Significant Increase in Quarterly EBITDA Driven by Strong Core Revenue Growth and Continued Margin Improvement
VANCOUVER, BC / ACCESSWIRE / November 5, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSX-V:SPN)(OTC PINK:SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector is pleased to announce its preliminary financial results for Q3 2024. The Company is currently in the process of finalizing its Q3 2024 financial results. All results are reported under International Financial Reporting Standards ("IFRS") and are in US dollars.
Q3 2024 Financial Highlights - based on preliminary results (Refer to Non-GAAP Measures, Gross Margin, EBITDA discussion below)
Revenue for Q3 2024 is forecast to be over $6MM
EBITDA for Q3 2024 is expected to be greater than $600,000
Revenue for the nine months ended September 30, 2024, is forecast to be over $15MM
EBITDA for the nine months ended September 30, 2024, is expected to be positive
Cash totaled over $4.5MM at the end of the quarter and the Company remains debt free
"We are excited to report strong growth in our Q3 2024 EBITDA driven by our strategic focus on high-margin contracts, operational efficiencies, and continued expansion within our core CPG platform, as well as with non-CPG clients," said Atul Sabharwal, Founder and CEO of Snipp Interactive. "Our bookings backlog and strong sales pipeline in our core business set the stage for continued growth in the fourth quarter. This reinforces our trajectory toward sustained profitability as we close out 2024 and head into 2025 with momentum."
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.
About Snipp:
Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc. Richard Pistelli Chief Financial Officer (Interim) investors@snipp.com 1-888-99-SNIPP
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.
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