BOCA RATON, Fla., Nov. 14, 2022 (GLOBE NEWSWIRE) — SpringBig Holdings, Inc. (“springbig” or the “Company”) (NASDAQ: SBIG), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, today announced its financial results for the second quarter ended September 30, 2022.
“Our third quarter results reinforce my view that we are widening the gap as the leading technology loyalty platform across the cannabis sector,” said Jeffrey Harris, CEO and Chairman of springbig. “Acknowledging that cannabis end-markets are experiencing industry specific headwinds, it’s absolutely clear to me that our growth trajectory is intact as we continue to leverage the network effect flywheel between retailers and brands, and that we are making the right investments to capture the long-term opportunity in front of us.”
Paul Sykes, springbig’s CFO, added, “Looking to 2023, we expect the continuing strong growth in subscription revenue, increasing brands adoption and the emergence of data sales and other initiatives to drive top line acceleration, and we are reaffirming our goal of reaching the milestone of positive EBITDA during 2023.”
Third Quarter 2022 Financial and Key Metric Highlights
Total revenue in the third quarter of 2022 increased to $7.4 million, up 22% from the third quarter of 2021 and up 13% from the second quarter of 2022.
Subscription revenue increased 48% from the third quarter of 2021 and was up 9% from the second quarter of 2022.
Net dollar retention rate was 119%, versus 85% in the year ago period and 114% in the second quarter of 2022.
Adjusted EBITDA loss for the third quarter was $(3.5) million as compared to a loss of $(1.2) million from the prior year period.
Basic net income loss per share was $(0.12) based on 25.6…..
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