Snipp Interactive Reports Financial Results for Q4 And Fiscal 2024, Announces Conference Call on May 20, 2025, And Management Changes
Snipp Interactive (SNIPF) reported its Q4 and fiscal 2024 financial results, showing significant margin improvements and EBITDA growth. The company achieved revenue of $22.73 million for fiscal 2024, with adjusted growth of 22% year-over-year excluding a legacy contract impact. Q4 2024 revenue was $6.67 million with 19% adjusted growth.
Notable improvements include gross margin expansion to 61% in fiscal 2024 (from 31% in 2023) and positive EBITDA of $703,494 (compared to -$1.9M in 2023). The company's bookings backlog increased 30% to $17.7 million, and it maintains a strong financial position with $3.7 million in cash and $3.4 million in receivables, remaining debt-free.
The company also announced the appointment of Malcolm Davidson as Interim CFO, replacing Richard Pistelli, and is working to revoke a recently imposed Failure to File Cease Trade Order (FFCTO).
Snipp Interactive (SNIPF) ha comunicato i risultati finanziari del quarto trimestre e dell'anno fiscale 2024, evidenziando un significativo miglioramento dei margini e una crescita dell'EBITDA. L'azienda ha raggiunto un fatturato di 22,73 milioni di dollari per l'anno fiscale 2024, con una crescita rettificata del 22% su base annua, escludendo l'impatto di un contratto legacy. Il fatturato del quarto trimestre 2024 è stato di 6,67 milioni di dollari con una crescita rettificata del 19%.
Tra i miglioramenti più rilevanti si segnala un incremento del margine lordo al 61% nell'anno fiscale 2024 (rispetto al 31% del 2023) e un EBITDA positivo di 703.494 dollari (contro -1,9 milioni di dollari nel 2023). Il portafoglio ordini è aumentato del 30% raggiungendo i 17,7 milioni di dollari, e la società mantiene una solida posizione finanziaria con 3,7 milioni di dollari in liquidità e 3,4 milioni di dollari in crediti, restando priva di debiti.
L'azienda ha inoltre annunciato la nomina di Malcolm Davidson come CFO ad interim, in sostituzione di Richard Pistelli, e sta lavorando per revocare un recente Ordine di Cessazione del Commercio per Mancata Presentazione (FFCTO).
Snipp Interactive (SNIPF) informó sus resultados financieros del cuarto trimestre y del año fiscal 2024, mostrando mejoras significativas en los márgenes y crecimiento del EBITDA. La compañía alcanzó ingresos de 22,73 millones de dólares para el año fiscal 2024, con un crecimiento ajustado del 22% interanual, excluyendo el impacto de un contrato legado. Los ingresos del cuarto trimestre 2024 fueron de 6,67 millones de dólares con un crecimiento ajustado del 19%.
Entre las mejoras destacadas se incluye una expansión del margen bruto al 61% en el año fiscal 2024 (desde el 31% en 2023) y un EBITDA positivo de 703.494 dólares (comparado con -1,9 millones en 2023). La cartera de pedidos aumentó un 30% hasta 17,7 millones de dólares, y mantiene una posición financiera sólida con 3,7 millones en efectivo y 3,4 millones en cuentas por cobrar, sin deuda.
La compañía también anunció el nombramiento de Malcolm Davidson como CFO interino, en reemplazo de Richard Pistelli, y está trabajando para revocar una reciente Orden de Cese de Comercio por Incumplimiento de Presentación (FFCTO).
Snipp Interactive (SNIPF)는 4분기 및 2024 회계연도 재무 실적을 발표하며 마진 개선과 EBITDA 성장세를 보였습니다. 회사는 2024 회계연도에 2,273만 달러의 매출을 기록했으며, 기존 계약 영향을 제외한 조정 성장률은 전년 대비 22%였습니다. 2024년 4분기 매출은 667만 달러로 19%의 조정 성장률을 나타냈습니다.
주목할 만한 개선 사항으로는 2024 회계연도 총이익률이 61%로 확대(2023년 31%에서) 되었고, EBITDA는 703,494달러의 흑자를 기록했습니다(2023년 -190만 달러 대비). 예약 잔액은 30% 증가한 1,770만 달러를 기록했으며, 현금 370만 달러와 매출채권 340만 달러를 보유하며 무부채 상태를 유지하고 있습니다.
또한 회사는 말콤 데이비슨을 임시 CFO로 임명하고, 리처드 피스텔리를 대체했으며, 최근 부과된 제출 실패 거래 중단 명령(FFCTO) 해제를 위해 노력하고 있다고 밝혔습니다.
Snipp Interactive (SNIPF) a publié ses résultats financiers du quatrième trimestre et de l'exercice 2024, montrant des améliorations significatives des marges et une croissance de l'EBITDA. La société a réalisé un chiffre d'affaires de 22,73 millions de dollars pour l'exercice 2024, avec une croissance ajustée de 22 % en glissement annuel, hors impact d'un contrat historique. Le chiffre d'affaires du quatrième trimestre 2024 s'élève à 6,67 millions de dollars avec une croissance ajustée de 19 %.
Parmi les améliorations notables, on compte une augmentation de la marge brute à 61 % pour l'exercice 2024 (contre 31 % en 2023) et un EBITDA positif de 703 494 dollars (contre -1,9 million en 2023). Le carnet de commandes a augmenté de 30 % pour atteindre 17,7 millions de dollars, et la société maintient une solide position financière avec 3,7 millions de dollars en liquidités et 3,4 millions de dollars en créances, restant sans dettes.
La société a également annoncé la nomination de Malcolm Davidson en tant que CFO par intérim, remplaçant Richard Pistelli, et travaille à la levée d'une récente ordonnance de cessation de négociation pour non-dépôt (FFCTO).
Snipp Interactive (SNIPF) meldete seine Finanzergebnisse für das vierte Quartal und das Geschäftsjahr 2024 und zeigte dabei deutliche Verbesserungen bei den Margen sowie ein Wachstum des EBITDA. Das Unternehmen erzielte im Geschäftsjahr 2024 einen Umsatz von 22,73 Millionen US-Dollar, mit einem bereinigten Wachstum von 22 % im Jahresvergleich, ohne Berücksichtigung eines Altvertrags. Der Umsatz im vierten Quartal 2024 betrug 6,67 Millionen US-Dollar mit einem bereinigten Wachstum von 19 %.
Bemerkenswerte Verbesserungen umfassen eine Bruttomargensteigerung auf 61 % im Geschäftsjahr 2024 (gegenüber 31 % im Jahr 2023) sowie ein positives EBITDA von 703.494 US-Dollar (im Vergleich zu -1,9 Mio. US-Dollar im Jahr 2023). Der Auftragsbestand stieg um 30 % auf 17,7 Millionen US-Dollar, und das Unternehmen hält eine starke Finanzposition mit 3,7 Millionen US-Dollar in bar und 3,4 Millionen US-Dollar an Forderungen, bei Schuldenfreiheit.
Das Unternehmen gab außerdem die Ernennung von Malcolm Davidson zum Interim-CFO bekannt, der Richard Pistelli ersetzt, und arbeitet daran, eine kürzlich verhängte Handelsaussetzung wegen Nichterfüllung der Einreichungspflichten (FFCTO) aufzuheben.
- EBITDA turned positive to $703,494 in 2024 from -$1.9M in 2023, a $2.6M improvement
- Gross margin doubled to 61% in 2024 from 31% in 2023
- Bookings backlog grew 30% to $17.7M
- Company remains debt-free with $3.7M cash and $3.4M in receivables
- Adjusted revenue grew 22% in 2024 (excluding legacy contract impact)
- Absolute revenue declined from $30.5M in 2023 to $22.7M in 2024
- Company received a Failure to File Cease Trade Order (FFCTO) due to delayed financial statements
- CFO change could indicate internal instability
VANCOUVER, BC / ACCESS Newswire / May 16, 2025 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSX-V:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, announced its financial results for the quarter ("Q4-2024") and year ended December 31, 2024 ("Fiscal 2024"). All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars. A copy of the complete audited financial statements and management's discussion and analysis are available on SEDAR (www.sedarplus.ca).
The Company also announces conference call details for investors taking place on Tuesday, May 20, 2025 at 10:00am Eastern Time (US) to discuss the Company's recent financial results and plans for the year.
The conference call will be available via the following weblink or dial-in options.
Weblink: https://v.ringcentral.com/join/334112632
for meeting ID 334112632
Dial-in: for parties in the United States dial +1-650-419-1505 and parties in Canada dial +1-437-800-0918, and then enter Meeting ID: 334112632
Parties joining from other locations can refer to additional dial-in numbers based on your location listed at the following website and use the same Meeting ID referenced above: https://v.ringcentral.com/teleconference
Highlights
(Refer to Non-GAAP Measures, EBITDA, Gross Margin and Bookings Backlog discussion below)
Revenue for Fiscal 2024 totaled
$22.73 million .On an adjusted basis Revenue grew
22% in 2024 when removing the impact in 2023 of a single legacy contract that the company inherited as part of an acquisition.
Revenue for Q4 2024 totaled
$6.67 million .On an adjusted basis Q4 Revenue grew
19% in 2024 when removing the impact in 2023 of a single legacy contract that the company inherited as part of an acquisition.
Gross margin in Fiscal 2024 was
61% , as compared to31% in Fiscal 2023. Gross margin in Q4 2024 was62% , as compared to39% in Q4 2023.EBITDA in Fiscal 2024 totaled
$703,494 , compared to negative EBITDA of ($1,908,355) in Fiscal 2023, which represents an increase of$2,611,849. EBITDA in Q4 2024 totaled
$582,628 , compared to$31,566 in Q4 2023.Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at
$17.7 million at December 31, 2024, compared to$13.6 million at December 31, 2023, which represents an increase of30% .Cash at the end of 2024 stood at
$3.7 million , with accounts receivable at$3.4 million . The company continues to be debt free.
"2024 was a transformational year for Snipp as we repositioned the business toward scalable, higher-margin revenue streams which culminated in strong EBITDA performance during the 4th quarter. We saw strong execution across our core platform, deepened relationships with global brands and secured the first major contract because of our SnippMEDIA Financial Media Network. With improving margins, expanding international traction, and continued investment in our team and technology, we enter 2025 with strong momentum and a clear path toward sustained, profitable growth," said Atul Sabharwal, Founder & CEO of Snipp Interactive.
The Company also announces that Malcolm Davidson has been appointed Interim CFO, replacing Richard Pistelli who was Interim CFO. Mr. Davidson is an accomplished and proactive Chartered Professional Accountant with a remarkable career exceeding 20 years in financial reporting and the finance industry. He has a proven track record as Chief Financial Officer in various public mining and technology firms, complemented by extensive international experience. The Company thanks Mr. Pistelli for his contributions and wishes him well in his future endeavors.
The Company plans to immediately apply for a revocation of the FFCTO that it received in connection with the delayed filings of its audited financial statements for the fiscal year ended December 31, 2024. As specified in its press release dated May 2, 2025, it has received the imposition of a Failure to File Cease Trade Order ("FFCTO") issued by the British Columbia Securities Commission effective as of May 8, 2025.
Non-GAAP Measures
Snipp uses certain performance measures throughout this document that are not recognizable under Canadian generally accepted accounting principles or IFRS ("GAAP"). These performance measures include Gross Margin and EBITDA. Management believes that these measures provide supplemental financial information that is useful in the evaluation of the Company's operations.
Investors should be cautioned, however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP and IFRS as an indicator of Snipp's performance. The Company's method of calculating these measures may differ from that of other organizations, and accordingly, these may not be comparable.
EBITDA
Snipp defines earnings before interest, taxes, depreciation and amortization ("EBITDA") as revenue minus operating expenses excluding non-cash operating expenses of share-based payments, depreciation and amortization (interest and taxes are not included in the Company's operating expenses).
Gross Margin
Snipp defines Gross Margin as revenue less campaign infrastructure. The Company's calculation of Gross Margin is not a financial measure that is recognized under GAAP. Investors should be cautioned that the Company's defined Gross Margin should not be construed as an alternative measure to other measures determined in accordance with GAAP.
Bookings Backlog
Snipp defines Bookings Backlog as future revenue from existing customer contracts to be recognized in future quarters. Bookings get translated into revenues based on IFRS principles and the Bookings Backlog reflects how revenues in future quarters are steadily being booked today.
The Following are calculations of EBITDA:
Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||
USD | USD | USD | USD | |||||||||||||
Net income (loss) before interest, foreign exchange, other income and taxes | 149,426 | (262,521 | ) | (1,341,637 | ) | (3,363,177 | ) | |||||||||
Amortization of intangibles | 267,899 | 252,654 | 1,055,100 | 1,068,710 | ||||||||||||
Depreciation of equipment | 3,525 | 3,161 | 12,964 | 11,455 | ||||||||||||
Stock-based compensation | 161,778 | 38,272 | 977,067 | 374,657 | ||||||||||||
EBITDA | 582,628 | 31,566 | 703,494 | (1,908,355 | ) | |||||||||||
The Following are calculations of Gross Margin:
Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||
USD | USD | USD | USD | |||||||||||||
Revenue | 6,665,316 | 7,960,924 | 22,731,706 | 30,546,513 | ||||||||||||
Less: | ||||||||||||||||
Campaign Infrastructure | 2,509,241 | 4,849,344 | 8,877,210 | 21,072,294 | ||||||||||||
Gross Margin | 4,156,075 | 3,111,580 | 13,854,496 | 9,474,219 | ||||||||||||
About Snipp:
Snipp Interactive Inc. (TSX-V: SPN; OTCPK: SNIPF) is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as an industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com and its profile on SEDAR+ at www.sedarplus.ca.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSX Venture Exchange in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc.
Malcolm Davidson
Chief Financial Officer (Interim)
investors@snipp.com
1-888-99-SNIPP
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.
SOURCE: Snipp Interactive Inc.
View the original press release on ACCESS Newswire
FAQ
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