Cannabis-Focused Software Co. SpringBig Narrows Q2 Net Loss, Reports 8.3% YoY Drop In Revenue

SpringBig Holdings, Inc. SBIG, a provider of SaaS-based marketing solutions, consumer mobile app experiences and omni-channel loyalty programs, announced its financial results Tuesdayfor the second quarter ended June 30, 2024.

Revenue for the period totaled $6.6 million, down from $7.2 million in the prior year quarter and up from the previous period.

Jeffrey Harris, the company's CEO and chairman said "we are pleased to report 2% quarter-over-quarter revenue growth in challenging macroeconomic conditions."

"We continue to make good progress,” Harriss said. “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."

Read Also: Cannabis-Focused Software Co. Springbig Sees Slight Q1 Revenue Decline But Improves Net Loss, Keeps Full Year Financial Guidance

Q2 2024 Financial Highlights

• 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 million in the prior year’s period.
• Adjusted EBITDA came in positive at $0.3 million compared to an adjusted EBITDA 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.

Outlook

For the third quarter of 2024, Springbig currently expects:

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

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