Snipp Interactive Inc V.SPN

Record Financial Results for Q3 2021

[Betteryear2]

Q3 2021 Highlights

(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)

• Highest ever recorded quarterly Revenue; Net Income from Operations; and EBITDA.
• Revenue for Q3 2021 increased by 154% compared to Q3 2020. Revenue for Q3 2021 was $5,416,976 compared to $2,132,521 for Q3 2020.
• EBITDA in Q3 2021 increased by 349% compared to Q3 2020, an EBITDA improvement of $373,619. Q3 2021 EBITDA was $480,587 vs Q3 2020 EBITDA of $106,968.
• The Company has been EBITDA positive for the last seven consecutive quarters from Q1 2020 to Q3 2021.
• Net incomefrom operations for Q3 2021 was positive $165,554 compared to a net loss from operations for Q3 2020 of negative $239,752, a change of 169%.
• Net income for Q3 2021 was positive $137,869 compared to a net loss for Q3 2020 of negative $211,623, a change of 165%.
• Gross margin in Q3 2021 was 39% compared to 73% in Q3 2020.
• Revenue for the nine months ended September 30, 2021 increased by 69% compared to the nine months ended September 30, 2020. Revenue for the nine months ended September 30, 2021 was $11,007,208 compared to revenue for the nine months ended September 30, 2020 of $6,511,414.
• EBITDA in the nine months ended September 30, 2021 improved by 487% compared to the nine months ended September 30, 2020, an EBITDA improvement of $908,248. For the nine months ended September 30, 2021 EBITDA was $1,094,789 compared to $186,541 for the nine months ended September 30, 2020.
• Net income for the nine months ended September 30, 2021 increased by 135% to $380,157 compared to a net loss for the nine months ended September 30, 2020 of $1,082,330.
• Gross margin for the nine months ended September 30, 2021 was 55% compared to 71% for the nine months ended September 30, 2020.
• Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at $9.4MM at September 30, 2021, an increase of 141% compared to September 30, 2020 of $3.9MM.

"Revenue, Net Income from Operations, and EBITDA in Q3 2021 were the highest recorded by the company in its history. Q3 2021 represents our seventh consecutive quarter with positive EBITDA and our second consecutive quarter with positive net income. EBITDA has grown 487% to $1.1MM in the nine months of 2021 compared to the comparable period in 2020. Our revenue over the first nine months of 2021 surpassed our twelve-month 2020 revenue by 27%. For the comparable nine-month period, our revenue is 69% higher in 2021 than 2020, which is a testament to the value we are bringing to our clients. We anticipate ending the year strong as our fourth quarter is also looking to continue this quarterly year on year growth trend. Our SnippCARE platform is continuing to see traction in new industries and global markets with net new and international customers as well as our existing Fortune 500 clients. We are focusing on continuing to deliver strong financial performance by building on our organic growth while continuing to evaluate options to unlock shareholder value that would allow us to exponentially ramp revenues as we expand into new related markets and develop new products and services. As previously announced, upon rationalizing costs and establishing steady state EBITDA growth, we intentionally reduced our margins to seed new markets and industry verticals but fully expect the year to finish in the fifty plus margin range. Over time as we continue to expand our topline, we expect that margins will trend back to our historical 60-70% range," said Atul Sabharwal, Founder & CEO.

https://www.accesswire.com/670691/Snipp-Interactive-Reports-Record-Financial-Results-for-Q3-2021-with-154-YoY-Quarterly-Revenue-Growth-169-Growth-in-Net-Income-from-Operations-and-349-EBITDA-Growth-Representing-the-Highest-Ever-Recorded-Quarterly-Revenue-Net-Income-from-Operations

[francoisl13]

Excellent results. They are killing it on every metrics with an exception for the margin. This was expected since they are being aggressive trying to conquer new markets/customers and, to be honest, they notified the market many months in advance about this so...job well done! I like the backlog, it stands (once again) in the 9MM area which bolds well for Q4 and 2022. Based on the existing backlog

[Maggs]

SUPERB!                       Reading through the Sedar info continues to show exactly what they are doing. I am very excited to see them building out the platform for more International business down the road and still showing income. Pilots are in progress and they are playing the long game and preparing for new opportunities and

[sportsman80]

Yup good results, I think you can just take the 2 million Canadian deal with Manitoba out of the financials, I’m guessing they gave it away which would be the big hit to margins.  Still like the deal as an entry to something new in a new market.   Most impressed that even with the high revenue number the backlog didn’t drop, the programs are selling.

[stockpickerone!]

Why would you want to take the Manitoba program away? They don't give away anything. My guess is more that as program participation goes up they have to pay out an incentive which costs them money so yes margin gets hit but clients get happy so they will keep doing programs with them! For every $10 they give away they probably make atleast $1 in fees if not $2. That's the classic fintech

[sportsman80]

Not taking it away, like I said I like the deal for what it is, exposure to a new type of program they haven’t done before in a new market.  They should do many more of these.  I would suspect that this deal was setup more as a trial than there typical program where margins might depend on partipation. When I say take it out I mean for the margin deterioration which is the only possible

[Rahil1234]

Love it, we should connect!

[Rahil1234]

I agree. Also, $12.4M backlog is 80% margin business :)