SpringBig Holdings Inc. (Nasdaq: SBIG) will cut 23% of its staff in an effort to “right-size its expense structure,” the company announced Wednesday.
“Our focus remains on consistent execution and expanding the reach of the springbig platform, while optimizing our organization to deliver profitable growth,” said Jeffrey Harris, Springbig CEO.
The staff cuts, which total 37 positions, will be undertaken through layoffs and attrition. SpringBig expects a one-time cash restructuring charge of $200,000 in the fourth quarter related to the cuts.
“We believe that the steps we are announcing today will produce an annual operating expense run rate in 2023 that is expected to be approximately 21% less than annualized operating expenses incurred for the nine months ended Sept. 30, 2022, shortening the timeline to our goal of positive EBITDA during 2023, and we continue to expect an acceleration in revenue next year,” Harris said.
SpringBig is a Florida-based provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry.