SpringBig Holdings, Inc. reported a decline in financial performance for the second quarter of 2025, with net revenues of $5.8 million, down 9% from $6.4 million in the same period last year. For the first half of 2025, revenues totaled $11.4 million, an 11% decrease compared to $12.8 million in the first half of 2024. The company's gross profit also fell, reaching $4.3 million for the quarter and $8.6 million for the six months, reflecting a decrease of 8% year-over-year. The decline in revenue was attributed to challenging macroeconomic conditions affecting the regulated industries, particularly the cannabis sector, which has led clients to limit their messaging activities.
The company's operating expenses increased by 5% to $5.1 million in the second quarter, driven primarily by a 14% rise in general and administrative costs, which included severance payments and lease termination fees. In contrast, selling, servicing, and marketing expenses saw a slight increase of 2%. SpringBig reported a loss from operations of $726,000 for the quarter, compared to a loss of $57,000 in the prior year. The net loss for the second quarter was $1.1 million, up from a loss of $647,000 in the same quarter of 2024.
SpringBig's customer base remains significant, serving approximately 825 clients across over 2,100 retail locations in North America. The company distributed around 151 million messages in the second quarter, although this represented a decrease from 158 million messages in the same period last year. The net revenue retention rate also declined to 78% from 86% year-over-year, indicating challenges in maintaining revenue levels from existing clients.
In terms of strategic developments, SpringBig completed the acquisition of VICE CRM, an AI-enabled performance marketing platform, on July 31, 2025. This acquisition is expected to enhance SpringBig's capabilities in customer engagement and marketing automation. Additionally, the company has undergone leadership changes, with Jaret Christopher appointed as CEO effective April 1, 2025, following the departure of former CEO Jeffrey Harris.
Looking ahead, SpringBig's management expressed cautious optimism, noting that the company has sufficient liquidity to meet its operational needs for the next twelve months. However, they acknowledged the ongoing challenges posed by the economic environment and the need for strategic capital raises to support growth initiatives. The company continues to focus on expanding its market presence and enhancing its product offerings to better serve its clients in the evolving regulatory landscape.
About SpringBig Holdings, Inc.
SpringBig Holdings, Inc. provides SaaS-based loyalty, marketing automation, and consumer engagement solutions primarily for cannabis retailers and brands. Its platform enables targeted communication, data analytics, and customer retention strategies within a highly regulated industry. Serving North American markets, the company leverages proprietary technology and industry partnerships to address industry-specific challenges, enhance customer loyalty, and support compliance in a fragmented, evolving cannabis market.
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