with Over $7.5 Million Revenue, 45% YoY Quarterly Revenue Growth, Highest Ever Recorded Quarterly Revenue, EBITDA Positive & Debt Free
VANCOUVER, BC, CANADA - Snipp Interactive Inc. ("Snipp" or the “Company”) (TSX-V: SPN; OTCPK: SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector announces its preliminary financial results for Q3 2022. The Company is currently in the process of finalizing its Q3 2022 financial results. All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars.
Q3 2022 Financial Highlights - based on preliminary results
(Refer to Non-GAAP Measures, Gross Margin, EBITDA discussion below)
- Highest ever recorded quarterly Revenue in company history.
- Revenue for Q3 2022 increased by over 45% compared to Q3 2021. Revenue for Q3 2022 is forecast to be over $7,500,000, as compared to revenue for Q3 2021 of $5,416,976.
- EBITDA in Q3 2022 is forecast to be positive. The Company has been EBITDA positive for the last eleven consecutive quarters from Q1 2020 to Q3 2022.
- Revenue for the nine months ended September 30, 2022 is forecast to increase by over 55% compared to the nine months ended September 30, 2021. In addition, the Company exceeded its full year 2021 revenue in the first 9 months of 2022.
- EBITDA in the nine months ended September 30, 2022 is forecast to be greater than $600,000 despite the investments the company has made in its two latest growth initiatives, Gambit Rewards and SnippMEDIA. Gambit Rewards, is the industry’s first Loyalty Gaming platform launched in the second quarter of this year. With SnippMEDIA, the Company aims to be a pioneer in bringing untapped audiences in the financial services industry to its CPG & Agency clients by unlocking the value of item level purchase data.
- Cash totaled over $5.5MM, cash and accounts receivable totaled over $9MM, at the end of the quarter and the company is debt free.
“Revenue was the highest recorded by the Company in its history. Q3 2022 represents our eleventh consecutive quarter with positive EBITDA. For the comparable nine-month period, our revenue is over 55% higher in 2022 than 2021, which is a testament to the value we are bringing to our clients. We anticipate ending the year strong as our fourth quarter is also looking to continue this quarterly year on year growth trend” said Atul Sabharwal, Founder & CEO.
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.
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).
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.
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.
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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.
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