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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 reported Q3 2024 financial results, marking its second consecutive quarter of positive Adjusted EBITDA, which grew 53% quarter-over-quarter. The company achieved $4.08 million in revenue and an Adjusted Gross Profit Margin of 54%. Notable operational highlights include launching eCommerce menu to ~40 merchants, doubling merchant count in Oregon, and migrating all payment merchants to POSaBIT One platform. The company maintained $900,000 in cash and equivalents, with Adjusted Revenue of ~$5 million and Adjusted Gross Profit of ~$2.7 million for the quarter.
POSaBIT Systems , a leading cannabis industry payments infrastructure provider, has announced its upcoming third quarter 2024 earnings conference call scheduled for November 26, 2024, at 4:30 PM ET. The company is actively seeking investor questions prior to the call, which should be submitted to investors@posabit.com by 12:00 PM ET on the same day. The call will be accessible via toll-free and international dial-in numbers, with a participant access code. A webcast replay will be available approximately one hour after the event conclusion.
POSaBIT Systems has completed the full integration of Metrc Connect reporting in their cannabis Point of Sale system across all states using the track and trace system. This integration enables POSaBIT's partner dispensaries to automatically report required data to regulatory bodies through their POS software. The development represents a significant advancement in compliance capabilities for POSaBIT's cannabis retail solutions.
POSaBIT Systems (CSE: PBIT, OTC: POSAF), a leading cannabis industry payments and point-of-sale provider, reported Q2 2024 financial results. Highlights include:
- Achieved adjusted EBITDA profitability and positive free cash flow
- Q2 Adjusted Gross Profit of $3M (59% margin), up 31% from Q1
- Q2 Adjusted Revenue Growth of 11% over Q1 2024
- Increased cash on hand by ~$200K to $1.1M
- Launched POSaBIT Pay app and redesigned eCommerce Menu
- On track to process over $1B in annual gross sales in Washington State
The company aims for continued adjusted EBITDA profitability and cash reserve growth while maintaining steady growth in Point-of-Sale and Payments businesses.
POSaBIT Systems (CSE: PBIT, OTC: POSAF), a leading provider of payments infrastructure in the cannabis industry, has announced its upcoming second quarter 2024 earnings conference call. The call is scheduled for August 27, 2024, at 4:30 PM ET. POSaBIT is actively soliciting investor questions prior to the call, which should be submitted to investors@posabit.com by 12:00 PM ET on the day of the call. The company's CEO will address the top questions during the Q&A session. Conference call details, including toll-free and international dial-in numbers, as well as webcast information, have been provided. A replay of the call will be available approximately one hour after the live event concludes.
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.