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 (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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