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 June 30,
2020.
For the three months ended June 30, 2020, the Company reports
preliminary Software as a Service (SaaS) recurring subscription
revenue of approximately $1,264,000, up from $1,057,000 reported in
first quarter 2020; total digital revenue of approximately
$1,668,000, up from $1,457,000 reported in first quarter 2020;
total non-digital revenue of approximately $941,000, up from
$897,000 reported in first quarter 2020; and total combined revenue
of approximately $2,609,000, up from $2,354,000 reported in first
quarter 2020. Digital revenue as a percentage of total combined
revenue was approximately 64% up from 62% reported in first
quarter 2020, and up from 39% for the same period last year. Total
user downloads for the quarter was approximately 1,459,000, up from
1,313,467 reported in first quarter 2020, and up from 668,272 for
the same period last year.
“I am very pleased to provide preliminary results for our second
quarter financial performance. We believe this was a record
breaking quarter for Verb across almost all revenue sources and is
particularly meaningful as we achieved these results during a very
difficult time in the economy at large due to COVID-19,” stated
VERB CEO, Rory J. Cutaia. “This quarter also represents the highest
number of new enterprise clients we signed during a quarter in the
Company’s history. Notably, due to COVID-related social distancing,
these results were achieved by our teams working remotely using our
own technology – we call it ‘eating our own chili’.”
“Our sales enablement platform is designed specifically with
easy-to-use tools that ensure remote workers continue to
communicate with clients and prospects effectively. But more
importantly, 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. We expect our final reported results will demonstrate
that we added more than $800,000 of annual recurring SaaS revenue
in the second quarter, representing our largest quarterly SaaS
revenue increase ever.”
“Moreover, many of our current clients using verbCRM, our
interactive video-based CRM and sales enablement platform, have
reported to us that they too have experienced significant gains in
revenue growth during this same period of time.”
“Looking ahead, as we introduce verbLIVE, our interactive
video-based livestream ecommerce and webinar product, as well as
our platform integrations with Salesforce and Microsoft, among
other initiatives we’ve planned for this year, we’re very excited
for the continued growth we anticipate achieving this year and
beyond.”
Management expects to file its full second quarter financial
report and host its second quarter earnings conference call in
mid-August 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) is a Software-as-a-Service, or SaaS,
applications platform developer. Our platform is comprised of a
suite of sales enablement business software products marketed on a
subscription basis. Our applications, available in both mobile and
desktop versions, are offered as a fully integrated suite, as well
as on a standalone basis, and include verbCRM, our Customer
Relationship Management application; verbLEARN, our Learning
Management System application; and verbLIVE, our Interactive
Livestream eCommerce and Video Webinar application.
Our suite of applications can be distinguished from other sales
enablement applications because our applications utilize our
proprietary interactive video technology as the primary means of
communication between sales and marketing professionals and their
customers and prospects. Moreover, the proprietary data collection
and analytics capabilities of our applications inform our users in
real time, on their device, when and for how long the prospects
watched the video, how many times they watched it, and what they
clicked-on, prompting the user to focus his or her time and efforts
on hot leads or interested prospects rather than on those that have
not seen the video or otherwise expressed interest in the content.
Users can create their hot lead lists by using familiar, intuitive
‘swipe left/swipe right’ on-screen navigation. Our clients report
that these capabilities provide for a much more efficient and
effective sales process, resulting in increased sales conversion
rates. We developed the proprietary patent-pending interactive
video technology, as well as several other patent-issued and
patent-pending technologies that serve as the unique foundation for
all of our platform applications.
With offices in California and Utah, we provide
subscription-based application services to approximately 100
enterprise clients for use in over 60 countries, in over 48
languages, which collectively account for a user base generated
through more than 1.4 million downloads of our verbCRM application.
Our technology is also being integrated into popular ERP, CRM, and
marketing platforms offered by third-party developers, including
Salesforce and Microsoft, among others. 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 second quarter
2020; the number of total user downloads of our products during the
second quarter 2020; and our expectations of continued growth in
2020 and beyond. 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 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 March 31, 2020, which was
filed with the SEC on May 15, 2020, as amended by Amendment No. 1
on Form 10-Q/A to our Quarterly Report on Form 10-Q, which was
filed the SEC on June 4, 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0f4be8f-8b60-4ab1-8cd2-bd33aa6c6e52
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