LAKE MARY, Fla., Feb. 21, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiary PeriShip Global LLC ("PeriShip Global"), (together "VerifyMe," "we," "our," or the "Company") provides brand owners time and temperature sensitive logistics, supply chain monitoring, authentication, and data-rich consumer engagement services, announced today preliminary, unaudited revenue results for the fourth quarter ended December 31, 2022. The results are subject to the completion of the Company's year-end financial audit.
Preliminary fourth quarter 2022, revenue of approximately $9.7 million expected compared to $0.3 million in Q4 2021 and $5.2 million in Q3, 2022 representing growth of approximately 87% quarter over quarter.
Cash of $3.3 million expected as of December 31, 2022
The company expects to report revenue for the fourth quarter of fiscal 2022 of approximately $9.7 million, compared to $0.3 million in Q4 2021 which did not include the PeriShip acquisition and compared to $5.2 million in Q3, 2022 representing 87% growth quarter over quarter. The fourth quarter is traditionally the highest revenue quarter for our PeriShip Global Solutions segment primarily due to the holiday season and Q4 of fiscal 2022 is expected to exceed expectations. Guidance for our VerifyMe Solutions segment was at least 50% growth per annum and in 2022 our preliminary unaudited revenue is 60% growth compared to 2021.
VerifyMe's Chief Executive Officer, Patrick White, commented, "We are excited to share our full results where we expect to exceed revenue expectations in 2022 and achieve positive EBITDA in the fourth quarter with adjustments consistent with the third quarter. We look forward to sharing what is ahead in 2023 to continue our goal of positive cash flow".
*NOTE: Preliminary EBITDA is a non-GAAP financial measure. The Company is unable to present a quantitative reconciliation of this preliminary non-GAAP financial measure to its most directly comparable preliminary GAAP financial measure because such information is not available, and management cannot reliably predict the necessary components of the GAAP measure without unreasonable effort or expense. In addition, the Company believes that such reconciliation would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company's second quarter financial results. This non-GAAP financial measure is a preliminary estimate and is subject to risks and uncertainties, including, among others, changes in connection with quarter-end adjustments. Any variation between the Company's actual results and preliminary financial data set forth above may be material.
Financial Information Is Preliminary and May Be Subject To Change
The unaudited/unreviewed interim financial information presented in this press release is preliminary and does not present all necessary information for an understanding of VerifyMe's financial condition as of the date of this release, or its results of operations for the fourth quarter of fiscal 2022. The estimates were prepared by the Company's management, based upon a number of assumptions in connection with preparation of the Company's financial statements for the quarter ended December 31, 2022. As VerifyMe completes its year-end financial close process and finalizes its financial statements for the year, it will be required to make significant judgments in a number of areas. It is possible that VerifyMe may identify items that require it to adjust the preliminary financial information set forth above and those changes could be material. The preliminary results should not be viewed as a substitute for annual financial statements prepared in accordance with U.S. GAAP. VerifyMe currently plans to release its final year-end financial statement information in mid-March and will announce an earnings call closer to that date.
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ: VRME), together with its wholly owned subsidiary PeriShip Global, is a software driven logistics provider of high-touch, end-to-end logistics management. We provide logistics management from a sophisticated IT platform with proprietary databases, package and flight-tracking software, weather, and flight status monitoring systems, as well as dynamic dashboards with real-time visibility into shipment transit and last-mile events. In addition, VerifyMe provides brand protection and consumer engagement solutions allowing brand owners to gather business intelligence. To learn more, visit www.verifyme.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements are all statements other than those of historical fact, and generally may be identified by the use of words such as "will" , "expect", "believe", "should", and "provides" and similar expressions that indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding VerifyMe's preliminary results and estimates and forecasts of financial and performance metrics. These statements are based on various assumptions, whether or not identified in this news release, and on the current expectations of VerifyMe's management. These forward-looking statements are not intended to serve as, and should not be relied on by any investor as, a guarantee of actual performance or an assurance or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ materially from those contained in or implied by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of VerifyMe. Factors that could cause actual results to differ materially from the results expressed or implied by such forward-looking statements include, among others: the impact of the COVID-19 pandemic, the impact of inflation and reduced discretionary spending in a recessionary environment, our ability to timely pay amounts due and comply with the covenants under our debt facilities, intellectual property litigation, our reliance on our strategic partner, the successful development of our sales and marketing capabilities, the successful integration of our acquisitions (including the acquisition of the assets of PeriShip, LLC), our ability to retain key management personnel, our ability to work with partners in selling our technologies to businesses, production difficulties, our inability to enter into contracts and arrangements with future partners, issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies and the efficiency of our authenticators in the field. These risk factors and uncertainties include those more fully described in VerifyMe's Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
VerifyMe Announces Select Preliminary Unaudited Fourth Quarter Record Revenue Results