Preliminary ResultsThis is a very good testimonial for 2021................
PRELIMINARY UNAUDITED FINANCIAL RESULTS FOR Q4 2020
March 9, 2021
VANCOUVER, BC, CANADA - Snipp Interactive Inc. ("Snipp" or the “Company”) (TSX-V: SPN; OTCPK: SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, announces its preliminary unaudited financial results for Q4 2020. Note that these preliminary Q4 2020 financial results have not been audited. The Company is currently in the process of having its full fiscal 2020 financial results audited. All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars.
Q4 2020 Highlights - based on preliminary unaudited results
(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)
- EBITDA in Q4 2020 is forecast to improve by over 100% compared to Q4 2019, an EBITDA improvement of over $1,000,000. Q4 2020 EBITDA is forecast to be greater than $100,000 positive vs Q4 2019 EBITDA that was negative $1,014,667.
- The Company also forecasts to be EBITDA positive on a full year basis.
- Revenue for Q4 2020 is forecast to increase by over 50% compared to Q4 2019. Revenue for Q4 2020 is forecast to be above $2,000,000 compared to revenue for Q4 2019 of $1,349,685.
- Gross margin in Q4 2020 is forecast to be above 70% compared to 60% in Q4 2019.
- The Company continued to focus on cost improvements from its integration efforts, resulting in lower costs over multiple expense categories.
“Q4 marked the end of what was a difficult year for everyone. Despite the profound challenges posed by the Covid-19 pandemic and the resulting loss of revenue of over $1.5MM for the year, I am very proud of our teams’ dedication and focus on executing to our strategy. This has ultimately led to an epic fourth quarter of growth that clearly demonstrates the growing value of our platform and gives us a base to build on for 2021. As we enter the final month of our first quarter in 2021, we are seeing the benefits accruing from a strong end to the last year. We look forward to completing our annual audit and releasing our full year audited financials in April as well as our first quarter results in May as per our regular release schedule.