Business
Snipp Interactive Reports Q2 2024 Financial Results Company to Hold Investor Conference Call on August 29, 2024
VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company")...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports Q2 2024 Financial Results Company to Hold Investor Conference Call on August 29, 2024VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / 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 the six months ended June 30, 2024 (\"H1 2024\") along with Q2 2024. 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).The Company also announces conference call details for investors taking place on Thursday, August 29, 2024, at 10:00am Eastern Time (US) to discuss the Company's recent financial results and plans for the year.The conference call will be available via the following weblink or dial-in options.Weblink: https://v.ringcentral.com/join/522973404 for meeting ID 522973404Dial-in: for parties in the United States dial +1-650-419-1505 and parties in Canada dial +1-437-800-0918, and then enter Meeting ID: 522973404. Parties joining from other locations can refer to additional dial-in numbers based on your location listed at the following website and use the same Meeting ID referenced above: https://v.ringcentral.com/teleconferenceH1 2024 Highlights(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)Revenue for the six months ended June 30, 2024 (\"H1 2024\") decreased by 33% compared to the six months ended June 30, 2023 (\"H1 2023\"). Revenue for H1 2024 was $9.4 million compared to $14.0 million for H1 2023.The decline was entirely tied to the anticipated sunsetting of a single contract that the company inherited with the acquisition of Gambit Rewards.Revenue for the three months ended June 30, 2024 (\"Q2 2024\") decreased by 36% compared to the three months ended June 30, 2023 (\"Q2 2023\"). Revenue for Q2 2024 was $4.8 million compared to $7.5 million for Q2 2023.The decline was entirely tied to the anticipated sunsetting of a single contract that the company inherited with the acquisition of Gambit RewardsGross Margin for Q2 2024 increased by 146% from 26% in Q2 2023 to 64% in Q2 2024.Gross Margin for H1 2024 increased by 127% from 26% ...