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Snipp Interactive Reports Preliminary Financial Results for Q3 2022 with Over $7.5 Million Revenue, 45% YoY Quarterly Revenue Growth, Highest Ever Recorded Quarterly Revenue, EBITDA Positive & Debt Free
VANCOUVER, BC / ACCESSWIRE / October 24, 2022 / Snipp Interactive Inc. ("Snipp" or the "Comp...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports Preliminary Financial Results for Q3 2022 with Over $7.5 Million Revenue, 45% YoY Quarterly Revenue Growth, Highest Ever Recorded Quarterly Revenue, EBITDA Positive & Debt FreeVANCOUVER, BC / ACCESSWIRE / October 24, 2022 / Snipp Interactive Inc. (\"Snipp\" or the \"Company\") (TSX-V:SPN)(OTC PINK:SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector announces its preliminary financial results for Q3 2022. The Company is currently in the process of finalizing its Q3 2022 financial results. All results are reported under International Financial Reporting Standards (\"IFRS\") and in US dollars.Q3 2022 Financial Highlights - based on preliminary results(Refer to Non-GAAP Measures, Gross Margin, EBITDA discussion below)Highest ever recorded quarterly Revenue in company history.Revenue for Q3 2022 increased by over 45% compared to Q3 2021. Revenue for Q3 2022 is forecast to be over $7,500,000, as compared to revenue for Q3 2021 of $5,416,976.EBITDA in Q3 2022 is forecast to be positive. The Company has been EBITDA positive for the last eleven consecutive quarters from Q1 2020 to Q3 2022.Revenue for the nine months ended September 30, 2022 is forecast to increase by over 55% compared to the nine months ended September 30, 2021. In addition, the Company exceeded its full year 2021 revenue in the first 9 months of 2022.EBITDA in the nine months ended September 30, 2022 is forecast to be greater than $600,000 despite the investments the company has made in its two latest growth initiatives, Gambit Rewards and SnippMEDIA. Gambit Rewards, is the industry's first Loyalty Gaming platform launched in the second quarter of this year. With SnippMEDIA, the Company aims to be a pioneer in bringing untapped audiences in the financial services industry to its CPG & Agency clients by unlocking the value of item level purchase data.Cash totaled over $5.5MM, cash and accounts receivable totaled over $9MM, at the end of the quarter and the company is debt free.\"Revenue was the highest recorded by the Company in its history. Q3 2022 represents our eleventh consecutive quarter with positive EBITDA. For the comparable nine-month period, our revenue is over 55% higher in 2022 than 2021, which is a testament to the value we are bringing to our clients. We anticipate ending the year strong a...