Snipp Interactive Reports Financial Results for Q2 2020

About this update from Snipp Interactive Inc.

Snipp Interactive Reports Financial Results for Q2 2020VANCOUVER, BC / ACCESSWIRE / August 31, 2020 / 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 Q2 2020. 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).Q2 2020 Highlights(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)EBITDA in Q2 2020 improved by 440% compared to Q2 2019, an EBITDA improvement of $27,138. Q2 2020 EBITDA was positive $33,312 vs positive $6,174 in Q2 2019 EBITDA.EBITDA in the six months ended June 30, 2020 improved by 83% compared to the six months ended June 30, 2019, an EBITDA improvement of $36,130. For the six months ended June 30, 2020 EBITDA was positive $79,573 compared to positive $43,443 for the six months ended June 30, 2019.The Company has been EBITDA positive for the last two consecutive quarters from Q1 2020 to Q2 2020.Revenue for Q2 2020 decreased by 17% compared to Q2 2019. Revenue for Q2 2020 was $2.01MM compared to revenue for Q2 2019 of $2.41MM. However, while total revenue realized in the quarter decreased, this was offset by lower operating expenses, resulting in a 440% increase in EBITDA in Q2 2020 compared to Q2 2019.Gross margin in Q2 2020 was 65% compared to 76% in Q2 2019.Revenue for the six months ended June 30, 2020 decreased by 17% compared to the six months ended June 30, 2019. Revenue for the six months ended June 30, 2020 was $4.38MM compared to revenue for the six months ended June 30, 2019 of $5.28MM. However, while total revenue realized in the six months decreased, this was offset by lower operating expenses, resulting in a 83% increase in EBITDA in the first half of Fiscal 2020 compared to Fiscal 2019.Gross margin for the six months ended June 30, 2020 was 70% compared to 76% for the six months ended June 30, 2019.The Company continued to focus on cost improvements from its integration efforts, resulting in the following Q2 2020 cost savings compared to Q2 2019:Salaries and compensation expenses decreased by approximately US $345k or 24%;General and administrative expens...

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