The company currently expects FY23 revenue to be in the range of $31.0 million to $32.5 million vs. the consensus of $31.9 million, representing 19% growth at the mid-point (prior: $31 million to $34 million) and an Adjusted EBITDA loss in the range of -$1.5 million to -$2.0 million (prior:-$3.0 million to -$1.5 million).
“As the Company has communicated repeatedly during the last nine months, springbig expects to turn Adjusted EBITDA positive during Q3 and to generate an Adjusted EBITDA profit in the range of $0.5 million to $1.0 million for the second half of this fiscal year,” said Paul Sykes, springbig’s CFO, in a statement.
These improved results are both a combination of consistent revenue growth and adjusting the Company’s operating expense base to a going forward annualized rate of approximately $25 million or $6.25 million per quarter beginning in Q3 of this year, he added.
The company is all set to release its Q2 financial results on August 10, 2023.
