Snipp Interactive Reports Q2 2024 Financial Results Company to Hold Investor Conference Call on August 29, 2024
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 (OTCPK:SNIPF), fornitore globale di marketing digitale, ha riportato i risultati finanziari per il Q2 2024 e il primo semestre del 2024. I ricavi per il primo semestre del 2024 sono diminuiti del 33% a 9,4 milioni di dollari, rispetto ai 14 milioni di dollari del primo semestre del 2023, a causa della conclusione di un contratto chiave. Anche i ricavi per il Q2 2024 sono diminuiti del 36%, arrivando a 4,8 milioni di dollari. Tuttavia, il Margine Lordo ha visto un notevole incremento, passando dal 26% dello stesso periodo dell'anno precedente al 64% nel Q2 2024. EBITDA è diventato positivo a 11.958 dollari nel Q2 2024, un miglioramento significativo rispetto a una perdita di 873.552 dollari nel Q2 2023. Il portafoglio ordini dell'azienda si attestava a 17,2 milioni di dollari a fine giugno 2024, con un incremento del 23% rispetto all'anno precedente. Le riserve di cassa ammontavano a 5 milioni di dollari e l'azienda è rimasta senza debiti. È prevista una conference call per investitori il 29 agosto 2024 per discutere di questi risultati.
Snipp Interactive (OTCPK:SNIPF), proveedor global de marketing digital, reportó sus resultados financieros del Q2 2024 y del primer semestre de 2024. Los ingresos del primer semestre de 2024 cayeron un 33% a 9,4 millones de dólares, en comparación con 14 millones de dólares en el primer semestre de 2023, debido a la finalización de un contrato clave. Los ingresos del Q2 2024 también disminuyeron un 36% a 4,8 millones de dólares. Sin embargo, el Margen Bruto experimentó un aumento significativo, pasando del 26% en el mismo período del año pasado al 64% en el Q2 2024. El EBITDA se volvió positivo en 11.958 dólares en el Q2 2024, una mejora sustancial con respecto a una pérdida de 873.552 dólares en el Q2 2023. El Backlog de Reservas de la empresa se situó en 17,2 millones de dólares a finales de junio de 2024, un aumento del 23% interanual. Las reservas de efectivo eran de 5 millones de dólares, y la empresa permaneció libre de deudas. Una llamada de conferencia para inversores está programada para el 29 de agosto de 2024 para discutir estos resultados.
Snipp Interactive (OTCPK:SNIPF), 글로벌 디지털 마케팅 제공업체,는 2024년 2분기 및 2024년 상반기 재무 결과를 발표했습니다. 2024년 상반기 매출은 1,340만 달러로, 2023년 상반기 1,400만 달러에 비해 33% 감소했습니다. 이는 주요 계약의 종료 때문입니다. 2024년 2분기 매출도 36% 감소하여 480만 달러에 이르렀습니다. 그러나 총 마진은 지난해 같은 기간 26%에서 2024년 2분기 64%로 크게 증가했습니다. EBITDA는 2024년 2분기 11,958달러로 긍정적으로 전환되었으며, 이는 2023년 2분기 873,552달러의 손실에서 큰 개선을 나타냅니다. 회사의 예약 잔여 금액은 2024년 6월 말 기준으로 1,720만 달러에 달하며, 전년 대비 23% 증가했습니다. 현금 보유고는 500만 달러였고, 회사는 부채 없는 상태를 유지했습니다. 이러한 결과를 논의하기 위한 투자자 컨퍼런스 콜은 2024년 8월 29일로 예정되어 있습니다.
Snipp Interactive (OTCPK:SNIPF), fournisseur mondial de marketing numérique, a annoncé ses résultats financiers pour le 2ème trimestre 2024 et le premier semestre 2024. Le chiffre d'affaires du premier semestre 2024 a chuté de 33% à 9,4 millions de dollars, contre 14 millions de dollars au premier semestre 2023, en raison de la fin d'un contrat clé. Le chiffre d'affaires du 2ème trimestre 2024 a également diminué de 36% pour atteindre 4,8 millions de dollars. Cependant, la Marge Brute a connu une augmentation significative, passant de 26% au même période de l'année dernière à 64% au 2ème trimestre 2024. EBITDA est devenu positif à 11.958 dollars au 2ème trimestre 2024, une amélioration substantielle par rapport à une perte de 873.552 dollars au 2ème trimestre 2023. Le carnet de commandes de l'entreprise s'élevait à 17,2 millions de dollars à la fin juin 2024, en hausse de 23% par rapport à l'année précédente. Les réserves de liquidités étaient de 5 millions de dollars et l'entreprise est restée sans dettes. Un appel de conférence pour les investisseurs est prévu pour le 29 août 2024 pour discuter de ces résultats.
Snipp Interactive (OTCPK:SNIPF), ein globaler Anbieter von digitalem Marketing, hat seine finanziellen Ergebnisse für das 2. Quartal 2024 sowie das erste Halbjahr 2024 veröffentlicht. Der Umsatz im ersten Halbjahr 2024 fiel um 33% auf 9,4 Millionen Dollar im Vergleich zu 14 Millionen Dollar im ersten Halbjahr 2023, was auf das Ende eines wichtigen Vertrages zurückzuführen ist. Auch der Umsatz im 2. Quartal 2024 verringerte sich um 36% auf 4,8 Millionen Dollar. Der Bruttomargen hingegen verzeichnete einen signifikanten Anstieg und stieg von 26% im gleichen Zeitraum des Vorjahres auf 64% im 2. Quartal 2024. EBITDA wurde positiv mit 11.958 Dollar im 2. Quartal 2024, eine erhebliche Verbesserung im Gegensatz zu einem Verlust von 873.552 Dollar im 2. Quartal 2023. Der Auftragsbestand des Unternehmens lag zum Ende Juni 2024 bei 17,2 Millionen Dollar, was einem Anstieg von 23% im Jahresvergleich entspricht. Die Barreserven betrugen 5 Millionen Dollar, und das Unternehmen blieb schuldenfrei. Eine Investorenkonferenz wird für den 29. August 2024 geplant, um diese Ergebnisse zu besprechen.
- Gross Margin increased by 146% in Q2 2024.
- EBITDA turned positive at $11,958 in Q2 2024.
- Bookings Backlog increased by 23% to $17.2 million.
- Cash reserves at $5 million, and company remains debt-free.
- Revenue decreased by 33% in H1 2024.
- Revenue decreased by 36% in Q2 2024.
- EBITDA loss of $587,783 in H1 2024.
VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSX-V:SPN)(OTCPK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announces its financial results for the six months ended June 30, 2024 ("H1 2024") along with Q2 2024. 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).
The Company also announces conference call details for investors taking place on Thursday, August 29, 2024, at 10:00am Eastern Time (US) to discuss the Company's recent financial results and plans for the year.
The conference call will be available via the following weblink or dial-in options.
Weblink: https://v.ringcentral.com/join/522973404 for meeting ID 522973404
Dial-in: for parties in the United States dial +1-650-419-1505 and parties in Canada dial +1-437-800-0918, and then enter Meeting ID: 522973404. Parties joining from other locations can refer to additional dial-in numbers based on your location listed at the following website and use the same Meeting ID referenced above: https://v.ringcentral.com/teleconference
H1 2024 Highlights
(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)
Revenue for the six months ended June 30, 2024 ("H1 2024") decreased by
33% compared to the six months ended June 30, 2023 ("H1 2023"). Revenue for H1 2024 was$9.4 million compared to$14.0 million for H1 2023.The decline was entirely tied to the anticipated sunsetting of a single contract that the company inherited with the acquisition of Gambit Rewards.
Revenue for the three months ended June 30, 2024 ("Q2 2024") decreased by
36% compared to the three months ended June 30, 2023 ("Q2 2023"). Revenue for Q2 2024 was$4.8 million compared to$7.5 million for Q2 2023.The decline was entirely tied to the anticipated sunsetting of a single contract that the company inherited with the acquisition of Gambit Rewards
Gross Margin for Q2 2024 increased by
146% from26% in Q2 2023 to64% in Q2 2024.Gross Margin for H1 2024 increased by
127% from26% in H1 2023 to59% in Q2 2024.EBITDA in Q2 2024 was positive
$11,958 vs Q2 2023 EBITDA loss of$873,552 , an EBITDA improvement of$885,510. EBITDA in H1 2024 was a loss of
$587,783 vs H1 2023 EBITDA loss of$1,973,329 , an EBITDA improvement of$1,385,546. Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at
$17.2M M at June 30, 2024, an increase of23% compared to June 30, 2023 of$14M M.Cash at the end of Q2 2024 was
$5 million and the company continues to be debt free.
"Our second quarter of 2024 marks a significant milestone for Snipp as we achieved the highest bookings in our company's history, reflecting the strength of our strategic initiatives and the value of our platform to our growing list of Fortune 500 customers," stated Atul Sabharwal, Founder of Snipp. "Our continued focus on enhancing our revenue mix has led to substantial improvements in our margin profile, setting us on a clear path toward sustained profitability. Our backlog is also at its highest level ever, providing a solid foundation for continued growth in our core Snipp business as we enter the second half of the year.
Atul Sabharwal continued, "Looking ahead, we are poised for a strong third quarter, with expectations for significant revenue increases in our core Snipp business and continued margin improvements. As we have stated in the past, our elevated backlog indicates that the Company's profitability will scale in the second half of the year when promotional activity is typically stronger. We are very pleased with our progress in repositioning our revenue mix and expect the core Snipp business to scale substantially given our new hires this past year, driving incremental margin and a sustained path towards EBITDA profitability."
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.
Gross Margin
Snipp defines Gross Margin as revenue less campaign infrastructure. The Company's calculation of Gross Margin is not a financial measure that is recognized under GAAP. Investors should be cautioned that the Company's defined Gross Margin should not be construed as an alternative measure to other measures determined in accordance with GAAP.
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:
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| Three |
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| Six |
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| Six |
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| Months Ended |
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| Months Ended |
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| Months Ended |
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| Months Ended |
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| June 30, 2024 |
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| June 30, 2023 |
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| June 30, 2024 |
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| June 30, 2023 |
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| USD |
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| USD |
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Net loss before interest, foreign exchange, other income and taxes |
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| (532,764 | ) |
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| (1,288,199 | ) |
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| (1,744,750 | ) |
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| (2,814,699 | ) |
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Amortization of intangibles |
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| 260,889 |
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| 272,700 |
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| 519,668 |
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| 540,008 |
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Depreciation of equipment |
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| 3,167 |
|
|
| 2,763 |
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| 6,185 |
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|
| 5,325 |
|
Share-based payments |
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| 280,666 |
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| 139,184 |
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| 631,114 |
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| 296,037 |
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EBITDA |
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| 11,958 |
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| (873,552 | ) |
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| (587,783 | ) |
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| (1,973,329 | ) |
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View the original press release on accesswire.com
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