Snipp Delivers Record Q1 Sales Bookings of Over USD $4.5mm, Forecasts Year on Year Revenue Growth of Over 30% and Positive EBITDA

Rhea-AI Summary

Snipp Interactive Inc. (TSXV:SPN)(OTC PINK:SNIPF) reported a historic first quarter in 2022, achieving total sales bookings exceeding USD $4.5 million. Notably, over 40% of these bookings originated from new markets beyond traditional Consumer Packaged Goods (CPG) clients. The company's bookings backlog rose over 30% year-over-year to more than USD $10 million. Snipp anticipates significant revenue growth compared to the prior year and expects to maintain positive EBITDA. CEO Atul Sabharwal highlighted the impact of new customer wins and the company's strategy in expanding into various industries.

Positive

• Achieved record total sales bookings of over USD $4.5 million in Q1 2022.
• Over 40% of bookings came from new industries, diversifying revenue sources.
• Bookings backlog increased over 30% year-over-year, exceeding USD $10 million.
• Q1 revenue growth expected to be significantly positive compared to Q1 2021.
• Positive EBITDA anticipated for Q1 2022.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 7, 2022 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF),a global provider of digital marketing promotions, rebates, and loyalty solutions, is pleased to announce another historic and successful quarter.

Key Highlights:

• For the first time the Company consummated total sales bookings of over USD $4.5MM for the first quarter.
• Over 40% of the bookings in the first quarter came from new industries and markets outside of the traditional Consumer Packaged Goods (CPG) clients of the Company.
• Bookings backlog at the end of the first quarter stood at over USD $10MM, an increase of over 30% when compared to the backlog at end of the first quarter in 2021.
• Q1 marked the second consecutive quarter where backlog at the end of the quarter exceeded USD $10MM.
• The company also forecasts that its first quarter revenue will grow at a significantly positive rate when compared to the same quarter in the previous year as well as continue to generate positive EBITDA.

"We couldn't be happier with our first quarter performance. A lot happened this quarter and we are eager to share our results in the coming weeks. We are actively working on finalizing our full year audited financials and fourth quarter results that we will announce later this month. The most exciting part of this quarter's performance are the new customer wins from industries we opened up in 2021. We are making exciting progress towards our goal of bringing new verticals onto the Snipp platform of solutions with more than 40% of our bookings comprising of customer wins from industries outside of what has traditionally been our CPG core" said Atul Sabharwal, Founder & CEO. "Entering the second quarter with a strong backlog also is a sign of the continued momentum we are witnessing not only across our core markets and industries but also from new geographies and industries. We look forward to sharing many of our achievements in the coming weeks that will continue to highlight the success of the company's strategy and execution capability."

About Snipp:

Snipp Interactive Inc (TSX-V: SPN; OTCPK: SNIPF) is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case by case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis, and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com.

Snipp also operates Gambit Rewards, a newly acquired consumer Loyalty Gaming Platform that integrates loyalty programs with online gaming & sports betting in America. Gambit's platform enables consumers to convert unused loyalty points from across rewards programs into digital play tokens, which can then be used to collect real cash rewards or other prizes from free-to-play games. For more information, visit www.gambitrewards.com

Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.

FOR FURTHER INFORMATION PLEASE CONTACT:

Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Snipp, or its businesses as disclosed in this press release, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Snipp current views and intentions with respect to future events, and current information available to Snipp, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; currency and interest rate fluctuations; a novel business model; dependence on key suppliers and local partners; competition; the outcome and cost of any litigation; as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by Snipp with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect Snipp in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Snipp does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward -looking information included in this press release is made as of the date of this press release and Snipp undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Snipp's results and forward-looking information and calculations may be affected by fluctuations in exchange rates.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.

SOURCE: Snipp Interactive Inc.

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FAQ

What were Snipp Interactive's Q1 2022 sales bookings?

Snipp Interactive achieved sales bookings exceeding USD $4.5 million in Q1 2022.

How much did Snipp's bookings backlog increase year-over-year?

Snipp's bookings backlog increased over 30% year-over-year, reaching over USD $10 million.

What percentage of Snipp's bookings came from new markets in Q1 2022?

Over 40% of Snipp's Q1 2022 bookings originated from new industries beyond traditional CPG clients.

What growth does Snipp forecast for its Q1 revenue compared to the previous year?

Snipp forecasts significant revenue growth for Q1 2022 compared to the same quarter in the previous year.

Does Snipp expect to generate positive EBITDA in Q1 2022?

Yes, Snipp anticipates generating positive EBITDA for Q1 2022.