VerifyMe, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue of $5.4 million, a decrease of $0.2 million compared to $5.6 million in Q3 2023. The Precision Logistics segment accounted for 98% of the quarter's revenue, with its Proactive services revenue growing 9% year-over-year.
The company reported a net loss of ($2.4) million, or ($0.23) per diluted share, in Q3 2024, compared to a net loss of ($0.9) million, or ($0.09) per diluted share, in Q3 2023. This increased loss primarily relates to a $2.3 million goodwill and intangible asset impairment in the Authentication segment.
Management also announced a strategic decision to discontinue the codes portion of the Authentication Segment, including the Amazon Transparency opportunity, due to significant investment requirements and lack of success. This investment will be redirected into Precision Logistics, ink, or other strategic growth options, signaling a focused pivot for the company's future operations.
Adjusted EBITDA for Q3 2024 remained flat at $0.2 million compared to Q3 2023. The company maintained a cash balance of $2.6 million as of September 30, 2024.
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