SpringBig Holdings, Inc. ( SBIG ) , a provider of SaaS-based marketing solutions, consumer mobile app experiences and omni-channel loyalty programs, announced its financial results Tuesdayfor the second quarter ended June 30, 2024.

Revenue for the period totaled $6.6 million, down from $7.2 million in the prior year quarter and up from the previous period.

Jeffrey Harris, the company's CEO and chairman said "we are pleased to report 2% quarter-over-quarter revenue growth in challenging macroeconomic conditions."

"We continue to make good progress,” Harriss said. “Our newer offerings, such as ‘subscriptions by Springbig ( SBIG )' and ‘gift cards by Springbig ( SBIG )'are gaining traction as our clients increasingly recognize the value and benefits of our broader suite of offerings."

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Q2 2024 Financial Highlights

Subscription revenue represents 83% of total revenue at $5.5 million, compared to $5.6 million in the prior year.

Gross profit was $4.7 million, representing a gross profit margin of 71%.

Operating expenses reduced by 36% year-on-year to $4.8 million.

Net loss was $0.6 million, compared to a net loss of $2 million in the prior year’s period.

Adjusted EBITDA came in positive at $0.3 million compared to an adjusted EBITDA loss of $1.1 million in the prior year.

Basic net loss per share was $(0.01) based on 45.7 million weighted average shares outstanding. Total shares outstanding as of June 30, 2024, were 46.1 million.

Outlook

For the third quarter of 2024, Springbig ( SBIG ) currently expects:

Revenue in the range of $6.5 – $6.8 million.

A positive adjusted EBITDA in the range of $0.5 – $0.8 million.

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