The following is a summary of the VerifyMe, Inc. (VRME) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue remained effectively flat at $5.4 million, compared to $5.3 million in the previous year.

• Gross profit increased considerably by 32% to $2.1 million in Q2 2024 from $1.6 million in Q2 2023.

• Adjusted EBITDA remained positive for the fourth consecutive quarter and improved by $0.6 million to achieve $0.2 million.

• Net loss significantly improved by $0.6 million to $0.3 million, which is less severe than the loss of $0.9 million in Q2 2023.

Business Progress:

• VerifyMe is expanding its Precision Logistics segment particularly in the Northeast region (Maine to Pennsylvania).

• Significant progress has been made in formalizing a relationship with Amazon, expected to generate substantial value.

• The Authentication segment anticipates higher H2 2024 revenues compared to H2 2023, supported by positive trends in APAC, other strategic relations, regulatory controls, and ink sales.

Opportunities:

• The company is targeting geographic and customer base expansion in the Precision Logistics segment.

• Developing a formalized relationship with Amazon presents a significant value creation opportunity for various stakeholders, expecting to transform the authentication business segment.

Risks:

• Verified revenue growth for 2024 is expected to be flat compared to 2023, mainly due to unexpected items impacting current year forecasts.

• Potential challenges in the adoption rates of new industry standards which could delay anticipated revenue increases from compliance-related business uptake.

More details: VerifyMe IR

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