Company Verb Technology shows significant financial improvements in Q3 2024, with increased revenue and decreased operating loss.

From GlobeNewswire: 2024-11-12 09:00:00

Verb Technology Company, Inc. filed its Form 10-Q report for Q3 2024, showing significant financial improvements. Highlights include $15.8 million in cash, $18.03 million in stockholders’ equity, and $0.128 million in total revenue, a 341% increase from the previous year. Operating loss decreased to $(2.31) million.

The company’s business highlights for Q3 include $172 thousand in revenue, with $128 thousand generated in the last three months. MARKET.live and Go Fund Yourself drove revenue growth. The company also expanded its partnership with TikTok and integrated with META and Pinterest for enhanced social commerce capabilities.

Strategic initiatives focused on debt reduction, revenue growth, and diversification. Verb Technology expanded its TikTok partnership and launched Go Fund Yourself, a social crowdfunding platform. The company raised $18.6 million from stock offerings, redeemed Series C Preferred Shares, and implemented a reverse stock split for Nasdaq compliance.

Verb Technology’s business units include MARKET.live, a livestream social shopping platform, and Go Fund Yourself!, a social crowdfunding platform. The company sold its SaaS assets for $6.5 million to focus on MARKET.live. As of September 30, 2024, the company had $10.5 million in cash and $5.1 million in short-term investments.

MARKET.live is a multi-vendor social shopping platform with integrations into TikTok, META, and Pinterest. The company’s expanded partnership with TikTok includes services for TikTok Shop. GO FUND YOURSELF! combines interactive TV with crowdfunding, generating revenue from fees charged to issuers and product sales during the show.

Investors can contact Verb Technology Company, Inc. at [email protected]. The company’s forward-looking statements caution that actual results may differ from predictions due to uncertainties and external factors. Verb Technology aims to drive revenue growth, improve financial stability, and enhance its social commerce platforms.



Read more at GlobeNewswire:: Verb Demonstrates Markedly Improved Continuing Performance