SpringBig Holdings, Inc. (OTCQX: SBIG), a provider of SaaS-based marketing solutions, consumer mobile app experiences and omnichannel loyalty programs to the cannabis industry, announced its financial results for the third quarter ended September 30, 2023.
“Springbig delivered another quarter of progress with a further sequential improvement in Adjusted EBITDA and strong year-on-year growth in subscription revenue,” said Jeffrey Harris, CEO and chairman.
Third Quarter 2023 Financial Highlights
- Revenue was $6.9 million, down 5% year-on-year. Subscription revenue was up 13% year-on-year.
- Gross profit was $5.2 million, a margin of 77%.
- Adjusted EBITDA loss was $0.9 million compared to a loss of $3.4 million in the prior year, driven by a 31% year-on-year reduction in …