VERB Delivers Remarkable 2024 Financial Performance
Quadruple Digit % Gains Year-Over-Year and Triple Digit % Gains Quarter-Over-Quarter Reflected in 2024 Form 10-K
Debt-Free and $13.50 Cash Value Per Common Share*
Increased Growth Projected For Q1 2025
LAS VEGAS and LOS ALAMITOS, Calif., March 25, 2025 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (NASDAQ:VERB) ("VERB" or the "Company"), Transforming the Landscape of Social Commerce, Social Telehealth and Social Crowdfunding with MARKET.live; VANITYPrescribed; GoodGirlRx; and the GO FUND YOURSELF TV Show, today filed its Form 10-K reporting financial and operating results for the full year and the quarter ending December 31, 2024.
Summary Financial Results
For the Year Ended December 31, 2024
Total revenue was $895 thousand, an increase of $832 thousand, or 1,321%, over the previous year. Represents the greatest amount of revenue generated since the strategic sale of the Company's direct sales SaaS business unit in June 2023
Cash Value per common share - $13.4 (*includes value of highly-liquid professionally managed investments)
*Year-End Cash position $13.5 million ($8.5 million cash, plus $4.9 million in highly-liquid investments). Does not include $1.7 million cash added in Q1 2025.
Strong Cash Position, expected to fund operations into 2028 and beyond
Net loss from continuing operations reduced by $4.3 million, represents an improvement of 29% over prior year
Operating loss reduced by $2.2 million, represents an improvement of 16% over prior year
General and Administrative expenses reduced by $0.3 million, represents an improvement of 2% over prior year, indicates enhanced Company financial performance attributable to increases in revenue, not excessive cost cutting measures
All Remaining Debt retired in Q1 2025
Three Months Ended December 31, 2024
Total Q4 revenue - $723 thousand, an increase of $694 thousand, or 2,393%, from the prior year comparable quarter - represents an increase of $595 thousand, or 465% over Q3. Indicates enormous revenue growth in Q4 attributable to management's recent operational and marketing changes which are further validated by projected Q1 2025 results.
Results of Operations
Fiscal Year Ended December 31, 2024 Compared to Fiscal Year Ended December 31, 2023
The following is a comparison of the results of our operations for the years ended December 31, 2024 and 2023 (in thousands):
Years Ended December 31,
2024
2023
Change
Revenue
$
895
$
63
$
832
Costs and expenses
Cost of revenue, exclusive of depreciation and amortization shown separately below
224
19
205
Depreciation and amortization
1,077
2,331
(1,254
)
General and administrative
11,238
11,508
(270
)
Total costs and expenses
