Verb Technology Company, Inc. reported significant financial developments for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company generated revenue of $128,000 for the third quarter of 2024, a substantial increase from $29,000 in the prior year, marking a 341% rise. For the nine-month period, revenue reached $172,000, up from $34,000, representing a 406% increase. This growth is attributed to the success of its MARKET.live and Go Fund Yourself business units, particularly through partnerships with TikTok and enhanced service offerings.
Total costs and expenses for the third quarter of 2024 were $2,440,000, down from $3,419,000 in 2023, reflecting a decrease of $979,000. The operating loss from continuing operations improved to $(2,312,000) from $(3,390,000) year-over-year, while the net loss from continuing operations also decreased to $(1,965,000) from $(3,541,000). For the nine-month period, total costs and expenses fell to $8,106,000 from $10,817,000, leading to an operating loss of $(7,934,000), an improvement from $(10,783,000) in 2023. The net loss for the nine months was $(7,141,000), significantly reduced from $(19,079,000) in the previous year.
The company’s cash position improved markedly, with cash as of September 30, 2024, totaling $10,515,000, compared to $4,353,000 at the end of 2023. Total current assets also rose to $15,825,000 from $4,684,000. Total liabilities decreased to $4,108,000 from $7,714,000, while total stockholders’ equity surged to $18,029,000 from $3,125,000.
Strategically, Verb Technology has shifted its focus from a SaaS model to a live streaming shopping platform, having disposed of its SaaS assets for $6,500,000 in June 2023. The company has also entered into a partnership with TikTok Shop, enhancing its MARKET.live platform's capabilities. Additionally, a reverse stock split of 1-for-200 was implemented on October 8, 2024, to comply with Nasdaq listing requirements after the stock price fell below $0.10.
The company reported a significant increase in cash provided by financing activities, totaling $18,297,000 for the nine months ended September 30, 2024, compared to $4,855,000 in 2023. This included proceeds from the sale of common stock, which amounted to $18,596,000, up from $6,628,000 in the previous year. Overall, Verb Technology's financial performance reflects a strategic pivot and improved operational efficiency, positioning the company for future growth.
About Verb Technology Company, Inc.
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