In April 2026, SpringBig Holdings received a Notice of Default on its secured term and convertible notes despite current payments and ongoing negotiations with lead noteholders. The company’s specialized SaaS platform targeting highly regulated industries—primarily cannabis retail—positions it well for market growth, but continuing liquidity constraints and regulatory complexities weigh on its operational flexibility. Growth hinges on expanding customer penetration in emerging legal markets and leveraging proprietary CRM solutions, while key risks include refinancing challenges and governance continuity.