• Second consecutive quarter with positive Adjusted EBITDA*, increasing year-to-date Adjusted EBITDA* to $0.5 million, representing a $3.0 million year-on-year improvement
  • 2% quarter-over-quarter increase in revenue to $6.6 million
  • Operating expenses reduced by 35% year-on-year

BOCA RATON, Fla., Aug. 13, 2024  — SpringBig Holdings, Inc. (“Springbig” or the “Company”) (OTCQX: SBIG), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs, today announced its financial results for the second quarter ended June 30, 2024.

“We continue to make good progress. Our newer offerings, such as ‘subscriptions by Springbig’ and ‘gift cards by Springbig’ are gaining traction as our clients increasingly recognize the value and benefits of our broader suite of offerings” said Jeffrey Harris, CEO and Chairman of Springbig who also added “we are pleased to report 2% quarter-over-quarter revenue growth in challenging macroeconomic conditions.”

Paul Sykes, Springbig’s CFO, added “We are reporting a second quarter with positive Adjusted EBITDA*, and our seventh consecutive quarter of improving Adjusted EBITDA*. Our Adjusted EBITDA* for the six months ended June 30, 2024, of $0.5 million represents a $3.0 million year-on-year improvement, achieved in a period where we have experienced a 9% decline in revenue due to clients being increasingly budget-conscious in managing their messaging volumes to within their subscription to avoid excess fees and churn arising due to some clients being financially stressed. We continue to manage the optimization of our operating expenses, which have reduced by 35% year-on-year and expect the continuing positive trend in our Adjusted EBITDA* to continue as the year progresses.”

Second Quarter 2024 Financial Highlights:

  • Revenue was $6.6 million, compared to $7.2 million in the prior year.
  • Subscription revenue represents 83% of total revenue at $5.5 million, compared to $5.6 million in the prior year.
  • Gross profit was $4.7 million, representing a gross profit margin of 71%.
  • Operating expenses reduced by 36% year-on-year to $4.8 million.
  • Net loss was $(0.6) million, compared to a net loss of $(2.0) million in the prior year.
  • Adjusted EBITDA* positive $0.3 million compared to a loss of $(1.1) million in the prior year.
  • Basic net loss per share was $(0.01) based on 45.7 million weighted average shares outstanding. Total shares outstanding as of June 30, 2024, were 46.1 million.

Half Year 2024 Financial Highlights:

  • Revenue was $13.1 million, compared to $14.4 million in the prior year.
  • Subscription revenue represents 83% of total revenue at $10.9 million, compared to $11.2 million in the prior year.
  • Gross profit was $9.4 million, representing a gross profit margin of 72%.
  • Operating expenses reduced by $5.3 million, or 35% year-on-year, to $9.7 million.
  • Net loss was $(0.2) million, including a gain of $1.6 million on the repurchase of convertible debt, compared to a net loss of $(4.3) million in the prior year.
  • Adjusted EBITDA* positive $0.5 million compared to a loss of $(2.5) million in the prior year.

Financial Outlook

For the third quarter of 2024, Springbig currently expects:

  • Revenue in the range of $6.5 – $6.8 million.
  • Adjusted EBITDA* positive in the range of $0.5 – $0.8 million.

* Adjusted EBITDA is a non-GAAP (as defined below) financial measure. For more information, see “Use of Non-GAAP Financial Measures” below. Additionally, reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.

Adjusted EBITDA is a non-GAAP financial measure provided in this “Financial Outlook” section on a forward-looking basis. The Company does not provide a reconciliation of such forward-looking measure to the most directly comparable financial measure calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.

About Springbig

Springbig is a market-leading software platform providing customer loyalty and marketing automation solutions to retailers and brands in the U.S. and Canada. Springbig’s platform connects consumers with retailers and brands, primarily through SMS marketing, as well as emails, customer feedback system, and loyalty programs, to support retailers’ and brands’ customer engagement and retention. Springbig offers marketing automation solutions that provide for consistency of customer communication, thereby driving customer retention and retail foot traffic. Additionally, Springbig’s reporting, and analytics offerings deliver valuable insights that clients utilize to better understand their customer base, purchasing habits and trends. For more information, visit https://springbig.com/.

Post Views: 69