VERB Technology Company, Inc. (NASDAQ:
VERB) ("VERB" or the "Company"), a leader in interactive
video-based sales enablement applications, including interactive
livestream ecommerce, webinar, CRM, and marketing applications for
entrepreneurs and enterprises, today announced selected preliminary
unaudited operating results for the three months ended September
30, 2020.
For the three months ended September 30, 2020, the Company
reports preliminary Software as a Service (SaaS) recurring
subscription revenue of approximately $1,460,000, up from
$1,274,000 reported in second quarter 2020; total digital revenue
of approximately $1,800,000, up from $1,680,000 reported in second
quarter 2020; total non-digital revenue of approximately
$1,000,000, up from $972,000 reported in second quarter 2020; and
total combined revenue of approximately $2,800,000, up from
$2,652,000 reported in second quarter 2020. Digital revenue as a
percentage of total combined revenue was approximately 64% up from
63% reported in second quarter 2020, and up from 50% for the same
period last year. Total user downloads for the quarter was
approximately 1,565,000, up from approximately 1,460,000 reported
in second quarter 2020, and up from 720,000 for the same period
last year.
“I am very pleased to provide record-breaking preliminary third
quarter results that reflect strong SaaS and total digital revenue
growth, both sequentially and year over year,” stated VERB CEO,
Rory J. Cutaia. “We believe that our financial performance
demonstrates the continued growth in adoption and deployment of the
VERB platform, especially in this period of COVID-related remote
work and social distancing.
“With remote work and social distancing requirements continuing
into the foreseeable future, we are seeing growing demand for our
interactive video-based sales tools. VERB’s powerful and
easy-to-use apps enable sales people to increase client and
prospect engagement and drive sales conversion rates remotely, in a
friction-free, video-based setting that offers a variety of
features and valuable real-time viewer engagement data and
interaction analytics.”
A table accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f16197a-2a96-4caf-984e-886cff1f665d
All financial information displayed above is unaudited. The
first quarter 2019 pro forma financial information displayed above
is presented as if the acquisition of Verb Direct, LLC occurred on
January 1, 2019.
The preliminary unaudited operating results set forth above are
based solely on currently available information, which is subject
to change. Readers are cautioned not to place undue reliance on
such preliminary unaudited operating results, which constitute
forward looking statements.
Management expects to file its full third quarter financial
report and host its third quarter earnings conference call on
November 16, 2020. The precise date and time, together with call-in
details will be published in advance of the conference call
date.
About VERBVERB Technology Company,
Inc. (NASDAQ: VERB) transforms how businesses attract and
engage customers. The Company’s Software-as-a-Service, or SaaS,
platform is based on its proprietary interactive video technology,
and comprises a suite of sales enablement business software
products offered on a subscription basis. Its software applications
are available in over 60 countries and in more than 48 languages to
large enterprise and small business sales teams that need
affordable, easy-to-use, and quick-to-get-results sales tools.
Available in both mobile and desktop versions, the applications are
offered as a fully integrated suite, as well as on a standalone
basis, and include verbCRM (Customer Relationship Management
application), verbLEARN (Learning Management System application),
and verbLIVE (Interactive Livestream eCommerce and Video Webinar
application). The Company has offices in California and Utah. For
more information, please visit: www.verb.tech.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding:
our selected preliminary unaudited financial results for the third
quarter 2020; our expectation that we will report new record
breaking quarter performance and a sixth consecutive quarter of
SaaS Revenue growth; our belief that the third quarter 2020 was
another record breaking quarter for Verb; our belief that our sales
enablement platform is designed specifically with easy-to-use tools
that ensure remote workers continue to communicate with clients and
prospects effectively; our belief that our platform enhances
productivity for users by enabling them to sell their products and
services remotely and generate more revenue, more quickly, by
removing friction from the sales process through our unique
embedded interactive video technology; and our expectation to file
our full third quarter financial report and host our third quarter
earnings conference call on November 16, 2020. These
forward-looking statements involve risks and uncertainties. If any
of these risks or uncertainties materialize, or if any of our
assumptions prove incorrect, our actual results could differ
materially from the results expressed or implied by these
forward-looking statements. These risks and uncertainties include
risks associated with: the COVID-19 pandemic and related public
health measures on our business, customers, markets and the
worldwide economy; our plans to attract new customers, retain
existing customers and increase our annual revenue; the development
and delivery of new products, including verbLIVE; our plans and
expectations regarding software-as-a-service offerings; our ability
to execute on, integrate, and realize the benefits of any
acquisitions; fluctuations in our quarterly results of operations
and other operating measures; increasing competition; general
economic, market and business conditions; and the risks described
in the filings that we make with the Securities and Exchange
Commission (“SEC”) from time to time, including the risks described
under the headings “Risk Factors” and “Management Discussion and
Analysis of Financial Condition and Results of Operations” in our
Annual Report on Form 10-K, which was filed with the SEC on May 14,
2020, as amended by Amendment No. 1 on Form 10-K/A to our Annual
Report on Form 10-K, which was filed with the SEC on June 4, 2020,
and which should be read in conjunction with our financial results
and forward-looking statements contained therein, and our Quarterly
Report on Form 10-Q for the quarter ended June 30, 2020, which was
filed with the SEC on August 14, 2020, and which should be read in
conjunction with our financial results and forward-looking
statements contained therein. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by law.
Investor
Relations:888.504.9929investors@
verb.tech
Media Contact:855.250.2300,
ext.107info@verb.tech
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