Business
Snipp Interactive Reports Q3 2024 Financial Results, Company Delivers Record EBITDA, Company To Hold Investor Conference Call on December 3, 2024
VANCOUVER, BC / ACCESSWIRE / December 2, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company"...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp Interactive Reports Q3 2024 Financial Results, Company Delivers Record EBITDA, Company To Hold Investor Conference Call on December 3, 2024VANCOUVER, BC / ACCESSWIRE / December 2, 2024 / 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 the three months ended September 30, 2024 (Q3 2024) and the nine months ended September 30, 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 Tuesday, December 3, 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/390445166 for meeting ID 390445166Dial-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: 390445166. 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/teleconferenceQ3 2024 and 9 Months 2024 Highlights(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)Revenue for the three months ended September 30, 2024 (\"Q3 2024\") decreased by 22%, as compared to the three months ended September 30, 2023 (\"Q3 2023\"). Revenue for Q3 2024 was $6.7 million, as compared to $8.6 million for Q3 2023.Revenue for the nine months ended September 30, 2024 decreased by 29%, as compared to the nine months ended September 30, 2023. Revenue for the nine months ended September 30, 2024 was $16.1 million, as compared to $22.6 million for the nine months ended September 30, 2023.The revenue decline in both Q3 2024 and the first 9 months of 2024 was entirely tied to the planned sunsetting of a single contract that the company inherited with the acquisition of Gambit Rewards.Gross Margin for Q3 2024 increased by 93% from 32% in Q3 2023 to 6...