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VerifyMe Inc. (VRME) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include a Precision Logistics segment and an Authentication segment. The Precision Logistics segment specializes in time and temperature-sensitive parcel management, while the Authentication segment focuses on brand protection solutions.
The company reported total revenue of $24.2 million for the year, a decrease from $25.3 million in the previous year. The decline was primarily due to a discontinued contract in the Precision Logistics segment.
Gross profit for the year was $8.7 million, up from $8.0 million the previous year, with a gross margin increase attributed to improved process efficiencies in the Precision Logistics segment.
Operating expenses totaled $13.1 million, including $5.5 million in segment management and technology expenses, $3.9 million in general and administrative expenses, and $2.3 million in goodwill and intangible asset impairments.
The company recorded a net loss of $3.8 million, compared to a net loss of $3.4 million in the prior year. The increased loss was mainly due to goodwill and intangible asset impairments.
Cash provided by operating activities was $0.9 million, while cash used in investing and financing activities was $0.6 million and $0.6 million, respectively.
VerifyMe reported total assets of $16.1 million, with total liabilities of $5.9 million and stockholders' equity of $10.2 million as of December 31, 2024.
The filing also outlines the company's strategic focus on expanding its Precision Logistics services to small and medium-sized businesses in the agriculture, food, and healthcare industries.
VerifyMe identified a material weakness in its internal controls over financial reporting due to challenges in integrating its acquisitions.
The company does not anticipate paying cash dividends to common stockholders in the near future and continues to focus on enhancing its logistics and authentication solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VerifyMe Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.