VerifyMe has issued its Q3 update for 2017.
While the company saw a net loss for the period, its fiscal metrics were generally vastly improved year-over-year. Operating expenses dropped from $451,234 in Q3 of 2016 to $382,158, and VerifyMe’s revenues, while minimal at $392, were up from zero in Q3 of 2016. Its net loss came in at $385,000, compared to $1.8 million a year ago.
In its corporate update, VerifyMe highlighted the establishment of a five-year contract with HP Indigo, and changes to its top management including the appointment of Patrick White as the company’s new CEO and Keith Goldstein as COO. Elaborating further on the former development, White said the HP Indigo deal should start to produce revenues in early 2018, adding, “I can’t stress enough how significant this contract is for our company – not just from the financial perspective, but also the credibility and opportunities it has and will create.”
White also placed a spotlight on the “tight expense controls” implemented in the quarter, which played a large role in reducing expenses compared to a year ago. Looking ahead, White said VerifyMe has “a viable future” in the “people verification” market.
November 17, 2017 – by Alex Perala