Snipp Interactive Reports Q2 2024 Financial Results

VANCOUVER, BC / ACCESSWIRE / August 27, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company") announces its financial results for the six months ended June 30, 2024 ("H1 2024") and Q2 2024. All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars. The company will hold an investor conference call on August 29, 2024, at 10:00am Eastern Time (US) to discuss the results.

Revenue for H1 2024 decreased by 33% to $9.4 million from $14.0 million in H1 2023. Revenue for Q2 2024 dropped by 36% to $4.8 million from $7.5 million in Q2 2023. These declines are attributed to the sunsetting of a single contract from the acquisition of Gambit Rewards.

Gross Margin for Q2 2024 increased significantly to 64%, up from 26% in Q2 2023. EBITDA in Q2 2024 was positive $11,958, a notable improvement from the Q2 2023 loss of $873,552. However, H1 2024 EBITDA remained a loss of $587,783, improving from the H1 2023 loss of $1,973,329.

Bookings Backlog stood at $17.2 million at the end of June 2024, a 23% increase from $14 million at the same point in 2023. Additionally, the company's cash position at the end of Q2 2024 was $5 million, and it remains debt-free.