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SpringBig Holdings, Inc. (SBIG) delivers specialized loyalty marketing platforms for cannabis, gaming, and other regulated sectors. This news hub aggregates official corporate announcements and strategic developments for investors and industry professionals.
Access timely updates including earnings reports, technology partnerships, and product innovations in SMS marketing automation. Stay informed about compliance-focused solutions and POS system integrations critical to high-risk industries.
Bookmark this page for verified updates on SpringBig's customer engagement tools, regulatory adaptations, and SaaS platform enhancements. Monitor strategic moves shaping loyalty program evolution in complex markets.
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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