Over 145% YoY Profitable Quarterly Revenue Growth
VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, is pleased to announce that it has generated the highest ever quarterly revenue in the Company's history with the revenue for Q3 2021 forecasted to exceed USD $5.3 million. This milestone reflects more than 145% year-over-year revenue growth from Q3 2020 which had revenue of USD 2.1 million and over 75% revenue growth from Q2 2021 which had revenue of USD 3.0 million. Over the nine months ended September 30, 2021, the Company has recorded approximately USD 11 million in revenue which is over 65% higher than the comparable nine months in 2020 which had revenue of USD 6.5 million and over 25% higher than the entire twelve months in 2020 which had revenue of USD 8.7 million.
EBITDA for Q3 2021 is also expected to be significantly higher than Q3 2020 with projected growth well over 100%. The Company will be announcing its full financial results for Q3 2021 in the next few weeks.
"We are pleased to announce this milestone in our revenue growth as well as continued profitability for the third quarter of 2021. Third quarter revenue was the highest recorded by the company in its history, continuing and building on the robust first two quarters of this financial year. Our revenue over the first nine months of 2021 surpassed our twelve-month 2020 revenue by over 25%. For the comparable nine-month period, our revenue is over 65% higher in 2021 than 2020, which is a testament to the value we are bringing to our clients. We look forward to ending the year on a strong note as our fourth quarter is also shaping up to continue this quarterly year on year growth trend. The team achieved these historical results by staying focused on our strategy through an extremely difficult environment and I would like to thank the efforts that every single one of our team members make every day to add value to our clients businesses. The most exciting part of our growth drivers is that we have only just begun demonstrating the applicability of our SnippCARE platform not only in new industries but also across global markets with both, our existing Fortune 500 clients and with net new and international customers. Consequently we will continue reinvesting our profits in pursuing this organic strategy while looking to extend our platform. We will also now more seriously invest in building strategic partnerships and research potential acquisitions that deepen our delivery capabilities, expand our share of wallet and enter new verticals." said Atul Sabharwal, Founder & CEO.
Snipp Interactive Inc (TSXV:SPN)(OTC PINK:SNIPF) is a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 1000 Clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case by case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides Clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis, and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit the Company's website at www.snipp.com
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc.
Chief Financial Officer
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This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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SOURCE: Snipp Interactive Inc.