VerifyMe, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting revenue of $4.5 million. This represents a $1.3 million decrease compared to $5.8 million in Q1 2024.
The revenue decline was primarily attributed to decreased demand across several proactive customers, one customer's shift to a cold chain strategy, a discontinued Premium services contract, and the divestiture of the Trust Codes Global business in December 2024.
Gross profit for Q1 2025 was $1.5 million, down from $2.3 million in Q1 2024, resulting in a gross margin of 33% compared to 39% in the prior year. The company reported a net loss of ($0.6) million, or ($0.05) per diluted share, consistent with Q1 2024, as a decrease in operating expenses offset the gross profit decline.
Adjusted EBITDA for Q1 2025 was $0.0 million, compared to $0.1 million in Q1 2024. As of March 31, 2025, VerifyMe maintained a cash balance of $5.7 million and working capital of $6.0 million.
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