springbig Holdings Inc

OTCQX US:SBIGUnited States

Nov 13, 2024

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• -- Earnings Flash (SBIG) SPRINGBIG Posts Q3 Revenue $6.4M, from 4:31PM ET on Wednesday Nov 13, 2024 by MT Newswires

  4:31PM ET on Wednesday Nov 13, 2024 by MT Newswires
  Companies Mentioned: SBIG
  04:31 PM EST, 11/13/2024 (MT Newswires) -- ...

• Springbig Announces Third Quarter 2024 Financial Results and Amendment to its $6.4 million Convertible Notes and $1.6 million Term Loan, from 4:30PM ET on Wednesday Nov 13, 2024 by Dow Jones

  4:30PM ET on Wednesday Nov 13, 2024 by Dow Jones
  Companies Mentioned: SBIG
  Purchases of property and equipment (64) (249) Net cash used in investing activities (64) (259) ------------ ------------ Cash flows from financing activities Proceeds from issuance of convertible notes 6,400 - Repayment of convertible notes (2,895) (3,088) Proceeds from the issuance of term notes 1,600 - Proceeds from short-term cash advances - 1,000 Repayment of short-term cash advances (1,876) (220) Proceeds from related party payable - 125 Repayment of related party payable (540) - Cost of convertible and term note issuance (775) - Proceeds from issuance of common stock - 2,661 Cost of equity issuance - (278) Proceeds from exercise of stock options - 274 Net cash provided by (used in) financing activities 1,914 474 ------------ ------------ Net increase/(decrease) in cash and cash equivalents 516 (3,253) Cash and cash equivalents, at beginning of the period 331 3,546 ------------ ------------ Cash and cash equivalents, at end of the period $ 847 $ 293 ============ ============ Supplemental cash flows disclosures Interest paid $ 1,012 $ 467 Common stock issued for services rendered relating to debt financing $ 37 $ - Common stock issued for interest on Convertible Notes $ 245 $ - Cost of equity issuance deducted from proceeds $ - $ 342 Legal settlements satisfied through issuance of common stock $ - $ 263 Satisfaction of professional services through issuance of common stock $ - $ 18 Obtaining a right-of-use asset in exchange for a lease liability $ 2,781 $ 165 Conversion of convertible note and outstanding interest into common stock $ - $ 1,250 Springbig Holding, Inc Reconciliation of net loss to non-GAAP EBITDA and Adjusted EBITDA (in thousands) Three Months Ended September Nine Months Ended 30, September 30, ---------------- -------------------------- 2024 2023 2024 2023 ------------- ------ -------- ----------- ------------- Net loss $(554) $(2,742) $ (784) $ (7,032) Interest income - (3) (6) (17) Interest expense 550 400 1,969 1,114 Depreciation expense 42 68 143 199 EBITDA 38 (2,277) 1,322 (5,736) Stock-based compensation 183 239 578 606 Credit loss expense 125 453 292 833 Gain on repurchase of convertible debt - - (1,573) - Severance and related payments 104 - 260 135 Settlement of litigation, including legal costs - 1,050 - 1,050 Change in fair value of warrants (41) (347) 10 (258) Adjusted EBITDA $ 409 $ (882) $ 889 $ (3,370) ==== ====== ====== ======
  

• Press Release: Springbig Announces Third Quarter 2024 Financial Results and Amendment to its $6.4 million Convertible Notes and $1.6 million Term Loan, from 4:30PM ET on Wednesday Nov 13, 2024 by Dow Jones

  4:30PM ET on Wednesday Nov 13, 2024 by Dow Jones
  Companies Mentioned: SBIG
  Purchases of property and equipment (64) (249) Net cash used in investing activities (64) (259) ------------ ------------ Cash flows from financing activities Proceeds from issuance of convertible notes 6,400 - Repayment of convertible notes (2,895) (3,088) Proceeds from the issuance of term notes 1,600 - Proceeds from short-term cash advances - 1,000 Repayment of short-term cash advances (1,876) (220) Proceeds from related party payable - 125 Repayment of related party payable (540) - Cost of convertible and term note issuance (775) - Proceeds from issuance of common stock - 2,661 Cost of equity issuance - (278) Proceeds from exercise of stock options - 274 Net cash provided by (used in) financing activities 1,914 474 ------------ ------------ Net increase/(decrease) in cash and cash equivalents 516 (3,253) Cash and cash equivalents, at beginning of the period 331 3,546 ------------ ------------ Cash and cash equivalents, at end of the period $ 847 $ 293 ============ ============ Supplemental cash flows disclosures Interest paid $ 1,012 $ 467 Common stock issued for services rendered relating to debt financing $ 37 $ - Common stock issued for interest on Convertible Notes $ 245 $ - Cost of equity issuance deducted from proceeds $ - $ 342 Legal settlements satisfied through issuance of common stock $ - $ 263 Satisfaction of professional services through issuance of common stock $ - $ 18 Obtaining a right-of-use asset in exchange for a lease liability $ 2,781 $ 165 Conversion of convertible note and outstanding interest into common stock $ - $ 1,250 Springbig Holding, Inc Reconciliation of net loss to non-GAAP EBITDA and Adjusted EBITDA (in thousands) Three Months Ended September Nine Months Ended 30, September 30, ---------------- -------------------------- 2024 2023 2024 2023 ------------- ------ -------- ----------- ------------- Net loss $(554) $(2,742) $ (784) $ (7,032) Interest income - (3) (6) (17) Interest expense 550 400 1,969 1,114 Depreciation expense 42 68 143 199 EBITDA 38 (2,277) 1,322 (5,736) Stock-based compensation 183 239 578 606 Credit loss expense 125 453 292 833 Gain on repurchase of convertible debt - - (1,573) - Severance and related payments 104 - 260 135 Settlement of litigation, including legal costs - 1,050 - 1,050 Change in fair value of warrants (41) (347) 10 (258) Adjusted EBITDA $ 409 $ (882) $ 889 $ (3,370) ==== ====== ====== ======