Snipp Interactive Announces Record First Quarter Bookings

Rhea-AI Summary

Snipp Interactive Inc. announces record first quarter bookings, exceeding $9.0MM, with geographical diversity and contribution from new clients. Atul Sabharwal, Founder of Snipp, highlights strong returns on investments and focus on profitable growth in 2024.

Positive

• Record first quarter bookings of over $9.0MM, the highest in company history.
• Geographical diversity with bookings from EMEA exceeding $1MM for the first time.
• Contribution from new clients, industries, and agencies totaling over $2.5MM.
• Focus on profitable growth with a goal of returning to normalized gross margins exceeding 50%.
• Independence of current initiatives with Gambit and SnippMedia from the announced bookings.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 16, 2024 / Snipp Interactive Inc. ("Snipp," the "Company") (TSX-V:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, is pleased to announce that its first quarter bookings exceeded $9.0MM, its highest quarterly bookings recorded in its history. Snipp defines bookings as future revenue from signed customer contracts to be recognized in future periods based on IFRS principles.

The geographical diversity of the Company's bookings and the contribution from new clients was also worth noting. Bookings that originated from EMEA exceeded $1MM for the first time in Snipp's history. New clients, industries, and agencies represented over $2.5MM of the bookings total, while the remaining bookings came from repeat and renewal business relationships, reaffirming Snipp's track record of delivering exceptional value and service continuity at a time when there is industry consolidation amongst our peer set.

Atul Sabharwal, Founder of Snipp, commented, "We are thrilled to announce our first quarter record bookings, which continue to reflect strong returns on the investments we've made in our talent and our platform. The first quarter marks a milestone for Snipp with momentum attributed to broad execution across our pipeline, which continues to hold significant opportunities and promising visibility for the quarters ahead. EMarketer estimates that the total addressable market for our platform and services exceeds $80b in the United States alone. Our focus on profitable growth remains a primary objective in 2024. The recent bookings execution signifies strong progress towards our goal of returning to normalized gross margins that exceed 50%. It's also worth noting that the bookings announced today are independent of our current initiatives with Gambit and SnippMedia which we look forward to updating investors on in the near future."

More information about our platform and solutions can be found at https://www.snipp.com/

About Snipp

Snipp Interactive Inc (TSX-V: SPN; OTCPK: SNIPF) is a 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 1000 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 the Company's website at www.snipp.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
Jaisun Garcha
investors@snipp.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.

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.

SOURCE: Snipp Interactive Inc.

View the original press release on accesswire.com

FAQ

What were Snipp Interactive's first quarter bookings?

Snipp Interactive's first quarter bookings exceeded $9.0MM, the highest in its history.

Where did the bookings originate from?

Bookings originated from EMEA exceeded $1MM for the first time.

What was the contribution from new clients, industries, and agencies?

New clients, industries, and agencies represented over $2.5MM of the total bookings.

What is Snipp's focus for 2024?

Snipp's focus for 2024 is on profitable growth with a goal of returning to normalized gross margins exceeding 50%.

Are the current initiatives with Gambit and SnippMedia related to the announced bookings?

The bookings announced are independent of the current initiatives with Gambit and SnippMedia.