SpringBig Provides Q2 Preliminary Results, Expects To Be Adjusted EBITDA Positive In Q3

SpringBig Holdings, Inc. SBIG announced preliminary results for the second quarter ended June 30, 2023, and provided an update on the outlook for the second half of the fiscal year.

Revenue for the second quarter is expected to be $7.2 million, representing 12% year-on-year growth.

Adjusted EBITDA loss is expected to be $(1.1) million compared with $(3.4) million prior year.

The company will report its second-quarter results after the market closes on August 10, 2023.

The company also strengthened its balance sheet during the quarter, having completed a $4 million public equity offering on May 31, 2023, as well as restructuring its Senior Secured Convertible Notes.

"These improved results are both a combination of consistent revenue growth along with 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," said CFO Paul Sykes. 

Going ahead, the company 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.

For FY23, SpringBig expects revenue from $31 million to $32.5 million, representing 19% growth at the mid-point. The adjusted EBITDA loss is expected to be $(1.5) million to $(2) million.

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Price Action: SBIG shares are trading higher by 4.80% to $0.4297 on the last check Tuesday.