Software Company Springbig Banks On Loyalty Programs, Reaps $28.1M Revenue, Shrinks Net Loss With EBITDA Revival
In its latest financial disclosure on Tuesday, Springbig (OTC: SBIG), a leader in SaaS-based marketing solutions and loyalty programs, reported a modest but noteworthy revenue increase to $6.8 million -1% year-on-year growth for the fourth quarter ending December 31, 2023.
This period also saw a notable 10% rise in subscription revenue. The gross profit for the quarter stood at $4.8 million, translating into a robust gross margin of 70%.
Despite these gains, the company faced a net loss of $3.2 million, an improvement from the $4.5 million loss in the previous year.
Adjusted EBITDA also showed signs of recovery, with a minor loss of $0.2 million compared to a $3.2 million loss the year before.
Paul Sykes, Springbig’s CFO, stated, “Completing our $8 million debt financing has …