OUR NEW PROFILE IS: (NASDAQ: SBIG)
Springbig Ranks No. 269 on the Inc. 5000 Annual List of America’s Fastest-Growing Companies
First Quarter Revenue increased to $7.2 million, up 16% year-on-year
$26.6M revenue +14% year-on-year including retail subscription revenue growth of 38%
Subscription revenue was up 28% year-on-year
READ THE INVESTOR PRESENTATION HERE
We have another Nasdaq profile for Fridays session that is sitting under .75 right now and has under 12 Million shares in the entire float.
Pull up SBIG right away.
They just announced positive first quarter earnings after the bell tonight.
SpringBig (NASDAQ: SBIG) is a premier SaaS-based marketing solutions provider. They recently announced an expansion of its strategic partnerships with two industry leaders – Shopify and KORONA POS. Shopify is a renowned provider of essential internet infrastructure for commerce, while KORONA POS is the leading cloud point-of-sale (POS) solution for small to large businesses, obtained via software vendor COMBASE. These new partnerships are a testament to SpringBig’s vast expertise in working with retailers across various verticals.
With these new partnerships, SBIG has created innovative embedded loyalty solutions that help brands flourish in highly competitive industries. By drawing on its extensive experience and resources, SBIG has been able to offer tailor-made solutions to its partners that address their unique challenges and business requirements. These new embedded loyalty solutions enable brands to improve customer engagement and drive sales growth, while also enhancing customer loyalty.
The platform utilizes SMS marketing, email, customer feedback systems, and loyalty programs to connect consumers with retailers and brands, supporting customer engagement and retention. SBIG’s marketing automation solutions enable retailers and brands to maintain consistency in their customer communication, which drives customer retention and retail foot traffic. In addition, SBIG’s reporting and analytics offerings provide valuable insights to clients that help them understand their customer base, purchasing habits, and emerging trends. With its focus on delivering exceptional value to its clients and its commitment to innovation, SpringBig is a leading player in the rapidly growing cannabis industry.
Springbig Reports First Quarter 2023 Financial Results
BOCA RATON, Fla., May 04, 2023 (GLOBE NEWSWIRE) — SpringBig Holdings, Inc. (“springbig” or the “Company”) (NASDAQ: SBIG), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, today announced its financial results for the first quarter ended March 31, 2023.
“I am pleased with our execution to begin the year and with progress we are making across a number of new initiatives,” said Jeffrey Harris, CEO and Chairman of springbig. “We are managing our business efficiently with a keen eye on measured growth focused on profitability while recognizing the current macro and industry-specific realities. I am as confident as ever that our strategy is sound, with feedback from customers and partners reaffirming that we are making the right investments to capture the long-term opportunity in front of us.”
Paul Sykes, springbig’s CFO, added, “We have made significant progress along our path to profitability in Q1 with an acceleration in revenue growth coupled with improving gross profit margins and a full quarter impact of lower operating expenses after our cost saving initiatives implemented in late 2022. In Q2 we expect to demonstrate further progress with efficient management of costs while developing new revenue generating initiatives, setting us on course to meet stated growth targets and deliver on our commitment of reaching EBITDA breakeven during this year.”
First Quarter 2023 Financial Highlights:
- Revenue increased to $7.2 million, up 16% year-on-year.
- Subscription revenue was up 28% year-on-year.
- Net dollar retention rate was 100% for the twelve months ended March 31, 2023.
- Gross profit was $5.8 million, representing 28% year-on-year growth and a margin of 81%.
- Net loss was $(2.3) million compared to a loss of $(2.9) million in the prior year.
- Adjusted EBITDA* loss for the quarter was $(1.3) million compared to an adjusted EBITDA loss of $(2.5) million in the same period during the prior year.
- Basic net income loss per share was $(0.08).
- Cash and cash equivalents totaled $2.6 million as of March 31, 2023.
For more information regarding our non-GAAP financial measures, see “Use of Non-GAAP Financial Measures”. Additionally, reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.
Key Operational Highlights:
- 108 new clients added in Q1 with annualized subscription revenue of $1.0 million.
- 47 clients who upgraded and extended their subscriptions with annualized incremental subscription revenue of $2.8 million.
- 10% year-on-year growth in messaging volumes to 490 million with an increasing prevalence of push notifications directly to customer mobile apps.
- Signed subscription contracts in place with retailers in the liquor, vape and smoke verticals extending Springbig’s reach beyond the cannabis vertical.
For the second quarter of 2023, springbig currently expects:
- Revenue in the range of $7.3 – $7.6 million, representing 15% year-on-year growth at the midpoint.
- Adjusted EBITDA* loss in the range of $(0.9) – $(1.2) million.
For the year ending December 31, 2023, springbig currently expects:
- Revenue in the range of $31 – $34 million, representing 22% year-on-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.
* Adjusted EBITDA is a non-GAAP (as defined below) financial measure. For more information, see “Use of Non-GAAP Financial Measures”. Additionally, reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.
Adjusted EBITDA and EBITDA are non-GAAP financial measures provided in this “Financial Outlook” section on a forward-looking basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures 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.
Conference Call and Webcast Information
The Company will host a conference call and webcast today, Thursday, May 4, 2023, at 5:00 p.m. ET. Participants can register here to access the live webcast of the conference call. Alternatively, those who want to join the conference call via phone can register at this link to receive a dial-in number and unique PIN. The webcast will be archived for one year following the conference call and can be accessed on springbig’s investor relations website at https://investors.springbig.com/.
Leading loyalty marketing platform builds unique solutions that assist brands across various industries
BOCA RATON, Fla., March 23, 2023 (GLOBE NEWSWIRE) — springbig (the “Company”) (NASDAQ: SBIG), a leading provider of SaaS-based marketing solutions, today announced an expansion of its partnerships with Shopify, a provider of essential internet infrastructure for commerce, and KORONA POS, the leading cloud point-of-sale (“POS”) solution for small business to enterprises, from software vendor COMBASE. Both partnerships draw on springbig’s vast experience working with retailers across multiple verticals and have created new, innovative embedded loyalty solutions that help brands thrive in highly competitive industries.
In October, springbig announced its initial partnership with Shopify to launch the first loyalty app that specifically serves cannabis and CBD brands. Using its extensive experience developing advanced loyalty programs, springbig created an embedded tool within each POS that helps retailers offer a seamless loyalty program and with a plethora of digital communication features to its customer base. Recent enhancements to the partnership allow customers to redeem rewards in addition to managing their loyalty program from the point of sale. With the potential to reach Shopify’s user base of nearly three million, springbig is positioned to be a leading loyalty marketing platform in cannabis, food and beverage, hospitality and various other industries.
springbig has also partnered with KORONA POS to launch a bidirectional integration that allows merchants to apply and award loyalty offerings directly from KORONA POS at checkout. Merchants are also able to enroll new members into the loyalty program from either the POS or one of springbig’s many enrollment tools. springbig’s universal technology allows businesses across all industries to build strong loyalty and customer communications programs. The response to date has been encouraging as springbig begins to contract with KORONA customers from various verticals to leverage its Loyalty Marketing software. Following the success of these partnerships, springbig aims to integrate with other POS systems in the near future.
“We are thrilled with the success of our strategic partnerships with both KORONA POS and Shopify,” said Jeffrey Harris, CEO of springbig. “Both partners have been instrumental in offering solutions that help businesses connect with their customers and create strong bonds. In the future, we are excited to continue building new technological solutions that will make the consumer experience as fulfilling and seamless as it should be.”
KORONA POS and Shopify are two of springbig’s newest partners. In the first quarter of 2023, the Company also launched new integrations with Flowhub and Alleaves.
Springbig is no newcomer to loyalty marketing, their founders have over 20 years of experience in creating loyalty rewards programs for retail businesses. In fact, they were some of the original pioneers of retail loyalty marketing. CEO, Jeffrey Harris founded InteQ over 20 years ago, a company that took loyalty marketing from simple punch card programs in coffee shops to technologically advanced marketing tools at the forefront of some of the country’s biggest companies. Companies like Adidas, Reebok, and Citi Bank. After years of experience in big-box retail, their founders saw tremendous opportunity in the underserved cannabis industry and decided to bring advanced loyalty programs, an essential marketing tool in such a competitive industry, to cannabis dispensaries and brands.
SBIG Introduces Brands Marketplace Artificial Intelligence Feature That Helps Retailers Make Data-Driven Decisions
On April 19th SBIG announced the launch of its Brands Marketplace Offering. The Company’s first artificial intelligence-based (“AI”) solution uses consumer data to help its retail clients make data-driven decisions regarding the brands and products that are offered in their place of business.
SBIG designed the Brands Marketplace to enhance the retail experience for both retailers and consumers. The SBIG data-driven solution tracks pertinent consumer trends within each of its Retail Clients including time of purchase, types of products purchased, and the frequency at which customers buy particular items from said Retailer. Using advanced machine learning algorithms, the SBIG Brands Marketplace analyzes a customer’s shopping habits and identifies patterns in their behavior, preferences, and demographics. Retailers can utilize the trends identified by the Brands Marketplace to make better-informed decisions regarding the brands that will be offered in their stores. SBIG believes this will in turn yield the greatest return for the retailer and at the same time provide their consumers with the most appropriate product selection.
The Brands Marketplace is the latest addition to the SBIG suite of business solutions. This year, SBIG has launched it’s Build Your Own Audience, Compare Campaigns, Member Offers, Campaign Caddie, and Email Marketing Engines features. Additionally, SBIG has introduced integrations with COMBASE, Alleaves and Flowhub. The SBIG collection of data-driven tools has garnered recognition from Deloitte Fast 500, South Florida Business Journal Miami Inno Fire Awards, and more.
- Category-leading customer loyalty & marketing automation for the cannabis end market
- Software-as-a-Service (SaaS) business model that is “sticky” and high-growth
- Powerful flywheel network effect to fuel multiple channels of organic growth
- Platform of choice to consolidate a highly fragmented cannabis technology ecosystem
- Highly attractive financial profile – cash generative and high EBITDA (1) margin potential
- Exceptional management team to execute on strategy
Springbig Announces Two-Way Enrollment Integration with Alleaves.
Alleaves dispensaries will now have access to SpringBig’s wide range of customer loyalty redemption programs.
Alleaves and SpringBig have collaborated on a two-way integration to simplify the process of developing and maintaining a strong loyalty and communication program. The integration enables consumers to sign up for a dispensary’s loyalty and communication program through any of SpringBig’s enrollment methods, such as text- to-join codes, QR codes, website forms, and more. After enrolling in the program, the consumer’s profile automatically synchronizes with the dispensary’s point-of-sale system. Consumers can also enroll in SpringBig’s platform through the dispensary’s point-of-sale system. Customers can conveniently redeem rewards through their smartphones or at the dispensary, making the loyalty and communication program accessible on the go.
April 21, 2023
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