Snipp Interactive Reports Significant Revenue Growth in Fiscal 2023

Snipp Interactive Inc. disclosed its financial outcomes for the fiscal year 2023, marking significant growth with revenues reaching $30.55 million, a 24% increase compared to the previous year. This growth in revenue represents the highest in the company's history. The details were declared ahead of their upcoming investor conference call scheduled for May 1, 2024.

The fourth quarter of 2023 also saw an increase in revenue, tallying $7.96 million, which is up by 13% from the same period in the previous year. Despite a decrease in annual gross margin from 38% in 2022 to 31% in 2023, the fourth quarter gross margin improved, hitting 39%. The company reported a negative EBITDA of $1.9 million for the year but noted a positive EBITDA of $31,566 in Q4 2023, a significant recovery from the prior year's Q4 negative EBITDA of $693,725.

Snipp also reported a growing bookings backlog, which stood at $13.6 million as of December 31, 2023, up from $11.9 million the previous year, indicating strong future revenue potential. Additionally, the company remains debt-free, holding a cash position of $2.9 million by the year-end.