Business
Snipp Delivers Record Q1 Sales Bookings of Over USD $4.5mm, Forecasts Year on Year Revenue Growth of Over 30% and Positive EBITDA
VANCOUVER, BC / ACCESSWIRE / April 7, 2022 / Snipp Interactive Inc. ("Snipp" or the "Company...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Delivers Record Q1 Sales Bookings of Over USD $4.5mm, Forecasts Year on Year Revenue Growth of Over 30% and Positive EBITDAVANCOUVER, 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. S...