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SpringBig Holdings, Inc. (OTCQX: SBIG) is a prominent software platform that offers customer loyalty and marketing automation solutions to retailers and brands in the U.S. and Canada. Their cutting-edge platform aims to connect consumers with retailers primarily through SMS marketing, as well as via emails, a customer feedback system, and loyalty programs, all designed to enhance customer engagement and retention.
Springbig's latest features include an innovative Campaign Follow-Ups tool that allows merchants to schedule, create, and send follow-up messages based on user interaction with initial campaigns. This feature simplifies engagement and drives performance by targeting messages based on user behavior. Additionally, Springbig has launched Gift Cards by Springbig, a feature that offers both physical and digital gift cards, streamlining the payment process and catering to the growing consumer demand for convenience.
Beyond these new offerings, Springbig provides robust reporting and analytics tools that help clients understand customer behavior and trends, enabling smarter marketing decisions. Their recent integration with Lightspeed, a unified POS and payments platform, highlights their commitment to seamless, compliant marketing solutions within and beyond the cannabis industry.
Springbig's CEO, Jeffrey Harris, underscores the company's strategic initiatives and financial health, emphasizing their sound investments and innovative solutions such as subscription-based VIP loyalty programs. The company's recent positive Adjusted EBITDA and successful Convertible Note and Term Loan financing further bolster their growth trajectory.
In summary, Springbig continues to set the standard in customer loyalty and marketing automation, providing valuable tools and insights that drive retail foot traffic and customer retention, while expanding their reach into new industries and securing a stronger financial footing for future growth.
Springbig (OTCQX: SBIG) reported Q3 2024 financial results showing mixed performance. Revenue declined 8% year-over-year to $6.4 million, with subscription revenue at $5.2 million representing 81% of total revenue. Despite revenue challenges, the company achieved positive Adjusted EBITDA of $0.4 million in Q3, marking the third consecutive quarter of positive results. Operating expenses were reduced by 44% year-over-year to $4.5 million. The company reported a net loss of $(0.6) million, an improvement from $(2.7) million loss in the prior year. For Q4 2024, Springbig expects revenue between $6.5-$6.8 million and Adjusted EBITDA of $0.8-$1.0 million.
Springbig announces its entry into the gaming industry with SMS marketing solutions, powered by a new partnership with Amazon Web Services (AWS). The company will serve skilled gaming apps, casinos, sports betting platforms, and related sectors. A case study with Game Story demonstrated significant improvements: 90% message delivery rate, 15% click-through rate, reduced cost per re-engagement from $100 to $15, and 250%+ Return on Ad Spend within 7 days. The platform attracted 3,265 paying customers in July alone. Springbig is now listed on the AWS Marketplace and has joined the AWS ISV Accelerator program.
Springbig, a leading cannabis industry loyalty and marketing solutions provider, has officially launched its innovative MP5 messaging feature. This tool enables retailers to create and deliver personalized, full-screen interactive videos via SMS and push notifications, revolutionizing customer communication.
A beta test conducted by Missouri Health and Wellness demonstrated the feature's effectiveness, showing significant improvements compared to traditional SMS campaigns:
- 216% increase in daily sales
- 11% increase in average ticket size
- 202% increase in store visits
The MP5 feature allows for fully personalized messages with customized video content, providing a more engaging experience for recipients. Sam Harris, Co-Founder/CPO at Springbig, emphasized the feature's ability to improve customer engagement across industries.
Springbig, a leader in cannabis loyalty marketing and communications technology, has successfully onboarded GrowHealthy, a Florida-based medical cannabis provider and part of the iAnthus portfolio. This partnership completes the global migration of iAnthus' dispensaries onto Springbig's platform, offering a unified approach to customer engagement.
The collaboration allows iAnthus to consolidate its Loyalty Program Marketing, SMS, and email communications into one seamless solution across all its retail brands nationwide. This centralization enables more efficient message delivery, enhanced customer engagement, cost efficiencies, and streamlined staff training.
GrowHealthy's loyalty program offers a 1:1 reward system, where each dollar spent earns one point. Rewards include branded merchandise, free products, cannabis accessories, and exclusive experiences. Opted-in customers receive additional perks like birthday bonuses, flash sales, and customized promotions.
Springbig Holdings, Inc. (OTCQX: SBIG), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs, has announced the appointment of Marc Shiffman to its board of directors as the Lead Independent Director. Shiffman, a respected business leader, brings extensive experience from his roles as CFO, President, and CEO at SMS Assist until its sale in early 2023.
Simultaneously, Shawn Dym has resigned from the board of directors effective September 23, 2024. The board now comprises Sergey Sherman, Matt Sacks, Mark Silver, and Marc Shiffman, along with Jeffrey Harris as Chairman and CEO. The Audit Committee includes Sergey Sherman as Chair and Marc Shiffman.
Springbig Holdings (OTCQX: SBIG) reported its Q2 2024 financial results, showing positive trends despite challenging market conditions. Key highlights include:
- Revenue of $6.6 million, a 2% quarter-over-quarter increase
- Positive Adjusted EBITDA of $0.3 million, compared to a loss of $(1.1) million in Q2 2023
- Year-to-date Adjusted EBITDA of $0.5 million, a $3.0 million year-on-year improvement
- Operating expenses reduced by 35% year-on-year to $4.8 million
- Net loss narrowed to $(0.6) million from $(2.0) million in Q2 2023
The company's newer offerings, including 'subscriptions by Springbig' and 'gift cards by Springbig', are gaining traction. For Q3 2024, Springbig expects revenue between $6.5 - $6.8 million and positive Adjusted EBITDA of $0.5 - $0.8 million.
Springbig has announced a strategic partnership with Native Roots, Colorado's largest independently held vertically integrated cannabis company. This collaboration aims to enhance customer engagement and loyalty in the cannabis industry through advanced technological solutions.
Springbig's proprietary software will integrate with Native Roots' existing systems to improve communication and engagement. The platform will offer messaging capabilities, streamlined analytics, customizable loyalty programs, and efficient marketing automations.
Jeffery Harris, CEO of Springbig, highlights that the partnership will allow Native Roots to leverage Springbig's technology to enhance customer interactions, increase loyalty, and drive growth. Native Roots plans to update its entire loyalty program this autumn and expects improved customer retention and engagement rates.
Springbig, a leader in cannabis loyalty marketing, has announced a significant integration with Greenline, a trusted cannabis POS provider under BLAZE. This enhanced integration aims to streamline loyalty redemption, reduce fraud, and ensure secure transactions, thereby boosting customer adoption and revenue. The two-way integration simplifies the checkout process for cannabis customers, allowing them to earn and redeem rewards both at the POS and via mobile devices. CEOs Jeffrey Harris of Springbig and Chris Violas of BLAZE highlighted the advancements this integration brings to retailers. Additionally, an upcoming webinar on July 18th will provide more insights into this integration and its benefits for businesses.
Springbig (OTCQX: SBIG) announced its Q1 2024 financial results, showing a positive Adjusted EBITDA for the first time and a 34% reduction in operating expenses year-over-year.
Revenue for the quarter was $6.5 million, down from $7.2 million in the same period last year, with subscription revenue making up 83% of the total at $5.4 million. Gross profit was $4.7 million, representing a 72% gross profit margin. The net income stood at $0.4 million, which includes a $1.6 million gain from the repurchase of convertible debt.
Significant developments include the $8 million debt financing completed in January 2024 and the appointment of Mark Silver to the Board of Directors on May 10, 2024.
Springbig supports the DEA's decision to reclassify marijuana, highlighting new business opportunities and improved consumer access. This move signifies a positive shift in the cannabis industry, reducing regulatory barriers and promoting growth. CEO Jeff Harris emphasizes the transformative impact on businesses and consumers, with Springbig well-positioned to assist companies in navigating the changing landscape.
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