Why did VRME's Q2 2024 earnings fall short of forecasts?

VerifyMe's Q2 2024 earnings fell short of forecasts due to several key factors:

1. **Impact of Contract Termination**: The company experienced a significant revenue shortfall due to the termination of a subcontract with a major global carrier customer. This contract, related to Premium logistics services, accounted for a substantial portion of the Precision Logistics segment's revenue. The loss of this contract led to a revision in the 2024 revenue growth expectations from double digits to mid-single digits.
2. **Challenges in the Authentication Segment**: The Authentication segment faced challenges, with a decline in revenue generated from $0.2 million in Q1 2024 to $0.1 million in Q1 2023. This decline contributed to the overall shortfall in earnings.

In summary, VerifyMe's Q2 2024 earnings fell short of forecasts due to the impact of contract termination and challenges in the Authentication segment.

|code|Ticker|Name|Date|Total Revenue|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|VRME|VRME.O|Verifyme|2024 Q1|5759000|-0.05|186|
|VRME|VRME.O|Verifyme|2024 Q2|5352000|-0.03|186|
|VRME|VRME.O|Verifyme|2024 Q3|5435000|-0.23|186|
|VRME|VRME.O|Verifyme|2024 Q4|7661000||186|