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SpringBig Holdings Inc. (OTCQX: SBIG) is a leading provider of vertical SaaS-based marketing solutions, offering customer loyalty and marketing automation tools to retailers and brands in the U.S. and Canada. The company recently launched Gift Cards by Springbig, a new feature that enhances payment solutions for dispensary transactions. With a focus on convenience and accessibility, Springbig aims to revolutionize the way consumers engage with retailers through secure and user-friendly payment options. The company's CEO, Jeffrey Harris, emphasizes the importance of simplifying the payments process and meeting consumers' preferences through digital channels. SpringBig's innovative solutions, including 'subscriptions by springbig' and 'gift cards by springbig,' enable clients to retain and grow their customer bases while providing a hassle-free shopping experience. With a strong balance sheet and positive Adjusted EBITDA, SpringBig is poised for meaningful market success in 2024.
Springbig has announced a strategic partnership with Native Roots, Colorado's largest independently held vertically integrated cannabis company. This collaboration aims to enhance customer engagement and loyalty in the cannabis industry through advanced technological solutions.
Springbig's proprietary software will integrate with Native Roots' existing systems to improve communication and engagement. The platform will offer messaging capabilities, streamlined analytics, customizable loyalty programs, and efficient marketing automations.
Jeffery Harris, CEO of Springbig, highlights that the partnership will allow Native Roots to leverage Springbig's technology to enhance customer interactions, increase loyalty, and drive growth. Native Roots plans to update its entire loyalty program this autumn and expects improved customer retention and engagement rates.
Springbig, a leader in cannabis loyalty marketing, has announced a significant integration with Greenline, a trusted cannabis POS provider under BLAZE. This enhanced integration aims to streamline loyalty redemption, reduce fraud, and ensure secure transactions, thereby boosting customer adoption and revenue. The two-way integration simplifies the checkout process for cannabis customers, allowing them to earn and redeem rewards both at the POS and via mobile devices. CEOs Jeffrey Harris of Springbig and Chris Violas of BLAZE highlighted the advancements this integration brings to retailers. Additionally, an upcoming webinar on July 18th will provide more insights into this integration and its benefits for businesses.
Springbig (OTCQX: SBIG) announced its Q1 2024 financial results, showing a positive Adjusted EBITDA for the first time and a 34% reduction in operating expenses year-over-year.
Revenue for the quarter was $6.5 million, down from $7.2 million in the same period last year, with subscription revenue making up 83% of the total at $5.4 million. Gross profit was $4.7 million, representing a 72% gross profit margin. The net income stood at $0.4 million, which includes a $1.6 million gain from the repurchase of convertible debt.
Significant developments include the $8 million debt financing completed in January 2024 and the appointment of Mark Silver to the Board of Directors on May 10, 2024.
Springbig supports the DEA's decision to reclassify marijuana, highlighting new business opportunities and improved consumer access. This move signifies a positive shift in the cannabis industry, reducing regulatory barriers and promoting growth. CEO Jeff Harris emphasizes the transformative impact on businesses and consumers, with Springbig well-positioned to assist companies in navigating the changing landscape.
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