Snipp Interactive Reports 28% Revenue Growth for the 9 Months Ended September 30, 2023; Company to Hold Investor Conference Call on January 9th
- Strong revenue growth of 28% for the nine months ended September 30, 2023
- Q3 2023 saw an 8% increase in revenue, reaching $8.6 million, the highest quarterly revenue in the company's history
- Bookings Backlog increased by 17% standing at $14.5 million at September 30, 2023
- Significant decrease in EBITDA for Q3 2023 compared to Q3 2022
- EBITDA for the nine months ended September 30, 2023, showed a loss of $1.94 million
VANCOUVER, BC / ACCESSWIRE / January 3, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSX-V:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announces its financial results for the nine months ended September 30, 2023 along with Q3 2023. All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars. A copy of the complete unaudited interim financial statements and management's discussion and analysis are available on SEDAR (www.sedarplus.ca).
Highlights
(Refer to Non-GAAP Measures, EBITDA and Bookings Backlog discussion below)
- Revenue for the nine months ended September 30, 2023, increased by
28% compared to the nine months ended September 30, 2022. Revenue for the nine months ended September 30, 2023 was$22.6 million compared to$17.6 million for the nine months ended September 30, 2022. - Revenue for Q3 2023 increased by
8% compared to Q3 2022. Revenue for Q3 2023 was$8.6 million compared to$7.9 million for Q3 2022. Q3 2023 is the highest revenue quarter in the Company's history. - EBITDA in Q3 2023 was
$0.03 million vs Q3 2022 EBITDA of$0.28 million . - EBITDA in the nine months ended September 30, 2023, was a loss of
$1.94 million vs EBITDA of$0.72 million for the nine months ended September 30, 2022. - Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at
$14.5 million at September 30, 2023, an increase of17% compared to September 30, 2022, of$12.4 million .
"Snipp continued to build on its exceptional 2022 performance during the first nine months of 2023 with new milestones for total revenue, as well as the third quarter boasting its highest quarterly revenue in the Company's history," said Atul Sabharwal, Founder of Snipp. "We look forward to ending the year on a high note and updating investors on our plans for 2024. This momentum reinforces the success of our strategic investments in personnel and new revenue streams such as Gambit Rewards and SnippMedia. As previously mentioned, Snipp made meaningful investments in expanding its team and developing future growth drivers, which resulted in increased expenses in 2023. Despite these investments, the Company still achieved positive EBITDA in the third quarter. We remain confident in our long-term positioning in the marketplace and are excited to reconnect with investors during our upcoming conference call on January 9, 2024, the details of which are forthcoming."
Non-GAAP Measures
Snipp uses certain performance measures throughout this document that are not recognizable under Canadian generally accepted accounting principles or IFRS ("GAAP"). These performance measures include Gross Margin and EBITDA. Management believes that these measures provide supplemental financial information that is useful in the evaluation of the Company's operations.
Investors should be cautioned, however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP and IFRS as an indicator of Snipp's performance. The Company's method of calculating these measures may differ from that of other organizations, and accordingly, these may not be comparable.
EBITDA
Snipp defines earnings before interest, taxes, depreciation and amortization ("EBITDA") as revenue minus operating expenses excluding non-cash operating expenses of share-based payments, depreciation and amortization (interest and taxes are not included in the Company's operating expenses).
Bookings Backlog
Snipp defines Bookings Backlog as future revenue from existing customer contracts to be recognized in future quarters. Bookings get translated into revenues based on IFRS principles and the Bookings Backlog reflects how revenues in future quarters are steadily being booked today.
The Following are calculations of EBITDA:
Three | Three | Nine | Nine | |||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||||
Sepember 30, 2023 | Sepember 30, 2022 | Sepember 30, 2023 | Sepember 30, 2022 | |||||||||||||
USD | USD | USD | USD | |||||||||||||
| Net loss before interest, foreign exchange and taxes | (285,957 | ) | (144,751 | ) | (3,100,656 | ) | (615,814 | ) | ||||||||
| Amortization of intangibles | 276,048 | 263,311 | 816,056 | 813,565 | ||||||||||||
| Depreciation of equipment | 2,969 | 2,320 | 8,294 | 6,788 | ||||||||||||
Share-based payments | 40,348 | 159,660 | 336,385 | 511,651 | ||||||||||||
EBITDA | 33,408 | 280,540 | (1,939,921 | ) | 716,190 | |||||||||||
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 an 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 and its profile on SEDAR+ at www.sedarplus.ca.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSX Venture Exchange 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
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.
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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