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SpringBig Holdings Inc. (SBIG0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in revenue to $24.6 million from $28.0 million in the previous year, attributed to a decline in excess use revenue and challenging conditions in the cannabis market.
Operating expenses decreased significantly by 38% to $18.6 million, with reductions in selling, servicing, and marketing expenses, technology and software development costs, and general and administrative expenses.
The company reported a net loss of $1.9 million, an improvement from a net loss of $10.2 million in the previous year. This improvement is largely due to reduced operating expenses and a gain on the repurchase of convertible notes.
SpringBig raised $6.4 million through the issuance of 8% Convertible Notes and $1.6 million through 12% Term Notes in January 2024, with net proceeds used to repurchase existing debt and support operations.
The filing outlines the company's focus on cost management and strategic capital raises to support liquidity needs, with cash and cash equivalents totaling $1.2 million as of December 31, 2024.
SpringBig's management highlights the company's efforts to expand product offerings, including the introduction of a paid-for consumer VIP loyalty tier and gift card options for clients.
The company acknowledges a material weakness in internal controls over financial reporting, specifically in the areas of accounting expertise and IT user access controls, with remediation efforts underway.
SpringBig's common stock is quoted on the OTCQX® Best Market, following a delisting from the Nasdaq Capital Market in September 2023.
The report includes a risk factor summary, noting potential impacts from regulatory changes, competition, and economic conditions on the company's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SpringBig Holdings Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.