Welcome to our dedicated page for SpringBig Holdings news (Ticker: SBIGW), a resource for investors and traders seeking the latest updates and insights on SpringBig Holdings stock.
SpringBig Holdings Inc. (SBIGW) delivers specialized loyalty marketing solutions for regulated industries through its compliance-focused platform. This news hub provides investors and industry professionals with essential updates on the company developments shaping customer engagement strategies in cannabis, gaming, and adjacent markets.
Access real-time announcements covering quarterly earnings, strategic partnerships with leading POS providers, and technology innovations in SMS marketing automation. Our curated feed includes regulatory compliance updates critical for businesses operating in controlled sectors, plus expansion initiatives demonstrating SpringBig's market leadership.
Key updates feature developments in interactive video messaging capabilities, loyalty program enhancements, and integrations with platforms like Lightspeed and AWS. Bookmark this page for streamlined access to operational milestones and data-driven analyses of SpringBig's growth in high-compliance verticals.
Springbig Holdings, Inc. (OTCQX: SBIG), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs, has announced the appointment of Marc Shiffman to its board of directors as the Lead Independent Director. Shiffman, a respected business leader, brings extensive experience from his roles as CFO, President, and CEO at SMS Assist until its sale in early 2023.
Simultaneously, Shawn Dym has resigned from the board of directors effective September 23, 2024. The board now comprises Sergey Sherman, Matt Sacks, Mark Silver, and Marc Shiffman, along with Jeffrey Harris as Chairman and CEO. The Audit Committee includes Sergey Sherman as Chair and Marc Shiffman.
Springbig Holdings (OTCQX: SBIG) reported its Q2 2024 financial results, showing positive trends despite challenging market conditions. Key highlights include:
- Revenue of $6.6 million, a 2% quarter-over-quarter increase
- Positive Adjusted EBITDA of $0.3 million, compared to a loss of $(1.1) million in Q2 2023
- Year-to-date Adjusted EBITDA of $0.5 million, a $3.0 million year-on-year improvement
- Operating expenses reduced by 35% year-on-year to $4.8 million
- Net loss narrowed to $(0.6) million from $(2.0) million in Q2 2023
The company's newer offerings, including 'subscriptions by Springbig' and 'gift cards by Springbig', are gaining traction. For Q3 2024, Springbig expects revenue between $6.5 - $6.8 million and positive Adjusted EBITDA of $0.5 - $0.8 million.
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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