Snipp Interactive Announces Record Financial Results for the First Quarter of 2022

VANCOUVER, BC /ACCESSWIRE/May 30, 2022/ Snipp Interactive Inc. (“Snipp” or the “Company”) (TSXV: SPN) (OTC PINK: SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announced its financial results for the first quarter of 2022. All results are presented in accordance with International Financial Reporting Standards (“IFRS”) and in US dollars. A copy of the complete unaudited financial statements and MD&A is available on SEDAR (www.sedar.com).

Q1 2022 Highlights in US Dollars

(See discussion of non-GAAP measures, gross margin, EBITDA and backlog below)

Q1 2022 results vs. Q2 2021

  • Revenue totaled $4.2 million, representing a 64% increase and the highest revenue recorded in a first quarter period in the company’s history.

  • Gross margin was 56%, compared to 68% in the first quarter of 2021.

  • EBITDA totaled $0.3 million, representing an increase of 105%.

  • Net profit totaled $25,147, compared to a Q1 2021 net loss of ($181,647).

  • Backlog (programs that have been sold, but revenue has not yet been recognized) was $10.8 million as of March 31, 2022, a 44% increase from $7.5 million dollars as of March 31, 2021.

  • Cash at the end of the first quarter of 2022 was $1,899,110 and the company continues to be debt free. Bally’s previously announced $5,000,000 investment (US$0.20 per share) occurred after the first quarter of 2022 and will be recognized in our second quarter 2022 financial statements.

“The first quarter continued to demonstrate the continued growth of our core business. We are extremely pleased with the strong start to the year this has given us. Additionally, thanks to our sustained growth, we closed two strategic milestones in the first The first was our acquisition of Gambit Rewards and the second was the closing of a strategic investment by Bally’s Corporation, said Mr. Sabharwal, Founder of Snipp Interactive Inc. “Both initiatives are expected to drive tangible growth for us over the coming quarters. With Gambit Rewards, we have already completed our first major set of integrations and soon to be announced partnerships. We are also in the process of rebranding the platform with the help of Bally’s before embarking on a wider rollout. Additionally, as part of our recently announced commercial agreement with Bally’s, we continue to evaluate implementations of SnippCARE, our industry-leading loyalty data platform. The revenue impact of this partnership will materialize in the second half of this year. In summary, we are excited about the outlook for the business and continue to see our momentum continue into the second quarter.

Non-GAAP Measures

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 additional financial information useful in evaluating 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, therefore, they may not be comparable.

EBITDA

Snipp defines earnings before interest, taxes, depreciation, and amortization (“EBITDA”) as revenue less operating expenses excluding non-cash operating expenses share-based payments, impairment and amortization (interest and taxes are not included in the Company’s operating expenses).

Gross margin

Snipp defines gross margin as campaign infrastructure minus revenue. The calculation of the Company’s gross margin is not a recognized financial measure 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.

Backlog of reservations

Snipp defines backlog as future revenue from existing customer contracts to be recognized in future quarters. Bookings are translated into revenue based on IFRS principles and backlog reflects how revenue in future quarters is consistently recorded today.

Here are the EBITDA calculations:

Three

Three

Months ended

Months ended

March 31, 2022

March 31, 2021

USD

USD

Net profit (loss) before interest, foreign exchange, other income and taxes

32,491

(176,377

)

Amortization of intangible assets

274,893

307,761

Equipment depreciation

2,188

2,249

Share-based payments

6,671

20,315

EBITDA

316,243

153,948

Here are the gross margin calculations:

Three

Three

Months ended

Months ended

March 31, 2022

March 31, 2021

USD

USD

Revenue

4,205,175

2,569,958

Less:

Campaign Infrastructure

1,843,787

824 621

Gross margin

2,361,388

1,745,337

About Snipp:

Snipp Interactive Inc (TSX-V: SPN; OTCPK: SNIPF) is a leading platform-as-a-service (PaaS) company in the global loyalty and promotions industry. Snipp’s proprietary and modular SnippCARE (Customer Acquisition, Retention and Engagement) platform enables its renowned list of Fortune 500 clients and world-class agencies and partners to use various platform modules to execute long and short term programs and promotions, while continuously generating and capturing unique and unique data that is invaluable in providing insights to drive sales. SnippCHECK, the platform’s receipt processing module, has established itself as the undisputed leader and industry standard by powering a vast majority of all receipt-based promotions in North America. SnippLOYALTY, the platform’s large-scale, modular loyalty engine, gives customers the flexibility to deploy all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the platform’s modular digital and physical rewards catalog, provides customers with global and easily deployable access to a vast catalog of digital and physical rewards. SnippWIN, the platform’s gaming module solves the implementation and compliance challenges of offering games of chance and skill on a global scale, and enables the global deployment and administration of games of chance and skill in accordance with the law. For more information, visit Snipp’s website at www.snipp.com.

Snipp is headquartered in Vancouver, Canada, with a presence in the United States, Canada, Ireland, Europe and India. Snipp is listed on the TSXV in Canada and is also listed on the OTC Pink market under the symbol SNIPF.

FOR MORE INFORMATION, PLEASE CONTACT:

Snipp Interactive Inc.
Jaisun Garcha
Financial director
[email protected]
1-888-99-SNIPP

Caution 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”, “fly”, “hear”, “plan”, “anticipate”, “believe”, “estimate”, “will expect” and similar expressions are intended to identify forward-looking statements. These statements reflect our current beliefs regarding 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 factors discussed in our filings with Canadian securities regulators. If one or more of these risks and uncertainties, such as changes in demand and prices for the company’s products or the materials needed to manufacture those products, labor relations issues, currency fluctuations and interest rates, increased competition and general economic and market factors, occur or if the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those described herein as anticipated. , planned, anticipated or expected. We do not intend and assume no obligation to update these forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on these 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.

Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.

THE SOURCE: Snipp Interactive Inc.

See the source version on accesswire.com:
https://www.accesswire.com/703314/Snipp-Interactive-Reports-Record-Financial-Results-for-Q1-2022

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