Business
Snipp Interactive Reports 45% Revenue Growth for H1 2023 Bookings Grow 27% Year Over Year Company To Hold Investor Conference Call In Early January 2024
VANCOUVER, BC / ACCESSWIRE / December 29, 2023 / Snipp Interactive Inc. ("Snipp" or the "Company...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports 45% Revenue Growth for H1 2023 Bookings Grow 27% Year Over Year Company To Hold Investor Conference Call In Early January 2024VANCOUVER, BC / ACCESSWIRE / December 29, 2023 / Snipp Interactive Inc. (\"Snipp\" or the \"Company\") (TSXV:SPN);(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announces its financial results for the six months ended June 30, 2023 (\"H1 2023\") along with Q2 2023 and Q1 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).H1 2023 Highlights(Refer to Non-GAAP Measures, EBITDA and Bookings Backlog discussion below)Revenue for the six months ended June 30, 2023 (\"H1 2023\") increased by 45% compared to the six months ended June 30, 2022 (\"H1 2022\"). Revenue for H1 2023 was $14.0 million compared to $9.7 million for H1 2022.Revenue for Q2 2023 increased by 36% compared to Q2 2022. Revenue for Q2 2023 was $7.5 million compared to $5.5 million for Q2 2022.Revenue for Q1 2023 increased by 56% compared to Q1 2022. Revenue for Q1 2023 was $6.6 million compared to $4.2 million for Q1 2022.EBITDA in H1 2023 was a loss of $1.97 million vs H1 2022 EBITDA of $0.44 million.EBITDA in Q2 2023 was a loss of $0.87 million vs Q2 2022 EBITDA of $0.12 million.EBITDA in Q1 2023 was a loss of $1.10 million vs Q1 2022 EBITDA of $0.32 million.Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at $14MM at June 30, 2023, an increase of 27% compared to June 30, 2022 of $11MM.\"During the first six months of fiscal 2023 we continue to recognize revenue growth beyond our 2022 revenue records. Our expenses have increased as we have made growth investments in new hires as we continue to scale our business and develop our new revenue streams with Gambit Rewards and SnippMedia. We look forward to sharing our Q3 2023 results next week and we will also be scheduling an investor conference call the week after to provide further information and to answer questions from investors.\" said Atul Sabharwal, Founder of Snipp.Non-GAAP MeasuresSnipp uses certain performance measures throughout this document that are not...