- Snipp Interactive (SNIPF, Financial) reported a revenue of $22.73 million for fiscal 2024, with a gross margin increase to 61% from 31% in 2023.
- The company achieved a positive EBITDA of $703,494, marking a $2.6 million improvement from 2023's negative EBITDA.
- Bookings backlog expanded by 30% to $17.7 million, and the company remains debt-free with $3.7 million in cash.
Snipp Interactive Inc. (OTC: SNIPF), a global provider in the digital marketing promotions and loyalty solutions sector, has released its financial results for the fourth quarter and fiscal year ended December 31, 2024. The company's revenue for fiscal 2024 amounted to $22.73 million. On an adjusted basis, the revenue showed a 22% year-over-year growth, excluding the impact of a legacy contract.
In Q4 2024, Snipp reported revenue of $6.67 million, representing an adjusted growth of 19%. A notable improvement was observed in the gross margin, which doubled from 31% in 2023 to 61% in 2024. The EBITDA turned positive, amounting to $703,494 in 2024, compared to a negative EBITDA of $1,908,355 in 2023.
The company's bookings backlog increased by 30% to $17.7 million at the end of 2024, signifying robust future revenue prospects. Additionally, Snipp maintains a solid financial position with $3.7 million in cash, $3.4 million in receivables, and continues to operate debt-free.
Management changes include the appointment of Malcolm Davidson as the Interim CFO, replacing Richard Pistelli. Davidson brings over 20 years of experience in financial reporting and the finance industry.
The company is addressing a Failure to File Cease Trade Order (FFCTO) issued by the British Columbia Securities Commission due to delayed financial statement filings. Efforts are underway to have this order revoked.
Snipp Interactive will hold a conference call on May 20, 2025, to discuss these financial results and the company's plans for the upcoming year. Interested parties can join via weblink or dial-in options provided.
