Snipp Interactive (SPN) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 EBITDA of $708,649, marking a significant operational turnaround from a $600,000 EBITDA loss in H1 2024 and a $1.94 million loss in the same period last year.

• Q3 net income reached $295,580, reversing a net loss of $184,885 in Q3 2023.

• Core business remains strong, with high-margin revenue from over 90 clients, including many Fortune 1000 companies.

• Early performance of SnippMEDIA reached over 30 million monthly active users, with strong engagement metrics.

• Bookings backlog in the core business increased, positioning the company for future growth.

Financial highlights

• Q3 2024 revenue was $6.7 million, down 22% year-over-year due to the exit of a single low-margin contract; nine-month revenue was $16.1 million, down 29% year-over-year.

• Gross margin for Q3 rose to 62%, up from 32% in Q3 2023; year-to-date gross margin averaged 60% versus 28% last year.

• Q3 2024 EBITDA was $708,649, up from $33,408 in Q3 2023; year-to-date EBITDA turned positive at $120,866, compared to a $1.9 million loss in the prior year.

• Bookings backlog at September 30, 2024, was $15.5 million, up 7% year-over-year.

• Cash balance increased to $4.6 million as of September 30, 2024, up from $2.9 million at year-end 2023; company remains debt-free.

Outlook and guidance

• Expectation to be EBITDA positive for the full year 2024, with momentum heading into 2025.

• Management expects continued momentum with planned integrations and launches for SnippMEDIA in 2025.

• Positioned to drive long-term value for clients and shareholders through innovative solutions and high-margin growth.

• Continued focus on profitable growth, expanding within existing clients, and entering new markets, especially in Europe.