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SharpSpring, Inc. (NASDAQ:SHSP) announced the appointment of Savneet Singh to its board of directors, effective August 17, 2020. Singh replaces Marietta Davis, who has resigned. With over 15 years of experience in capital markets and executive management, Singh aims to leverage his expertise in transforming businesses for growth. CEO Rick Carlson highlighted Singh's SaaS background as crucial for SharpSpring's expansion strategy. Singh expressed enthusiasm about enhancing SharpSpring's market position and operational processes in the highly competitive marketing automation sector.
SharpSpring reported record financial results for Q2 2020, with revenue up 32% to $7.3 million. The company added 276 new customers while achieving a net revenue retention rate of 91.6%. Gross profit increased 39% to $5.4 million. The adjusted EBITDA loss improved to $122,000 from $1.7 million year-over-year. The company anticipates 2020 total revenue between $29.5 million and $30.5 million, reflecting a 32% increase from the prior year. SharpSpring continues to invest in marketing and sales efficiency, aiming to capitalize on the shift to digital platforms.
SharpSpring reported a strong second quarter 2020, achieving record revenue of $7.3 million, a 32% increase year-over-year. The company added 276 new customers, with 81% being agency clients. Notably, average annual recurring revenue (ARR) per customer improved by 11%. While net loss decreased to $970,000 from $4.2 million a year ago, the company posted a 39% increase in gross profit. Looking ahead, SharpSpring anticipates total revenue between $29.5 million and $30.5 million, reflecting confidence in its operational model amidst ongoing challenges.