Business
Snipp Interactive Reports Financial Results for Q3 2022 with Over $7.9 Million Revenue, 47% YoY Quarterly Revenue Growth, Highest Ever Recorded Quarterly Revenue, EBITDA Positive & Debt Free
VANCOUVER, BC / ACCESSWIRE / November 29, 2022 / Snipp Interactive Inc. ("Snipp" or the "Company...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports Financial Results for Q3 2022 with Over $7.9 Million Revenue, 47% YoY Quarterly Revenue Growth, Highest Ever Recorded Quarterly Revenue, EBITDA Positive & Debt FreeVANCOUVER, BC / ACCESSWIRE / November 29, 2022 / 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 Q3 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).Q3 2022 Highlights(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)Revenue for Q3 2022 increased by 47% compared to Q3 2021. Revenue for Q3 2022 was $7,936,073 compared to $5,416,976 for Q3 2021.In Q3, revenue from the Gambit Rewards platform accounted for 29% of total Q3 revenue.EBITDA in Q3 2022 was $280,540 vs Q3 2021 EBITDA of $480,587.The Company has generated positive EBITDA for the last eleven consecutive quarters.Gross margin in Q3 2022 was 34% compared to 39% in Q3 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 as it builds a monetizable audience.Revenue for the nine months ended September 30, 2022 increased by 60% compared to the nine months ended September 30, 2021. Revenue for the nine months ended September 30, 2022 was $17,616,434 compared to revenue for the nine months ended September 30, 2021 of $11,007,208.EBITDA in the nine months ended September 30, 2022 was $716,190 compared to $1,094,789 for the nine months ended September 30, 2021.Gross margin for the nine months ended September 30, 2022 was 41% compared to 55% for the nine months ended September 30, 2021.Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at $12.4MM at September 30, 2022, an increase of 32% compared to September 30, 2021 of $9.4MM.\"2022 continues to be a transformational year for the company with revenue increasing 47% in the quarter and 60% year to date. Additionally, we marked our eleventh consecutive quarter of po...