DefaultMay 14, 2026, 06:12 AM
SpringBig Receives Default Notice on Secured Notes; Q1 Net Loss $494K
AI Summary
SpringBig Holdings, Inc. reported a net loss of $494,000 for the first quarter of 2026, an improvement from the prior year, despite a slight decrease in net revenues to $5.44 million. However, the company disclosed a significant going concern risk due to recurring losses, an accumulated deficit of $42.2 million, and a working capital deficit of $13.2 million. Critically, SpringBig received a Notice of Default on its 2024 Secured Convertible and Term Notes on April 21, 2026, which could lead to acceleration of debt payments or foreclosure on assets.
Key Highlights
- Received a Notice of Default on 2024 Secured Convertible and Term Notes on April 21, 2026.
- Reported a net loss of $494,000 for the three months ended March 31, 2026, an improvement from $751,000 in Q1 2025.
- Net revenues decreased to $5.44 million in Q1 2026 from $5.52 million in Q1 2025.
- Working capital deficit was approximately $13.2 million as of March 31, 2026.
- Long-term debt of $9.76 million was reclassified to current liabilities as of March 31, 2026.
- Cash and cash equivalents decreased to $1.27 million as of March 31, 2026, from $1.50 million at December 31, 2025.
- Accumulated deficit reached approximately $42.2 million as of March 31, 2026.