VerifyMe, Inc. reported fourth-quarter 2024 revenue of $7.7 million, a decrease of $1.0 million from $8.7 million in Q4 2023. Full-year 2024 revenue was $24.21 million, a 4% decrease from 2023. The Precision Logistics segment accounted for 99% of Q4 revenue, with the decline primarily due to a discontinued Premium services contract and a shorter peak season.
Despite the revenue dip, the company achieved significant improvements in profitability, with full-year 2024 gross margin expanding to 36% from 32% in 2023, and adjusted EBITDA more than doubling to $0.9 million from $0.4 million in the prior year. Q4 2024 adjusted EBITDA was $0.5 million, down from $1.1 million in Q4 2023.
VerifyMe's net loss for Q4 2024 was ($0.5) million, or ($0.05) per diluted share, compared to net income of less than $0.1 million in Q4 2023. The company's cash balance stood at $2.8 million at December 31, 2024, but improved to $5.7 million as of February 28, 2025, following the $4.7 million warrant exercise.
The company also announced the divestiture of its Trust Codes Global business on December 8, 2024, which had incurred an operating loss of $1.2 million in 2024. This strategic move, coupled with the full repayment of bank debt and the availability of a $15.8 million At-The-Market (ATM) sales offering, significantly strengthens VerifyMe's balance sheet and liquidity for future strategic initiatives.
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