SBIGOTCServices-Computer Programming ServicesUS GAAP · USD

SBIG Holdings, Inc.

SBIG Holdings, Inc. is a U.S.-based software company built around the SpringBig platform, which provides loyalty marketing and customer engagement tools for retailers and brands. Its software supports digital communications, text/email/push marketing, and consumer data feedback, with a particular focus on regulated industries and North American retail locations.

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Revenue22.8m USD
−7.4 %y/y
Operating profit (EBIT)-1.7m USD
−187.7 %y/y
EBIT margin-7.6%
−5.1 ppy/y
Net income-3.2m USD
−73.1 %y/y
Free cash flow0.3m USD
+131.6 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-20-100102030m USD2021: 23 m USD2021: EBIT -6.5 m USD20212022: 27 m USD2022: EBIT -16 m USD20222023: 28 m USD2023: EBIT -8.3 m USD20232024: 25 m USD2024: EBIT -0.60 m USD20242025: 23 m USD2025: EBIT -1.7 m USD202523-1.7
RevenueOperating profit (EBIT)
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Business

Share of revenue
Subscription software86 %

Recurring access to the SpringBig platform and its core loyalty and marketing modules.

Excess-use messaging11 %

Incremental message volume fees when clients exceed subscription allowances.

Implementation and services3 %

Setup, support, and related service activity tied to onboarding and client use.

Products

Reported · share of revenue
98.7%FY2025100 %
  • Retail Revenue98.7 %
  • Brand Revenue1.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells to retailers and brands that need customer retention and direct-to-consumer marketing tools, especially in regulated sectors where traditional advertising channels are limited. Its platform is used by hundreds of clients across thousands of retail locations, and value rises when both retailers and brands interact with the same consumer base through the software.

Regulated retailers

Retailers in regulated markets that use loyalty and messaging tools to increase retention, traffic, and repeat purchases.

Consumer brands

Brands that use the platform to reach consumers through retailer networks and measure campaign response.

Cannabis industry participants

Cannabis retailers and brands that need compliant customer engagement channels and market-specific messaging tools.

Multi-location retail networks

Chains and distributed retail operators that use the platform across many store locations for scale and consistency.

Strategy

The company’s strategy centers on deepening customer relationships, expanding usage per client, and leveraging its B2B2C network effects between retailers and brands. It also focuses on serving regulated industries where compliance constraints reduce access to standard marketing channels and create demand for specialized software.

Deepen penetration within existing clientsShort term

The platform monetizes more as customers use additional modules and send more messages.

Strengthen position in regulated marketsMedium term

Clients in regulated sectors need compliant alternatives to traditional advertising channels.

Use B2B2C network effectsMedium term

More retailers and brands on the network increase consumer reach and platform value.

Geography

The business is concentrated in North America, where SpringBig serves clients across more than 2,000 to 2,600 retail locations depending on the reporting period. The company does not disclose a broader international revenue mix in the excerpts provided, so the operating footprint appears primarily U.S.- and North America-focused.

Risks

The business is exposed to demand weakness in regulated consumer markets, especially where retailer budgets and customer spending are pressured. It also faces concentration in a specialized vertical, customer retention risk, and execution risk tied to its ability to maintain access to clients and monetize message volumes.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern / transaction dependence1Regulated-market demand weakness2Customer retention and churn3Regulatory change4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern / transaction dependenceImpact: CriticalLikelihood: High

    Recent filings state the company depends on a strategic business combination or similar transaction to continue.

    Exposure: Parent-company financial structure

  2. Regulated-market demand weaknessImpact: HighLikelihood: High

    The platform serves retailers and brands in sectors where consumer spending and marketing budgets can be cyclical.

    Exposure: Cannabis and other regulated industries

  3. Customer retention and churnImpact: HighLikelihood: High

    Revenue depends on retaining clients and sustaining usage across subscriptions and message volumes.

    Exposure: Recurring software subscriptions

  4. Regulatory changeImpact: MediumLikelihood: Medium

    The company’s value proposition depends on restrictions that limit traditional marketing channels and require compliant alternatives.

    Exposure: Regulated advertising channels

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Accounting

Judgemental items
Subscription and excess-use revenue

Revenue depends on recurring platform access plus message volume above allowance, which can shift with customer behavior.

Impact: Can create quarter-to-quarter variability in reported sales

Allowance for credit losses

Receivables from small and regulated-industry customers may require estimation of uncollectible balances.

Impact: Affects operating expense and asset valuation

Equity-based compensation

Share-based awards and stock issuances can be significant in a capital-constrained software business.

Impact: Affects compensation expense and dilution

Income tax estimates

The company notes federal, state, and foreign tax exposure and relies on management estimates for deferred taxes.

Impact: Can affect net income and deferred tax balances

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Last updated: 28/09/2026