LOS ALAMITOS, Calif. – Verb Technology Company, Inc. (NASDAQ:VERB), the company behind the livestream social shopping platform MARKET.live, has reported a significant improvement in its financial position. In a recent statement, the company announced that for the first time, its audited financial statements for 2023 do not include a "Going Concern" opinion, indicating a positive shift in its ability to sustain operations.
According to the company's 2023 Form 10-K filed on April 1, 2024, Verb Technology had cash and cash equivalents of approximately $14.2 million and notes payable of around $1.2 million as of March 28, 2024. This marks an increase in cash of $10.9 million and a decrease in notes payable of approximately $7.3 million compared to the previous year.
The company's management expressed confidence in its enhanced cash position and substantially reduced operating costs. They believe these factors will fully fund operations for at least the next 14 months and possibly longer, contingent on revenue generation during that period. This development has alleviated substantial doubt about the company's ongoing viability.
Verb Technology's CEO, Rory J. Cutaia, highlighted the company's new partnerships, including one with TikTok, as well as new technology integrations and strategic relationships. He stated that these factors, combined with the company's significant financial resources for its size, allow the management team to concentrate on growing revenue and delivering returns for stockholders.
MARKET.live, operated by Verb Technology, is a multi-vendor and multi-presenter platform that merges e-commerce with entertainment. It enables retailers, brands, creators, and influencers to monetize their fan base across various social media channels. The platform also allows creators and entrepreneurs to earn income through its drop ship and TikTok affiliate programs.
This information is based on a press release statement from Verb Technology Company, Inc.
InvestingPro Insights
As Verb Technology Company, Inc. (NASDAQ:VERB) continues to navigate its financial landscape, recent data from InvestingPro provides a deeper look into the company's market performance and future outlook. With a modest market capitalization of 13.9 million USD, Verb's size is reflected in its ability to pivot and adapt in a dynamic market. Despite the company's positive steps towards financial stability, InvestingPro Tips indicate that Verb is quickly burning through cash and analysts do not anticipate the company will be profitable this year.
InvestingPro Data also reveals that Verb's revenue saw a substantial increase, with a growth of 249.43% over the last twelve months as of Q3 2023. However, the company's operating income margin during the same period was -233.14%, highlighting the challenges Verb faces in terms of profitability. Additionally, the stock has experienced significant price volatility, with a 70.19% return over the last month, yet a -94.5% return over the last year, underscoring the high-risk nature of the investment.
For investors and stakeholders looking to delve deeper into the financial intricacies of Verb Technology, InvestingPro offers a comprehensive set of additional tips, including insights on sales decline expectations and stock performance over various time frames. To access these insights and optimize your investment strategy, visit https://www.investing.com/pro/VERB and use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 14 InvestingPro Tips available that could provide valuable guidance for understanding Verb's financial journey and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.