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Snipp Interactive Reports Q1 2024 Financial Results
Snipp Interactive Inc., a global provider of digital marketing solutions, announced its financial results for Q1 2024. Revenue decreased by 29% compared to Q1 2023, due to the expected end of a single contract from the acquisition of Gambit Rewards. Despite this, the gross margin increased by 108%, reaching 54%. EBITDA showed improvement, with a loss of $0.6 million compared to a $1.1 million loss in Q1 2023.
Bookings Backlog grew by 12%, amounting to $15.4 million, up from $13.8 million. The company maintained a debt-free status with $4.2 million in cash. CEO Atul Sabharwal emphasized the successful execution of strategic goals to enhance revenue mix and gross margins. Additionally, a major contract with a global food and beverage company is expected to generate over $6 million in Q3.
Snipp plans to discuss these results and future strategies in an investor conference call on June 3, 2024. Interested parties can join via provided weblink or dial-in options.
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