VERB Reports Consolidated, Unaudited, Pro Forma Second Quarter Revenue of $3.7 Million and 37% Increase In SaaS Revenue Over ...
August 14 2019 - 9:19PM
VERB Technology Company, Inc. (NASDAQ: VERB;
VERBW) (“VERB
” or the “Company”), a leader in
business-focused interactive video sales and marketing applications
and the pioneer of Augmented Sales Intelligence software, today
reported its financial results for the second quarter ended June
30, 2019 on Form 10-Q. Management hosted a conference call today at
4:30 pm EDT to present the results. To listen to a replay of the
call, dial toll free: 1-844-512-2921, International:
1-412-317-6671, please use Conference ID: 13693748.
VERB Consolidated, Unaudited, Pro Forma, Income
Statements of Operations and Balance Sheet as of June 30,
2019:
- Total revenue was $3.7 million, an increase of 20% for Q2, as
compared to $3.1 million for the same period of the year
prior.
- Total SAAS revenue for Q2, which is the Company’s stated
business focus, totaled $1.5 million, an increase of 37% over the
$1.1 million for Q1, and an increase of 57% over the $928,000
reported for the same period last year.
- Total revenue for the first 6 months of 2019 was $7.7M, an
increase of 32% over the $5.9M for the first six months of last
year.
- Gross profit for Q2 totaled $1.7 million, an increase of 5%, as
compared to $1.6 million for the same period of the year
prior.
- Gross profit for the first 6 months of 2019 totaled $3.4M, an
increase of 19% over the $2.9M for same period last year
- Total cost of revenue for Q2 was $2 million, an increase of
36%, as compared to $1.5 million for the same period of the year
prior.
- Total cost of revenue for the first 6 months was $4.3 million,
an increase of 45%, as compared to $3 million for the same period
of the year prior.
- General and administrative expenses in Q2 totaled $3.3 million
versus $283,000 during the same period last year. The increase is
primarily attributed to non-cash stock compensation expense of $2.4
million, related to the re-valuation of stock options for our
consultants as required by Generally Accepted Accounting Principles
(GAAP).
- The Company increased its commitment to research and
development, as R&D expense increased in Q2 by $700,000 to $1.3
million from $605,000 for the same period last year.
- As of June 30, 2019, total assets were $25.7 million, total
liabilities were $7.1 million and total stockholders’ equity was
$18.6 million.
- During Q2 , the Company extinguished $2.8 million of debt that
had been reflected on the Company’s March 31, 2019 balance
sheet.
- As of June 30, 2019, cash totaled $412,000. However, as also
reported in today’s Form 10-Q filing, on Aug 14, 2019 the Company
entered into a Securities Purchase Agreement and issued 5,030
shares of its Series A Convertible Preferred Stock and granted
warrants to purchase up to 3.2 million shares of common stock
resulting in aggregate proceeds of $5,030,000. Please refer
to today’s Form 10-Q filing for complete details of this
financing.
The Company also reported:
- As of today, VERB has 23,263,187 shares of common stock issued
and outstanding.
- The total Verb application user base is currently approximately
700,000 users, a 93% increase from this time last year, and an
increase of 124,000 or 22% over last quarter.
Management intends to host a stockholder town hall conference
call on Thursday, August 29, 2019 at 6:00 pm Eastern Time to
respond to investor questions concerning today’s Form 10-Q filing,
that were not answered in today’s conference call.
Management encourages all investors to submit their questions by
close of business on Friday, August 23, 2019
to AskVERB@myVERB.com.
What: |
VERB Technology Stockholder Town Hall Conference Call |
Date: |
Thursday, August 29, 2019 |
Time: |
6:00 pm Eastern Time |
Live Call: |
Toll Free: 1-877-407-4018 |
|
Conference ID: 13693892 |
Replay: |
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13693892 Replay
Start: Thursday August 29, 2019, 9:00 PM ET
Replay Expiry: Thursday September 12, 2019,
11:59 PM ET |
About VERBVERB Technology Company, Inc. is
rapidly emerging as the market leader in sales and marketing
applications utilizing its proprietary interactive video data
collection and analysis technology. Following its successful
acquisition of Utah-based Sound Concepts, the leading provider of
digital tech-based marketing and customer relationship management
applications for the direct sales, network marketing and affiliate
marketing industries, the newly combined company provides
next-generation customer relationship management (“CRM”), lead
generation, and video marketing software applications under the
brand name Verb GO. The Company’s proprietary and patent-pending
technology produces real-time, measurable results with customers
reporting greater than 600% increases in conversion rates. The
Company’s software-as-a-service (SaaS) products are cloud-based,
accessible on all mobile and desktop devices, and are available by
subscription for individual and enterprise users. The Company’s
technology is integrated into popular ERP, CRM, and marketing
platforms, including Oracle NetSuite, Adobe Marketo, and
integrations into Salesforce.com, Odoo, and Microsoft, among others
are underway.
For more information, please
visit: www.myverb.com
Forward-Looking and Cautionary Statements This
press release may contain “forward-looking” information within the
meaning of the Private Securities Litigation Reform Act of 1995. In
accordance with the safe harbor provisions of this Act, statements
contained herein that look forward in time that include everything
other than historical information, involve risks and uncertainties
that may affect the Company’s actual results. There can be no
assurance that such statements will prove to be accurate and there
are a number of important factors that could cause actual results
to differ materially from those expressed in any forward-looking
statements made by the Company, including, but not limited to,
plans and objectives of management for future operations or
products, the market acceptance or future success of our products,
and our future financial performance. The Company cautions that
these forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018, and other filings with the U. S. Securities and
Exchange Commission (available at www.sec.gov). The Company
undertakes no obligation to publicly update or revise any
statements in this release, whether as a result of new information,
future events, or otherwise.
CONTACT INFORMATION
Please address media inquiries to: info@myverb.com
855.250.2300, extension 7
Please address investor inquiries to: investors@myverb.com
855.250.2300, extension 2
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