Business
SNIPP INTERACTIVE REPORTS 81% REVENUE GROWTH FOR Q2 2022 Tenth Consecutive Quarter of EBITDA Profitability; Debt Free Balance Sheet with $7,000,000 Cash Position
VANCOUVER, BC / ACCESSWIRE / August 30, 2022 / Snipp Interactive Inc. ("Snipp" or the "Compa...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"SNIPP INTERACTIVE REPORTS 81% REVENUE GROWTH FOR Q2 2022 Tenth Consecutive Quarter of EBITDA Profitability; Debt Free Balance Sheet with $7,000,000 Cash PositionVANCOUVER, BC / ACCESSWIRE / August 30, 2022 / 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 Q2 2022. 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.sedar.com).Q2 2022 Highlights(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)Revenue for Q2 2022 increased by 81% compared to Q2 2021. Revenue for Q2 2022 was $5,475,186 compared to $3,020,274 for Q2 2021.In Q2, the Company re-launched the Gambit Rewards platform, which it acquired in February, 2022. Gambit sales accounted for 14% of total Q2 revenue.EBITDA in Q2 2022 was $119,407 vs Q2 2021 EBITDA of $460,254.The Company has generated positive EBITDA for the last ten consecutive quarters.Gross margin in Q2 2022 was 40% compared to 73% in Q2 2021.Margin decline is largely attributable to the re-launch of the Gambit Rewards program. Gross Margins are likely to remain pressured while the Company continues to invest in the roll out of Gambit in order to build a monetizable audience.Revenue for the six months ended June 30, 2022 increased by 73% compared to the six months ended June 30, 2021. Revenue for the six months ended June 30, 2022 was $9,680,361 compared to revenue for the six months ended June 30, 2021 of $5,590,232.EBITDA in the six months ended June 30, 2022 was $435,650 compared to $614,202 for the six months ended June 30, 2021.Gross margin for the six months ended June 30, 2022 was 47% compared to 70% for the six months ended June 30, 2021.Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at $11MM at June 30, 2022, an increase of 16% compared to June 30, 2021 of $9.5MM.\"The second quarter of 2022 was a transformational period for the company with revenue increasing 81%. We also recorded our tenth consecutive quarter of positive EBITDA. As we begin the third quarter, we are enthusiastic ab...