Snipp Interactive (SPN) Q4 2024 earnings summary

Executive summary

• Achieved record annual and quarterly EBITDA in Q4 2024, with a focus on high-margin, platform-based offerings and international expansion.

• Fiscal 2024 revenue reached CAD 22.89 million (or $22.73 million), with Q4 revenue at CAD 6.83 million (or $6.67 million).

• Signed first major contract for the financial media network and expanded Snipp CARE and Office Product with large consumer brands.

• Expanded internationally, especially in Europe, and strengthened leadership with a new interim CFO.

• Bookings backlog increased 30% year-over-year to CAD 17.3 million (or $17.7 million).

Financial highlights

• Fiscal 2024 revenue was CAD 22.89 million (or $22.73 million), down 25% year-over-year due to the planned exit of a low-margin legacy contract.

• Q4 revenue was CAD 6.83 million (or $6.67 million), down 14% from Q4 last year.

• Gross margin for 2024 expanded to 61% from 31% in 2023; Q4 gross margin was 62%, up from 39% in Q4 last year.

• EBITDA for 2024 was CAD 703,000 (or $703,494), a turnaround from a CAD 1.91 million loss in 2023; Q4 EBITDA was CAD 582,000 (or $582,628).

• Ended the year with CAD 3.7 million ($3.7 million) in cash, $3.4 million in accounts receivable, and no debt.

Outlook and guidance

• Entering 2025 with record backlog, improved profitability, and a strong foundation for sustained growth.

• Management expects continued revenue growth, focusing on scalable, high-margin streams and international expansion.

• Bookings backlog at year-end was CAD 17.3 million (or $17.7 million), up 30% year-over-year.

• Core revenue continues to grow at a 28% CAGR over the last three years.

• Ongoing investments in platform innovation, talent, and customer relationships to drive long-term growth.