Welcome to our dedicated page for Posabit Systems news (Ticker: POSAF), a resource for investors and traders seeking the latest updates and insights on Posabit Systems stock.
Posabit Systems (POSAF) provides integrated digital solutions for enterprise operations, specializing in cloud computing and software innovation. This page aggregates all official corporate announcements and verified news coverage related to strategic developments, financial updates, and market activities.
Investors and industry professionals will find timely updates on earnings reports, technology partnerships, and product launches, alongside analysis of operational milestones. The curated collection serves as a neutral reference for tracking the company’s progress in digital transformation and enterprise software markets.
Content spans regulatory filings, leadership updates, and operational expansions within key sectors like payment processing and cloud infrastructure. Regular updates ensure stakeholders maintain informed perspectives on POSAF’s North American operations and technological advancements.
Bookmark this page for streamlined access to essential updates about Posabit Systems’ business trajectory. Combine frequent visits with official SEC filings for comprehensive investment research.
POSaBIT Systems reported its Q1 2024 financial results, focusing on sustainable profitability and growth. The company achieved an adjusted gross profit of $2.3M with 50% margins and annualized adjusted gross profit of $10M as of March. Despite a 67% year-over-year decline in revenue to $3.78M, cost of goods sold dropped by 75%, improving margins. CEO Ryan Hamlin highlighted the company's strategic adjustments, including multiple payment options and growing Point of Sale business. POSaBIT finalized banking and software requirements for potential full credit card processing. The company held $0.9M in cash as of March 31, 2024, down from $1.5M at the end of 2023.
POSaBIT Systems (CSE: PBIT, OTC: POSAF), a leading provider of payments infrastructure in the cannabis industry, announces its Q1 2024 earnings call scheduled for June 13, 2024, at 4:30 PM ET.
The call will discuss financial results for the quarter ended March 31, 2024. Investors can submit questions by 12:00 PM ET on the same day, which will be addressed by the CEO during the Q&A session.
The call can be accessed via toll-free and international numbers, and a webcast will be available. A replay will be accessible 1 hour after the event.
POSaBIT Systems (CSE: PBIT, OTC: POSAF) has announced a delay in filing its interim financial statements and management's discussion for Q1 2024, initially due by May 30, 2024. The delay stems from the late filing of the company's annual financials. POSaBIT anticipates completing the Q1 filings by June 13, 2024. In response, POSaBIT has applied for a voluntary management cease trade order (MCTO) from the British Columbia Securities Commission, which will restrict the trading activities of the company's CEO and CFO until the filings are completed. This order does not impact other shareholders. The company will issue bi-weekly default status reports until the filings are submitted.
POSaBIT Systems (CSE: PBIT, OTC: POSAF) reported 2023 financial results, highlighting a 23% overall revenue growth excluding licensing. Point of Sale revenue grew by 51%, and payment revenue increased by 20%. Despite industry-wide payment disruptions, gross profit margin fell to 21% from 42%, leading to a net loss of $13.76 million. Operating income saw a significant loss of $9.55 million. The company aims for positive free cash flow in Q2 2024. Stephen Gledhill will replace Matthew Fowler as CFO in May 2024. The company is working to list shares on the TSX Venture Exchange, but approval is uncertain. A non-cash earnings restatement for 2022 resulted in reduced revenue recognition by $3 million.
POSaBIT Systems (CSE: PBIT, OTC: POSAF) has announced the rescheduled fourth quarter and full year ended December 31, 2023 financial results earnings call on May 14, 2024. The company will host a conference call and live webcast at 4:30 PM ET. Investors are encouraged to submit questions prior to the call for the CEO to address.
POSaBIT Systems , trading as PBIT on the CSE and POSAF on the OTC, is expecting a delay in filing its 2023 annual financial statements by April 29, 2024, due to a change in auditors. The company aims to complete the filings by May 17, 2024, and has applied for a management cease trade order (MCTO) until then. The delay will postpone a scheduled conference call and webcast.
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