VerifyMe, Inc. (NASDAQ:VRME) Q4 2023 Results Conference Call March 21, 2024 11:00 AM ET

Company Participants

Nancy Meyers - Chief Financial Officer
Adam Stedham - President & Chief Executive Officer

Conference Call Participants

Mike Petusky - Barrington Research
Jack Vander Aarde - Maxim Group
Jeff Porter - Porter Capital Management
Richard Greulich - REG Capital Advisors

Operator

Good day, and welcome to the VerifyMe Year-End 2023 Financial Results Conference Call. [Operator Instructions] Please note that today's event is being recorded.

I would now like to turn the conference over to Nancy Meyers, CFO of VerifyMe. Please go ahead.

Nancy Meyers

Thank you. Good morning, everyone, and thank you for joining us today for our earnings call presentation.

On the call today, I'm joined by Adam Stedham, CEO and President, who will give an operations and strategic update. Following our management presentation, we will have a Q&A session. I would like to bring your attention to the note on forward-looking statements on Slide 3.

Today's presentation and the answers to questions include forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and on the Risk Factors of the company's annual report on Form 10-K and quarterly reports on Form 10-Q.

I will now turn the call over to Adam Stedham for some opening remarks.

Adam Stedham

Thank you, Nancy, and welcome, everyone.

We recently had an extensive strategy call. So I anticipate this particular earnings call will be a little shorter than typical. During that strategy call, we stated that we expected to finish 2023 with more than $25 million in revenue and better than breakeven adjusted EBITDA. We finished 2023 with $25.3 million in revenue and $0.4 million in adjusted EBITDA, which was supported by very healthy profits in Q4, and Nancy will discuss those more.

Now during the strategy call, we also indicated we anticipate double-digit revenue growth in 2024. I reaffirm the expectation for double-digit revenue growth in 2024. Now I do anticipate our H2 growth rate to exceed our H1 growth rate.

Now the company had positive cash flow from operations in 2023, as for Q4, our ending total cash was $3.1 million. Our current maturities of long-term debt was $0.5 million, and our total debt was $2.5 million. So as a result, we had cash net of debt of $0.6 million as compared to a negative $0.1 million at the end of September 2023.