Springbig reported financial results for its fiscal year ended December 31, 2021. The company also announced nominees for election to its post-business combination board of directors at the general shareholders meeting to approve the previously announced business combination with Tuatara Capital Acquisition Corporation, which is expected to occur in the second quarter of the year.
FY2021 Financial and Operational Highlights
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Strong YoY revenue growth of 58% to $24 million in 2021 from $15 million in 2020
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Gross margin improved by 4% YoY to 71% in 2021 from 67% in 2020
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Retail client base increased by 63% from 759 in 2020 to 1,240 in 2021
"2021 has been an extremely successful year for springbig having executed on our growth objectives across several key areas of the business. By making investments to further differentiate our platform and enhance our unique offerings, we significantly increased our retailer customer base and have grown our relationships with many customers," Jeffrey Harris, CEO and co-founder of springbig said. "We have seen encouraging initial traction in expanding our offerings to service cannabis brands and are excited at the future opportunity in that segment, while our entrance into Canada early in the year has led to significant growth in that market. Importantly, our revenue growth was excellent, and our net retention rate continues to be at a category-leading level. I am extremely proud of what our team has accomplished over the past year, and I thank them for their hard work and dedication."
Board Composition
Nominees for election to the post-business combination Board of Directors will bring extensive expertise across strategy, finance, business operations, public company governance and the cannabis industry.
Nominees are:
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Jeffrey Harris, co-founder, chief executive officer of springbig.
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Sergey Sherman, managing director, investments at Tuatara Capital, L.P., a cannabis-focused private investment firm, and former executive at Société Générale, RBC Capital Markets and J.P. Morgan.
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Steve Bernstein, chairman, founder, and former CEO of SBA Communications Corp (NASDAQ:SBAC) constituent of the S&P 500.
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Patricia Glassford, former CFO of numerous businesses in General Electric, including NBC Universal Studios & Parks and GE Capital Treasury.
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Amanda Lannert, CEO of Jellyvision, a privately held, innovative SaaS business providing an employee benefits guidance platform.
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Phil Schwarz, principal at Corazon Capital and former CMO of Tinder and executive at Match Group up to and beyond its IPO.
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Jon Trauben, co-founder and partner at Altitude Investment Management, a private fund investing in the global cannabis industry and a former executive at Barclays, Credit Suisse and Cantor Fitzgerald.
Jeffrey Harris is expected to be appointed as chairman of the board of directors. Patricia Glassford, Steve Bernstein, and Amanda Lannert are expected to chair the audit, compensation, corporate governance and nominating committees, respectively.
