UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-40049

SPRINGBIG HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware		88-2789488
(State or other jurisdiction of incorporation)		(I.R.S Employer Identification No.)

621 NW 53rd Street
Ste. 500
Boca Raton, Florida		33487
(Address of principal executive offices)		(zip code)

Registrant’s telephone number, including area code (800) 772-9172

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of July 22, 2025, there were 46,926,002 shares of common stock, $0.0001 par value issued and outstanding.

SPRINGBIG, INC

TABLE OF CONTENTS

		Page
	Part I – Financial Information
Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024	2
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025, and 2024	3
	Condensed Consolidated Statements of Changes in Stockholder’s Deficit for the three and six months ended June 30, 2025, and 2024	4
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025, and 2024	5
	Notes to the Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	33
Item 4.	Controls and Procedures	33
	Part II – Other Information
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	35
	Signatures	36

Part I – Financial Information

Forward Looking Statements

This Quarterly Report on Form 10-Q contains forward looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q are forward looking statements. Forward looking statements include our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future cash flows, operating or financial performance or other events. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry and Company, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the date made, results may prove to be materially different. Unless otherwise required by law, we disclaim any obligation to update our view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this report.

Factors that could cause our actual results and our financial condition to differ materially from those indicated in our forward-looking statements include, but are not limited to, the following:

●

trends in the regulated industries and SpringBig’s market size, including with respect to the potential total addressable market in the industry;

●

SpringBig’s growth prospects;

●

new product and service offerings SpringBig may introduce in the future;

●

the price of SpringBig’s securities, including volatility resulting from changes in the competitive and highly regulated industry in which SpringBig operates and plans to operate, variations in performance across competitors, changes in laws and regulations affecting SpringBig’s business and changes in the combined capital structure;

●

the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and

●

other risks and uncertainties indicated from time to time in filings made with the Securities and Exchange Commission (the “SEC”).

These risks are not exhaustive. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of SpringBig prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the section entitled “Risk Factors” and in our periodic filings with the SEC. Our SEC filings are available publicly on the SEC’s website at www.sec.gov.

You should read this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Item 1. Financial Statements

SPRINGBIG HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except share data)

	June 30, 2025			December 31, 2024
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	1,383		$	1,179
Accounts receivable, net of allowance of $209 and $426, respectively		2,136			2,213
Contract assets		162			188
Prepaid expenses and other current assets		453			284
Total current assets		4,134			3,864
Right of use asset		470			2,757
Property and equipment, net		25			204
Total assets	$	4,629		$	6,825

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	806		$	924
Accrued expenses and other current liabilities		3,963			2,630
Deferred payroll tax credits		1,979			1,751
Operating lease liability, current		218			365
Total current liabilities		6,966			5,670
Long-term debt, non-current		8,730			8,364
Operating lease liability, non-current		249			2,551
Warant liabilities		11			11
Total liabilities		15,956			16,596

Stockholders’ deficit
Common stock par value $0.0001 per shares, 300,000,000 authorized at June 30, 2025; 46,859,495 issued and outstanding as of June 30, 2025; 300,000,000 authorized at December 31, 2024; 46,348,351 issued and outstanding as of December 31, 2024		4			4
Additional paid-in-capital		29,002			28,666
Accumulated deficit		(40,333	)		(38,441	)
Total stockholders’ deficit		(11,327	)		(9,771	)
Total liabilities and stockholders’ deficit	$	4,629		$	6,825

The accompanying notes are an integral part of these condensed consolidated financial statements

SPRINGBIG HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net revenues	$	5,837		$	6,422		$	11,350		$	12,818
Cost of revenues		1,499			1,725			2,705			3,441
Gross profit		4,338			4,697			8,645			9,377
Expenses
Selling, servicing and marketing		1,147			1,127			2,206			2,654
Technology and software development		1,233			1,270			2,504			2,936
General and administrative		2,684			2,357			5,089			4,126
Total operating expenses		5,064			4,754			9,799			9,716

Loss from operations		(726	)		(57	)		(1,154	)		(339	)

Interest income		33			2			33			6
Interest expense		(317	)		(544	)		(640	)		(1,419	)
Loss on asset disposal		(131	)		-			(131	)		-
Gain on note repurchase		-			-			-			1,573
Change in fair value of warrants		-			(48	)		-			(51	)
		(415	)		(590	)		(738	)		109

Loss before income taxes	$	(1,141	)	$	(647	)	$	(1,892	)	$	(230	)
Income taxes expense		-			-			-			-
Net loss	$	(1,141	)	$	(647	)	$	(1,892	)	$	(230	)

Net loss per common share:
Basic and diluted	$	(0.02	)	$	(0.01	)	$	(0.04	)	$	(0.01	)

Weighted-average common shares outstanding:
Basic and diluted		46,829,586			45,721,610			46,609,898			45,576,941

The accompanying notes are an integral part of these condensed consolidated financial statements

SPRINGBIG HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S DEFICIT

(UNAUDITED)

Three Months Ended June 30, 2025

	Common Stock Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total

Balance at March 31, 2025		46,470,682	$	4	$	28,829	$	(39,192	)	$	(10,359	)
Stock-based compensation		-		-		173		-			173
Restricted stock units vesting		388,813		-		-		-			-
Net loss		-		-		-		(1,141	)		(1,141	)
Balance at June 30, 2025		46,859,495	$	4	$	29,002	$	(40,333	)	$	(11,327	)

Six Months Ended June 30, 2025

	Common Stock Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total

Balance at December 31, 2024		46,348,351	$	4	$	28,666	$	(38,441	)	$	(9,771	)
Stock-based compensation		-		-		336		-			336
Restricted stock units vesting		511,144		-		-		-			-
Net loss		-		-		-		(1,892	)		(1,892	)
Balance at June 30, 2025		46,859,495	$	4	$	29,002	$	(40,333	)	$	(11,327	)

Three Months Ended June 30, 2024

	Common Stock Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total

Balance at March 31, 2024		45,594,864	$	4	$	28,119	$	(36,148	)	$	(8,025	)
Stock-based compensation		-		-		200		-			200
Restricted stock units vesting		553,162		-		-		-			-
Net loss		-		-		-		(647	)		(647	)
Balance at June 30, 2024		46,148,026	$	4	$	28,319	$	(36,795	)	$	(8,472	)

Six Months Ended June 30, 2024

	Common Stock Shares		Amount		Additional Paid-in Capital		Accumulated Deficit			Total

Balance at December 31, 2023		45,339,762	$	4	$	27,887	$	(36,565	)	$	(8,674	)
Stock-based compensation		-		-		395		-			395
Restricted stock units vesting		553,162		-		-		-			-
Issue of common stock^		255,102		-		37		-			37
Net loss		-		-		-		(230	)		(230	)
Balance at June 30, 2024		46,148,026	$	4	$	28,319	$	(36,795	)	$	(8,472	)

^	Common shares issued in exchange for services rendered

The accompanying notes are an integral part of these condensed consolidated financial statements

SPRINGBIG HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended June 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(1,892	)	$	(230	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Gain on note repurchase		-			(1,573	)
Loss on asset disposal		131			-
Non-cash interest expense		469			108
Depreciation and amortization		62			101
Amortization of debt financing costs		35			203
Stock-based compensation expense		336			395
Credit loss expense		220			167
Amortization of operating lease right of use assets		183			180
Change in fair value of warrants		-			51
Changes in operating assets and liabilities:
Accounts receivable		(143	)		(442	)
Prepaid expenses and other current assets		(169	)		368
Contract assets		26			21
Accounts payable and other liabilities		1,305			(1,233	)
Operating lease liabilities		(345	)		(35	)
Net cash provided by (used in) operating activities		218			(1,919	)

Cash flows from investing activities
Purchases of property and equipment		(14	)		(63	)
Net cash used in investing activities		(14	)		(63	)

Cash flows from financing activities
Proceeds from issuance of convertible notes		-			6,400
Repayment of convertible notes		-			(2,895	)
Proceeds from the issuance of term notes		-			1,600
Repayment of short-term cash advances		-			(1,415	)
Repayment of related party payable		-			(540	)
Cost of convertible and term note issuance		-			(775	)
Net cash provided by financing activities		-			2,375

Net increase in cash and cash equivalents		204			393
Cash and cash equivalents, at beginning of the period		1,179			331
Cash and cash equivalents, at end of the period	$	1,383		$	724
Supplemental cash flows disclosures
Interest paid	$	170		$	847
Common stock issued for services rendered relating to debt financing	$	-		$	37
Obtaining a right-of-use asset in exchange for a lease liability	$	310		$	2,781
Right-of-use asset derecognized in connection with early lease termination	$	2,413		$	-
Amount added to principal for non-cash interest on convertible notes	$	331		$	-

The accompanying notes are an integral part of these condensed consolidated financial statements

SPRINGBIG HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 – DESCRIPTION OF BUSINESS

SpringBig Holdings, Inc. and its wholly owned subsidiaries (the “Company,” “we,” “us,”, “our”, or “SpringBig”) developed a software platform that provides marketing and customer engagement services to retailers in regulated industries throughout the United States and Canada. The Company allows merchants to provide loyalty plans and rewards directly to consumers through an internet portal and mobile applications. Our operational headquarters are in Boca Raton, Florida, with additional offices located in the United States and Canada.

The Company has one direct wholly owned subsidiary, SpringBig, Inc.

On June 14, 2022 (the “Closing Date”), SpringBig Holdings, Inc. (formerly known as Tuatara Capital Acquisition Corporation (“Tuatara” or “TCAC”)), consummated the business combination of SpringBig, Inc. (“Legacy SpringBig”) and HighJump Merger Sub, Inc., the wholly-owned subsidiary of Tuatara, pursuant to the Amended and Restated Agreement of Plan Merger, dated as of April 14, 2022, as amended, by and among Tuatara, HighJump Merger Sub, Inc. and Legacy SpringBig. Prior to the closing of the business combination (the “Closing”), Tuatara changed its jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware. In connection with the Closing, the registrant changed its name from Tuatara Capital Acquisition Corporation to “SpringBig Holdings, Inc.” SpringBig will continue the existing business operations of Legacy SpringBig as a publicly traded company.

Beginning June 15, 2022, the ticker symbols for the Company’s common stock and publicly traded warrants were changed to “SBIG” and “SBIGW,” respectively, and commenced trading on The Nasdaq Capital Market.

On September 1, 2023, the Board of Directors of SpringBig Holdings, Inc. determined that it would not be in the best interest of the Company or its shareholders to meet the continued listing requirements of the Nasdaq Capital Market, and the Company notified the Nasdaq Stock Market LLC (“Nasdaq”) that it was withdrawing its appeal of the Nasdaq Listings Qualification staff’s delist determination dated March 7, 2023, for the Company’s failure to meet the market value of listed securities requirement in the Nasdaq Listing Rules.

The Company’s common stock was quoted for trading on the OTCQX® Best Market from September 6, 2023, to March 31, 2025, and is now quoted for trading on the OTCQB® Venture Market and its public warrants are quoted for trading on the OTC Pink Market under their current trading symbols “SBIG” and “SBIGW,” respectively. The Company remains a reporting company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The unaudited condensed consolidated financial statements have been prepared in conformity with the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and therefore do not include certain information, accounting policies, and footnote disclosure information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. However, all adjustments (consisting of normal recurring accruals), which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for future periods or for the year ending December 31, 2025.

The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2024, as reported in the 2024 Annual Report on Form 10-K.

Going Concern, Liquidity and Management’s Plans

Historically, the Company has incurred losses, which have resulted in an accumulated deficit of approximately $40.3 million as of June 30, 2025. Cash flows from operating activities were $218,000 for the six months ended June 30, 2025. As of June 30, 2025, the Company had a working capital deficit of approximately $2.8 million, inclusive of $1.4 million in cash and cash equivalents to cover overhead expenses.

The Company’s ability to continue as a going concern is dependent on its ability to meet its liquidity needs through a combination of factors, including, but not limited to, cash and cash equivalents, increase in revenue through increased usage by customers and new customers and strategic capital raises. The ultimate success of these plans is not guaranteed.

Based on management projections and cash on hand, we estimate that our liquidity and cash resources are sufficient for our current and projected financial needs for the next twelve months, at a minimum.

The accompanying condensed consolidated financial statements are prepared on a going concern basis and do not include any adjustments that might result from uncertainty about the Company’s ability to continue as a going concern.

Foreign Currency

The Company translates the condensed consolidated financial statements of our foreign subsidiaries, which have a functional currency in the respective country’s local currency, to U.S. dollars using month-end exchange rates for assets and liabilities and actual exchange rates for revenue, costs and expenses on the date of the transaction.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Certain accounting policies involve a “critical accounting estimate” because they are particularly dependent on estimates and assumptions made by management about matters that are highly uncertain at the time the accounting estimates are made. In addition, while the Company have used best estimates based on facts and circumstances available to it at the time, different acceptable assumptions would yield different results. Changes in the accounting estimates are reasonably likely to occur from period to period, which may have a material impact on the presentation of our financial condition and results of operations. The Company reviews these estimates and assumptions periodically and reflects on the effects of revisions in the period that are determined to be necessary. The Company believes that the assumptions and estimates associated with income taxes, equity-based compensation (including issuance of common stock for services rendered), warrants, imputed interest on operating lease liabilities, using the U.S. treasuries rate for a similar term prevailing at the lease commencement date as the benchmark rate and adding an appropriate risk margin, valuation of the 2024 Secured Term Notes and 2024 Secured Convertible Notes carrying value regarding debt modification or extinguishment, and allowance for credit losses have the greatest potential impact on our consolidated financial statements. Therefore, the Company consider the policies related to these financial areas to be critical accounting policies.

Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained, and as the operating environment changes. Actual results may differ materially from these estimates.

Segments

The Company manages its business as a single operating segment. The chief operating decision maker (“CODM”) reviews financial information presented for the purposes of allocating resources and evaluating financial performance at an entity level. The Company’s Chief Executive Officer (“CEO”) is the CODM, and the Company has no segment managers who are held accountable by the CODM for operations and operating results. The products and services across the Company are similar in nature, distributed in a comparable manner and have customers with common characteristics. We determined that we have one operating and reportable segment in accordance with Accounting Standards Codification (“ASC”) 280, Segment Reporting.

Fair Value of Financial Instruments

Our financial assets, which include cash equivalents, current financial assets and our current financial liabilities have fair values that approximate their carrying value due to their short-term maturities.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company deposits cash and cash equivalents with high credit-quality financial institutions. Such deposits may be in excess of federally insured limits. To date, the Company has not experienced any losses on our cash and cash equivalents. The Company performs periodic evaluations of the relative credit standing of the financial institutions.

The Company performs ongoing credit evaluations of its customers’ financial condition and require no collateral from customers. The Company maintains a credit loss reserve for expected credit losses based upon the expected collectability of accounts receivable balances.

The Company had one customer representing 17% of total revenues for the six months ended June 30, 2025, and one customer represented more than 14% of total revenues for the six months ended June 30, 2024.

At June 30, 2025, the Company had three customers representing 47% of accounts receivable and two customers represented 40% of accounts receivable at December 31, 2024.

The Company had one vendor representing 90% of cost of goods sold for the six months ended June 30, 2025, and the same vendor represented 89% of cost of goods sold for the six months ended June 30, 2024.

The Company had three vendors representing 59% of accounts payable as of June 30, 2025. At December 31, 2024, two vendors represented 59% of accounts payable.

Deferred Financing Costs

On January 23, 2024, the Company issued $6.4 million aggregate principal amount of 2024 Secured Convertible Notes and $1.6 million aggregate principal amount of 2024 Secured Term Notes. See Note 8. The expenses directly related to issuance of this debt, including investment bank advisory fees, legal fees and other advisory fees, have been deferred and will be expensed over the three-year term of the debt up to January 2027.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less, when acquired, to be cash equivalents. There are no cash equivalents as of June 30, 2025, and December 31, 2024.

As of June 30, 2025, the Company exceeded the federally insured limits of $250,000 for interest and non-interest-bearing deposits. The Company had cash balances with a single financial institution in excess of the FDIC insured limits by amounts of $1.1 million as of June 30, 2025. We monitor the financial condition of such institution and have not experienced any losses associated with these accounts.

Accounts Receivable, Net & Allowance for Credit Losses

Accounts receivable include billed and unbilled receivables, net of allowance for credit losses. Accounts receivable are recorded at invoiced amounts and do not bear interest. Unbilled receivables relate to revenue earned in advance of invoicing per contractual terms with customers. The allowance for credit losses is based on the Company’s assessment of the collectability of accounts receivable considering various factors, including the age of each outstanding invoice, the collection history of each customer, historical write-off experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectability by reviewing accounts receivable on an aggregate basis when similar characteristics exist and on an individual basis when specific customers with collectability issues are identified. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified.

NOTE 3 – ACCOUNTS RECEIVABLE

Accounts receivable, net consisted of the following (in thousands):

	June 30, 2025			December 31, 2024
	(unaudited)
Accounts receivable	$	1,521		$	1,945
Unbilled receivables		824			694
Total receivables		2,345			2,639
Less allowance for credit loss		(209	)		(426	)
Accounts receivable, net	$	2,136		$	2,213

Credit loss expense was $130,000 and $80,000 for the three months ended June 30, 2025, and 2024, respectively. Credit loss expense was $220,000 and $167,000 for the six months ended June 30, 2025, and 2024, respectively. The amounts are included in general and administrative expenses in the condensed consolidated statements of operations.

The following table details the activity related to the Company’s allowance for credit losses for the six months ended June 30, 2025 (in thousands).

	Allowance for credit losses
Outstanding balance, December 31, 2024	$	426
Current-period provision for expected credit losses		220
Write-offs charged against the allowance, net of recoveries and other		(437	)
Outstanding Balance, June 30, 2025	$	209

NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following (in thousands):

	June 30, 2025		December 31, 2024
	(unaudited)
Prepaid insurance	$	162	$	30
Other prepaid expense		229		165
Deposits		62		89
	$	453	$	284

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consist of the following (in thousands):

	June 30, 2025			December 31, 2024
	(unaudited)
Computer equipment	$	380		$	452
Furniture and fixtures		15			178
Data warehouse		286			286
Software		196			196
Total cost		877			1,112
Less accumulated depreciation and amortization		(852	)		(908	)
Property and equipment, net	$	25		$	204

The useful life of computer equipment, furniture and fixtures, software and the data warehouse is three years. Intangible assets include data warehouse and software.

Depreciation and amortization expense for the three and six months ended June 30, 2025, was $29,000 and $62,000, respectively. Depreciation and amortization expense for the three and six months ended June 30, 2024, was $47,000 and $101,000, respectively. The amounts are included in general and administrative expenses in the condensed consolidated statements of operations.

For the three and six months ended June 30, 2025 the Company disposed of furniture and computer equipment associated with the office space that the Company vacated during the period. The result of the disposal was a loss of $131,000 and is recorded in the Other Income and Expenses section of the condensed consolidated statement of operations.

NOTE 6 – ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other current liabilities consisted of the following (in thousands):

	June 30, 2025		December 31, 2024
	(unaudited)
Accrued wages, commission and bonus	$	409	$	254
Accrued professional fees		46		110
Accrued interest on 2024 Secured Convertible and Term Notes		563		460
Sales tax payable		568		504
Deferred financial advisory fees		1,000		1,000
Lease termination fee		275		-
Technology services fee		281		-
Accrued Severance		548		-
Other liabilities		273		302
	$	3,963	$	2,630

NOTE 7 – RELATED PARTY TRANSACTIONS

Jeffrey Harris, the former CEO, and Paul Sykes, the former CFO, both participated in the debt financing transaction completed on January 23, 2024. Jeffrey Harris purchased $320,000 2024 Secured Convertible Notes, due 2027, and $80,000 2024 Secured Term Notes, due 2027. Paul Sykes purchased $25,000 2024 Secured Convertible Notes, due 2027, and $6,250 2024 Secured Term Notes, due 2027.

On January 17, 2025, Jeffrey Harris entered into an agreement to sell $160,000 2024 Secured Convertible Notes and $40,000 2024 Secured Term Notes to Mark Silver, a director of the Company, for total consideration of $200,000. The Notes were transferred inclusive of accrued interest and remain an outstanding obligation of the Company on the same terms.

On May 7, 2025, Paul Sykes entered into an agreement to sell $25,000 2024 Secured Convertible Notes and $6,500 2024 Secured Term Notes to Mark Silver, a director of the Company, for total consideration of $31,500. The Notes were transferred inclusive of accrued interest and remain an outstanding obligation of the Company on the same terms.

There are two members of the board of directors at June 30, 2025, who are related parties to investors in the debt financing transaction completed on January 23, 2024. In aggregate these investors initially purchased $5.2 million 12% Secured Convertible Notes and $1.3 million 8% Secured Term Notes.

On March 31, 2025, Mr. Harris stepped down as the Company’s CEO. Pursuant to agreements entered into between Mr. Harris and the Company, the Company is required to grant to Mr. Harris 250,000 restricted stock units pursuant to its 2022 Long-Term Incentive Plan subject to vesting on the earlier of the occurrence of a change of control and March 31, 2026. Furthermore, the Company is required to pay Mr. Harris 3% and 2% of all revenue from gaming customers for years ending December 31, 2025, and 2026 respectively. In addition, the Company and Mr. Harris entered into a consulting agreement, whereby Mr. Harris will provide services to the Company for a twelve-month period commencing on April 1, 2025, including being available to the Board and management to help with questions that may arise and to assist the Company with strategic planning. As consideration for his services, Mr. Harris will receive a consulting fee of $450,000 payable in eighteen equal monthly instalments. As of June 30, 2025, the Company has not paid Mr. Harris’ for any services, nor has the Company issued the restricted stock units. The Company and Mr. Harris are currently engaged in litigation brought forth by Mr. Harris. The Company has accrued for a settlement with Mr. Harris within the accrued expenses and other current liabilities section.

On May 7, 2025 (the “Amendment Date”) the first amendment to the separation agreement with Mr. Sykes was executed, which revised the terms of the original agreement with Mr. Sykes. Per the amendment, the separation date for Mr. Sykes was accelerated to the Amendment Date, and Mr. Sykes is entitled to a revised bonus of $120,000, payable in twelve equal semimonthly installments. The Company will no longer accelerate the unvested restricted stock units previously granted to Mr. Sykes pursuant to its 2022 Long-Term Incentive Plan. All other terms of the original agreement will remain in effect.

NOTE 8 – LONG-TERM DEBT

The table below presents the components of outstanding debt (in thousands):

	June 30, 2025			December 31, 2024
	(unaudited)
2024 Secured Term Notes - related parties	$	1,386		$	1,386
2024 Secured Term Notes		214			214
2024 Secured Convertible Notes - related parties		6,274			5,987
2024 Secured Convertible Notes		967			923
		8,841			8,510
Less deferred financing fees, net		(111	)		(146	)
	$	8,730		$	8,364

On January 23, 2024, the Company issued $1.6 million aggregate principal amount of 2024 Secured Term Notes and $6.4 million aggregate principal amount of 2024 Secured Convertible Notes to a group of investors.

The 2024 Secured Term Notes were initially due in January 2026 and accrued interest payable in cash semi-annually at a rate of 12% per annum. The 2024 Secured Convertible Notes, were initially due in January 2026 and accrued interest which is added to the outstanding principal balance semi-annually at a rate of 8% per annum.

On November 11, 2024, the Company amended the terms of the 2024 Secured Term Notes and 2024 Secured Convertible Notes including extending the maturity date to January 23, 2027, amending the interest rates and adjusting the requirement for the Company to maintain a minimum cash balance of at least $1 million with the provision now applicable only at the end of any calendar month commencing on or after February 1, 2025.

The interest rates on the 2024 Secured Term Notes and 2024 Secured Convertible Notes increase to 17% and 13%, respectively, with effect from the date of amendment, with the interest rates then reducing by 0.75% for each three-month period that the Company reports an Adjusted EBITDA exceeding $900,000, starting with the three months ended March 31, 2025, subject to a maximum reduction to 14% and 10%, respectively. In addition, a sum of $64,000 is payable to the holders of the 2024 Secured Term Notes in January 2025, and the principal amount of the 2024 Secured Convertible Notes was increased by $266,000 with effect from the date of the amendment.

The Company may prepay any portion of the 2024 Secured Term Notes, without penalty, at any time after February 1, 2025.

The 2024 Secured Convertible Notes are convertible into common stock at a conversion price of $0.15 per share at the holder’s option any time up to the day prior to maturity in January 2027.

The 2024 Secured Term Notes and 2024 Secured Convertible Notes rank pari passu and are secured on substantially all the assets of the Company.

The 2024 Secured Term Notes and 2024 Secured Convertible Notes include restrictive covenants that, among other things, limit the ability of the Company to incur additional indebtedness and guarantee indebtedness; incur liens or allow mortgages or other encumbrances; prepay, redeem, or repurchase certain other debt; pay dividends or make other distributions or repurchase or redeem our capital stock; sell assets or enter into or effect certain other transactions (including a reorganization, consolidation, dissolution or similar transaction or selling, leasing, licensing, transferring or otherwise disposing of assets of the Company or its subsidiaries) and also contain customary events of default.

At the time of the amendments, consistent with FASB ASC Topic 470 Debt, (“ASC 470”), the Company performed an analysis of the change associated with the amendments to determine whether the change was a modification or an extinguishment of debt. Under a modification, no gain or loss is recorded, and a new effective interest rate is established based on the carrying value of the debt and revised cash flow. If the debt is extinguished, the old debt is derecognized and the new debt is recorded at fair value, which becomes the new carrying value. A gain or loss is recorded for the difference between the net carrying value of the original debt and the fair value of the new debt. Interest expense is recorded based on the effective interest rate of the new debt. A debt is considered extinguished if the present value of the new cash flows under the term of the new debt is at least 10% different from the present value of the remaining cash flows under the terms of the old debt.

In connection with the aforementioned amendments, the Company determined that the change to the 2024 Secured Term Notes was a modification consistent with ASC 470. The Company determined that the change to the 2024 Secured Convertible Notes was an extinguishment consistent with ASC 470, with the old debt of $6.3 million was derecognized and the new debt of $6.9 million was recognized at estimated fair value. As such, a loss on extinguishment of $0.6 million was recognized in the consolidated statement of operations for the year ended December 31, 2024

The Company recorded interest expense for the three and six months ended June 30, 2025 of $321,000 and $640,000 respectively, in connection with the 2024 Secured Term Notes and 2024 Secured Convertible Notes.

NOTE 9 – 6% SENIOR SECURED CONVERTIBLE NOTES

In connection with the business combination, on June 14, 2022, the Company issued $11.0 million in aggregate principal amount of Senior Secured Original Issue Discount Convertible Note, due June 14, 2024 (the “Secured Convertible Notes”), issued at a discount of $1.0 million, with proceeds of $10.0 million received on the Closing Date.

On January 16, 2024, the Company and the noteholder executed an agreement for the Company to repurchase the outstanding note and associated warrants, and on January 23, 2024, the note and associated warrants were repurchased for $2.9 million. As such, the outstanding principal on the Secured Convertible Notes at December 31, 2024 and June 30, 2025, was $0. The Company recorded a $1.6 million gain on repurchase of the note for the three months ended June 30, 2024.

The Company recorded $0 and $14,000 of interest expense in connection with the Senior Secured Convertible Notes for the three months ended June 30, 2025 and 2024, respectively.

NOTE 10 – WARRANT LIABILITIES

Prior to the business combination, at the time of their initial public offering, TCAC issued warrants to purchase 10,000,000 Class A ordinary shares at a price of $11.50 per share, for aggregate consideration of $10.0 million as part of the units offered by the prospectus and, simultaneously with the closing of their initial public offering, issued in a private placement an aggregate of 6,000,000 private placement warrants for aggregate consideration of $6.0 million, each exercisable to purchase one Class A ordinary share at a price of $11.50 per share.

The Company accounts for the warrants in accordance with the guidance contained in ASC 815 Derivatives and Hedging, under which the warrants do not meet the criteria for equity treatment and hence are recorded as liabilities. Accordingly, we classify the warrants as liabilities at their fair value and adjust the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations.

At June 30, 2025 and December 31, 2024, the estimated fair value of the warrants was $11,200 and $11,200, respectively.

The Company recorded a change in fair value of $0 for the three and six months ended June 30, 2025, and a fair value loss of approximately $48,000 and $51,000 for the three and six months ended June 30, 2024.

The fair value is determined in accordance with ASC 820, Fair Value Measurement. See Note 16, Fair Value Measurements, to the accompanying condensed consolidated financial statements for further information.

NOTE 11 – REVENUE RECOGNITION

The following table represents our revenues disaggregated by type (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue
Retail revenue	$	5,756	$	6,311	$	11,193	$	12,648
Brand revenue		81		111		157		170
	$	5,837	$	6,422	$	11,350	$	12,818

Geographic Information

Revenue by geographical region consist of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Retail revenue
United States	$	5,620	$	6,108	$	10,926	$	12,303
Canada		136		203		267		345
Brand revenue
United States		81		110		157		169
Canada		-		1		-		1
	$	5,837	$	6,422	$	11,350	$	12,818

Revenues by geography are generally based on the country of the Company’s contracting entity. Total United States revenue was approximately 98% of total revenue for the three and six months ended June 30, 2025, and approximately 97% of total revenue for the three and six months ended June 30, 2024.

The Company has corrected the accounting for VIP subscriptions and wallet payments such that revenue on these products is now included on a net revenue basis. The impact of the revision was not considered material to the consolidated financial statements. Below is a summary of the impact of the revision for the three and six months ended June 30, 2024.

	Three Months Ended June 30,									Six Months Ended June 30,
	June 30,						June 30,			June 30,						June 30,
	2024						2024			2024						2024
	As reported			Adjustment			Revised			As reported			Adjustment			Revised
Revenues	$	6,612		$	(190	)	$	6,422		$	13,086		$	(268	)	$	12,818
Cost of revenues		(1,915	)		190			(1,725	)		(3,709	)		268			(3,441	)
Gross profit	$	4,697		$	-		$	4,697		$	9,377		$	-		$	9,377

NOTE 12 – CONTRACT ASSETS

Contract assets consisted of the following as of (in thousands):

	June 30, 2025		December 31, 2024
	(unaudited)
Deferred sales commissions	$	162	$	188

The movement in the contract assets during the six months ended June 30, 2025, and the year ended December 31, 2024, comprised the following (in thousands):

	June 30, 2025			December 31, 2024
	(unaudited)
Contract assets at start of the period	$	188		$	273
Expense deferred during the period		43			105
(Less) amounts expensed during the period		(69	)		(190	)
Contract assets at end of the period	$	162		$	188

NOTE 13 – STOCK BASED COMPENSATION

In connection with the business combination, the Tuatara shareholders approved the SpringBig Holdings, Inc. 2022 Long-Term Incentive Plan (the “2022 Incentive Plan”), which became effective upon the Closing.

The number of shares of our common stock initially reserved for issuance under the 2022 Incentive Plan was 1,525,175, which equaled the amount of shares of our common stock equal to 5% of the sum of (i) the number of shares of our common stock outstanding as of the Closing and (ii) the number of shares of our common stock underlying stock options issued under the SpringBig, Inc. 2017 Equity Incentive Plan (as amended and restated) (the “Legacy Incentive Plan”) that were outstanding as of the Closing. Shares subject to stock awards granted under the 2022 Incentive Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, will not reduce the number of shares available for issuance under the 2022 Incentive Plan.

At the annual shareholder meeting on June 13, 2022, the Company shareholders approved an amendment to the 2022 Incentive Plan to add an automatic annual increase in the number of shares authorized for issuance of up to 5% of the number of the Company’s common stock issued and outstanding on December 31 of the immediately preceding calendar year, beginning with the fiscal year ended December 31, 2023; provided that the annual increase with respect to the fiscal year ended December 31, 2023, which is 1,332,986 shares of common stock, took effect on the first business day following the annual shareholder meeting.

The number of shares automatically added to the number of shares authorized for issuance on January 1, 2024, and 2025 was 2,266,988 and 2,317,417, respectively, being 5% of the number of the Company’s common stock issued and outstanding on December 31, 2023, and 2024, respectively. The total number of shares of common stock authorized for issuance under the 2022 Incentive Plan is 7,442,566 as of June 30, 2025.

Prior to the closing of the merger, Legacy SpringBig maintained an equity incentive plan (the “Legacy Incentive Plan”), which was originally established effective December 1, 2017. SpringBig has not granted any additional awards under the Legacy Incentive Plan following the business combination.

The following table summarizes information on stock options outstanding as of June 30, 2025, under the Legacy Incentive Plan:

	Options outstanding					Options Vested and Exercisable
	Number of Options			Weighted Average Exercise Price (per share)		Number of Options		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price (per share)
Outstanding Balance, January 1, 2025		2,257,073		$	0.57		2,257,073		3.81	$	0.57
Options granted		-			-
Options exercised		-			-
Options forfeited and cancelled		(806,376	)	$	0.70
Outstanding Balance, June 30, 2025		1,450,697		$	0.49		1,450,697		3.18	$	0.49

During the three and six months ended June 30, 2025, $0 of compensation expense was recorded in connection with the Legacy Incentive Plan, respectively. During the three and six months ended June 30, 2024, $18,000 and $35,000 of compensation expense was recorded in connection with the Legacy Incentive Plan, respectively. These charges are recorded in general and administrative expense on the condensed consolidated statements of operations.

No options were exercised during the three and six months ended June 30, 2025. As of June 30, 2025, the intrinsic value of the 1,450,697 options outstanding and exercisable was $0. As of June 30, 2025, all options are vested and exercisable and the total compensation cost related to non-vested awards not yet recognized was $0.

The following table summarizes information on Restricted Stock Units outstanding as of June 30, 2025, under the 2022 Incentive Plan:

	Restricted Stock Units Outstanding
	Number of RSU’s			Weighted Average Fair Value (per share)		Weighted Average Vesting (years)
Outstanding Balance, December 31, 2023		2,211,509		$	0.80		2.2
RSU’s granted		1,382,500		$	0.14
RSU’s forfeited and cancelled		(174,670	)	$	0.68
RSU’s vested and common stock issued		(753,487	)	$	0.87
Outstanding Balance, December 31, 2024		2,665,852		$	0.45		1.7
RSU’s granted		15,992,103		$	0.06
RSU’s forfeited and cancelled		(1,099,505	)	$	0.48
RSU’s vested and common stock issued		(511,144	)	$	0.30
Outstanding Balance, June 30, 2025		17,047,306		$	0.08		4.9

During the three and six months ended June 30, 2025, compensation expense recorded in connection with the 2022 Incentive Plan was $173,000 and $336,000, respectively. During the three and six months ended June 30, 2024, compensation expense recorded in connection with the 2022 Incentive Plan was $182,000 and $360,000, respectively. The expense is reported within general and administrative expenses. The remaining expense of approximately $897,000 will be recognized in future periods through March 2029. The number of RSU’s granted exceed the number of shares currently reserved for issuance under the 2022 Incentive Plan, as the Company anticipates the annual issuance under the 2022 Incentive Plan will adequately cover the shares currently granted as the units vest. As of June 30, 2025 no shares have been issued in excess of the authorized amount.

NOTE 14 – LEASES

The Company leases office facilities in Boca Raton, Florida, Seattle, Washington and Ontario, Canada under non-cancelable operating lease agreements. The leases require monthly payments ranging from $4,000 to $10,000 and expire on various dates through April 2028. In addition to minimum rent, the Company is required to pay a proportionate share of operating expenses under these leases.

In June 2022, the Company entered into a new lease which became effective on January 1, 2024, after completion of leasehold improvements. The new lease term is for 98 months, and monthly rental payments range from $38,000 to $48,000 over the life of the lease. In June 2025, the Company was able to terminate the existing lease. The Company is treating the transaction as a lease extinguishment. The lease included a termination penalty of $550,000, payable in two installments of $275,000, paid June 10, 2025, and the second payable on August 31, 2025. The Company subsequently entered into a new lease, for new office space, which became effective on May 1, 2025. The new lease term is for 36 months, and monthly rental payments of approximately $10,000 over the life of the lease.

As of June 30, 2025, and December 31, 2023, the following amounts were presented on the Company’s condensed consolidated balance sheets in accordance with ASC 842 - Lease Accounting (in thousands):

	June 30, 2025		December 31, 2024
	(unaudited)
Balance Sheet

Assets:
Right of use asset	$	470	$	2,757
Liabilities
Operating lease liability, current		218		365
Operating lease liability, non-current		249		2,551
Total operating lease liability	$	467	$	2,916

For the three months ended June 30, 2025, and 2024, the Company’s operating lease cost was $299,000 and $161,000, respectively. For the six months ended June 30, 2025, and 2024, the Company’s operating lease cost was $401,000 and $321,000, respectively. Other information pertaining to capitalized assets and liabilities under the leasing standard is as follows (in thousands):

	Six Months Ended June 30,
	2025			2024
Other information
Operating lease cost	$	401		$	321
Operating cash flows paid to operating leases	$	277		$	175
Right-of-use assets in exchange for new operating lease liabilities	$	310		$	2,781
Weighted-average remaining lease term - operating leases (months)		28			88.4
Weighted-average discount rate - operating leases		10	%		9	%

As of June 30, 2025, the Company’s lease liabilities mature as follows (in thousands):

Fiscal Year:	Operating Leases
2025	$	124
2026		232
2027		133
2028		42
Total lease payments		531
Less imputed interest		(64	)
Present value of lease liabilities	$	467

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Litigation

The Company evaluates the possible resolution of any legal and other contingencies when losses are possible in accordance with ASC 450, Contingencies (“ASC 450”). Significant judgment is required in both the determination of the probability of an outcome as well as the determination of an estimate of the amount of any potential loss.

The Company is from time to time involved in litigation incidental to the conduct of its business. In accordance with applicable accounting guidance, the Company records a provision for a liability when it is both probable that a liability has been incurred and the amount can be reasonably estimated. Management believes that the outcome of such legal proceedings, legal actions and claims will not have a significant adverse effect on the Company’s financial position, results of operations or cash flows.

The Company received a civil investigative demand from the United States Attorney’s Office with regard to its Paycheck Protection Program Loan (“PPP Loan”) originally received in 2020 and forgiven in 2021. The investigation is based on whether the Company was eligible for a PPP Loan if its software products are in fact used to support the use, growth, enhancement or development of marijuana. The amount of the PPP Loan was approximately $790,000. This creates the potential for a contingent loss of up to $1.6 million. The Company believes a loss is reasonably possible, but not probable, and can be reasonably estimated, therefore pursuant to ASC 450 the potential loss has been disclosed but not recorded.

The Company and Mr. Harris are currently engaged in litigation brought forth by Mr. Harris, former CEO and former Board Member. The litigation stems from the separation agreement as described in Note 7. The Company has accrued a settlement with Mr. Harris within the accrued expenses and other current liabilities section.

Employee Retention Payroll Tax Credits

In March 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic and other relief as a result of the COVID-19 pandemic. The CARES Act includes, among other items, provisions relating to refundable employee retention payroll tax credits. Due to the complex nature of the employee retention credit computations, any benefits we may receive are uncertain and may significantly differ from our current estimates. We plan to record any benefit related to these credits upon both the receipt of the benefit and the resolution of the uncertainties, including, but not limited to, the completion of any potential audit or examination, or the expiration of the related statute of limitations. During the year ended December 31, 2023, we received $2.0 million related to these credits, recognized $0.6 million as an offset related to operating expenses thorough accounts payable. During the three month period ending June 30, 2025 the Company received an additional $0.3 million in the form of a payroll tax refund. We have recognition of remaining $1.9 million, which is recorded in current liabilities on the accompanying condensed consolidated balance sheets.

Vendor Committment

In May 2025, the Company entered into an agreement with their largest vendor. As part of the agreement the Company has committed to spending a specified minimum monthly spend with the vendor for the next 34 Months, whith additional 1 year renewals. The minimum monthly spend is reflected in each month reported, based on the activity for each month.

NOTE 16 – FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).

The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

Level 1:

Valuation is based on unadjusted quoted prices in active markets for identical assets and liabilities that are accessible at the reporting date. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

Level 2:

Valuation is determined from pricing inputs that are other than quoted prices in active markets that are either directly or indirectly observable as of the reporting date. Observable inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and interest rates and yield curves that are observable at commonly quoted intervals.

Level 3:

Valuation is based on inputs that are both significant to the fair value measurement and unobservable. Level 3 inputs include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value generally require significant management judgment or estimation.

Liabilities measured at fair value on a recurring basis

The balances of the Company’s liabilities measured at fair value on a recurring basis as of June 30, 2025, are as follows (in thousands):

At June 30, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
Public warrants		-		11		-		11
	$	-	$	11	$	-	$	11

The balances of the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2024, are as follows (in thousands):

At December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
Public warrants		-		11		-		11
	$	-	$	11	$	-	$	11

Given the limited trading volumes for the public warrants, there were certain transfers of financial liabilities between Level 1 and Level 2 during the year ended December 31, 2024.

The following is a description of the methodologies used to estimate the fair values of liabilities measured at fair value on a recurring basis and within the fair value hierarchy.

Warrant liabilities

Prior to the business combination, TCAC issued warrants to purchase 10,000,000 Class A ordinary shares at a price of $11.50 per whole share, as part of the units offered by the prospectus for their initial public offering and, simultaneously with the closing of their initial public offering, issued in a private placement an aggregate of 6,000,000 private placement warrants, each exercisable to purchase one Class A ordinary share at a price of $11.50 per share.

The Company utilizes a fair value approach to account for its warrants based on the quoted price at June 30, 2025, the calculation is consistent with ASC 820, Fair Value Measurement, with changes in fair value recorded in current earnings.

At June 30, 2025, the value of the public warrants was approximately $11,200 using a closing price of $0.0007.

Changes in Fair Value

The following tables provides a roll-forward in the changes in fair value in the public warrants for the six months ended June 30, 2025 (in thousands):

Warrants

Balance, January 1, 2025	$	11
Change in fair value		-
Balance, June 30, 2025	$	11
Change in fair value included in earnings for the period relating to liabilities held at June 30, 2025	$	-

Other Fair Value Considerations – Carrying value of accounts receivables, contract assets, prepaid expenses and other assets, accounts payable and accrued expenses approximate fair value due to their short-term maturities and/or low credit risk.

NOTE 17 – STOCKHOLDERS’ DEFICIT

Sponsor Escrow Agreement

At the time of the Closing, TCAC Sponsor, LLC, a Delaware limited liability company (“Sponsor”), Tuatara and certain independent members of Tuatara’s board of directors entered into an escrow agreement (“Sponsor Escrow Agreement”), providing that (i) immediately following the Closing, Sponsor and certain of Tuatara’s board of directors’ independent directors shall deposit an aggregate of 1,000,000 shares of our Common Stock (such deposited shares, the “Sponsor Earnout Shares”) into escrow, (ii) the Sponsor Earnout Shares shall be released to the Sponsor if the closing price of our Common Stock equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, and recapitalizations) on any twenty (20) trading days in a thirty (30) trading-day period ending at any time after the Closing Date and before the fifth anniversary of the Closing Date, and (iii) the Sponsor Earnout Shares will be terminated and canceled by us if such condition is not met by the fifth anniversary of the Closing Date.

Contingent and Earnout Shares

The holders of Legacy SpringBig’s common stock and the “engaged option holders” (employees or engaged consultants of Legacy SpringBig who held Legacy SpringBig options at the effective time of the merger and who remains employed or engaged by Legacy SpringBig at the time of such payment of contingent shares) shall be entitled to receive their pro rata portion of such number of shares, fully paid and free and clear of all liens other than applicable federal and state securities law restrictions, as set forth below upon satisfaction of any of the following conditions:

7,000,000 contingent shares if the closing price of the Company’s common stock equals or exceeds $12.00 per share on any twenty (20) trading days in a thirty (30)-trading day period at any time after the Closing Date and no later than 60 months following the Closing Date;

2,250,000 contingent shares if the closing price of the Company’s common stock equals or exceeds $15.00 per share on any twenty (20) trading days in a thirty (30)-trading day period at any time after the Closing Date and no later than 60 months following the Closing Date; and

1,250,000 contingent shares if the closing price of the Company’s common stock equals or exceeds $18.00 per share on any twenty (20) trading days in a thirty (30)-trading day period at any time after the Closing Date and no later than 60 months following the Closing Date.

With the consummation of the business combination, the Company’s authorized capital stock is 350,000,000 shares, consisting of 300,000,000 shares of common stock and 50,000,000 shares of preferred stock, with par value of 0.0001 per share.

NOTE 18 – NET LOSS PER SHARE

As of June 30, 2025, and 2024, there were 46,859,495 and 46,148,026 shares of common stock issued and outstanding, respectively.

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including outstanding stock options. Basic and diluted net loss per share was the same for each period presented, given there are losses during the period, the inclusion of all potential common shares outstanding would have been anti-dilutive.

The following table reconciles actual basic and diluted earnings per share for the three and six months ended June 30, 2025, and 2024, respectively (in thousands, except share and per share data).

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Loss per share:
Numerator:
Net loss	$	(1,141	)	$	(647	)	$	(1,892	)	$	(230	)
Denominator:
Weighted average common shares outstanding
Basic and diluted		46,829,586			45,721,610			46,609,898			45,576,941
Net loss per common share
Basic and diluted	$	(0.02	)	$	(0.01	)	$	(0.04	)	$	(0.01	)

The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share for the three months ended June 30, 2025, and the net income per common share for the three months ended June 30, 2024, were as follows:

	Six Months Ended June 30,
	2025		2024
Shares unvested and subject to exercise of stock options	-		96,345
Shares subject to outstanding common stock options		1,450,697		2,545,299
Shares subject to convertible notes stock conversion		48,276,080		5,636,928
Shares subject to warrants stock conversion		16,000,000		16,586,980
Shares subject to contingent earn out		10,500,000		10,500,000
Restricted stock units		17,047,306		2,600,500

NOTE 19 – BENEFIT PLAN

The Company maintains a safe harbor 401(k) retirement plan for the benefit of its employees. The plan allows participants to make contributions subject to certain limitations. Company matching contributions were $86,000 and $165,000 for the three and six months ended June 30, 2025, respectively. Company matching contributions were $131,000 and $289,000 for the three and six months ended June 30, 2024, respectively.

NOTE 20 – INCOME TAXES

In determining quarterly provisions for income taxes, the Company uses the annual estimated effective tax rate applied to the actual year-to-date profit or loss, adjusted for discrete items arising in that quarter. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate primarily as a result of state taxes, foreign taxes, and changes in the Company’s full valuation allowance against its deferred tax assets. The Company’s effective tax rate for the three and six months ended June 30, 2025 and June 30, 2024 is 0%.

NOTE 21 – SEGMENT REPORTING

The Company has determined that it has a single operating segment.

The Company’s CEO is the CODM. The CODM reviews financial information presented for the purposes of allocating resources and evaluating financial performance at an entity level and the Company have no segment managers who are held accountable by the CODM for operations and operating results. The products and services across the Company are similar in nature, distributed in a comparable manner and have customers with common characteristics. Refer to Note 2 – Summary of Significant Accounting Policies.

The following table presents selected financial information with respect to the Company’s single operating segment:

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net revenue	$	5,837		$	6,422		$	11,350		$	12,818
Cost of revenue		1,499			1,725			2,705			3,441
Gross profit	$	4,338		$	4,697		$	8,645		$	9,377
Less: Employee expense		2,674			3,082			5,238			6,285
Contractor expense		271			249			533			435
Occupancy expense		367			268			617			496
Professional services expense		287			187			575			371
Technology platform hosting expense		475			165			664			339
Credit loss expense		130			80			220			167
Other expenses ^		860			723			1,952			1,623
Loss from operations	$	(726	)	$	(57	)	$	(1,154	)	$	(339	)
Interest income		33			2			33			6
Interest expense		(317	)		(544	)		(640	)		(1,419	)
Loss on disposal		(131	)		-			(131	)		-
Gain on note repurchase		-			-			-			1,573
Change in fair value of warrants		-			(48	)		-			(51	)
Net loss	$	(1,141	)	$	(647	)	$	(1,892	)	$	(230	)

^	Other expenses include all other operating expenses, including insurance, subscriptions for software used in the operations, stock-based compensation, depreciation and amortization and severance payments.

The measure of segment assets is reported on the condensed balance sheet as total assets.

NOTE 22 – SUBSEQUENT EVENTS

On March 17, 2025, the Company announced the intent to acquire VICE CRM, an AI-enabled performance marketing platform designed to optimize return on investment for consumer marketing campaigns in highly regulated industries, and the appointment of Jaret Christopher, the founder of VICE CRM, as the Company’s CEO with effect from April 1, 2025. Jeffrey Harris stepped down as the Company CEO on March 31, 2025. The acquisition of VICE CRM was completed on July 31, 2025.

Following the close of the second quarter of 2025, the U.S. government passed a reconciliation bill informally known as the “One Big Beautiful Bill Act.” This legislation introduced several provisions, including the option to deduct domestic research and development expenses, the return of elective bonus depreciation, and updates to certain international tax rules. The Company is currently assessing the potential implications of the legislation on its operations and on our consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Business Overview

SpringBig is a market-leading software platform providing customer loyalty and marketing automation solutions to retailers and brands. We have leveraged our deep expertise in loyalty marketing to develop solutions that address the key challenges faced by retailers and brands, including those in the regulated industries. Stringent, complex, and rapidly evolving regulations have resulted in restricted access to traditional marketing and advertising channels for regulated retailers and brands, preventing them from utilizing many traditional methods for effectively accessing and engaging with consumers. In addition, the lack of industry-specific data and market intelligence solutions limit regulated retailers’ and brands’ ability to efficiently market their products, thereby hindering their growth. Our platform enables our clients to increase brand awareness, engage customers, improve retention, and access actionable consumer feedback data to improve marketing. Our clients can use our loyalty marketing, digital communications, and text/email/push marketing solutions to drive new customer acquisition, customer spend and retail foot traffic. Our proven B2B2C software platform creates powerful network effects between retailers and brands and provides an ability for both to connect directly with consumers. As retailers and brand scale, a virtuous cycle amplifies growth, ultimately expanding SpringBig’s reach and strengthening our value proposition.

SpringBig serves approximately 825 clients across more than 2,100 distinct retail locations in North America. Our clients distribute approximately 600 million messages annually, via text, push or email, and in the last year more than $6.6 billion of gross merchandise value was accounted for by clients utilizing our platform.

On June 14, 2022, SpringBig Holdings, Inc., a Delaware corporation (formerly known as Tuatara Capital Acquisition Corporation), consummated a business combination of Tuatara and Legacy SpringBig, a Delaware corporation. Pursuant to the merger agreement, prior to the closing of the business combination, Tuatara changed its jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware. Prior to the closing date, and in connection with the Closing, Tuatara changed its name to SpringBig Holdings, Inc.

As a consequence of the business combination, Legacy SpringBig became the successor to an SEC-registered and Nasdaq-listed company, which required us to implement procedures and processes to address public company regulatory requirements and customary practices. On September 5, 2023, SpringBig Holdings, Inc. was delisted from the Nasdaq Capital Market and its common stock is now quoted for trading on the OTCQB® Venture Market.

Recent Developments

None

Key Operating and Financial Metrics

We monitor the following key financial and operational metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. The following is our analysis for the three and six months ended June 30, 2025, and 2024, in thousands:

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenue	$	5,837		$	6,422		$	11,350		$	12,818
Net loss		(1,141	)		(647	)		(1,892	)		(230	)
Adjusted EBITDA		285			330			610			480

Number of retail clients		762			1,113			762			1,113
Net revenue retention		78	%		86	%		78	%		86	%
Number of messages (million)		151			158			284			298

For a reconciliation of net loss to Adjusted EBITDA see “EBITDA” and “Adjusted EBITDA,” below.

Revenue

We generate revenue from the sale of monthly subscriptions that provide retail clients with access to an integrated platform through which they can manage loyalty programs and communications with their consumers. We also generate additional revenue from these retail clients when the quantum of messages sent to consumers exceeds the amounts in the subscription package. The subscriptions generally have twelve-month terms (which typically are not subject to early termination without a cancellation fee payable by the client), are payable monthly, and automatically renew for subsequent and recurring twelve-month periods unless notice of cancellation is provided in advance.

The Company’s revenue growth is generally achieved through a mix of new clients, clients upgrading their subscriptions (as new clients will frequently enter into a relatively low level of subscription (with respect to the size of such client’s database and the number of their customers on such database) and/or the number of pre-determined communication credits), which frequently occurs shortly after such a client initially becomes a client, and the excess use element of revenues. “Excess use” revenues are revenues derived from amounts charged to clients for exceeding the pre-determined credit volume set forth in the applicable client’s subscription agreement. Given this combination, and particularly the tendency for clients to upgrade soon after becoming a client, the Company does not actively monitor revenue split between new and existing clients, preferring to use the split between subscription and excess use in combination with net dollar retention and the number of clients as key metrics, as described below.

Other Key Operating Metrics

The growth in our revenues is a key metric at this stage in our development as a Company and therefore to provide investors with additional information, we have disclosed in the table above the number of our retail clients, our net revenue retention rate and the number of messages distributed through the SpringBig platform by our clients. We regularly review the key operating and financial metrics set forth above to evaluate our business, our growth, assess our performance and make decisions regarding our business. We believe these key metrics are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and they may be helpful in evaluating the state and growth of our business.

Number of Retail Clients. We disclose in the table above the number of discrete SpringBig platforms used by clients of the business at the end of the relevant period. We view this number as an important metric to assess the performance of our business because an increased number of clients drives growth, increases brand awareness and helps contribute to our reach and strengthening our value proposition.

Net Revenue Retention. We believe that the growth in the use of our platform by our clients is an important metric in evaluating our business and growth. We monitor our dollar-based net revenue retention rate on a rolling basis to track the maintenance of revenue and revenue-increasing activity growth. “Net revenue retention rate” (also referred to as “net dollar retention rate”) does not have a standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies, and further, investors should not consider it in isolation. When evaluating our retention rates and calculating our net revenue retention rate, SpringBig calculates the recurring monthly subscription revenue from retail clients, adjusted for losses, increases and decreases in monthly subscriptions during the prior twelve months divided by the recurring monthly subscription revenue at the start of the trailing twelve-month period. The net revenue retention is calculated based on subscription revenues only and does not include the impact of excess use revenue.

Number of Messages Sent. We believe that the volume of messages sent is important as it indicates the frequency of use and level of engagement of our platform by our clients. Messages are distributed by text, email, and direct push notifications to mobile applications.

EBITDA and Adjusted EBITDA

To provide investors with additional information regarding our financial results, we have disclosed EBITDA, which is a non-GAAP financial measure that we calculate as net income before interest, taxes, depreciation and amortization and Adjusted EBITDA, which represents EBITDA adjusted for certain unusual, infrequent items, or non-cash items (such as credit loss expense and stock-based compensation).

We present EBITDA and Adjusted EBITDA because they are key measures used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors, and is widely used by analysts, investors and competitors to measure a company’s operating performance.

EBITDA and Adjusted EBITDA have limitations, and you should not consider these in isolation or as a substitute for analysis of our results as reported under GAAP, including net loss, which we consider to be the most directly comparable GAAP financial measure. Some of these limitations are:

●

although depreciation and amortization are non-cash charges, the assets being depreciated may have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

●

EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and

●

EBITDA and Adjusted EBITDA do not reflect tax payments that may represent a reduction in cash available.

Because of these limitations, you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.

A reconciliation of net loss before taxes to non-GAAP EBITDA and Adjusted EBITDA is as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024

Net loss	$	(1,141	)	$	(647	)	$	(1,892	)	$	(230	)
Interest income		(33	)		(2	)		(33	)		(6	)
Interest expense		317			544			640			1,419
Income tax expense		-			-			-			-
Depreciation expense		29			47			62			101
EBITDA		(828	)		(58	)		(1,223	)		1,284

Stock-based compensation		173			200			336			395
Credit loss expense		130			80			220			167
Gain on repurchase of convertible debt		-			-			-			(1,573	)
Lease termination fee		550			-			550			-
Severance and related payments		260			60			727			156
Change in fair value of warrants		-			48			-			51
Adjusted EBITDA	$	285		$	330		$	610		$	480

Factors Affecting Our Performance

Overall Economic Trends

The overall economic environment and related changes to consumer behavior have a significant impact on our business. Overall, positive conditions in the broader economy promote consumer spending on marketplaces and our customers’ products, while economic weakness, which generally results in reduced consumer spending, may have a negative impact on our customers’ sales, which in turn may impact our revenue.

Growth and Retention of Customers

Our revenue grows primarily through acquiring and retaining customers and expanding relationships with customers over time, increasing the revenue per customer. We have historically been able to attract, retain and grow relationships with customers as a result of the Company’s comprehensive product suite, differentiated loyalty programs, consistent communications with customers, and reliable customer service.

Regulation and Maturation of Cannabis Markets

We believe that we will have significant opportunities for growth as more jurisdictions legalize cannabis for medical and/or adult use and the regulatory environment continues to develop. We intend to explore new expansion opportunities as additional jurisdictions legalize cannabis for medical or adult use and leverage our existing business model to enter new markets. We believe our understanding of the space coupled with our experienced sales force will enable us to quickly enter and execute in new markets and capture new business, which we sustain via our best-in-class product offerings. Further, a change in U.S. federal regulations could result in our ability to engage in additional outlets, including the fintech, payments and e-commerce space.

We expect competition to intensify in the future as the regulatory regime for cannabis becomes more settled and the legal market for cannabis becomes more accepted, which may encourage new participants to enter the market, including established companies with substantially greater financial, technical and other resources than existing market participants.

We believe that maintaining and enhancing our brand identity and our reputation is critical to maintaining and growing our relationships with customers and to our ability to attract new customers.

We believe our platform’s scale and strong customer loyalty market themselves; however, we implement a variety of marketing efforts to attract the remaining retailers and brands not yet on our platform. Marketing efforts include multiple strategies designed to attract and retain both retail and brands subscribers.

Negative publicity, whether or not justified, relating to events or activities attributed to us, our employees, customers or others associated with any of these parties, may tarnish our reputation and reduce the value of our brand. Given our high visibility, we may be more susceptible to the risk of negative publicity. Damage to our reputation and loss of brand equity may reduce demand for our platform and have an adverse effect on our business, operating results and financial condition. Moreover, any attempts to rebuild our reputation and restore the value of our brand may be costly and time consuming, and such efforts may not ultimately be successful.

We also believe that the importance of our brand recognition and reputation will continue to increase as competition in our market continues to develop. If our brand promotion activities are not successful, our operating results and growth may be adversely impacted.

Components of Our Results of Operations

Revenue

SpringBig provides its retail customers with access to an integrated platform that provides all the functions of the Company’s proprietary software, which uses proprietary technology to send text, email, and push messages to the customer’s contacts. This access is provided to customers under a contract, with revenue generated from monthly subscriptions for credits (up to the pre-contracted amount) and optional purchases of additional credits.

Cost of Revenue

Cost of revenue consists primarily of amounts payable to distributors of messages on behalf of the Company’s customers across cellular networks and integrations.

Selling, Servicing and Marketing Expenses

Selling, servicing and marketing expenses consist of salaries, benefits, travel expense and incentive compensation for our sales, servicing and marketing employees. In addition, sales, servicing and marketing expenses include business acquisition marketing, events cost, and branding and advertising costs.

Technology and Software Development Expenses

Technology and software development costs consist of salaries and benefits for employees, including engineering and technical teams who are responsible for building new products, as well as maintaining and improving existing products. We evaluate whether to capitalize certain costs associated with technology and software development in accordance with ASC 350-40, Intangibles – Goodwill and Other – Internal Use Software, but these are limited in quantum as we are constantly and regularly making enhancements to our technology platform and do not consider them appropriate to be capitalized. To the limited extent any costs are capitalized, the costs are generally amortized over a three-year period commencing on the date that the specific software product is placed in service. We believe that continued investment in our platform is important for our growth.

General and Administrative Expenses

General and administrative expenses consist primarily of payroll and related benefits costs for our employees involved in general corporate functions including finance, human resources and investor relations, as well as costs associated with the use by these functions of software and equipment. All rent, insurance and other occupancy costs are also included in general and administrative expenses as are professional and outside services related to legal, audit and other services, and stock compensation expenses.

Results of Operations

Comparison of Three Months Ended June 30, 2025, compared to Three Months Ended June 30, 2024

The following tables set forth our results of operations for the periods indicated (in thousands):

	Three Months Ended June 30,
	2025			2024			Increase (decrease)			%
	(in thousands)
Revenue	$	5,837		$	6,422		$	(585	)		-9	%
Cost of revenue		1,499			1,725			(226	)		-13	%
Gross profit		4,338			4,697			(359	)		-8	%
Operating expenses:
Selling, servicing and marketing		1,147			1,127			20			2	%
Technology and software development		1,233			1,270			(37	)		-3	%
General and administrative		2,684			2,357			327			14	%
Total operating expenses		5,064			4,754			310			7	%
Loss from operations		(726	)		(57	)		(669	)
Interest income		33			2			31			Nm
Interest expense		(317	)		(544	)		227			42	%
Gain on note repurchase		-			-			-			Nm
Loss on asset disposal		(131	)		-			(131	)		Nm
Change in fair value of warrants		-			(48	)		48			Nm
Loss before taxes		(1,141	)		(647	)		(494	)		-76	%
Provision for income taxes		-			-			-
Loss after taxes	$	(1,141	)	$	(647	)	$	(494	)		-76	%

nm-not meaningful

Revenues. Revenues decreased $0.6 million for the three months ended June 30, 2025, representing a 9% year-on-year reduction compared with the same period in 2024. Our subscription revenue was $4.9 million for the three months ended June 30, 2025, compared with $5.5 million in the same quarter in 2024, representing 11% year-over-year decline. Subscription revenue as a proportion of total revenue was 84% for the three months ended June 30, 2025, compared with 86% in the same period last year. The excess use revenue also declined, by 5% year-over-year due to the uncertain economy impacting the regulated industries, including the cannabis sector and our clients continuing to be budget-conscious in limiting their messaging activity to within the volumes of their subscription. Excess use revenue represented 12% of total revenue for the three months ended June 30, 2025, compared with 11% in the same period last year.

Our net revenue retention rate was 78% for the twelve months ended June 30, 2025, compared with 86% for the twelve months ended June 30, 2024, reflecting the continuing challenging macroeconomic conditions of the regulated markets, including the cannabis market and the financial stress of some of our retail clients leading to the Company having to suspend or cease some access to our platform.

Gross Profit. Gross profit decreased by $0.4 million to $4.3 million for the three months ended June 30, 2025, from $4.7 million for the three months ended June 30, 2024, representing an 8% year-on-year reduction. The reduction was due to the $0.6 million decline in revenues although the impact was partly mitigated by a 1% improvement in gross profit margin from 73% for the three months ended June 30, 2024, to 74% for the three months ended June 30, 2025, as a consequence of lower messaging distribution costs.

Operating Expenses. Operating expenses increased by $0.3 million, or 5%, for the three months ended June 30, 2025, compared with the same period in 2024.

Selling, servicing and marketing expenses increased by $0.1 million, or 2%, for the quarter ended June 30, 2025, compared to the same period in 2024, due to increased variable compensation expense on closed customer contracts, as well as severance payments.

Technology and software development expenses decreased by $0.1 million, or 3%, for the quarter ended June 30, 2025, compared to the same period in 2024, with the decrease being attributable to lower expenses associated with the use of offshore contract developers and a reduction in compensation expense.

General and administrative expenses increased by $0.3 million, or 14%, for the quarter ended June 30, 2025, compared to the same period in 2024. The expenses in the quarter ended June 30, 2025, included $0.3 million relating to the separation agreement with the former CFO and other personnel, and the lease termination fee of $0.6 million; excluding this expense the decrease was $0.6 million, or 25%, compared to the same period in 2024.

Interest Expense. Interest expense was $0.3 million for the quarter ended June 30, 2025, compared with $0.5 million for the quarter ended June 30, 2024, with the reduction being due to the high interest-bearing cash advances outstanding during the prior year having been fully repaid during the second half of 2024.

Change in fair value of warrants. The liability relating to warrants issued by SpringBig is included on the balance sheet at the fair value prevailing at the end of the accounting period and any change in value is reported in the income statement. At June 30, 2025, the market value of the public warrants, which are quoted for trading on the OTC Pink Market, was $0.0007 per warrant which was the same as the quoted price at December 31, 2024. Therefore, there is no expense or credit in our income statement for the three months ended June 30, 2025.

Comparison of Six Months Ended June 30, 2025, compared to Six Months Ended June 30, 2024

The following tables set forth our results of operations for the periods indicated (in thousands):

	Six Months Ended June 30,
	2025			2024			Increase (decrease)			%
	(in thousands)
Revenue	$	11,350		$	12,818		$	(1,468	)		-11	%
Cost of revenue		2,705			3,441			(736	)		-21	%
Gross profit		8,645			9,377			(732	)		-8	%
Operating expenses:
Selling, servicing and marketing		2,206			2,654			(448	)		-17	%
Technology and software development		2,504			2,936			(432	)		-15	%
General and administrative		5,089			4,126			963			23	%
Total operating expenses		9,799			9,716			83			1	%
Loss from operations		(1,154	)		(339	)		(815	)
Interest income		33			6			27			Nm
Interest expense		(640	)		(1,419	)		779			55	%
Gain on note repurchase		-			1,573			(1,573	)		Nm
Loss on asset disposal		(131	)		-			(131	)		Nm
Change in fair value of warrants		-			(51	)		51			Nm
Loss before taxes		(1,892	)		(230	)		(1,662	)		-723	%
Provision for income taxes		-			-			-
Loss after taxes	$	(1,892	)	$	(230	)	$	(1,662	)		-723	%

nm-not meaningful

Revenues. Revenues decreased $1.5 million for the six months ended June 30, 2025, representing a 11% year-on-year reduction compared with the same period in 2024. Our subscription revenue was $9.7 million for the six months ended June 30, 2025, compared with $10.9 million in the same six months in 2024, representing 11% year-over-year decline. Subscription revenue as a proportion of total revenue was 86% for the six months ended June 30, 2025, compared with 85% in the same period last year. The excess use revenue also declined, by 5% year-over-year due to the uncertain economy impacting the regulated industries, including the cannabis sector and our clients continuing to be budget-conscious in limiting their messaging activity to within the volumes of their subscription. Excess use revenue represented 11% of total revenue for the six months ended June 30, 2025, compared with 12% in the same period last year.

Gross Profit. Gross profit decreased by $0.7 million to $8.6 million for the six months ended June 30, 2025, from $9.4 million for the three months ended June 30, 2024, representing an 8% year-on-year reduction. The reduction was due to the $1.5 million decline in revenues although the impact was partly mitigated by a 3% improvement in gross profit margin from 73% for the six months ended June 30, 2024, to 76% for the six months ended June 30, 2025, as a consequence of lower messaging distribution costs.

Operating Expenses. Operating expenses increased by $0.1 million, or 0%, for the six months ended June 30, 2025, compared with the same period in 2024.

Selling, servicing and marketing expenses decreased by $0.4 million, or 17%, for the quarter ended June 30, 2025, compared to the same period in 2024, due to decreased variable compensation expense as a result of lower commissions earned in the first six months of 2025.

Technology and software development expenses decreased by $0.4 million, or 15%, for the six months ended June 30, 2025, compared to the same period in 2024, with the decrease being attributable to lower expenses associated with the use of offshore contract developers and a reduction in compensation expense.

General and administrative expenses increased by $1.0 million, or 23%, for the quarter ended June 30, 2025, compared to the same period in 2024. The expenses in the six months ended June 30, 2025, included $0.7 million relating to the separation agreement with the former CEO, CFO, and other personnel, and the lease termination fee of $0.6 million; excluding these expense the decrease was $0.3 million, or 8%, compared to the same period in 2024.

Interest Expense. Interest expense was $0.6 million for the six months ended June 30, 2025, compared with $1.4 million for the quarter ended June 30, 2024, with the reduction being due to the high interest-bearing cash advances outstanding during the prior year having been fully repaid during the second half of 2024.

Liquidity & Capital Resources

We have incurred net losses since inception, and experienced negative cash flows from operations. Prior to the business combination, we financed our operations and capital expenditures primarily through the private sales of equity securities and revenue. The net losses since the business combination have been financed through the capital received because of the business combination, a public equity offering in May 2023, short-term cash advances as described below, and the issuance of $8.0 million Term Notes and Convertible Notes in January 2024. Our primary uses of cash in the short-term are to fund our operations as we continue to grow our business.

On May 31, 2023, SpringBig raised gross cash proceeds of approximately $3.0 million through a public equity offering and in addition $1.25 million of the outstanding principal of the 6% Senior Secured Convertible Note was converted into common shares. In aggregate, 14.0 million common shares were issued, of which, approximately 1.0 million related to conversion of a portion of the 6% Senior Secured Convertible Note to common shares on June 15, 2023. The cash proceeds from the public equity offering, after payment of transaction related fees, were $2.5 million and these funds were in part used to make further repayments of principal of the 6% Senior Secured Convertible Note and in part for general corporate purposes.

On July 25, 2023, the Company entered into an agreement (the “Cash Advance”) with Cedar Advance LLC (“Cedar”) to sell future receivables to Cedar in exchange for an advance of $1.0 million. On November 22, 2023, the Company extended the Cash Advance, receiving a further advance of $0.3 million. As of June 30, 2024,the total outstanding amount payable to Cedar was $0.6 million. The outstanding amount was fully repaid during the year ended December 31, 2024.

On October 16, 2023, the Company entered into an agreement (the “ACF Cash Advance”) with Agile Capital Funding, LLC (“ACF”) to sell future receivables to ACF in exchange for an advance of $750,000. On December 7, 2023, the Company extended the ACF Cash Advance, receiving a further advance of $0.5 million. As of June 30, 2024the total outstanding amount payable to ACF was $1.1 million. The outstanding amount was fully repaid during the year ended December 31, 2024.

On January 16, 2024, we entered into an agreement with the note holder to repurchase the entire outstanding principal of the 6% Senior Secured Notes and cancel the associated warrants. The outstanding principal and accrued interest was $5.2 million. SpringBig, using a portion of the proceeds from the 2024 Convertible Notes, purchased the entire outstanding obligation to the note holder for $2.9 million.

On January 23, 2024, the Company raised $6.4 million through the issuance of 2024 Convertible Notes and $1.6 million through the issuance of 2024 Term Notes. The net cash proceeds, after transaction expenses, were $7.2 million.

The 2024 Convertible Notes accrue interest which is added to the outstanding principal balance semi-annually. The Notes are convertible into common stock at a conversion price of $0.15 per share at the holder’s option any time up to the day prior to maturity, initially in January 2026. The 2024 Term Notes, initially due at issuance in January 2026, accrue interest payable in cash semi-annually. The 2024 Convertible Notes and 2024 Term Notes rank pari passu and are secured by substantially all the assets of the Company.

The interest rates on the 2024 Secured Term Notes and 2024 Secured Convertible Notes increase to 17% and 13%, respectively, with effect from the date of amendment, with the interest rates then reducing by 0.75% for each three-month period that the Company reports an Adjusted EBITDA exceeding $900,000, starting with the three months ended March 31, 2025, subject to a maximum reduction to 14% and 10%, respectively. In addition, a sum of $64,000 is payable to the holders of the 12% Secured Term Notes in January 2025, and the principal amount of the 8% Secured Convertible Notes was increased by $266,000 with effect from the date of the amendment.

The Company may prepay any portion of the 2024 Secured Term Notes, without penalty, at any time after February 1, 2025.

The following table summarizes our cash, accounts receivable, and working capital at June 30, 2025, and December 31, 2024 (in thousands):

	June 30, 2025			December 31, 2024
Cash and cash equivalents	$	1,383		$	1,179
Accounts receivable, net		2,136			2,213
Working capital		(2,832	)		(1,806	)

To the extent existing cash and cash from operations are not sufficient to fund future activities, we may need to raise additional funds. We may seek to raise additional funds through equity, equity-linked or debt financings. If we raise additional funds by incurring indebtedness, such indebtedness may have rights that are senior to holders of our equity securities and could contain covenants that restrict operations. Any additional equity financing may be dilutive to stockholders. Further, the 2024 Convertible Notes and 2024 Term Notes also contain a number of restrictive covenants that may impose significant restrictions on obtaining future financings, including restrictions on SpringBig’s ability to do any of each following while the 2024 Convertible Notes and 2024 Term Notes remain outstanding: (i) incurring additional indebtedness and guaranteeing indebtedness; (ii) incurring liens or allowing mortgages or other encumbrances; (iii) prepaying, redeeming, or repurchasing certain other debt; (iv) paying dividends or making other distributions or repurchasing or redeeming its capital stock; (v) selling assets or entering into or effecting certain other transactions (including a reorganization, consolidation, dissolution or similar transaction or selling, leasing, licensing, transferring or otherwise disposing of assets of the Company or its subsidiaries); (vi) issuing additional equity (outside of issuances under our equity compensation plan); and (vii) adopting certain amendments to our governing documents, among other restrictions. Accordingly, we may be limited in our ability to raise additional capital on acceptable terms or at all within such limitations. Such restrictions may be waived by consent of the noteholders.

Cash Flows

The following table summarizes our cash flows from operating, investing and financing activities for the three months ended June 30, 2025, and 2024 (in thousands):

	Six Months Ended June 30,
	2025			2024
Total cash provided by (used in):
Operating activities	$	218		$	(1,919	)
Investing activities		(14	)		(63	)
Financing activities		-			2,375
	$	204		$	393

Operating Activities

Cash provided by operating activities consists primarily of net loss adjusted for certain non-cash items, including depreciation and amortization, non-cash stock compensation expenses, changes in the fair value of financial instruments and the effect of changes in working capital and other activities.

In the six months ended June 30, 2025, the net loss was $1.8 million, and the cash from operating activities was $0.2 million. The difference of $2.0 million is due to a $0.6 million decrease in working capital and $1.4 million of non-cash items (including depreciation, amortization and stock-based compensation).

In the six months ended June 30, 2024, the net loss was $0.2 million, and the cash used in operating activities was $1.9 million. The difference of $1.7 million is due to a $1.6 million gain on the repurchase of the 6% Secured Convertible Note in January 2024, the cash benefit of which is reflected in financing activities, and a $1.6 million increase in working capital (primarily due to reduced payables) being partially offset by $1.5 million of non-cash items (including depreciation, amortization, stock-based compensation and change in the fair value of warrants).

Investing Activities

SpringBig has low capital investment requirements, with our needs being comprised primarily of computer equipment and office furniture and related items. Cash used in investing activities was $14,000 for the six months ended June 30, 2025, and $63,000 for the six months ended June 30, 2024.

Financing Activities

There were no cash flows due to financing activities during the six months ended June 30, 2025.

During the six months ended June 30, 2024, the net cash provided by financing activities was $2.4 million. The proceeds of $7.2 million, net of expenses, from the issuance of the $1.6 million aggregate principal amount of 2024 Secured Term Notes, due 2027, and $6.4 million aggregate principal amount of 2024 Secured Convertible Notes, due 2027, were in part used to repay the 6% Senior Secured Convertible and associated warrants for cash consideration of $2.9 million. The short-term cash advances were repaid by $1.4 million and a related party loan of $0.5 million was repaid during the six months ended June 30, 2024.

Off-Balance Sheet Arrangements

At June 30, 2025, there were no off-balance sheet arrangements between us and any other entity that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to shareholders.

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Certain accounting policies involve a “critical accounting estimate” because they are particularly dependent on estimates and assumptions made by management about matters that are highly uncertain at the time the accounting estimates are made. In addition, while we have used our best estimates based on facts and circumstances available to us at the time, different acceptable assumptions would yield different results. Changes in the accounting estimates are reasonably likely to occur from period to period, which may have a material impact on the presentation of our financial condition and results of operations. We review these estimates and assumptions periodically and reflect the effects of revisions in the period that they are determined to be necessary. We believe that the assumptions and estimates associated with income taxes, equity-based compensation (including issuance of common stock for services rendered), and allowance for credit losses have the greatest potential impact on our condensed consolidated financial statements. Therefore, we consider the policies related to these financial areas to be our critical accounting policies.

Income Taxes

We record current income taxes based on our estimates of current taxable income and provide for deferred income taxes to reflect estimated future income tax payments and receipts. We are subject to federal income taxes as well as state taxes. In addition, we are subject to taxes in the foreign jurisdictions where we operate.

The Company records a deferred tax asset or liability based on the difference between financial statement and tax basis of assets and liabilities as measured by the anticipated tax rates which will be in effect when these differences reverse. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. The Company adopted ASU 2016-17, Balance Sheet Classification of Deferred Taxes. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will only have one net noncurrent deferred tax asset or liability.

The Company has evaluated its tax positions for any uncertainties based on the technical merits of the positions taken. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be upheld on examination by taxing authorities. The Company has analyzed the tax positions taken and has concluded that as of June 30, 2025, and 2024, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statements.

Stock-Based Compensation

ASC 718, Compensation - Stock Compensation, addresses accounting for share-based awards, including stock options, restricted stock, performance shares and warrant. Stock-based compensation for stock options to employees and non-employees is based upon the fair value of the award on the date of grant. We record forfeitures as they occur. The compensation cost is recognized over the requisite service period, which is generally the vesting period, and is included in general and administrative expenses in the condensed consolidated statements of operations.

The Company estimates the fair value of time-based stock options using the Black-Scholes valuation model. The expected life represents the term the options granted are expected to be outstanding. The expected volatility was determined using the historical volatility of similar publicly traded companies. The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of grant.

Stock-Based Compensation – Market-Based Vesting Restricted Stock Units

In March and April 2025, the Company granted market-based restricted stock units (“RSUs”) to certain executives. The awards vest in multiple tranches upon the Company’s common stock achieving specified volume-weighted average price (“VWAP”) targets for at least twenty consecutive trading days during the ten-year contractual term, subject to continued service. If the applicable target is not achieved prior to expiration, the corresponding tranche will be forfeited.

The grant-date fair values of the awards were determined using a Monte Carlo simulation model incorporating assumptions regarding expected volatility, risk-free interest rates, and other factors. In accordance with ASC 718, the total grant-date fair value is recognized over the derived service periods for each tranche, regardless of whether the market conditions are ultimately satisfied.

Allowance for Credit Losses

The Company’s reserve methodology used to determine the appropriate level of the allowance for credit losses (“ACL”) is a critical accounting estimate. The ACL is maintained at a level believed to be appropriate to provide for the current credit losses expected to be incurred with respect to accounts receivable balances at the balance sheet date, including balances associated with known or anticipated problem customers.

Accounts receivables are charged off to the extent they are deemed to be uncollectible. Net charge-offs are included in historical data utilized for calculating the ACL. Management maintains a framework of controls over the estimation process for the ACL, including review of historical data and facts and circumstances related to specific customers, for compliance with GAAP. Management has a quarterly process to review the appropriateness of historical observation periods and loss assumptions. Management also maintains controls over the information systems, models and spreadsheets used in the quantitative components of the reserve estimate. This includes the quality and accuracy of historical data used to derive loss rates, the probability of default, loss given default, and the inputs to industry and macroeconomic forecasts.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09 (Topic 740), Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as an expansion of other income tax disclosures. The ASU is effective on a prospective basis for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

Emerging Growth Company and Smaller Reporting Company Status

Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. Section 107 of the JOBS Act provides that any decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. We have elected to use this extended transition period under the JOBS Act.

We are also a “smaller reporting company” as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long as the market value of our voting and non-voting common stock held by non-affiliates is less than $250 million measured on the last business day of our second fiscal quarter, or our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our voting and non-voting common stock held by non-affiliates is less than $700 million measured on the last business day of our second fiscal quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We have operations within the United States and limited operations with customers located in Canada, and we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes, inflation and exchange rate charges. Information relating to quantitative and qualitative disclosures about these market risks is set forth below.

Interest Rate Fluctuation Risk

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.

The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk. Because our cash and cash equivalents have a relatively short maturity, our portfolio’s fair value is relatively insensitive to interest rate changes. In future periods, we will continue to evaluate our investment policy in order to ensure that we continue to meet our overall objectives.

Inflation

We do not believe that inflation has had a material effect on our business, financial condition, or results of operations. We continue to monitor the impact of inflation in order to minimize its effects through pricing strategies, productivity improvements and cost reductions. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.

Exchange Rate Risk

We have operations in Toronto, Canada and customers located in Canada. Given our reporting currency is US dollars, this results in exchange rate translation risk. The effect is minimized by matching our Canadian income and expense with our Canadian customers being invoiced in their local currency. The exchange rate risk to our financial statements is immaterial.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported in accordance with the rules of the Securities and Exchange Commission (“SEC”). Disclosure controls are also designed with the objective of ensuring that such information is accumulated appropriately and communicated to management, including the chief executive officer and chief financial officer, as appropriate, to allow for timely decisions regarding required disclosures.

Our Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our principal financial and accounting officer) evaluated the effectiveness of our “disclosure controls and procedures” (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2025, the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of such date. See the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a description of the Company’s material weaknesses in internal control over financial reporting.

Changes in Internal Controls over Financial Reporting

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the three months ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II – Other Information

Item 1. Legal Proceedings

For a description of developments to legal proceedings during the six months ended June 30, 2025, see “Litigation” under Note 15, “Commitments and Contingencies” to our condensed consolidated financial statements.

Item 1A. Risk Factors

Our business involves a high degree of risk. You should carefully consider the risks described under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as well as the risks, uncertainties and other information set forth in this Item 1A and in the reports and other materials filed or furnished by us with the SEC when making investment decisions regarding our securities. We cannot assure you that any of the events discussed therein will not occur. These risks could have a material and adverse impact on our business, prospects, results of operations, financial condition, and cash flows.

Item 2. Unregistered Sales of Equity Securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

(a)

None.

(b)

None.

(c)

During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

Exhibit
Number

Exhibit Description

Form

Exhibit

Filing Date

Filed/Furnished
Herewith

SEC File #

3.1

Certificate of Incorporation of SpringBig Holdings, Inc.

10-K

3.1

April 01,
2024

001-40049

3.2

By-Laws of SpringBig Holdings, Inc.

10-K

3.2

April 01,
2024

001-40049

#10.1

Offer Letter between SpringBig Holdings, Inc. and James Cabral.

8-K

10.1

May 13,
2025

001-40049

#10.2

Offer Letter between SpringBig Holdings, Inc. and Jason Moos.

8-K

10.2

May 13,
2025

001-40049

10.3

Equity Purchase Agreement, dated as of July 31, 2025, by and among SpringBig Holdings, Inc., VICE CRM, LLC, Jaret Christopher, David Schachter, and Luis Aristides Diaz Madrid.

8-K

10.1

August 6,
2025

001-40049

#10.4

First Amendment to the Separation Agreement, dated as of May 7, 2025, by and between SpringBig Holdings, Inc. and Paul Sykes.

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Labels Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

*	Filed herewith.

**	Furnished herewith.

#	Indicates a management or compensatory plan.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SpringBig Holdings, Inc

By:	/s/ Jaret Christopher
Name:	Jaret Christopher
Title:	Chief Executive Officer
	(Principal Executive Officer)

Date:	August 13, 2025

By:	/s/ Jason Moos
Name:	Jason Moos
Title:	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

Date:	August 13, 2025

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SpringBig Holdings, Inc. 10-Q