Verb Technology Company, Inc. (VERB) Bundle
A Brief History of VERB Technology Company, Inc.
Company Overview
Company Overview
VERB Technology Company, Inc. is a developer of software solutions tailored for the direct sales and marketing industries. The company has transitioned from a Software-as-a-Service (SaaS) model to focus on its live streaming shopping platform, MARKET.live, which it believes will create greater shareholder value.
Financial Performance as of September 30, 2024
As of September 30, 2024, the company reported:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Revenue | $172,000 | $34,000 | +406% |
| Operating Loss | ($7,934,000) | ($10,783,000) | +26% (Improvement) |
| Net Loss | ($7,141,000) | ($19,079,000) | +63% (Improvement) |
| Total Assets | $18,029,000 | $3,125,000 | +476% |
Debt and Financing
As of September 30, 2024, VERB had the following outstanding notes payable:
| Note | Issuance Date | Maturity Date | Interest Rate | Balance |
|---|---|---|---|---|
| Note A | May 15, 2020 | May 15, 2050 | 3.75% | $123,000 |
| Note B | November 7, 2022 | May 7, 2024 | 9.0% | $0 |
| Note C | October 11, 2023 | April 11, 2025 | 9.0% | $0 |
Recent Developments
In June 2023, the company sold its SaaS assets for $6.5 million, receiving $4.75 million in cash at closing. The remaining $1.75 million is contingent on meeting specific performance targets within two years of the sale. This strategic shift aims to concentrate resources on the more promising MARKET.live platform.
Stock Performance
On October 8, 2024, VERB implemented a 1-for-200 reverse stock split, adjusting the trading value and number of shares accordingly. This was part of a broader strategy to enhance its market position following the transition away from its previous business model.
Key Financial Ratios
As of September 30, 2024, the company's financial ratios were as follows:
| Ratio | Value |
|---|---|
| Current Ratio | 1.50 |
| Debt to Equity Ratio | 0.30 |
| Return on Equity (ROE) | -39.5% |
Conclusion of Financials
VERB Technology Company continues to evolve its business model, focusing on live streaming and commerce, while working to improve its financial health. The company has made notable strides in revenue growth, significantly reducing its net losses compared to previous years.
A Who Owns Verb Technology Company, Inc. (VERB)
Ownership Structure
As of 2024, Verb Technology Company, Inc. (VERB) has a diverse ownership structure primarily composed of institutional investors, retail investors, and company insiders. The common stock of VERB is publicly traded on the NASDAQ under the ticker symbol VERB.
Major Shareholders
The following table outlines the major shareholders of Verb Technology Company, Inc. as of September 30, 2024:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 415,487 | 54.5% |
| Insiders (Executives, Directors) | 150,000 | 19.6% |
| Retail Investors | 197,743 | 25.9% |
Stock Performance
As of September 30, 2024, the stock price of VERB was $9.60, reflecting a significant decrease from previous periods. The stock has experienced volatility, with a 52-week range of $1.50 to $34.00.
Preferred Stock Holdings
Verb Technology Company has also issued Series C Preferred Stock, which is convertible into common shares. As of September 30, 2024, the balance of Series C Preferred Stock was 895 shares, with a total value of $895,000, reflecting a shift in capital structure as the company continues to adjust its financial strategy.
Recent Financial Data
For the nine months ended September 30, 2024, Verb reported:
- Revenue: $172,000
- Net Loss: $(7,141,000)
- Cash and Short-term Investments: $15,592,000
- Accumulated Deficit: $(183,655,000)
Recent Transactions and Changes
In December 2023, the company issued 3,000 Series C Preferred Shares to an institutional investor, which carried a 10% annual dividend. Additionally, there were notable changes in the ownership structure with a redemption of preferred shares into common shares in late 2024, which further impacts the dilution of existing shareholders.
Future Outlook
The company has indicated plans for further capital raises and adjustments in its operational focus, particularly on its MARKET.live business unit, which is expected to drive future growth.
Verb Technology Company, Inc. (VERB) Mission Statement
Overview of Mission Statement
As of 2024, Verb Technology Company, Inc. (VERB) focuses on empowering businesses through innovative technology solutions. The company's mission emphasizes enhancing customer engagement and driving sales through its proprietary software platforms. Verb aims to bridge the gap between traditional sales practices and modern digital interactions.
Key Components of the Mission Statement
- Customer Empowerment: Verb is dedicated to providing tools that enable clients to improve their sales processes and customer interactions.
- Innovation: The company continually invests in research and development to create cutting-edge solutions that meet evolving market needs.
- Partnerships: Verb seeks to establish strong partnerships, notably with platforms like TikTok, to enhance its service offerings and reach.
Financial Performance Indicators
Verb's financial performance as of September 30, 2024, reflects its operational focus and mission-driven strategies. Below is a summary of key financial metrics:
| Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Revenue | $172,000 | $34,000 | +406% |
| Operating Loss | ($7,934,000) | ($10,783,000) | +26.2% |
| Net Loss | ($7,141,000) | ($19,079,000) | +62.6% |
| General and Administrative Expenses | $7,218,000 | $9,080,000 | -21% |
| Cash and Short-term Investments | $15.6 million | N/A | N/A |
Revenue Breakdown by Segment
For the nine months ended September 30, 2024, Verb reported revenue from its key business segments as follows:
| Segment | Revenue | Percentage of Total Revenue |
|---|---|---|
| MARKET.live | $147,000 | 85.5% |
| Go Fund Yourself | $25,000 | 14.5% |
| Total Revenue | $172,000 | 100% |
Strategic Partnerships
Verb Technology Company has established strategic partnerships that align with its mission. Notably, the collaboration with TikTok has significantly contributed to revenue growth, reflecting the company's commitment to leveraging popular platforms for enhancing customer engagement.
Recent Developments
- As of September 30, 2024, Verb has successfully transitioned to two reportable segments: MARKET.live and Go Fund Yourself.
- The company's continued focus on reducing operational losses while increasing revenue reflects its strategic realignment towards more profitable ventures.
Conclusion of Financial Overview
Verb Technology Company, Inc. continues to align its operations and strategic initiatives with its mission statement. The company’s focus on innovation and customer empowerment is evident in its financial performance and growth trajectory.
How Verb Technology Company, Inc. (VERB) Works
Company Overview
Verb Technology Company, Inc. (VERB) operates in the technology sector, focusing on developing and providing software solutions that enhance sales and marketing processes. The company has shifted its focus primarily toward digital marketing platforms and services, particularly in partnership with social media platforms like TikTok.
Financial Performance
For the nine months ended September 30, 2024, Verb reported a revenue of $172,000, a significant increase from $34,000 during the same period in 2023, marking a growth of 406%.
Revenue Breakdown
| Period | Revenue | Growth |
|---|---|---|
| 2024 (9 months) | $172,000 | 406% |
| 2023 (9 months) | $34,000 | N/A |
Cost Structure
The total costs and expenses for the nine months ended September 30, 2024, amounted to $8,106,000, down from $10,817,000 in 2023, indicating a decrease of 25%.
| Cost Type | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Cost of Revenue | $90,000 | $7,000 |
| Depreciation and Amortization | $798,000 | $1,730,000 |
| General and Administrative | $7,218,000 | $9,080,000 |
Net Loss
For the nine months ended September 30, 2024, Verb reported a net loss of $7,141,000, compared to a net loss of $19,079,000 in the same period of 2023.
Operating Segments
Effective July 2024, the company operates through two primary segments: MARKET.live and Go Fund Yourself. These segments focus on different aspects of their digital marketing and sales solutions.
Capital Structure
As of September 30, 2024, the total stockholders' equity was $18,029,000, which includes common stock valued at $1 and additional paid-in capital of $200,788,000.
Stock Performance and Debt
As of September 30, 2024, the company had total outstanding notes payable of $123,000, which includes various promissory notes.
| Note Type | Balance (Sept 30, 2024) | Interest Rate |
|---|---|---|
| Note Payable (A) | $123,000 | 3.75% |
| Promissory Note (B) | $0 | 9.0% |
| Promissory Note (C) | $0 | 9.0% |
Operational Highlights
During the nine months ended September 30, 2024, Verb issued a total of 136,986 shares of common stock, receiving net proceeds of $6,466,000. Additionally, the company redeemed 2,105 Series C Preferred Shares for common shares during this period.
Future Outlook
Verb Technology continues to adapt its business model focusing on partnerships with social media platforms, which has been a significant driver for revenue growth. The company's strategic decisions, including potential reverse stock splits and compliance with Nasdaq listing rules, are pivotal for its future operations.
How Verb Technology Company, Inc. (VERB) Makes Money
Revenue Streams
As of 2024, Verb Technology Company, Inc. generates revenue primarily through its two main business units: MARKET.live and Go Fund Yourself. The revenue for the three months ended September 30, 2024, was $128,000, a 341% increase from $29,000 in the same quarter of 2023. Over the nine months ending September 30, 2024, total revenue reached $172,000, compared to $34,000 for the same period in 2023, marking a 406% increase.
Business Unit Performance
The performance of each business unit is as follows:
| Business Unit | Revenue (Q3 2024) | Revenue (Q3 2023) | Revenue (9M 2024) | Revenue (9M 2023) |
|---|---|---|---|---|
| MARKET.live | $103,000 | $25,000 | $147,000 | $34,000 |
| Go Fund Yourself | $25,000 | $0 | $25,000 | $0 |
| Corporate | $0 | $0 | $0 | $0 |
Cost Structure
For the three months ended September 30, 2024, Verb's total costs and expenses were $2,440,000, down from $3,419,000 in Q3 2023. The breakdown of costs is as follows:
| Cost Category | Amount (Q3 2024) | Amount (Q3 2023) |
|---|---|---|
| Cost of Revenue | $54,000 | $5,000 |
| Depreciation and Amortization | $273,000 | $564,000 |
| General and Administrative | $2,113,000 | $2,850,000 |
Operating Loss and Income
For the three months ending September 30, 2024, Verb Technology reported an operating loss of $2,312,000, which is an improvement from the operating loss of $3,390,000 in the same quarter of 2023. Other income for the same period was $347,000, primarily from interest income and unrealized gains on short-term investments. The net loss from continuing operations was $1,965,000 for Q3 2024 compared to $3,541,000 in Q3 2023.
Cash Flow Overview
As of September 30, 2024, Verb had cash of $10.5 million and short-term investments of $5.1 million. For the nine months ending September 30, 2024, cash used in operating activities from continuing operations was $(6,901,000), while cash provided by financing activities amounted to $18,297,000, primarily due to the issuance of common stock.
Future Revenue Potential
Verb's partnership with TikTok has been a significant contributor to its revenue growth. The company anticipates further growth through enhanced service offerings within its MARKET.live platform and the Go Fund Yourself unit, which charges fees for products sold through its platform.
Debt and Financing
As of September 30, 2024, Verb Technology had outstanding notes payable totaling $123,000, including a promissory note with an interest rate of 9.0% and a balance of $5,470,000 that was fully repaid. The company has been actively managing its debt obligations to improve its financial standing.
Conclusion on Financial Health
Verb Technology Company, Inc. is positioned for potential growth through its innovative business model and strategic partnerships, with significant improvements in revenue and a focused approach to cost management.
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Resources:
- Verb Technology Company, Inc. (VERB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Verb Technology Company, Inc. (VERB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Verb Technology Company, Inc. (VERB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.