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POSaBIT Systems Corporation develops financial technology for the cannabis industry, with products spanning point-of-sale software, cashless payment processing, eCommerce menus, loyalty tools and related merchant services. The company serves cannabis retailers and has expanded its software offering with POSaBIT Brands, an AI-driven portal for producers and processors that includes sales and inventory reporting, business intelligence, product catalog, vendor-managed inventory, order-building, data mapping, B2B ACH payments and custom reports.
POSaBIT news commonly covers quarterly and annual financial results, earnings conference calls, adjusted revenue and gross profit metrics, profitability measures, cash position updates, product launches and cannabis regulatory developments that affect payment acceptance and licensed operators.
POSaBIT Systems Corporation (CSE:PBIT, OTC:POSAF) has reported record financial results for Q1 2021, marking its largest revenue quarter ever. Revenue soared by 276% to $3.55 million, with gross profit jumping 1,170% to $890 thousand. The adjusted EBITDA reached $71 thousand, signaling three consecutive profitable quarters. Transactional sales for card services surged 308% to $64 million. POSaBIT forecasts total revenue between $14.5 million and $16 million for FY 2021, with transaction sales estimated at $275 million to $300 million.
POSaBIT Systems Corporation (CSE: PBIT, OTC:POSAF) is set to host a conference call and live webcast on May 25, 2021, at 4:30 p.m. Eastern Time to discuss its first quarter 2021 results. The financial technology company specializes in payment processing and point-of-sale systems for cash-only businesses, particularly in the cannabis sector. Interested investors can join the call via toll-free or international numbers, with a live webcast available. A replay will be accessible one hour post-event.
POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF) has appointed Matthew Fowler as Chief Financial Officer of POSaBIT USA. With over a decade of finance experience, Fowler previously held senior roles at AuthenticID and Phytelligence. Ryan Hamlin, CEO/co-founder, expressed enthusiasm for Fowler's contribution to the company's growth at a pivotal time. Fowler's responsibilities will include overseeing finance, legal, human resources, and operations. His expertise in financial management is expected to enhance POSaBIT's innovative payment solutions in the cannabis industry.
POSaBIT Systems Corporation (OTC: POSAF) has reported impressive financial results for 2020, showcasing consistent growth in revenue and merchant base. The company achieved a 327% increase in Q4 revenue, totaling $3.06 million, with a gross profit margin surge to $796,742. For the entire year, total revenue reached $7.82 million, a 127% rise. Operationally, POSaBIT doubled its merchant base and forecasts continued growth, expecting 2021 revenues between $14.5M and $16M. The firm also formed strategic partnerships and expanded its products to meet increasing customer demand.