRED IMPLEMENTATION
COSTS
|
|
|
182
|
|
|
|
133
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
18,424
|
|
|
$
|
20,752
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
|
1,300
|
|
|
$
|
500
|
|
Accounts
payable
|
|
|
1,400
|
|
|
|
3,912
|
|
Other accrued
expense
|
|
|
723
|
|
|
|
902
|
|
Lease liability-
current
|
|
|
174
|
|
|
|
115
|
|
Contingent
liability-short term
|
|
|
122
|
|
|
|
-
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
3,719
|
|
|
|
5,429
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES
|
|
|
|
|
|
|
|
|
Contingent
liability-long term
|
|
$
|
831
|
|
|
$
|
-
|
|
Long-term lease
liability
|
|
|
389
|
|
|
|
359
|
|
Long-term derivative
liability
|
|
|
2
|
|
|
|
3
|
|
Term note
|
|
|
1,125
|
|
|
|
1,375
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
$
|
6,066
|
|
|
$
|
7,166
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Convertible
Preferred Stock, $.001 par value, 37,564,767 shares authorized;
0
shares issued and outstanding as of June 30, 2023 and December 31,
2022, respectively
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Series B Convertible
Preferred Stock, $.001 par value; 85 shares authorized; 0.85
shares
issued and outstanding as of June 30, 2023 and December 31, 2022,
respectively
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value; 675,000,000 authorized; 10,190,433 and 9,341,002
issued, 9,842,765 and 8,951,035 shares outstanding as of June 30,
2023 and December
31, 2022, respectively
|
|
|
10
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
Additional paid in
capital
|
|
|
94,111
|
|
|
|
92,987
|
|
|
|
|
|
|
|
|
|
|
Treasury stock as cost;
347,668 and 389,967 shares at June 30, 2023 and December 31,
2022, respectively
|
|
|
(792)
|
|
|
|
(949)
|
|
|
|
|
|
|
|
|
|
|
Accumulated
deficit
|
|
|
(80,921)
|
|
|
|
(78,459)
|
|
|
|
|
|
|
|
|
|
|
Accumulated other
comprehensive loss
|
|
|
(50)
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
12,358
|
|
|
|
13,586
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
$
|
18,424
|
|
|
$
|
20,752
|
|
Consolidated Statements
of Operations
(Unaudited)
(In thousands, except share
data)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2023
|
|
|
June 30,
2022
|
|
|
June 30,
2023
|
|
|
June 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUE
|
|
$
|
5,335
|
|
|
$
|
4,497
|
|
|
$
|
10,996
|
|
|
$
|
4,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUE
|
|
|
3,515
|
|
|
|
2,812
|
|
|
|
7,422
|
|
|
|
2,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
1,820
|
|
|
|
1,685
|
|
|
|
3,574
|
|
|
|
1,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative (a)
|
|
|
2,342
|
|
|
|
2,535
|
|
|
|
5,098
|
|
|
|
4,000
|
|
Research and
development
|
|
|
10
|
|
|
|
25
|
|
|
|
18
|
|
|
|
34
|
|
Sales and marketing
(a)
|
|
|
506
|
|
|
|
447
|
|
|
|
1,000
|
|
|
|
746
|
|
Total Operating
expenses
|
|
|
2,858
|
|
|
|
3,007
|
|
|
|
6,116
|
|
|
|
4,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE OTHER
(EXPENSE)
|
|
|
(1,038)
|
|
|
|
(1,322)
|
|
|
|
(2,542)
|
|
|
|
(2,972)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses,
net
|
|
|
(46)
|
|
|
|
(23)
|
|
|
|
(88)
|
|
|
|
(22)
|
|
Unrealized gain (loss)
on equity investment
|
|
|
30
|
|
|
|
(246)
|
|
|
|
(2)
|
|
|
|
6
|
|
Realized loss on equity
investment
|
|
|
-
|
|
|
|
(10,964)
|
|
|
|
-
|
|
|
|
(10,964)
|
|
Change in fair value of
contingent consideration
|
|
|
172
|
|
|
|
-
|
|
|
|
172
|
|
|
|
|
-
|
Other (expense) income,
net
|
|
|
-
|
|
|
|
-
|
|
|
|
(2)
|
|
|
|
3
|
|
TOTAL OTHER INCOME
(EXPENSE), NET
|
|
|
156
|
|
|
|
(11,233)
|
|
|
|
80
|
|
|
|
(10,977)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(882)
|
|
|
$
|
(12,555)
|
|
|
$
|
(2,462)
|
|
|
$
|
(13,949)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
(0.09)
|
|
|
|
(1.50)
|
|
|
|
(0.26)
|
|
|
|
(1.78)
|
|
DILUTED
|
|
|
(0.09)
|
|
|
|
(1.50)
|
|
|
|
(0.26)
|
|
|
|
(1.78)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARE OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
9,765,452
|
|
|
|
8,387,662
|
|
|
|
9,614,183
|
|
|
|
7,851,463
|
|
DILUTED
|
|
|
9,765,452
|
|
|
|
8,387,662
|
|
|
|
9,614,183
|
|
|
|
7,851,463
|
|
|
|
(a)
|
Includes share-based
compensation of $315 thousand and $601 thousand for the three and
six months ended June 30, 2023, respectively, and $312 thousand and
$742 thousand for the three and six months ended June 30, 2022,
respectively.
|
VerifyMe, Inc.
Consolidated EBITDA and Adjusted EBITDA Reconciliation Table
(Unaudited)
(In thousands)
|
|
|
|
Three Months
Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
(GAAP)
|
|
$
|
(882)
|
|
|
$
|
(12,555)
|
|
|
$
|
(2,462)
|
|
|
$
|
(13,949)
|
Interest expense
(income), net
|
|
|
46
|
|
|
|
23
|
|
|
|
88
|
|
|
|
22
|
Income tax expense
(benefit)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Amortization and
depreciation
|
|
|
258
|
|
|
|
208
|
|
|
|
540
|
|
|
|
243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total EBITDA
(Non-GAAP)
|
|
|
(578)
|
|
|
|
(12,324)
|
|
|
|
(1,834)
|
|
|
|
(13,684)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based
compensation
|
|
|
19
|
|
|
|
5
|
|
|
|
41
|
|
|
|
92
|
Fair value of
restricted stock and restricted stock units issued in exchange
for services
|
|
|
296
|
|
|
|
308
|
|
|
|
448
|
|
|
|
650
|
Severance
|
|
|
29
|
|
|
|
-
|
|
|
|
332
|
|
|
|
-
|
Unrealized (gain) loss
on equity investment
|
|
|
(30)
|
|
|
|
246
|
|
|
|
2
|
|
|
|
(6)
|
Realized loss on equity
investment
|
|
|
-
|
|
|
|
10,964
|
|
|
|
-
|
|
|
|
10,964
|
Change in fair value of
contingent consideration
|
|
|
(172)
|
|
|
|
-
|
|
|
|
(172)
|
|
|
|
-
|
Impairment of
intangibles
|
|
|
34
|
|
|
|
-
|
|
|
|
34
|
|
|
|
-
|
One-time professional
expenses for acquisitions
|
|
|
-
|
|
|
|
498
|
|
|
|
278
|
|
|
|
623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted
EBITDA (Non-GAAP)
|
|
$
|
(402)
|
|
|
$
|
(303)
|
|
|
$
|
(871)
|
|
|
$
|
(1,361)
|
Consolidated EPS and
Adjusted EPS Reconciliation Table
(Unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
2023
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
(GAAP)
|
|
$
|
(0.09)
|
|
|
$
|
(1.50)
|
|
|
$
|
(0.26)
|
|
|
$
|
(1.78)
|
Severance expense, per
share
|
|
|
-
|
|
|
|
-
|
|
|
|
0.03
|
|
|
|
-
|
Unrealized (gain) loss
on equity investment, per share
|
|
|
-
|
|
|
|
0.03
|
|
|
|
-
|
|
|
|
-
|
Realized loss on equity
investment, per share
|
|
|
-
|
|
|
|
1.31
|
|
|
|
-
|
|
|
|
1.40
|
Change in fair value of
contingent consideration, per share
|
|
|
(0.02)
|
|
|
|
-
|
|
|
|
(0.02)
|
|
|
|
-
|
One-time professional
expenses for acquisitions, per share
|
|
|
-
|
|
|
|
0.06
|
|
|
|
0.03
|
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted EPS
(Non-GAAP)
|
|
$
|
(0.11)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.22)
|
|
|
$
|
(0.30)
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/verifyme-reports-second-quarter-2023-financial-results-301897858.html
SOURCE VerifyMe, Inc.