Springbig Holdings Inc (NASDAQ: SBIG) is making a big move up the charts from the mid $0.70’s range where we first covered the stock last week to recent highs of well over $1 per share. Volume has picked up significantly as well as we are now just 2 days away from Q4 and fiscal 2022 financial results. As we noted in our last article on SpringBig; the Company continues to see rapid growth in revenues and is expanding its industry leading platform into dynamic new industries. Adding fuel to the fire is the fact that SBIG currently trades a fraction of its $6 IPO price from just a year ago and the CEO and Chairman of Springbig, Jeffrey Harris has been quietly purchasing more stock at recent price levels recently acquiring another 60,000 shares. In late 2022 SBIG fell well below $1 as the Cannabis industry markets experienced industry specific headwinds. However, SBIG has been coming back with power in 2023, rocketing back over $1 as the Company’s top line growth continues to accelerate resulting in record Q3 results and a new milestone of positive EBITDA being achieved this year. 

Expectations are high as we are just 2 days away from Q4 and fiscal 2022 financial results; SpringBig recently implemented cost cutting measures that are expected to result in approximately 21% less than annualized operating expenses incurred during 2022, shortening the timeline to Springbig’s goal of positive EBITDA this year. The Company beat expectations by 6.5% in Q3 and judging by the recent action in the stock price leading up to Thursday, investors are speculating on even better Q4 and fiscal results. The Company will also host a conference call to discuss the financial results on the same day at 5:00 p.m. ET. Participants can register at this link to receive a dial-in number and unique PIN. The webcast will be archived for one year following the conference call and can be accessed on Springbig’s investor relations website at https://investors.springbig.com/. According to SBIG revenues in fiscal 2022 are expected to come in at $27 to $28 million. For fiscal year 2023, Springbig expects an acceleration in top line growth, with the milestone of positive EBITDA being reached during fiscal 2023. We will be updating on SBIG when more details emerge so make sure you are subscribed to wwallstreet.com by entering your email below.

Springbig Holdings Inc (NASDAQ: SBIG) is a market-leading software platform providing customer loyalty and marketing automation solutions to cannabis retailers and brands in the U.S. and Canada. springbig’s platform connects consumers with retailers and brands, primarily through SMS marketing, as well as emails, customer feedback system, and loyalty programs, to support retailers’ and brands’ customer engagement and retention. springbig offers marketing automation solutions that provide for consistency of customer communication, thereby driving customer retention and retail foot traffic. Additionally, springbig’s reporting and analytics offerings deliver valuable insights that clients utilize to better understand their customer base, purchasing habits and trends. SpringBig has assembled a top-level executive management team who have decades in the industry. Check SBIG management team out here. 

Springbig is no newcomer to loyalty marketing, our founders have over 20 years of experience in creating loyalty rewards programs for retail businesses. In fact, they were some of the original pioneers of retail loyalty marketing. CEO, Jeffrey Harris founded InteQ over 20 years ago, a company that took loyalty marketing from simple punch card programs in coffee shops to technologically advanced marketing tools at the forefront of some of the country’s biggest companies. Companies like Adidas, Reebok, and Citi Bank. After years of experience in big-box retail, our founders saw tremendous opportunity in the underserved cannabis industry and decided to bring advanced loyalty programs, an essential marketing tool in such a competitive industry, to cannabis dispensaries and brands. 

SBIG has seen rapid growth in revenues; in November the Company reported financial results for the second quarter ended September 30, 2022. Total revenue in the third quarter of 2022 increased to $7.4 million, up 22% from the third quarter of 2021 and up 13% from the second quarter of 2022. Subscription revenue increased 48% from the third quarter of 2021 and was up 9% from the second quarter of 2022. SpringBig had an adjusted EBITDA loss for the third quarter of $3.5 million as compared to a loss of $(1.2) million from the prior year period. Basic net income loss per share was $(0.12) based on 25.6 million weighted average shares outstanding.  

For full fiscal year 2022, Springbig expects revenue in the range of $27.0 – $28.0 million, representing 14% year-over-year growth at the midpoint. For fiscal year 2023, Springbig expects an acceleration in top line growth, with the milestone of positive EBITDA being reached during fiscal 2023. 

At the time of the Q3 announcement: 

SBIG CEO Jeffrey Harris stated: “Our third quarter results reinforce my view that we are widening the gap as the leading technology loyalty platform across the cannabis sector. Acknowledging that cannabis end-markets are experiencing industry specific headwinds, it’s absolutely clear to me that our growth trajectory is intact as we continue to leverage the network effect flywheel between retailers and brands, and that we are making the right investments to capture the long-term opportunity in front of us.” 

Paul Sykes, springbig’s CFO, added, “Looking to 2023, we expect the continuing strong growth in subscription revenue, increasing brands adoption and the emergence of data sales and other initiatives to drive top line acceleration, and we are reaffirming our goal of reaching the milestone of positive EBITDA during 2023.” 

SpringBig got its start in the cannabis industry however the Company’s software and solutions are easily expandable into many new industries. SBIG offers: 

Dispensary loyalty programs – loyalty rewards programs are the most effective way to build customer loyalty, increase foot traffic, and boost sales for cannabis dispensaries. By rewarding customers with points for every purchase, you’re guaranteed to increase customer retention, keep customers satisfied and turn one-time shoppers into your most loyal customers. 

$SBIG up 10.19% at $1.08 (Volume 104k, AvgVolume 96k) in the last 19 min

Latest News: 5:00 PM EST Yesterday
springbig to Participate in 35th Annual Roth Conferencehttps://t.co/UkpB1uzuws

— Finding the Dip (@DipFinding) March 7, 2023

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Dispensary text message marketing – dispensary text message marketing is the easiest and most cost-effective marketing channel for cannabis businesses to advertise to potential customers. By using our FCC compliant dispensary marketing tools to gain insights into each of their customer personas, cannabis businesses are able to better target their customers and personalize their experiences for better results and guaranteed ROI. 

Cannabis CRM – our cannabis CRM gives you the unique data points required to operate a cannabis dispensary that non-cannabis CRM systems simply can’t provide. When used with our dispensary loyalty rewards & text message marketing platform, it becomes as simple as a few clicks to create targeted dispensary marketing campaigns based on real-time data insights into your inventory. 

Cannabis advertising network brands by Springbig is an advertising network unique to the cannabis industry that connects cannabis brands directly to consumers by giving your cannabis brand already on the shelves the ability to send sponsored text message marketing campaigns through Springbig’s network of retail cannabis businesses. 

Dispensary referral program software leverage word-of-mouth advertising by generating unique trackable links that your champion customers can share with their friends, family, and followers, on social media and of course sms, rewarding them for referring new customers to your dispensary and more importantly – buying your products. 

In February SBIG introduced a new integration with Flowhub, the leading cannabis software company for dispensaries. The Company’s latest feature utilizes Flowhub’s Maui™ to simplify the checkout process, allowing customers to track their rewards on the go or in store. 

Springbig and Flowhub’s two-way integration is immediately available to all dispensaries using both platforms and to current and incoming springbig loyalty members. The collaborative feature eliminates the need for customers to use their phones at checkout to redeem or track their rewards and offers. Instead, budtenders and dispensary employees can redeem springbig rewards for customers through point of sale. Additionally, budtenders and dispensary employees will have the ability to enroll customers in the loyalty program at checkout. The integration simplifies the rewards experience for budtenders and loyalty members and allows customers to interact with the rewards program however they choose. Customers also have the autonomy to track and engage with the rewards program through their personal devices when they are on the go and in the dispensary. 

Flowhub is the latest company to collaborate with springbig to introduce a forward-thinking integration for cannabis retailers and consumers. Previously, the Company partnered with KORONA POS to launch a bidirectional integration allowing merchants to apply and award loyalty offerings directly from KORONA POS at checkout.  

On March 6 SpringBig announced Jeffrey Harris, CEO and Founder, and Paul Sykes, CFO, will participate in a fireside chat at the 35th Annual Roth Conference to be held at the Ritz Carlton, Laguna Niguel in Dana Point, California from March 12-14, 2023. The company’s presentation will begin at 1:30 pm PT on Monday, March 13, 2023.the presentation will be available on the Investor Relations section of the Company’s website . An online replay of the webcast will be available for 90 days afterward. The Company will also be participating in one-on-one and small group meetings. 

$SBIG had a really nice day. This is just the beginning. Looking at this as a swing trade with potential hold time of a few weeks. CEO has been buying stock in the open market. That is a great sign. pic.twitter.com/WykSLSph5S

— Small Cap Corner (@SmallCapCorner) March 6, 2023

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Currently trading at a $23 million market valuation SBIG os is 26,211,914 shares issued and outstanding. Trading on the NASDAQ and once again over $1 SBIG has a strong balance sheet with $14.9 million in assets and $6.9 million cash in the treasury and $14.8 million in liabilities. This is an exciting time for SBIG as the stock rockets back over $1 as the Company continues to see rapid top line growth. Expectations are high as we are just 2 days away from Q4 and fiscal 2022 financial results; SpringBig recently implemented cost cutting measures that are expected to result in approximately 21% less than annualized operating expenses incurred during 2022, shortening the timeline to Springbig’s goal of positive EBITDA this year. The Company beat expectation by 6.5% in Q3 and judging by the recent action in the stock price leading up to Thursday, investors are speculating even better Q4 and fiscal results. We will be updating on SBIG when more details emerge so make sure you are subscribed to wwallstreet.com by entering your email below.

Disclosure: we hold no position in SBIG either long or short and we have not been compensated for this article.