Verb Technology Company, Inc. (VERB) Bundle
An Overview of Verb Technology Company, Inc. (VERB)
General Summary of Verb Technology Company, Inc. (VERB)
Verb Technology Company, Inc. (VERB) is a technology company that specializes in interactive video marketing and sales tools. Founded in 2014, the company has evolved from its original focus on software development to become a leader in the video commerce space. Verb's primary products include MARKET.live, a live streaming platform for e-commerce, and its Go Fund Yourself platform, which aids users in fundraising through video content. As of 2024, the company reported sales of $172,000 for the nine months ended September 30, a significant increase from $34,000 during the same period in 2023, marking a growth of 406% attributed mainly to partnerships with platforms like TikTok.
Company's Financial Performance in Latest Financial Reports
In the latest financial report for the nine months ended September 30, 2024, Verb Technology Company, Inc. reported revenues of $172,000, compared to $34,000 for the same period in 2023. This revenue increase of $138,000 reflects a 406% growth, primarily driven by the success of the TikTok partnership and related services within its MARKET.live business unit. The total costs and expenses were $8,106,000, resulting in an operating loss from continuing operations of $7,934,000, an improvement compared to a loss of $10,783,000 in the prior year. The net loss for the nine months was reported at $7,141,000, down from $19,079,000 in the previous year. Key financial metrics are summarized in the table below:
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) | Change |
|---|---|---|---|
| Revenue | $172,000 | $34,000 | +406% |
| Total Costs and Expenses | $8,106,000 | $10,817,000 | -25.8% |
| Operating Loss | ($7,934,000) | ($10,783,000) | Improvement |
| Net Loss | ($7,141,000) | ($19,079,000) | Improvement |
Introduction to Verb Technology as a Leader in the Industry
Verb Technology Company, Inc. has established itself as a prominent player in the interactive video and e-commerce sectors. The company’s innovative products cater to the growing demand for video marketing solutions, particularly in the wake of increased digital engagement. Verb's unique approach leverages partnerships with major platforms, such as TikTok, to enhance user experience and drive sales. As of 2024, Verb continues to innovate and expand its market presence, indicating strong potential for future growth. For a deeper understanding of Verb's strategic initiatives and market positioning, further exploration of their offerings is encouraged.
Mission Statement of Verb Technology Company, Inc. (VERB)
Company's Mission Statement Overview
The mission statement of Verb Technology Company, Inc. (VERB) is a vital element that outlines the company's purpose and direction. It serves as a framework for decision-making and strategic planning, guiding the organization in achieving its long-term objectives. As of 2024, Verb's mission statement emphasizes innovation in technology, customer engagement, and the delivery of high-quality services and products.
Core Components of Verb Technology's Mission Statement
1. Innovation in Technology
Verb Technology is committed to being at the forefront of technological innovation. The company focuses on developing interactive video-based sales enablement tools that enhance customer engagement. This commitment is reflected in the substantial investment in research and development, amounting to approximately $2.5 million in the nine months ended September 30, 2024.
2. Customer Engagement
Verb places significant emphasis on customer engagement through its platforms like MARKET.live, which leverages live commerce to connect businesses with consumers. In 2024, the company reported a revenue increase of 406% compared to the same period in 2023, primarily attributed to its partnership with TikTok and related services.
3. Delivery of High-Quality Services and Products
The mission also underscores Verb's dedication to delivering top-notch services. The company achieved a revenue of $172,000 for the nine months ended September 30, 2024, compared to $34,000 in the same period in 2023. This growth is indicative of the company's ability to provide quality services that meet the evolving needs of its clients.
| Year | Revenue ($) | R&D Investment ($) | Growth Rate (%) |
|---|---|---|---|
| 2023 | 34,000 | 2,000,000 | |
| 2024 | 172,000 | 2,500,000 | 406 |
Verb Technology's mission statement reflects its strategic focus on innovation, customer engagement, and delivering exceptional products, positioning the company for future growth and success in the technology sector.
Vision Statement of Verb Technology Company, Inc. (VERB)
Vision Statement of Verb Technology Company, Inc. (VERB)
The vision statement of Verb Technology Company, Inc. focuses on leveraging innovative technology to transform the way businesses engage with their customers. As of 2024, the company aims to create a seamless and interactive platform that enhances customer experiences through live streaming and other digital solutions.
Core Components of the Vision Statement1. Innovation in Customer Engagement
Verb Technology Company, Inc. envisions a future where businesses can utilize advanced technology to foster deeper connections with their customers. The company's transition from a Software-as-a-Service (SaaS) model to a live streaming shopping platform through MARKET.live illustrates this commitment. In the nine months ending September 30, 2024, Verb reported revenues of $172,000, a significant increase from $34,000 in the same period of the previous year, highlighting the growing impact of their innovative approach .
2. Focus on Live Streaming Commerce
As part of its vision, Verb aims to be a leader in live streaming commerce. The company has made substantial investments in this area, which is reflected in its revenue streams. For instance, in the nine months ending September 30, 2024, the company generated $147,000 in revenue from its MARKET.live segment alone . This strategic pivot positions Verb to capitalize on the increasing trend of live shopping experiences.
3. Building a Community-Centric Ecosystem
Verb’s vision includes creating a community-focused ecosystem that empowers businesses to engage their audiences in meaningful ways. The company’s partnerships, especially with platforms like TikTok, are designed to enhance its offerings and reach broader demographics. The partnership with TikTok has contributed significantly to their revenue growth, demonstrating the effectiveness of community engagement strategies .
4. Commitment to Continuous Improvement
Verb Technology Company, Inc. is dedicated to ongoing refinement and enhancement of its services. This is evident from the reduction in general and administrative expenses from $9,080,000 in the nine months ended September 30, 2023, to $7,218,000 in the same period in 2024, showcasing improved operational efficiencies . The company’s focus on efficiency and cost management reflects its commitment to sustainability and long-term growth.
5. Financial Growth and Stability
Financial stability is a cornerstone of Verb's vision. As of September 30, 2024, Verb reported total assets of $22,137,000, significantly up from $10,839,000 at the end of 2023 . This growth in assets, alongside a cash balance of $10,515,000, underscores the company's solid financial foundation, enabling it to invest further in its strategic initiatives.
| Financial Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $22,137,000 | $10,839,000 |
| Cash | $10,515,000 | $4,353,000 |
| Net Revenue (Nine Months) | $172,000 | $34,000 |
| General and Administrative Expenses | $7,218,000 | $9,080,000 |
Verb Technology Company, Inc. continues to align its vision with market demands and technological advancements, focusing on innovation, customer engagement, and community building to drive future growth and success.
Core Values of Verb Technology Company, Inc. (VERB)
Innovation
Innovation is at the core of Verb Technology Company, Inc.'s (VERB) philosophy. This value emphasizes the importance of creativity and forward-thinking in developing new products and services.
In 2024, Verb launched its MARKET.live platform, a live streaming shopping service that integrates e-commerce with interactive video technology, showcasing their commitment to innovation. The platform aims to enhance user engagement and drive sales through a unique shopping experience.
Customer Commitment
Customer commitment reflects Verb's dedication to delivering exceptional service and value to its clients. The company invests in understanding customer needs and adapting its offerings accordingly.
As of September 30, 2024, Verb reported a revenue increase to $172,000, up from $34,000 in the same period of the previous year, indicating a strong response to customer-centric initiatives.
Integrity
Integrity is a foundational value for Verb, ensuring that all business practices are conducted honestly and ethically. This commitment to integrity fosters trust among stakeholders.
In 2024, Verb emphasized transparency in its financial reporting, with a net loss of $7,141,000 for the nine months ended September 30, 2024, compared to $19,079,000 in the same period of 2023. This reduction in loss illustrates the company's accountability in managing its financial health.
Collaboration
Collaboration within Verb promotes teamwork and collective problem-solving to achieve common goals. This value is crucial for fostering a supportive work environment.
In 2024, Verb's restructuring into two reportable segments, MARKET.live and Go Fund Yourself, highlights their collaborative approach to business operations, allowing for more focused strategies and resource allocation.
Excellence
Excellence drives Verb to continuously improve its products and services, striving for the highest standards in all aspects of its operations.
The company reported total assets of $22,137,000 as of September 30, 2024, demonstrating robust asset management and operational efficiency. This financial stability supports Verb's pursuit of excellence in its offerings.
| Core Value | Description | 2024 Initiatives | Financial Impact |
|---|---|---|---|
| Innovation | Emphasis on creativity and forward-thinking | Launch of MARKET.live | Revenue increased to $172,000 |
| Customer Commitment | Dedication to exceptional service | Adaptation of offerings based on customer feedback | Revenue up from $34,000 |
| Integrity | Conducting business honestly and ethically | Transparent financial reporting | Net loss reduced to $7,141,000 |
| Collaboration | Promoting teamwork and collective problem-solving | Restructuring into two reportable segments | Enhanced operational focus |
| Excellence | Continuous improvement in products and services | Robust asset management | Total assets of $22,137,000 |
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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.