Springbig Reports Q2 2023 Financial Results: $7.2M Revenue Up 12% YoY, CEO Pleased With 'Measured Growth'

Author: Maureen Meehan | August 10, 2023 06:19pm

SpringBig Holdings, Inc. (NASDAQ: SBIG), a provider of vertical SaaS-based marketing solutions, announced its financial results on Thursday afternoon for the second quarter ended June 30, 2023.

Jeffrey Harris, CEO and chairman says feedback from clients and investors reaffirms the company is on the right track.

"We are continuing to manage our business efficiently with a keen eye on measured growth focused on profitability while recognizing the challenging current macro and industry-specific realities and continuing to develop innovative SaaS-based offerings to enable our clients to retain and grow their customer bases, including our recent launch of ‘Subscriptions by springbig'."

Second Quarter 2023 Financial Highlights:

• Revenue increased to $7.2 million, up 12% year-on-year.
• Subscription revenue was up 19% year-on-year.
• Net dollar retention rate was 100% for the twelve months ended June 30, 2023.
• Gross profit was $5.7 million, representing 24% year-on-year growth and a margin of 79%.
• Net loss was $(2.0) million compared to a loss of $(2.6) million in the prior year.
• Adjusted EBITDA loss was $(1.1) million compared to a loss of $(3.4) million in the prior year.
• Basic net income loss per share was $(0.06) based on 31.5 million weighted average shares outstanding. Total shares outstanding as of June 30, 2023, were 40.4 million.
  Half Year 2023 Financial Highlights:
• Revenue increased to $14.4 million, an increase of 14% from the prior year.
• Subscription revenue was $11.4 million, a year-on-year increase of 23%; recurring subscription revenue now represents 79% of total revenue compared with 73% in the prior year.
• Gross profit was $11.5 million, representing 26% year-on-year growth and a margin of 80%.
• Net loss was $(4.3) million compared to a loss of $(5.5) million in the prior year.
• Adjusted EBITDA loss was $(2.5) million compared to a loss of $(5.9) million the prior year.

Paul Sykes, springbig's CFO, says the company is quickly moving toward profitability. “We have right-sized our operating expenses, and this combined with continuing revenue growth results in the Company expecting to reach the critical milestone of breakeven Adjusted EBITDA during Q3 and to generate positive Adjusted EBITDA for the second half of the fiscal year."

Price Action: springbig's shares were up +0.64% at $0.26 per share after hours on Thursday.

See springbig's full financial report HERE.

Posted In: SBIG