The following is a summary of the Snipp Interactive, Inc. (SNIPF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Revenue for Q1 2024 stood at $4.7 million, representing a 29% decrease from Q1 2023 due to the planned exit from a pilot contract.

• Gross margin improved significantly to 54% in Q1 2024 from 26% in Q1 2023 as a result of strategic initiatives to refine revenue streams.

• EBITDA loss improved from $1.1 million in Q1 2023 to $0.6 million in Q1 2024, despite the revenue decline.

Business Progress:

• Secured the company's largest contract worth over $6 million with a global food and beverage company, expected to generate revenue in Q3 2024.

• Expanded the business with a new partnership with Walmart for their retail media network and lined up other multi-million dollar contracts with major brands.

• Launched a new product, SnippMedia, in partnership with Bank of America with promising early metrics and ongoing negotiations to expand the platform with other financial institutions.

• Gambit, a unique loyalty gaming platform, is being developed steadily, with a special mention of its recognition and usage by major companies like Dave & Buster's.

Opportunities:

• The company's strategic realignment towards high-margin contracts and strong customer acquisition trends could drive sustainable profitability.

• The partnership with Walmart and the launch of SnippMedia present opportunities for significant customer and revenue expansion.

• The innovative use of AI within their platform enhances their promotional offers and opens up new avenues for growth in media spending and loyalty gaming through platforms like Gambit.

Risks:

• The decline in revenue due to the discontinuation of a pilot contract could reflect short-term financial instability.

• Operational adjustments and innovations such as SnippMedia and Gambit could face market acceptance challenges or slow adoption rates.

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