The following is a summary of the SpringBig Holdings, Inc. (SBIG) Q4 2023 Earnings Call Transcript:
Financial Performance:
SpringBig reported a 5% year-on-year revenue growth for 2023, despite market challenges.
The company reduced its operating expenses by 17% for the year and 31% for Q4, and reached a positive adjusted EBITDA.
The Q4 losses shrunk to $200,000 compared to the previous year's $3.2 million.
Achieved a stronger balance sheet by securing $8 million in debt financing.
Q4 revenue was $6.8 million, showing a 1% year-on-year growth.
Adjusted EBITDA losses improved significantly, ending the year with a 71% reduction in loss.
Business Progress:
'Subscriptions by SpringBig,' a new feature for retail clients, was launched, and a gift-card payment option was initiated.
They're expanding services to other regulated industries, including alcohol, vape, smoke, and CBD.
The technology platform operates in over 2,900 retail locations, reaching 35 million consumers.
For 2024, the priority will be managing expenses, expanding subscription revenue, and executing key initiatives.
Subscription revenue, which constitutes 79% of the total 2023 revenue, experienced a 14% year-on-year growth.
Lower guidance for Q1 2024 provided due to macroenvironmental challenges, however, growth is expected from the second half of 2024 onward.
Projections for 2024 include total revenue between $29 and $32 million and an adjusted EBITDA profit between $3.5 and $5.0 million.
More details: SpringBig IR
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