SNIPP INTERACTIVE INC - SNIPF STOCK NEWS

Snipp Interactive Inc. (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, has announced changes to its executive leadership team. Jaisun Garcha, the current Chief Financial Officer, will be stepping down effective October 11, 2024. The company has initiated a search for a permanent CFO and has appointed Richard Pistilli as Interim CFO to ensure a smooth transition.

Pistilli, who joined Snipp in 2022 as Managing Director overseeing Gambit Rewards, brings over 20 years of finance and capital markets experience. He holds an MBA from Yale University and a B.S. in Business & Economics from Cornell University. CEO Atul Sabharwal expressed gratitude for Garcha's contributions and confidence in Pistilli's ability to execute the company's strategy going forward.

Snipp Interactive (OTCPK:SNIPF), a global digital marketing provider, reported its Q2 2024 and H1 2024 financial results. Revenue for H1 2024 fell 33% to $9.4 million, compared to $14 million in H1 2023, due to the end of a key contract. Revenue for Q2 2024 also decreased by 36% to $4.8 million. However, Gross Margin saw a significant boost, increasing from 26% in the same period last year to 64% in Q2 2024. EBITDA turned positive at $11,958 in Q2 2024, a substantial improvement from a loss of $873,552 in Q2 2023. The company's Bookings Backlog stood at $17.2 million at the end of June 2024, up 23% year-over-year. Cash reserves were $5 million, and the company remained debt-free. An investor conference call is scheduled for August 29, 2024, to discuss these results.

Snipp Interactive Inc. (TSXV:SPN)(OTC PINK:SNIPF) has launched its AI in Shopper Marketing Technology Landscape, showcasing AI-driven innovations reshaping brand-consumer connections. The landscape highlights key areas transformed by AI, including predictive analytics, creative optimization, product innovation, and fraud management. A Deloitte study reveals that 40% of grocery executives plan to integrate AI into their business applications. Snipp's CEO, Atul Sabharwal, emphasizes the landscape's goal to help brands navigate the evolving shopper landscape. The company's SnippCARE Platform offers modules for long-term and short-term programs, generating valuable zero-party data for sales insights.

Snipp Interactive, a global provider of digital marketing solutions, has announced the launch of multiple customer loyalty programs for a leading FMCG company in the U.S. The initial contract is valued at $1.2 million. The FMCG client chose SnippCARE for its ease of use and scalability. This contract marks Snipp’s expansion into the FMCG sector, highlighting their ability to address complex marketing challenges. Founder Atul Sabharwal emphasized the importance of personalized promotions in retaining customer loyalty. More information is available on their website.

Snipp Interactive has launched CORRAL, a new AI solution to combat fraud in promotions, loyalty, and receipt-based programs. CORRAL utilizes machine learning, advanced algorithms, and real-time monitoring to detect, prevent, and mitigate fraudulent activities. The solution includes tools for enhanced receipt verification, file structure analysis, photo markers detection, and statistical analysis. These measures are aimed at maintaining the integrity of customer engagement programs and protecting businesses’ financial health. CORRAL aims to set a new standard in fraud prevention.

Snipp Interactive, a global provider of digital marketing promotions, rebates, and loyalty solutions, has announced the grant of 4,000,000 stock options. These options are awarded to six officers and three directors. Each option is exercisable at a price of C$0.095 per common share. The options will expire in 5 years and will vest in tranches from the grant date until June 5, 2025.

Snipp Interactive reported its Q1 2024 financial results, highlighting a 29% decrease in revenue compared to Q1 2023, attributed to the sunsetting of a single contract from the Gambit Rewards acquisition. Despite the decline, the company's gross margin increased significantly from 29% to 54%, and EBITDA losses improved from $1.1 million to $0.6 million. The bookings backlog rose 12% to $15.4 million. Snipp ended the quarter with $4.2 million in cash and remains debt-free. The company secured multiple large contracts, including a historic deal with a global food and beverage company, expected to generate over $6 million in Q3 2024. Snipp anticipates continued margin improvement and profitability scaling in the second half of the year.

Snipp Interactive Inc. reported record-breaking revenue of $30.55 million for Fiscal 2023, a 24% increase from the previous year, with Q4 2023 revenue reaching $7.96 million. EBITDA saw a positive trend in the second half of 2023, with a bookings backlog of $13.6 million. The company remains debt-free, with strategic expansions and increased profitability in key business lines.