SBIG - SpringBig narrows higher end of FY23 revenue guidance range

2023-07-11 09:48:24 ET

• SpringBig ( NASDAQ: SBIG ) expects Q2 revenue to be $7.2 million, representing 12% year-on-year growth vs. the consensus of $7.50 million.

• The company sees Q2 2023 adjusted EBITDA loss at $1.1 million, compared with $3.4 million in the same three-month period last year.

• The stock is up 12.2% to $0.46 on Tuesday.

• The company currently expects FY23 revenue to be in the range of $31.0 million to $32.5 million vs. the consensus of $31.9 million, representing 19% growth at the mid-point (prior: $31 million to $34 million) and an Adjusted EBITDA loss in the range of -$1.5 million to -$2.0 million (prior:-$3.0 million to -$1.5 million).

• "As the Company has communicated repeatedly during the last nine months, springbig expects to turn Adjusted EBITDA positive during Q3 and to generate an Adjusted EBITDA profit in the range of $0.5 million to $1.0 million for the second half of this fiscal year," said Paul Sykes, springbig’s CFO, in a statement.

• These improved results are both a combination of consistent revenue growth and adjusting the Company’s operating expense base to a going forward annualized rate of approximately $25 million or $6.25 million per quarter beginning in Q3 of this year, he added.

• The company is all set to release its Q2 financial results on August 10, 2023.

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