VANCOUVER, BC / ACCESSWIRE / January 25, 2022 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector, announces its preliminary, unaudited financial results for Q4 2021. The Company is currently in the process of having its full fiscal 2021 financial results audited. All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars.
Q4 2021 Financial Highlights - based on preliminary unaudited results
(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)
- EBITDA in Q4 2021 improved by over 300% as compared to Q4 2020, an EBITDA improvement of over $500,000. Q4 2021 EBITDA is forecast to be greater than $700,000 vs Q4 2020 EBITDA of $159,612.
- The Company also expects EBITDA growth of over 400% on a full year basis to over $1,800,000 as compared to full year EBITDA in 2020 of $346,153.
- Revenue for Q4 2021 increased by 100% compared to Q4 2020. Revenue for Q4 2021 is forecast to be over $4,000,000, as compared to revenue for Q4 2020 of $2,180,860.
- Gross margin in Q4 2021 was above 60%.
- Bookings backlog at December 31, 2021, hit a record of over $10,000,000, representing the highest backlog in the Company's history.
Q4 Operating Highlights
- Top 5 US technology company in the Fortune 50 approves Snipp as a Global Supplier and issues first orders to cover multi-country deployments.
- Fortune 50 CPG company places renewal orders for H1 2022. Over $2.5MM billed over 3-year relationship.
- Top 5 Most Valuable Food Brand company in Fortune 250 signs 3rd six figure contract.
- Appointment of new Board Member - Brian Tunick, nine-time award winning Wall Street Analyst in the Consumer/Retail space.
- Launch of first phase of $1.5MM+ program with leading Global Digital Market Research company.
- Snipp added to the S&P/TSX Venture Composite Index.
- Snipp completes SOC Type 1 certification, a technical auditing process that measures the availability, security, and integrity of an organization's data processing systems.
"Q4 marked the end of what was an extremely busy quarter. Despite the continued and profound challenges posed by the resurgence of the Covid-19 pandemic, I am very proud of our team's dedication and focus on executing our strategy. This led to an epic fourth quarter of growth, which clearly demonstrates how far we have come and how strong our foundation is heading into 2022. We have continued to see these trends throughout January, giving us even more confidence in the sustainability of our current growth trajectory, not only from selling to new clients and industries, but from increasing our sales with existing clients at home and overseas. Our strong debt free balance sheet provides us with flexibility to add elements to our strategy in unparalleled and transformational ways. Our recent announcement on acquiring Gambit Rewards is one such example of the steps we are taking to enhance our strategy of profitable growth. We look forward to sharing more on Gambit Rewards and how it will further strengthen our ability to offer more solutions around our platform to our existing clients, as well as attracting a new genre of clients that will further drive our expansion, both in the short and long term." said Atul Sabharwal, Founder of Snipp.
Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs.
Snipp uses certain performance measures throughout this document that are not recognizable under Canadian generally accepted accounting principles or IFRS ("GAAP"). These performance measures include Gross Margin and EBITDA. Management believes that these measures provide supplemental financial information that is useful in the evaluation of the Company's operations.
Investors should be cautioned, however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP and IFRS as an indicator of Snipp's performance. The Company's method of calculating these measures may differ from that of other organizations, and accordingly, these may not be comparable.
Snipp defines earnings before interest, taxes, depreciation and amortization ("EBITDA") as revenue minus operating expenses excluding non-cash operating expenses of stock-based compensation, depreciation and amortization (interest and taxes are not included in the Company's operating expenses).
Snipp defines Gross Margin as revenue less campaign infrastructure. The Company's calculation of Gross Margin is not a financial measure that is recognized under GAAP. Investors should be cautioned that the Company's defined Gross Margin should not be construed as an alternative measure to other measures determined in accordance with GAAP.
Snipp defines Bookings Backlog as future revenue from existing customer contracts to be recognized in future quarters. Bookings get translated into revenues based on IFRS principles and the Bookings Backlog reflects how revenues in future quarters are steadily being booked today.
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 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, British Columbia, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The Company is publicly listed on the TSXV 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
Cautionary Note Regarding Forward-Looking Statements
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: Snipp Interactive Inc.