Snipp Interactive Reports Record EBITDA for Q3 2024 Amid Revenue Decline

Snipp Interactive Inc., a digital marketing provider, announced its financial results for Q3 2024, ending September 30. Despite a 22% drop in quarterly revenue to $6.7 million compared to Q3 2023, the company achieved a record EBITDA of $708,649, marking a significant improvement from $33,408 in the previous year.

The decrease in revenue was due to the planned end of a contract from the acquisition of Gambit Rewards. However, Snipp's gross margin surged to 62%, up from 32% a year earlier.

For the first nine months of 2024, revenue fell by 29% to $16.1 million, while EBITDA improved to $120,866 from a loss of nearly $1.94 million in the same period of 2023.

Bookings backlog increased by 7% to $15.5 million, and the company's cash reserves were $4.6 million with no debt. Snipp will discuss these results in a conference call scheduled for December 3, 2024.