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Snipp Interactive Reports 28% Revenue Growth for the 9 Months Ended September 30, 2023; Company to Hold Investor Conference Call on January 9th
VANCOUVER, BC / ACCESSWIRE / January 3, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company")...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports 28% Revenue Growth for the 9 Months Ended September 30, 2023; Company to Hold Investor Conference Call on January 9thVANCOUVER, 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 of 17% 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 ...