Forecasts Year on Year Revenue Growth of Over 30% and Positive EBITDA
VANCOUVER, BC, CANADA - Snipp Interactive Inc. (“Snipp”, the “Company”) (TSX-V: SPN; OTCPK: SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, is pleased to announce another historic and successful quarter.
Key Highlights:
- For the first time the Company consummated total sales bookings of over USD $4.5MM for the first quarter.
- Over 40% of the bookings in the first quarter came from new industries and markets outside of the traditional Consumer Packaged Goods (CPG) clients of the Company.
- Bookings backlog at the end of the first quarter stood at over USD $10MM, an increase of over 30% when compared to the backlog at end of the first quarter in 2021.
- Q1 marked the second consecutive quarter where backlog at the end of the quarter exceeded USD $10MM.
- The company also forecasts that its first quarter revenue will grow at a significantly positive rate when compared to the same quarter in the previous year as well as continue to generate positive EBITDA.
“We couldn’t be happier with our first quarter performance. A lot happened this quarter and we are eager to share our results in the coming weeks. We are actively working on finalizing our full year audited financials and fourth quarter results that we will announce later this month. The most exciting part of this quarter’s performance are the new customer wins from industries we opened up in 2021. We are making exciting progress towards our goal of bringing new verticals onto the Snipp platform of solutions with more than 40% of our bookings comprising of customer wins from industries outside of what has traditionally been our CPG core” said Atul Sabharwal, Founder & CEO. “Entering the second quarter with a strong backlog also is a sign of the continued momentum we are witnessing not only across our core markets and industries but also from new geographies and industries. We look forward to sharing many of our achievements in the coming weeks that will continue to highlight the success of the company’s strategy and execution capability.”
About Snipp
Snipp Interactive Inc (TSX-V: SPN; OTCPK: SNIPF) is a 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 1000 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 the clear 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 the Company’s website at www.snipp.com
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
Jaisun Garcha
investors@snipp.com
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.
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