- VerifyMe, Inc (NASDAQ:VRME) reported second-quarter FY22 revenue growth of 3,527% year-on-year to $4.5 million, beating the consensus of $3 million.
- The increase in revenue is primarily related to the acquisition of the PeriShip business on April 22.
- The legacy VerifyMe Solutions segment revenue increased by 115%, primarily from new customers using its authentication serialization technology.
- The gross margin contracted 4,200 bps to 37% due to the lower margins of its recently acquired PeriShip solutions segment.
- Operating loss was $(1.3) million versus $(1.4) million a year ago.
- EPS loss of $(1.53) missed the consensus loss of $(0.51).
- VerifyMe recently initiated a new $1.5 million share repurchase program for 12 months.
- VerifyMe held $3.8 million in cash and equivalents.
- VerifyMe decided not to extend the period for the G3 VRM Acquisition Corp special purpose acquisition company (SPAC) to consummate a business combination, and accordingly, the SPAC dissolved and liquidated.
- Price Action: VRME shares traded flat at $1.78 on the last check Monday.
Fact Check: Cheems, The Shiba Inu Meme Icon Passes Away, Not Kabosu, The Dog Behind Dogecoin
Cheems, the adorable Shiba Inu who captured the hearts of millions as a popular meme icon, passed away on Friday at the age of 12. The news, shared through a post on Cheems’ official Instagram account, left fans grieving the loss of this beloved internet canine celebrity.
