**SpringBig’s Q3 2023: Enhanced Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), Substantial Growth in Subscription Revenue by 13% Year-over-Year**


SpringBig Holdings, Inc. (SBIG), a distinguished provider of Software as a Service (SaaS) marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, recently unveiled its financial results for the third quarter ending on September 30, 2023.

“Springbig delivered another quarter of progress with a further sequential improvement in Adjusted EBITDA and robust year-on-year growth in subscription revenue,” expressed Jeffrey Harris, the CEO and chairman.

**Key Financial Highlights for Q3 2023:**
– **Revenue**: Reported at $6.9 million, exhibiting a 5% year-on-year decline. However, the subscription revenue witnessed an extraordinary 13% increase year-over-year.
– **Gross Profit**: Stood at $5.2 million, reflecting a solid margin of 77%.
– **Adjusted EBITDA**: Despite a loss of $0.9 million, it showcased a notable improvement compared to the prior year, attributed to a 31% reduction in operating expenses year-over-year.
– **Net Loss**: Totaled $2.7 million, in contrast to a loss of $3.1 million in the previous year.
– Basic **Net Income Loss** per share was $0.07, based on 41.9 million weighted average shares outstanding. The total shares outstanding as of September 30, 2023, were recorded at 43.5 million.

**Key Financial Highlights for the Nine Months Ended September 30, 2023:**
– **Revenue**: Elevated to $21.3 million, signifying a significant 7% increase from the previous year.
– **Subscription Revenue**: A substantial $17.2 million, demonstrating a remarkable year-on-year growth of 19%. Recurring subscription revenue now represents 81% of total revenue compared with 72% in the prior year.
– **Gross Profit**: Notably surged to $16.8 million, illustrating a 15% year-on-year growth and an impressive margin of 79%.
– **Adjusted EBITDA Loss**: Posted at $3.4 million, marking a substantial improvement of 64% year-on-year compared to a loss of $9.4 million in the prior year.
– **Net Loss**: Amounted to $7.0 million, down from a loss of $8.5 million in the previous year.

Operational Highlights:
– The company added 89 new clients in Q3, contributing to annualized subscription revenue of $0.7 million.
– Year-to-date messaging volumes rose by 12% year-over-year to 1.7 billion.
– Furthermore, the launch of ‘subscriptions by SpringBig’ provides clients with capabilities for subscription-based VIP loyalty programs.

CFO Paul Sykes emphasized the company’s aim of achieving positive Adjusted EBITDA in the final quarter and highlighted a 40% reduction in the current operating expense run-rate compared to the previous year. “We continue to focus on converting our customers to subscription revenue contracts and judiciously managing our working capital,” he concluded.

**Price Action**:

It’s noteworthy that SBIG’s shares were trading 8.47% down at $0.175 per share on Monday afternoon.

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