springbig 2022 Revenue Grows 14% To $26.6M, Provides Outlook

SpringBig Holdings, Inc. SBIG revenue in 2022 was $26.6 million, an increase of 14% compared to $23.4 million in 2021. Revenues in 2022 and prior year are revised to reflect a change in the treatment of credits issued to customers, which are included in revenues whereas previously these were in cost of revenue. This revision reduces revenues while leaving gross profit and net loss unchanged.

Q4 2022 Financial Highlights:

• Revenue increased to $6.8 million, up 2% year-on-year

• Gross profit was $5.3 million, compared to gross profit of $5 million in Q4 2021.

• Gross margin of 78%, compared to gross margin of 75% in Q4 2021.

• Net loss was $4.5 million compared to a loss of $2.5 million in the prior year.

• Adjusted EBITDA loss was $3.2 million compared to a loss of $2.1 million in the prior year

• Basic net income loss per share was $0.17

• Cash and cash equivalents totaled $3.5 million as of December 31, 2022

Full Year 2022 Financial Highlights:

• Gross profit was $19.9 million, compared to $17.1 million in 2021.

• Net loss was $13.1 million compared to a loss of $5.8 million in the prior year

• Adjusted EBITDA loss was $12.6 million compared to a loss of $5.5 million in the prior year

• Basic net income loss per share was $0.59 based on 22.3 million weighted average shares outstanding. Total shares outstanding as of December 31, 2022 were 26.7 million.

“We are pleased with our fourth quarter results and performance. We closed the year with strong momentum and continue to deliver exceptional value to our customers across our broadening platform” stated Jeffrey Harris, CEO and chairman of springbig. “I’m excited by the opportunities ahead of us in 2023. We have a rich pipeline of new revenue generating initiatives and a strong, high-growth subscription revenue base. We ended the year with more than 3,000 retail locations utilizing the springbig platform and in the last year these clients generated more than $7.5 billion of GMV and distributed in excess of 2 billion messages using springbig.”

Financial Outlook

For the first quarter of 2023, springbig currently expects:

• Revenue in the range of $7.1 - $7.4 million, representing 17% growth at the midpoint.

• Adjusted EBITDA loss in the range of $1.4 - $1.2 million.

For the year ending December 31, 2023, springbig currently expects:

• Revenue in the range of $31 - $34 million, representing 22% year-over-year growth at the midpoint.

• Adjusted EBITDA loss in the range of $3.0 - $1.5 million, with positive EBITDA being reached during fiscal year 2023.

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