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Springbig Holdings, Inc.(SBIG), a leading provider of custom er-loyalty software for cannabis dispensaries, has announced its financial results for the first quarter of 2023. The company reported a net loss of $2.3 million for the quarter, while its revenue increased to $7.2 million. Despite the net loss, Springbig experienced growth in its revenue, demonstrating its strong market presence and potential for future expansion.**
Financial Statements Analysis
Springbig Holdings, Inc. released its unaudited consolidated balance sheets, consolidated statements of operations, consolidated statements of changes in stockholders' equity (deficit), and consolidated statements of cash flows for the three months ended March 31, 2023. The financial statements provide insights into the company's assets, liabilities, stockholders' equity, revenue, expenses, and cash flows during the period.
Net Loss of $2.3 Million
In the first quarter of 2023, Springbig Holdings, Inc. reported a net loss of $2.3 million, compared to a net loss of $2.9 million in the same period last year. The decrease in net loss indicates improved financial performance and effective cost management strategies implemented by the company.
Revenue Increases to $7.2 Million
Springbig Holdings, Inc. experienced a growth in revenue during the first quarter of 2023, with total revenue amounting to $7.2 million. This represents an increase from the previous year's first quarter revenue of $6.2 million. The rise in revenue can be attributed to the company's continued efforts in expanding its customer base and delivering high-quality customer-loyalty software solutions.
Balance Sheet Highlights
As of March 31, 2023, Springbig Holdings, Inc. had total assets of $8.3 million, reflecting a decrease compared to $9.7 million as of December 31, 2022. The company's current assets, including cash and cash equivalents, accounts receivable, and prepaid expenses, amounted to $7.1 million. Additionally, the company's liabilities totaled $13.9 million, including current liabilities of $11.8 million.
Stockholders' Equity Deficit
Springbig Holdings, Inc. reported a stockholders' deficit of $5.6 million as of March 31, 2023. The deficit represents the difference between the company's total liabilities and its total stockholders' equity. The deficit increased from $3.6 million as of December 31, 2022, primarily due to the net loss incurred during the first quarter of 2023.
During the first quarter of 2023, Springbig Holdings, Inc. generated $379,000 in net cash from operating activities. The company also invested $12,000 in purchasing property and equipment, while its financing activities resulted in a net cash outflow of $1.3 million.
Outlook
Despite reporting a net loss, Springbig Holdings, Inc. demonstrated strong revenue growth in the first quarter of 2023. The company remains focused on expanding its market presence and enhancing its customer-loyalty software solutions. With its solid financial foundation and a growing customer base, Springbig is poised for future success in the cannabis industry.