Welcome to our dedicated page for Snipp Interactiv news (Ticker: SNIPF), a resource for investors and traders seeking the latest updates and insights on Snipp Interactiv stock.
Snipp Interactive Inc. reports news on its AI-powered SaaS and PaaS platform for shopper marketing, promotions, rebates, loyalty programs and purchase validation. Company updates commonly cover enterprise brand contracts, receipt-based loyalty programs, AI-enabled receipt processing, basket-level shopper insights and marketing attribution from advertising activity through verified purchase behavior.
Recurring developments also include IFRS financial results, bookings and margin commentary, brand and go-to-market positioning, shopper marketing technology publications, secured convertible debenture financing, shareholder meeting results, stock option plan approvals and other governance or capital-structure matters.
Snipp Interactive (TSX-V:SPN)(OTC PINK:SNIPF) has applied for a temporary management cease trade order (MCTO) from the British Columbia Securities Commission. This order, if granted, will prevent the CEO and CFO from trading the company's securities until the required filings are completed. Snipp expects to miss the filing deadline of May 1, 2023, for its audited financial statements due to audit complexities related to a new business acquisition and changes in its auditor. The company aims to resolve this by July 3, 2023, while continuing to adhere to alternative information guidelines. Despite these challenges, the public can still trade the company's shares during the MCTO period.
Gambit Rewards, a division of Snipp Interactive (SNIPF), launched a new feature allowing players to convert Scuti$ to Gambit tokens for risk-free sports betting. This integration, announced on February 13, 2023, enables Scuti account holders to use their rewards for betting without financial risk. Players earn Scuti$ on marketplace purchases, fostering a user-friendly experience. Scuti expects to reach 100 million monthly active users by the end of 2023. Gambit’s platform enhances loyalty programs in online gaming, allowing users to earn real cash rewards.
Snipp Interactive Inc. (TSX-V:SPN, OTC PINK:SNIPF) has secured a contract worth over US $1,100,000 with a global food and petcare company, marking its third contract with this Fortune 100 client. The contract involves Snipp's SnippCheck receipt processing technology for a rebate program aimed at enhancing customer loyalty. The client, which has annual sales exceeding $37 billion, chose Snipp due to its effective prior executions and advanced technology offerings. This development highlights Snipp's ability to adapt to complex market challenges and reinforces its competitiveness within the loyalty and promotions sector.
Gambit Rewards, a leader in loyalty gaming, has partnered with Bare Knuckle Fighting Club (BKFC) to enhance user engagement through a unique free-to-play sports betting platform. This collaboration introduces Gambit Tokens for BKFC fans, allowing them to participate in betting games linked to BKFC events. BKFC, the first regulated bare knuckle fighting league, hosts over 40 events annually and has 25 million followers worldwide. Gambit's innovative approach allows users to convert loyalty points into digital tokens for risk-free gaming, aiming to unlock significant value in unused loyalty points. This partnership expands Gambit's offerings and targets BKFC's dedicated fanbase.
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Snipp Interactive Inc. (OTC PINK: SNIPF) reported Q3 2022 revenue of $7.94 million, a 47% increase from Q3 2021. Year-to-date revenue rose 60% to $17.62 million. Despite positive EBITDA of $280,540, down from $480,587 in the prior year, the gross margin fell to 34% from 39%. Bookings backlog increased 32% to $12.4 million. The Gambit Rewards platform now contributes 29% of revenue, up from 14% in the previous quarter. The company anticipates continued growth but notes margin pressures due to reinvestments in Gambit.
Snipp Interactive Inc. (TSX-V:SPN)(OTC PINK:SNIPF) will announce its fiscal 2022 third-quarter financial results on November 29, 2022, before market opening. The management will also conduct a conference call at 9:00 AM ET on the same day to discuss these results. Snipp, based in Vancouver, specializes in digital marketing promotions and loyalty solutions, utilizing its SnippCARE Platform to enhance customer engagement for Fortune 500 clients. The company is positioned in North America and has a comprehensive suite of tools including SnippCHECK and SnippLOYALTY.
Snipp Interactive Inc. (TSXV:SPN, OTC PINK:SNIPF) has expanded its partnership with a prominent global producer of cereal and convenience foods to include the European market. The company has licensed its SnippCARE platform for deployment in Germany, with initial launches anticipated soon. To date, total billings with this client have surpassed US $2.5 million. CEO Atul Sabharwal expressed optimism about further global market penetration, leveraging valuable data generated from North American operations.
Snipp Interactive Inc. (TSX-V:SPN, OTC PINK:SNIPF) announced its preliminary financial results for Q3 2022, marking the highest quarterly revenue in its history. Revenue is forecast to exceed $7.5 million, representing a remarkable 45% increase from Q3 2021. The company has maintained positive EBITDA for eleven consecutive quarters. Revenue for the first nine months of 2022 is projected to be over 55% higher than the same period in 2021. Snipp ended the quarter with over $5.5 million in cash, remaining debt-free.
Gambit Rewards, Inc. is expanding its partnership with Prodege, LLC to include Gambit gift cards in the consumer rewards programs MyPoints and InboxDollars. This follows the success of its collaboration with Swagbucks, which has seen over $10 million in Gambit gift card redemptions. Gambit specializes in free-to-play sports betting and iGaming gift cards. The company aims to tap into the significant market of unused loyalty points, which is estimated at US $100 billion. Gambit operates in 48 states and allows users to convert loyalty points into gaming tokens.