Springbig reports FY2023 revenue $28.1M, net loss narrows to $10.2M; expects positive adjusted EBITDA in 2024

SpringBig Holdings, Inc.

FY2023 revenue $28.1M (+5% YoY); subscription revenue $22.3M (+14%), now 79% of total revenue.
Net loss narrowed to $10.2M (from $13.1M); adjusted EBITDA loss improved to $3.6M (from $12.6M).
Added 396 new clients in 2023 with $3.4M annualized subscription value; launched subscriptions and gift cards by Springbig.
Completed $8M debt financing in Jan 2024: $5.4M of 8% convertible notes due 2026 and $1.6M term loan.
Q1 2024 outlook: revenue $6.4-6.7M, adjusted EBITDA positive $0.2-0.4M; FY2024 rev $29-32M, adj EBITDA $3.5-5.0M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SpringBig Holdings, Inc. reported the fourth quarter and full year ended December 31, 2023 results: revenue $6.8 million, net income $(3.2) million, EPS $(0.07). Guidance initiated.

Period: the fourth quarter and full year ended December 31, 2023
Revenue: $6.8 million
Net income: $(3.2) million
EPS: $(0.07)
Guidance: initiated
Result: reported results

Exact text from the filing

with an optimized operating expense base we expect to generate Adjusted EBITDA* margins of 12% to 15% in 2024.” Fourth Quarter 2023 Financial Highlights: ● Revenue increased to $6.8 million, up 1% year-on-year. ● Subscription revenue was up 10% year-on-year. ● Gross profit was $4.8 million, representing a gross profit margin of 70%. ● Operating expenses reduced by

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Source: SEC EDGAR

accession 0001628280-24-010590

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