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Springbig Announces Cost Reduction Actions to Accelerate Path to Profitability and Strengthen Financial Profile
Springbig Announces Cost Reduction Actions to Accelerate Path to Profitability and Strengthen Financial Profile
BOCA RATON, Fla., Nov. 30, 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 that the company is undertaking a series of initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability. These cost-cutting measures will allow the company to prioritize growth opportunities, right-size its expense structure and preserve capital while strengthening its financial position.
"Our focus remains on consistent execution and expanding the reach of the springbig platform, while optimizing our organization to deliver profitable growth. We believe that the steps we are announcing today will produce an annual operating expense run rate in 2023 that is expected to be approximately 21% less than annualized operating expenses incurred for the nine months ended September 30, 2022, shortening the timeline to our goal of positive EBITDA during 2023, and we continue to expect an acceleration in revenue next year," said Jeffrey Harris, CEO and Chairman of springbig.
As part of the initiatives announced today, Springbig has announced a workforce reduction of 37 positions, or 23% of the company's headcount through a combination of layoffs and attrition to ensure its long-term health. The company expects a one-time cash restructuring charge for the layoffs of approximately $0.2 million in Q4 of 2022.
Harris added, "We greatly value the collaborative efforts of our talented colleagues responsible for building springbig into the platform it is today, and I want to thank all of our employees for their focus and dedication through this process."
About springbig
springbig is a market-leading software platform providing customer loyalty and marketing automation solutions to cannabis retailers and brands in the U.S. and Canada. springbig's platform connects consumers with retailers and brands, primarily through SMS marketing, as well as emails, customer feedback system, and loyalty programs, to support retailers' and brands' customer engagement and retention. springbig offers marketing automation solutions that provide for consistency of customer communication, thereby driving customer retention and retail foot traffic. Additionally, springbig's reporting and analytics offerings deliver valuable insights that clients utilize to better understand their customer base, purchasing habits and trends. For more information, visit .
Forward Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "outlook," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties described under "Risk Factors" 'of the registration statement on Form S-4, the proxy statement/prospectus relating to the business combination, the Company's Form 8-K filed with the Securities and Exchange Commission (the "SEC") on June 21, 2022, and in the Company's Form 10-Q for the period ended September 30, 2022 filed with the SEC on November 14, 2022, and other documents filed by the Company from time to time with the SEC. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of springbig), and other assumptions, which may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.
Investor Relations Contact
Ryan Flanagan
ICR Strategic Communications & Advisory
ir@springbig.com
Media Contact
Phoebe Wilson
MATTIO Communications
springbig@mattio.com
BOCA RATON, Fla., Nov. 30, 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 that the company is undertaking a series of initiatives to reduce costs and drive efficiency in order to accelerate its path to profitability. These cost-cutting measures will allow the company to prioritize growth opportunities, right-size its expense structure and preserve capital while strengthening its financial position.
环球通讯社佛罗里达州博卡拉顿,2022年11月30日--为大麻行业提供基于SaaS的营销解决方案、消费者移动应用体验和全方位渠道忠诚度计划的领先供应商SpringBig Holdings,Inc.(以下简称“SpringBig”或“公司”)(纳斯达克股票代码:SBIG)今天宣布,该公司正在采取一系列举措来降低成本和提高效率,以加速实现盈利。这些成本削减措施将使该公司能够优先考虑增长机会,适当调整其支出结构,并在加强财务状况的同时保留资本。
"Our focus remains on consistent execution and expanding the reach of the springbig platform, while optimizing our organization to deliver profitable growth. We believe that the steps we are announcing today will produce an annual operating expense run rate in 2023 that is expected to be approximately 21% less than annualized operating expenses incurred for the nine months ended September 30, 2022, shortening the timeline to our goal of positive EBITDA during 2023, and we continue to expect an acceleration in revenue next year," said Jeffrey Harris, CEO and Chairman of springbig.
SpringBig首席执行官兼董事长杰弗里·哈里斯表示:“我们的重点仍然是始终如一的执行和扩大SpringBig平台的覆盖范围,同时优化我们的组织以实现盈利增长。我们相信,我们今天宣布的措施将在2023年产生年度运营费用运行率,预计将比截至2022年9月30日的9个月发生的年化运营费用低约21%,缩短了2023年实现我们正EBITDA目标的时间线,我们继续预计明年收入将加速增长,”SpringBig首席执行官兼董事长杰弗里·哈里斯表示。
As part of the initiatives announced today, Springbig has announced a workforce reduction of 37 positions, or 23% of the company's headcount through a combination of layoffs and attrition to ensure its long-term health. The company expects a one-time cash restructuring charge for the layoffs of approximately $0.2 million in Q4 of 2022.
作为今天宣布的举措的一部分,SpringBig宣布通过裁员和自然减员相结合的方式裁员37人,占公司员工总数的23%,以确保其长期健康发展。该公司预计,2022年第四季度裁员将产生约20万美元的一次性现金重组费用。
Harris added, "We greatly value the collaborative efforts of our talented colleagues responsible for building springbig into the platform it is today, and I want to thank all of our employees for their focus and dedication through this process."
哈里斯补充说:“我们非常重视我们有才华的同事的合作努力,他们负责将SpringBig打造成今天的平台,我想感谢我们所有员工在这一过程中的专注和奉献。”
About springbig
关于SpringBig
springbig is a market-leading software platform providing customer loyalty and marketing automation solutions to cannabis retailers and brands in the U.S. and Canada. springbig's platform connects consumers with retailers and brands, primarily through SMS marketing, as well as emails, customer feedback system, and loyalty programs, to support retailers' and brands' customer engagement and retention. springbig offers marketing automation solutions that provide for consistency of customer communication, thereby driving customer retention and retail foot traffic. Additionally, springbig's reporting and analytics offerings deliver valuable insights that clients utilize to better understand their customer base, purchasing habits and trends. For more information, visit .
SprringBig是一家市场领先的软件平台,为美国和加拿大的大麻零售商和品牌提供客户忠诚度和营销自动化解决方案。SpringBig的平台主要通过短信营销、电子邮件、客户反馈系统和忠诚度计划将消费者与零售商和品牌联系起来,以支持零售商和品牌的客户参与度和保留率。SpringBIG提供营销自动化解决方案,确保客户沟通的一致性,从而提高客户保留率和零售客流量。此外,SpringBig的报告和分析服务提供了有价值的见解,客户可以利用这些见解更好地了解他们的客户基础、购买习惯和趋势。如需更多信息,请访问.
Forward Looking Statements
前瞻性陈述
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "outlook," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties described under "Risk Factors" 'of the registration statement on Form S-4, the proxy statement/prospectus relating to the business combination, the Company's Form 8-K filed with the Securities and Exchange Commission (the "SEC") on June 21, 2022, and in the Company's Form 10-Q for the period ended September 30, 2022 filed with the SEC on November 14, 2022, and other documents filed by the Company from time to time with the SEC. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of springbig), and other assumptions, which may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.
本新闻稿中包含的某些陈述构成联邦证券法所指的“前瞻性陈述”。“预期”、“相信”、“继续”、“可能”、“估计”、“预期”、“打算”、“展望”、“可能”、“可能”、“计划”、“可能”、“潜在”、“预测”、“项目”、“应该”、“将会”等类似表达可以识别前瞻性陈述,但没有这些词语并不意味着陈述不具有前瞻性。前瞻性陈述是基于当前预期和假设对未来事件的预测、预测和其他陈述,因此受到风险和不确定因素的影响。许多因素可能会导致未来的实际事件与本新闻稿中的前瞻性声明产生实质性差异,包括但不限于在S-4表格登记声明、与业务合并有关的委托书/招股说明书、公司于2022年6月21日提交给美国证券交易委员会(“美国证券交易委员会”)的8-K表格以及公司于2022年11月14日提交给美国证券交易委员会的截至2022年9月30日的10-Q表格中“风险因素”项下描述的风险和不确定性。以及公司不定期向美国证券交易委员会提交的其他文件。这些前瞻性陈述涉及许多风险和不确定性(其中一些风险和不确定性超出了SpringBig的控制范围)和其他假设,可能会导致实际结果或表现与这些前瞻性陈述明示或暗示的大不相同。前瞻性陈述仅在其发表之日起发表。告诫读者不要过度依赖前瞻性陈述。, 除适用法律要求外,公司不承担任何义务,也不打算更新或修改这些前瞻性陈述。本公司并不保证会达到预期目标。
Investor Relations Contact
Ryan Flanagan
ICR Strategic Communications & Advisory
ir@springbig.com
投资者关系联系人
瑞安·弗拉纳根
ICR战略传播与咨询
邮箱:ir@springbig.com
Media Contact
Phoebe Wilson
MATTIO Communications
springbig@mattio.com
媒体联系人
菲比·威尔逊
马蒂奥通信公司
邮箱:springBig@mattio.com
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