Summary by Futu AI
Verb Technology reported Q3 2024 revenue of $128,000, a 341% increase year-over-year, driven by its MARKET.live platform's TikTok Shop partnership and Go Fund Yourself business unit. The company maintained a strong financial position with $10.5 million in cash and $5.1 million in short-term investments as of September 30, 2024.Operating expenses decreased significantly, with general and administrative costs down 26% to $2.1 million and depreciation expenses reduced to $273,000 from $564,000 year-over-year. The company recorded other income of $347,000, primarily from interest income, while net loss from continuing operations improved to $2 million compared to $3.5 million in Q3 2023.The company's strategic pivot following the June 2023 sale of its SaaS assets for $6.5 million has allowed greater focus on MARKET.live's growth potential. Recent technology integrations with META platforms and Pinterest, combined with its expanded TikTok Shop partnership as an official service provider, position Verb for continued expansion in social commerce and crowdfunding sectors.
