Summary by Moomoo AI
Verb Technology Company, Inc. reported a significant increase in revenue for the quarter ended September 30, 2024, with a rise from $29 thousand in Q3 2023 to $128 thousand in Q3 2024, marking a 341% year-over-year growth. This increase is attributed to the company's MARKET.live business unit and its partnership with TikTok, as well as revenue from the Go Fund Yourself unit. Operating expenses saw a decrease, with depreciation and amortization costs dropping from $564 thousand to $273 thousand due to extended asset life, and general and administrative expenses reducing by 26% to $2,113 thousand. The company's net loss from continuing operations improved by $1,576 thousand to a loss of $1,965 thousand. Verb Technology's cash position remains strong with $10.5 million in cash and $5.1 million in short-term investments. The company's focus on interactive video-based social commerce and strategic relationships, such as with TikTok, are central to its business development. Looking ahead, Verb Technology plans to continue expanding its MARKET.live platform and leverage its partnerships to drive growth and create shareholder value.
