SpringBig Holdings, Inc. reported a decline in financial performance for the first quarter of 2025, with net revenues of $5.5 million, a 14% decrease from $6.4 million in the same period of 2024. The company's gross profit also fell to $4.3 million, down from $4.7 million year-over-year. The decrease in revenue was attributed to a decline in both subscription and excess use revenues, reflecting challenging macroeconomic conditions in the cannabis sector. The net loss for the quarter was $751,000, compared to a net income of $417,000 in the prior year.
In terms of operational metrics, SpringBig's customer base decreased to approximately 900 clients across over 2,250 retail locations, down from 1,207 clients in the previous year. The company's net revenue retention rate also declined to 86%, down from 89% in the prior year, indicating a reduction in revenue from existing customers. The company distributed approximately 133 million messages during the quarter, a decrease from 140 million in the same period last year.
SpringBig's total operating expenses decreased by 5% to $4.7 million, primarily due to a significant reduction in selling, servicing, and marketing expenses, which fell by 31% to $1.1 million. However, general and administrative expenses increased by 36% to $2.4 million, largely due to costs associated with the separation agreement of the former CEO. Interest expenses also decreased significantly to $324,000 from $875,000, reflecting the repayment of high-interest cash advances in the previous year.
Looking ahead, SpringBig announced plans to acquire VICE CRM, an AI-enabled marketing platform, and appointed Jaret Christopher as the new CEO effective April 1, 2025. This acquisition is expected to enhance SpringBig's capabilities in performance marketing within regulated industries. The company aims to leverage its existing expertise and expand its market presence as more jurisdictions legalize cannabis. However, SpringBig continues to face challenges related to market conditions and competition, which may impact its future performance. The company remains focused on improving its financial position and operational efficiency to navigate these challenges.
About SpringBig Holdings, Inc.
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