Cannabis-focused software company SpringBig narrows second-quarter net loss, reports year-over-year revenue decline of 8.3% – SpringBig Holdings (OTC:SBIG)

SpringBig Holdings, Inc. SBIGprovider of SaaS-based marketing solutions, consumer mobile apps and multi-channel loyalty programs, announced its financial results on Tuesday for the second quarter ended June 30, 2024.

Revenues for the period totaled $6.6 million, down from $7.2 million in the same quarter last year and up compared to the prior period.

Jeffrey Harris, The company’s CEO and chairman said, “We are pleased to report 2% quarter-over-quarter revenue growth in a challenging macroeconomic environment.”

“We continue to make good progress,” Harriss said. “Our newer offerings, such as ‘Springbig subscriptions’ and ‘Springbig gift cards,’ are gaining traction as our customers increasingly see the value and benefits of our broader suite of offerings.”

Also read: Cannabis-focused software firm Springbig posts slight first-quarter revenue decline but improves net loss, maintains full-year financial guidance

Key financial data for Q2 2024

• Subscription revenue represented 83% of total revenue at $5.5 million, up from $5.6 million in the prior year.
• Gross profit was $4.7 million, representing a gross profit margin of 71%.
• Operating expenses decreased 36% year over year to $4.8 million.
• Net loss was $0.6 million, compared with a net loss of $2 million in the same period last year.
• Adjusted EBITDA was USD 0.3 million, compared to an adjusted EBITDA loss of USD 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 was 46.1 million.

Perspectives

For Q3 2024, Springbig currently projects:

• Revenues in the range of $6.5-6.8 million.
• Positive adjusted EBITDA in the range of USD 0.5-0.8 million.

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