Post by Mike on Oct 1, 2021 14:55:13 GMT -5
Progress Report for Q4, 2021
Verb's Biggest QTR Yet!
For the quarter ended September 30, 2021, we added 16 new client contracts with a combined minimum contract value of $1.1 million which constitutes a new record for our company for new contracts executed in a single quarter. Our total digital revenue (consisting of SaaS and non-SaaS digital revenue) was $2.4 million, an increase of 30% over the quarter ended June 30, 2021, and an increase of 28% over the quarter ended September 30, 2020. Digital revenue, the main focus of our current business building initiatives, now represents more than 81% of our total revenue, an increase from the 76% of total revenue for the quarter ended June 30, 2020, and an increase from the 64% of total revenue for the quarter ended September 30, 2020, reflecting a positive growth trend for our high-margin digital revenue
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SEC Filings - Short Interest - Latest News - CHART - Analyst Reports - Verb - PRs - Interviews/Presentations - Jobs
Q3, 2021 Progress Report
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Latest Updates - Q4, 2021
VERB to Present its Shoppable Video Technology at Sidoti Virtual Microcap Conference on Wednesday, Dec. 8, 2021, at 4 p.m. ET
NEWPORT BEACH, Calif. and SALT LAKE CITY, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that CEO Rory J. Cutaia will present at the Sidoti Virtual Microcap Conference to be held on Dec. 8-9, 2021. He will also be meeting one-on-one with institutional investors throughout the conference. The presentation will be webcast live and available for replay.
Sidoti Virtual Microcap Conference
Presentation Date: Wednesday, Dec 8, 2021
Presentation Time: 4 p.m. ET / 1 p.m. PT
Webcast Link: VERB Presentation
Mr. Cutaia will showcase VERB’s interactive and shoppable video technology solutions and upcoming product offerings and discuss why the Company is well-positioned to benefit from the fast-growing livestream ecommerce sector and the convergence of shoppability and videos.
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM and marketing applications for entrepreneurs and enterprises, today announced that it has filed a prospectus supplement with the Securities and Exchange Commission (the “SEC”), under which it may sell up to $30 million of its common stock from time to time through an “at-the-market” or ATM equity offering program (the “ATM Offering”).
“As I stated in our third quarter earnings call yesterday, Marketplace and verbTV represent what I believe may be the greatest value creation opportunity for our shareholders, the successful execution of which must be one of our top priorities,” stated Rory J. Cutaia, VERB CEO. “As we contemplate the numerous components of this bold initiative, I remain very cognizant of minimizing dilution to our shareholders and will look to secure any needed capital at the lowest possible cost. The credit facilities I discussed on the earnings call, as well as the flexibility of this facility, give us additional tools to help facilitate that.”
As discussed in its recent earnings call, the Company has identified and is currently exploring credit facilities to finance its current initiatives. However, in the event the Company determines to sell any shares of its common stock under the ATM Offering during the approximately two years remaining in its shelf registration statement on Form S-3 (File No. 333-252167) filed with the SEC, and any extension thereto, the Company intends to use the net proceeds from any such sales for general corporate purposes, which may include, (i) cash consideration for prospective corporate acquisitions; (ii) investments in working capital, or capital expenditures, including the acceleration of investments to grow and enhance its Marketplace and verbTV ecommerce platform and other omni-channel assets; and (iii) other investments.
VERB Reports Record Third Quarter 2021 Results – Digital Revenue Up 30% Over Q2 2021
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (NASDAQ: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM and marketing applications for entrepreneurs and enterprises, today announced that it will host a conference call to discuss its financial results for the third quarter ended September 30, 2021 on Monday, November 15, 2021, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). Financial results will be issued in a press release prior to the call.
VERB CEO Rory J. Cutaia and CFO Jeff Clayborne will host the conference call, followed by a question-and-answer period.
VERB Q3 2021 Earnings Call
Date: Monday, November 15, 2021
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.
U.S. dial-in number: 1-877-300-8521
International number: 1-412-317-6026
To access by webcast: A live and archived webcast will also be available.
Webcast link: viavid.webcasts.com/starthere.jsp?ei=1510486&tp_key=03f8645407
A telephonic replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through Monday, November 29, 2021.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10161783
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that its first technology symposium, verbLIT, held on October 7, 2021, is now available for viewing here.
verbLIT gives clients, consumers, and investors the chance to experience VERB’s core shoppable video technology. The symposium showcases recently released innovations from VERB, the people behind the products, the reasons these products were developed, the experiences of clients using them, and provides a sneak peek at what else is coming.
"Unlike other video streaming events, verbLIT was produced using our own interactive livestream ecommerce, shoppable video and webinar app verbLIVE,” said Rory J. Cutaia, CEO of VERB. “Viewers can experience first-hand the core interactive video technology that powers VERB's apps and that has provided an unparalleled, friction-free shoppable video experience for tens of thousands of livestream hosts and their viewers all over the world."
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that the Company has entered into a partnership with the Pittsburgh Penguins of the National Hockey League (NHL) to provide its industry-leading interactive sales software to drive ticket and merchandise sales. The Pittsburgh Penguins, known to be one of the most innovative professional sports franchises in North America, immediately saw the value Verb's technology provides.
“We look forward to working with Verb to implement their innovative video sales software to enhance our customer reach and fan engagement and drive business in an ever-changing, technologically advancing world,” said Terry Kalna, Chief Revenue Officer of the Penguins.
“Verb is absolutely thrilled to partner with the five-time Stanley Cup Champion Pittsburgh Penguins to bring our interactive technology to the professional sports world,” said Rory J. Cutaia, CEO of VERB. “We have no doubt that this will prove to be one of many future sports entertainment partnerships for the Company and it speaks to the Penguins’ vision and innovative focus as the first to embrace the interactive sales space.”
Email Update: We recognize the video degradation issues due to our network provider during verbLIT, and we will rectify it
If you joined us for verbLIT this afternoon, you may have experienced video quality issues during the event, and we apologize for this.
Verb's entire platform has been built on Amazon Web Services, which works flawlessly. For verbLIT, we ran the event over Microsoft's network, in large part because of our partnership with Microsoft for verbMAIL as we are trying to get into Microsoft's Co-Sell Program, which can be very lucrative for the company. The problem experienced today was on Microsoft's network, and not Verb's platform.
We will rectify this problem by giving this a second try, likely on another network, or multiple networks, so you can better experience and appreciate what we've built and what so many people in the Verb organization have worked so hard to accomplish to gain the trust and confidence of our customers and our investors.
A recap video is coming - stay tuned for a better verbLIT experience soon.
- The Verb Team
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that the Company has entered into an agreement with David Meltzer to serve as an executive producer at verbTV, the shoppable entertainment extension of VERB’s livestream shopping destination, Marketplace (codename).
Currently the CEO and Founder of David Meltzer Enterprises, Mr. Meltzer is also co-founder of Sports 1 Marketing, a global sports and entertainment marketing agency and one of the world’s most successful sports marketing firms that leverages over $20 billion in relationship capital and over 38 years of business experience, bringing athletes, celebrities, and businesses together to “make a lot of money, help a lot of people, and have a lot of fun.” He was the former CEO of the renowned Leigh Steinberg Sports & Entertainment agency, which was the inspiration for the movie Jerry Maguire. Considered one of the top e-sports entrepreneurs and investors, Mr. Meltzer is also a three-time international best-selling author, a Top 100 Business Coach, and host of the top entrepreneur podcast, The Playbook. He has been recognized by Variety Magazine as their Sports Humanitarian of the Year and awarded the Ellis Island Medal of Honor.
verbTV is an online ecommerce channel providing viewers with a slate of shoppable and interactive entertainment programming. verbTV viewers will be able to click directly in videos to purchase products they see featured in the videos among many other engaging interactive capabilities.
As an executive producer at verbTV, Mr. Meltzer will produce content for VERB’s shoppable entertainment channel. The first among many verbTV programs in development will be Season 3 of “2 Minute Drill,” a reality TV competition created and hosted by Mr. Meltzer, Seasons 1 and 2 of which are currently available for viewing on the Bloomberg Television Network and Amazon Prime Video. Every episode of 2 Minute Drill features five entrepreneurs competing for $50,000 in cash and prizes with only two minutes each to persuade a panel of judges that their business pitch is the best. The judges/mentors, themselves successful entrepreneurs, provide insightful advice to help contestants strengthen their brands and pitches. Bringing the shoppable version of 2 Minute Drill exclusively to verbTV adds a new dimension to the entertainment experience, as viewers will now be able to participate in the program by purchasing the products and services offered by the contestants’ companies, among many other empowering interactions made possible by VERB’s state-of-the-art interactive video technology. In addition to 2 Minute Drill, Mr. Meltzer is expected to develop shoppable, interactive programs centered around e-sports as well as a shoppable version of Season 2 of Mr. Meltzer’s new TV show “Office Hours,” the first late-night entrepreneur talk show that features the best and brightest entrepreneurial minds from business, sports, and entertainment to talk about success, failure, and everything in between (Season 1 premiers on Bloomberg TV and Amazon Prime Video on Friday, October 15, 2021).
“I am thrilled to work with Rory and Team Verb to be part of the force ushering in this exciting new evolution of online ecommerce, and deliver the true convergence of pure entertainment and shoppability,” states David Meltzer.
“I have worked directly with David as guest judge and mentor on 2 Minute Drill, and I am truly excited that he will be producing shoppable e-sports and business entertainment content for verbTV,” said Rory J. Cutaia, CEO of VERB. “David has a remarkable history of sports and business acumen, matched only by his extensive contacts and relationships in the sports, business and entertainment industries, all of which will serve as a basis for his content development initiatives. We expect this will be the first of many partnerships VERB will announce as we continue to build a library of shoppable programming for verbTV. Over the last several years, we have talked repeatedly about the forthcoming convergence of online shopping and entertainment, and our intention to be at the forefront that new paradigm. With verbTV, we are delivering on that promise. We believe these new innovations will create tremendous long-term value for our Company and for all our stakeholders as Verb becomes not only a significant force in the SaaS space, but a leader in live-selling e-commerce through Marketplace and verbTV.”
About David Meltzer
David Meltzer is the Co-Founder of Sports 1 Marketing and formerly served as CEO of the renowned Leigh Steinberg Sports & Entertainment agency, which was the inspiration for the movie Jerry Maguire. Considered one of the top esports entrepreneurs and investors, David is also a three-time international best-selling author, a Top 100 Business Coach, and host of the top entrepreneur podcast, The Playbook.
David is the Executive Producer of the Bloomberg and Amazon television series 2 Minute Drill and Office Hours. He is also the executive producer of Entrepreneur’s #1 digital business show, Elevator Pitch. David is featured in many books, movies, and TV shows such as World’s Greatest Motivators, Think and Grow Rich: The Legacy and Beyond the Secret, airing on Netflix. Additionally, he has been recognized by Variety Magazine as their Sports Humanitarian of the Year and awarded the Ellis Island Medal of Honor.
His life’s mission is to empower OVER 1 BILLION people to be happy! This simple yet powerful mission has led him on an incredible journey to provide one thing… VALUE. In all his content, and communication that’s exactly what you’ll receive. For the past 20 years, David has been providing free weekly trainings to empower others to empower others to be happy.
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that CEO Rory J. Cutaia will present at Benzinga Rising Stars: Catalytic Small-Cap Growth Conference on Thursday, Oct. 7, 2021.
The event can be viewed on Benzinga’s livestream channel at 1:15 p.m. ET / 10:15 a.m. PT on Oct. 7 by clicking here. Mr. Cutaia will discuss the Company’s industry-leading sales tools for livestream ecommerce and why VERB is well positioned for this market’s growth. VERB’s sales innovations will also be showcased at the Company’s first technology symposium, verbLIT, which takes place at 4:00 p.m. PT on the same day. Registration for virtual attendance at verbLIT can be completed using this link.
The Rising Stars conference is part of Benzinga’s All-Access Series and features select growth companies with promising technologies and offerings that can create a significant impact on their respective markets.
On October 2, 2021, Verb Technology Company, Inc. (the “Company”) delivered written notice to Truist Securities, Inc. (“Truist”) to terminate the At-The-Market Issuance Sales Agreement entered into between the Company and Truist (the “Sales Agreement”) and instructing them to cease offers or sales of Placement Shares (as defined in the Sales Agreement) immediately.
[/font][/div]VERB to Present its Shoppable Video Technology at Sidoti Virtual Microcap Conference on Wednesday, Dec. 8, 2021, at 4 p.m. ET
NEWPORT BEACH, Calif. and SALT LAKE CITY, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that CEO Rory J. Cutaia will present at the Sidoti Virtual Microcap Conference to be held on Dec. 8-9, 2021. He will also be meeting one-on-one with institutional investors throughout the conference. The presentation will be webcast live and available for replay.
Sidoti Virtual Microcap Conference
Presentation Date: Wednesday, Dec 8, 2021
Presentation Time: 4 p.m. ET / 1 p.m. PT
Webcast Link: VERB Presentation
Mr. Cutaia will showcase VERB’s interactive and shoppable video technology solutions and upcoming product offerings and discuss why the Company is well-positioned to benefit from the fast-growing livestream ecommerce sector and the convergence of shoppability and videos.
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM and marketing applications for entrepreneurs and enterprises, today announced that it has filed a prospectus supplement with the Securities and Exchange Commission (the “SEC”), under which it may sell up to $30 million of its common stock from time to time through an “at-the-market” or ATM equity offering program (the “ATM Offering”).
“As I stated in our third quarter earnings call yesterday, Marketplace and verbTV represent what I believe may be the greatest value creation opportunity for our shareholders, the successful execution of which must be one of our top priorities,” stated Rory J. Cutaia, VERB CEO. “As we contemplate the numerous components of this bold initiative, I remain very cognizant of minimizing dilution to our shareholders and will look to secure any needed capital at the lowest possible cost. The credit facilities I discussed on the earnings call, as well as the flexibility of this facility, give us additional tools to help facilitate that.”
As discussed in its recent earnings call, the Company has identified and is currently exploring credit facilities to finance its current initiatives. However, in the event the Company determines to sell any shares of its common stock under the ATM Offering during the approximately two years remaining in its shelf registration statement on Form S-3 (File No. 333-252167) filed with the SEC, and any extension thereto, the Company intends to use the net proceeds from any such sales for general corporate purposes, which may include, (i) cash consideration for prospective corporate acquisitions; (ii) investments in working capital, or capital expenditures, including the acceleration of investments to grow and enhance its Marketplace and verbTV ecommerce platform and other omni-channel assets; and (iii) other investments.
VERB Reports Record Third Quarter 2021 Results – Digital Revenue Up 30% Over Q2 2021
New Client SaaS Contracts Executed in Q3 2021 Represent the Highest Base Contract Revenue Ever Produced in a Single Quarter in Company History
Total Digital Revenue Recognized in Q3 Increased 30% over Prior Quarter, and Now Represents 81% of Total Revenue, Up from 64% Last Year
SaaS Recurring Revenue Up 25% Year over Year and Up 15% over Q2
Non-SaaS Digital Revenue Increased 144% over Q2 and 42% Year over Year
Combined Revenue Up More than 21% over Q2
Launched Professional Sports Vertical, Partnering with Pittsburgh Penguins for Verb Interactive Video Sales Enablement Platform to Drive Ticket Sales and Fan Engagement; Expects More Professional Sports Team Announcements to Follow
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM and marketing applications for entrepreneurs and enterprises, today reported financial and operating results for the third quarter and nine months ended September 30, 2021.
Management Commentary
“The third quarter results we report today should be seen as compelling evidence of the significant increase in demand we’re experiencing for our products and services and strong validation of our strategy to invest in the accelerated, simultaneous development of what I’ve referred to previously as our hyper-growth initiatives,” said Rory J. Cutaia, CEO of VERB. “In our earnings call today I intend to finally share the details of Marketplace and verbTV, which together represent the culmination of hard work by countless dedicated professionals on these multi-year, multi-discipline projects, and the pinnacle of our hyper-growth initiatives, which lay the foundation for the enormous value creation we expect our shareholders to enjoy for years to come.
“For insights into our Company, our technological breakthroughs, as well as some of the people behind them, check out a recording of our recent verbLIT Symposium (Leading Interactive Technology) that showcases, among other things, our true in-video ecommerce technology. Go ahead and click on the shopping bag you see in the video. verbLIT can be viewed here,” added Mr. Cutaia.
Financial Results for Third Quarter 2021
Added 16 new client contracts with a combined minimum contract value of $1.1 million – a record for new contracts executed in a single quarter.
Total Digital revenue was $2.4 million, an increase of 30% over Q2 2021 and up 28% year over year.
Digital revenue now represents more than 81% of total combined revenue – up from 64% for the same period last year and up from the 76% reported in Q2.
SaaS recurring digital revenue (a component of Total Digital revenue) was approx. $1.8 million, up 25% year over year and an increase of 15% over Q2.
Non-SaaS digital revenue (the other component of Total Digital revenue) of more than $500,000, an increase of 42% year over year and up 144% over Q2.
Total Combined revenue in Q3 was $2.9 million – up 21% from $2.4 million in Q2.
3.0 million total user downloads as of September 30, up from 2.2 million as of June 30, and more than 88% over 1.6 million downloads reported in same period last year.
Research and development expenses were $3.5 million, compared with $2.4 million for the same period last year, with the increase attributed to the development of verbLIVE, VERB’s new Attribution feature, product enhancements to verbCRM, verbPULSE, the Microsoft Outlook integration and the forthcoming new Marketplace platform, among other as yet unannounced features and products.
General and administrative expenses were $6.1 million, compared with $6.7 million for the same period last year, with the decrease in spending attributed to lower stock compensation expense of $1.3 million.
Financial Results for Nine-Month Period Ending September 30, 2021
Total Digital revenue of approx. $6.0 million, was up 20% year over year.
Total SaaS recurring revenue (a component of Total Digital revenue) was $4.9 million, up 29% year over year.
SaaS recurring revenue as a percentage of Total Digital revenue was 82%, compared with 77% for the same period last year.
Research and development expenses were $9.6 million, compared with $5.3 million for the same period last year, with the increase attributed to the development of verbLIVE, VERB’s new Attribution feature, product enhancements to verbCRM, verbPULSE, the Microsoft Outlook integration and the forthcoming new Marketplace platform, among other as yet unannounced features and products.
General and administrative expenses were $20.0 million, compared with $14.2 million for the same period last year, with the increase attributed to labor-related costs to support growth, professional services, marketing expenses, as well as expenses related to SoloFire operations following the acquisition.
As of September 30, 2021, total assets were $35.9 million, total liabilities were $21.5 million and total stockholders’ equity was $14.4 million.
The Company successfully converted all remaining preferred shares into shares of the Company’s common stock. As a result, there are no shares of preferred stock and associated rights outstanding and the cap table reflects a clean capital structure comprised of one class of common shares.
As of today, there are 70,470,415 shares of our common stock issued and outstanding. Of the total number of common shares issued and outstanding, approximately 6.1 million shares or approximately 8.7% are owned or controlled by management and the Board members.
Recent Company Business Highlights
At the beginning of the third quarter, announced the general commercial release of verbMAIL for Microsoft Outlook, which provides interactive video email capabilities for Outlook users who can now add interactive clickable buttons and icons right in the video for easy-click purchasing by viewers (“Buy-It-Now”), scheduling appointments, downloading or viewing product literature and media, and many other sales enabling interactions.
Introduced PULSE, an AI/BI-based feature set that tracks prospect interactions then coaches salespeople on follow-up recommendations while automating the selling process
Partnered with Market America Worldwide | SHOP.COM to launch SHOP LIVE™, powered by verbLIVE, providing distributors their own livestream selling platform to easily demonstrate and sell products to current or potential customers from anywhere in the world, at any time.
Partnered with NewAge, Inc. to provide up to 600,000 of their brand partners and distributors in 75 countries access to Verb’s sales enablement platform to increase customer engagement and sales conversion rates.
Launched the Professional Sports vertical to its expanding client base by adding the Pittsburgh Penguins sports team franchise, with other teams expected to follow, that will use VERB’s interactive video technology solutions to drive ticket and merchandise sales and increase fan engagement.
Held first technology symposium, verbLIT, on Oct. 7, 2021, to provide clients, consumers, and investors the opportunity to experience VERB’s shoppable video technology by showcasing newly released products verbMAIL, verbLIVE with Attribution, and PULSE and offering a sneak peek at what is upcoming.
Expects to release verbMAIL Pro before year-end, a feature-rich, paid version of verbMAIL intended for businesses and professional users.
Marketplace and verbTV development on track for completion before year-end – representing a new centralized eCommerce platform and expanded revenue streams for social eCommerce and shoppable TV, respectively.
Conference Call Information
VERB management will hold a conference call today, November 15, 2021, at 5:00 p.m. Eastern time, to discuss third quarter 2021 results in greater detail. A telephonic replay of the conference call is available from 8:00 p.m. Eastern time today through November 29, 2021.
VERB Q3 2021 Earnings Call
Date: Monday, November 15, 2021
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.
U.S. dial-in number: 1-877-300-8521
International number: 1-412-317-6026
To access by webcast: A live and archived webcast will also be available.
Webcast link: viavid.webcasts.com/starthere.jsp?ei=1510486&tp_key=03f8645407
Replay:
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10161783
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM and marketing applications for entrepreneurs and enterprises, today reported financial and operating results for the third quarter and nine months ended September 30, 2021.
Management Commentary
“The third quarter results we report today should be seen as compelling evidence of the significant increase in demand we’re experiencing for our products and services and strong validation of our strategy to invest in the accelerated, simultaneous development of what I’ve referred to previously as our hyper-growth initiatives,” said Rory J. Cutaia, CEO of VERB. “In our earnings call today I intend to finally share the details of Marketplace and verbTV, which together represent the culmination of hard work by countless dedicated professionals on these multi-year, multi-discipline projects, and the pinnacle of our hyper-growth initiatives, which lay the foundation for the enormous value creation we expect our shareholders to enjoy for years to come.
“For insights into our Company, our technological breakthroughs, as well as some of the people behind them, check out a recording of our recent verbLIT Symposium (Leading Interactive Technology) that showcases, among other things, our true in-video ecommerce technology. Go ahead and click on the shopping bag you see in the video. verbLIT can be viewed here,” added Mr. Cutaia.
Financial Results for Third Quarter 2021
Added 16 new client contracts with a combined minimum contract value of $1.1 million – a record for new contracts executed in a single quarter.
Total Digital revenue was $2.4 million, an increase of 30% over Q2 2021 and up 28% year over year.
Digital revenue now represents more than 81% of total combined revenue – up from 64% for the same period last year and up from the 76% reported in Q2.
SaaS recurring digital revenue (a component of Total Digital revenue) was approx. $1.8 million, up 25% year over year and an increase of 15% over Q2.
Non-SaaS digital revenue (the other component of Total Digital revenue) of more than $500,000, an increase of 42% year over year and up 144% over Q2.
Total Combined revenue in Q3 was $2.9 million – up 21% from $2.4 million in Q2.
3.0 million total user downloads as of September 30, up from 2.2 million as of June 30, and more than 88% over 1.6 million downloads reported in same period last year.
Research and development expenses were $3.5 million, compared with $2.4 million for the same period last year, with the increase attributed to the development of verbLIVE, VERB’s new Attribution feature, product enhancements to verbCRM, verbPULSE, the Microsoft Outlook integration and the forthcoming new Marketplace platform, among other as yet unannounced features and products.
General and administrative expenses were $6.1 million, compared with $6.7 million for the same period last year, with the decrease in spending attributed to lower stock compensation expense of $1.3 million.
Financial Results for Nine-Month Period Ending September 30, 2021
Total Digital revenue of approx. $6.0 million, was up 20% year over year.
Total SaaS recurring revenue (a component of Total Digital revenue) was $4.9 million, up 29% year over year.
SaaS recurring revenue as a percentage of Total Digital revenue was 82%, compared with 77% for the same period last year.
Research and development expenses were $9.6 million, compared with $5.3 million for the same period last year, with the increase attributed to the development of verbLIVE, VERB’s new Attribution feature, product enhancements to verbCRM, verbPULSE, the Microsoft Outlook integration and the forthcoming new Marketplace platform, among other as yet unannounced features and products.
General and administrative expenses were $20.0 million, compared with $14.2 million for the same period last year, with the increase attributed to labor-related costs to support growth, professional services, marketing expenses, as well as expenses related to SoloFire operations following the acquisition.
As of September 30, 2021, total assets were $35.9 million, total liabilities were $21.5 million and total stockholders’ equity was $14.4 million.
The Company successfully converted all remaining preferred shares into shares of the Company’s common stock. As a result, there are no shares of preferred stock and associated rights outstanding and the cap table reflects a clean capital structure comprised of one class of common shares.
As of today, there are 70,470,415 shares of our common stock issued and outstanding. Of the total number of common shares issued and outstanding, approximately 6.1 million shares or approximately 8.7% are owned or controlled by management and the Board members.
Recent Company Business Highlights
At the beginning of the third quarter, announced the general commercial release of verbMAIL for Microsoft Outlook, which provides interactive video email capabilities for Outlook users who can now add interactive clickable buttons and icons right in the video for easy-click purchasing by viewers (“Buy-It-Now”), scheduling appointments, downloading or viewing product literature and media, and many other sales enabling interactions.
Introduced PULSE, an AI/BI-based feature set that tracks prospect interactions then coaches salespeople on follow-up recommendations while automating the selling process
Partnered with Market America Worldwide | SHOP.COM to launch SHOP LIVE™, powered by verbLIVE, providing distributors their own livestream selling platform to easily demonstrate and sell products to current or potential customers from anywhere in the world, at any time.
Partnered with NewAge, Inc. to provide up to 600,000 of their brand partners and distributors in 75 countries access to Verb’s sales enablement platform to increase customer engagement and sales conversion rates.
Launched the Professional Sports vertical to its expanding client base by adding the Pittsburgh Penguins sports team franchise, with other teams expected to follow, that will use VERB’s interactive video technology solutions to drive ticket and merchandise sales and increase fan engagement.
Held first technology symposium, verbLIT, on Oct. 7, 2021, to provide clients, consumers, and investors the opportunity to experience VERB’s shoppable video technology by showcasing newly released products verbMAIL, verbLIVE with Attribution, and PULSE and offering a sneak peek at what is upcoming.
Expects to release verbMAIL Pro before year-end, a feature-rich, paid version of verbMAIL intended for businesses and professional users.
Marketplace and verbTV development on track for completion before year-end – representing a new centralized eCommerce platform and expanded revenue streams for social eCommerce and shoppable TV, respectively.
Conference Call Information
VERB management will hold a conference call today, November 15, 2021, at 5:00 p.m. Eastern time, to discuss third quarter 2021 results in greater detail. A telephonic replay of the conference call is available from 8:00 p.m. Eastern time today through November 29, 2021.
VERB Q3 2021 Earnings Call
Date: Monday, November 15, 2021
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.
U.S. dial-in number: 1-877-300-8521
International number: 1-412-317-6026
To access by webcast: A live and archived webcast will also be available.
Webcast link: viavid.webcasts.com/starthere.jsp?ei=1510486&tp_key=03f8645407
Replay:
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10161783
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (NASDAQ: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM and marketing applications for entrepreneurs and enterprises, today announced that it will host a conference call to discuss its financial results for the third quarter ended September 30, 2021 on Monday, November 15, 2021, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time). Financial results will be issued in a press release prior to the call.
VERB CEO Rory J. Cutaia and CFO Jeff Clayborne will host the conference call, followed by a question-and-answer period.
VERB Q3 2021 Earnings Call
Date: Monday, November 15, 2021
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
To access by phone: Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization.
U.S. dial-in number: 1-877-300-8521
International number: 1-412-317-6026
To access by webcast: A live and archived webcast will also be available.
Webcast link: viavid.webcasts.com/starthere.jsp?ei=1510486&tp_key=03f8645407
A telephonic replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through Monday, November 29, 2021.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10161783
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that its first technology symposium, verbLIT, held on October 7, 2021, is now available for viewing here.
verbLIT gives clients, consumers, and investors the chance to experience VERB’s core shoppable video technology. The symposium showcases recently released innovations from VERB, the people behind the products, the reasons these products were developed, the experiences of clients using them, and provides a sneak peek at what else is coming.
"Unlike other video streaming events, verbLIT was produced using our own interactive livestream ecommerce, shoppable video and webinar app verbLIVE,” said Rory J. Cutaia, CEO of VERB. “Viewers can experience first-hand the core interactive video technology that powers VERB's apps and that has provided an unparalleled, friction-free shoppable video experience for tens of thousands of livestream hosts and their viewers all over the world."
We have empowered over 4 million #sales presentations in over 82 countries.
VERB expects this partnership to be the first of many sports franchises that would use its tools to increase sales and fan engagement
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that the Company has entered into a partnership with the Pittsburgh Penguins of the National Hockey League (NHL) to provide its industry-leading interactive sales software to drive ticket and merchandise sales. The Pittsburgh Penguins, known to be one of the most innovative professional sports franchises in North America, immediately saw the value Verb's technology provides.
“We look forward to working with Verb to implement their innovative video sales software to enhance our customer reach and fan engagement and drive business in an ever-changing, technologically advancing world,” said Terry Kalna, Chief Revenue Officer of the Penguins.
“Verb is absolutely thrilled to partner with the five-time Stanley Cup Champion Pittsburgh Penguins to bring our interactive technology to the professional sports world,” said Rory J. Cutaia, CEO of VERB. “We have no doubt that this will prove to be one of many future sports entertainment partnerships for the Company and it speaks to the Penguins’ vision and innovative focus as the first to embrace the interactive sales space.”
Email Update: We recognize the video degradation issues due to our network provider during verbLIT, and we will rectify it
If you joined us for verbLIT this afternoon, you may have experienced video quality issues during the event, and we apologize for this.
Verb's entire platform has been built on Amazon Web Services, which works flawlessly. For verbLIT, we ran the event over Microsoft's network, in large part because of our partnership with Microsoft for verbMAIL as we are trying to get into Microsoft's Co-Sell Program, which can be very lucrative for the company. The problem experienced today was on Microsoft's network, and not Verb's platform.
We will rectify this problem by giving this a second try, likely on another network, or multiple networks, so you can better experience and appreciate what we've built and what so many people in the Verb organization have worked so hard to accomplish to gain the trust and confidence of our customers and our investors.
A recap video is coming - stay tuned for a better verbLIT experience soon.
- The Verb Team
VERB Engages Legendary Entrepreneur, Investor, and Best-Selling Author David Meltzer as Executive Producer for verbTV, VERB’s Shoppable Entertainment Channel
verbTV, an extension of VERB’s online shopping destination Marketplace, is an online TV channel with interactive, shoppable entertainment content that allows viewers to click, shop, and perform numerous other interactions directly through the video
verbTV, an extension of VERB’s online shopping destination Marketplace, is an online TV channel with interactive, shoppable entertainment content that allows viewers to click, shop, and perform numerous other interactions directly through the video
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that the Company has entered into an agreement with David Meltzer to serve as an executive producer at verbTV, the shoppable entertainment extension of VERB’s livestream shopping destination, Marketplace (codename).
Currently the CEO and Founder of David Meltzer Enterprises, Mr. Meltzer is also co-founder of Sports 1 Marketing, a global sports and entertainment marketing agency and one of the world’s most successful sports marketing firms that leverages over $20 billion in relationship capital and over 38 years of business experience, bringing athletes, celebrities, and businesses together to “make a lot of money, help a lot of people, and have a lot of fun.” He was the former CEO of the renowned Leigh Steinberg Sports & Entertainment agency, which was the inspiration for the movie Jerry Maguire. Considered one of the top e-sports entrepreneurs and investors, Mr. Meltzer is also a three-time international best-selling author, a Top 100 Business Coach, and host of the top entrepreneur podcast, The Playbook. He has been recognized by Variety Magazine as their Sports Humanitarian of the Year and awarded the Ellis Island Medal of Honor.
verbTV is an online ecommerce channel providing viewers with a slate of shoppable and interactive entertainment programming. verbTV viewers will be able to click directly in videos to purchase products they see featured in the videos among many other engaging interactive capabilities.
As an executive producer at verbTV, Mr. Meltzer will produce content for VERB’s shoppable entertainment channel. The first among many verbTV programs in development will be Season 3 of “2 Minute Drill,” a reality TV competition created and hosted by Mr. Meltzer, Seasons 1 and 2 of which are currently available for viewing on the Bloomberg Television Network and Amazon Prime Video. Every episode of 2 Minute Drill features five entrepreneurs competing for $50,000 in cash and prizes with only two minutes each to persuade a panel of judges that their business pitch is the best. The judges/mentors, themselves successful entrepreneurs, provide insightful advice to help contestants strengthen their brands and pitches. Bringing the shoppable version of 2 Minute Drill exclusively to verbTV adds a new dimension to the entertainment experience, as viewers will now be able to participate in the program by purchasing the products and services offered by the contestants’ companies, among many other empowering interactions made possible by VERB’s state-of-the-art interactive video technology. In addition to 2 Minute Drill, Mr. Meltzer is expected to develop shoppable, interactive programs centered around e-sports as well as a shoppable version of Season 2 of Mr. Meltzer’s new TV show “Office Hours,” the first late-night entrepreneur talk show that features the best and brightest entrepreneurial minds from business, sports, and entertainment to talk about success, failure, and everything in between (Season 1 premiers on Bloomberg TV and Amazon Prime Video on Friday, October 15, 2021).
“I am thrilled to work with Rory and Team Verb to be part of the force ushering in this exciting new evolution of online ecommerce, and deliver the true convergence of pure entertainment and shoppability,” states David Meltzer.
“I have worked directly with David as guest judge and mentor on 2 Minute Drill, and I am truly excited that he will be producing shoppable e-sports and business entertainment content for verbTV,” said Rory J. Cutaia, CEO of VERB. “David has a remarkable history of sports and business acumen, matched only by his extensive contacts and relationships in the sports, business and entertainment industries, all of which will serve as a basis for his content development initiatives. We expect this will be the first of many partnerships VERB will announce as we continue to build a library of shoppable programming for verbTV. Over the last several years, we have talked repeatedly about the forthcoming convergence of online shopping and entertainment, and our intention to be at the forefront that new paradigm. With verbTV, we are delivering on that promise. We believe these new innovations will create tremendous long-term value for our Company and for all our stakeholders as Verb becomes not only a significant force in the SaaS space, but a leader in live-selling e-commerce through Marketplace and verbTV.”
About David Meltzer
David Meltzer is the Co-Founder of Sports 1 Marketing and formerly served as CEO of the renowned Leigh Steinberg Sports & Entertainment agency, which was the inspiration for the movie Jerry Maguire. Considered one of the top esports entrepreneurs and investors, David is also a three-time international best-selling author, a Top 100 Business Coach, and host of the top entrepreneur podcast, The Playbook.
David is the Executive Producer of the Bloomberg and Amazon television series 2 Minute Drill and Office Hours. He is also the executive producer of Entrepreneur’s #1 digital business show, Elevator Pitch. David is featured in many books, movies, and TV shows such as World’s Greatest Motivators, Think and Grow Rich: The Legacy and Beyond the Secret, airing on Netflix. Additionally, he has been recognized by Variety Magazine as their Sports Humanitarian of the Year and awarded the Ellis Island Medal of Honor.
His life’s mission is to empower OVER 1 BILLION people to be happy! This simple yet powerful mission has led him on an incredible journey to provide one thing… VALUE. In all his content, and communication that’s exactly what you’ll receive. For the past 20 years, David has been providing free weekly trainings to empower others to empower others to be happy.
NEWPORT BEACH, Calif. and SALT LAKE CITY, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including interactive livestream eCommerce and shoppable video, webinar, CRM, and marketing applications for entrepreneurs and enterprises, today announced that CEO Rory J. Cutaia will present at Benzinga Rising Stars: Catalytic Small-Cap Growth Conference on Thursday, Oct. 7, 2021.
The event can be viewed on Benzinga’s livestream channel at 1:15 p.m. ET / 10:15 a.m. PT on Oct. 7 by clicking here. Mr. Cutaia will discuss the Company’s industry-leading sales tools for livestream ecommerce and why VERB is well positioned for this market’s growth. VERB’s sales innovations will also be showcased at the Company’s first technology symposium, verbLIT, which takes place at 4:00 p.m. PT on the same day. Registration for virtual attendance at verbLIT can be completed using this link.
The Rising Stars conference is part of Benzinga’s All-Access Series and features select growth companies with promising technologies and offerings that can create a significant impact on their respective markets.
On October 2, 2021, Verb Technology Company, Inc. (the “Company”) delivered written notice to Truist Securities, Inc. (“Truist”) to terminate the At-The-Market Issuance Sales Agreement entered into between the Company and Truist (the “Sales Agreement”) and instructing them to cease offers or sales of Placement Shares (as defined in the Sales Agreement) immediately.