Business
Specificity Reports Annual Growth of 53% to $1.1 Million Revenue for Full Year 2022
Specificity Reports Annual Growth of 53% to $1.1 Million Revenue for Full Year 2022.
About this update from Specificity, Inc.
[{"type":"text","content":"Increase in Clients Utilizing its Digital Marketing Technology Solutions Continues to Drive Revenue GrowthTAMPA, FL / ACCESSWIRE / April 4, 2023 / Specificity Inc. (OTCQB:SPTY) (the "Company"), a full-service digital marketing firm that delivers cutting-edge marketing solutions, today announced the Company's financial results for the fourth quarter and year ended ended December 31, 2022 and the filing of its Annual Report on Form 10-K on March 30, 2023.Key Financial Highlights for 2022Revenue increased 53% to $1.1 millionGross profit increased 48% to $0.6 millionGross margin decreased slightly to 48.4%Adjusted EBITDA loss decreased 13% to $2.0 millionKey Business Highlights for 2022Made public listing debut on OTCQBAppointed Original Shark on Shark Tank Kevin Harrington to its Advisory BoardEngaged ClearThink and Bear Creek Capital to lead expanded investor relations programSuccessfully raised $750,000 from a mix of existing and new shareholders, including friends, family and retail investors, and was highlighted with an additional $300,000 participation by Chief Revenue Officer and Director of Sales Kevin FrisbieReadied the launch of PickPocket, a revolutionary location-based device ID targeting tool. PickPocket exemplifies Specificity's mission to deliver the latest digital marketing technology to companies of all sizes making them nationally, regionally and locally competitive.Management CommentaryJason Wood, Chief Executive Officer of Specificity, commented, "We are very pleased with our full year results, having achieved the highest revenue in our company history. Our mission to deliver the latest digital marketing technology to companies of all sizes making them nationally, regionally and locally competitive is supported by our product development. Of note, our Adjusted EBITDA loss decreased by 13% to $2.0 million for the year, after deducting non-cash stock-based compensation. This demonstrates the scalability of our business model as we increase revenue."Wood, concluded, "We are confident that we are successfully addressing the void left in the market due to the fallout from the iOS update, as 96% of users opting out of app tracking. With its pending launch, we believe PickPocket will compete on price and granular targeting against Big Tech and Social Media. Already just in the first few months o...