GreenBox POS Raises 2021 Processing Volume Estimates
GreenBox POS (NASDAQ: GBOX) has announced a significant increase in its 2021 processing volume guidance from $600 million to at least $1.2 billion, backed by early Q1 results that surpassed initial expectations. The surge in volume is attributed to a rapid onboarding of new merchants following the January launch of its Gen3 technology and an expanded banking network. CEO Fredi Nisan expressed optimism regarding the adoption of their blockchain technology and the potential for further adjustments to projections as smart-contract token technology is rolled out.
- Processing volume guidance increased from $600 million to at least $1.2 billion for 2021.
- Significant early Q1 processing volume outpacing initial expectations.
- Rapid onboarding of new merchants due to the successful January launch of Gen3 technology.
- Improved operating margins expected and additional smart-contract token volume anticipated.
- None.
Doubling Previously Issued Guidance
SAN DIEGO, CA, April 05, 2021 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX ("GreenBox", the "Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, sees first quarter 2021 processing volume materially outpaced prior expectations used in initial annual guidance of
The Company’s blockchain ledger-based payment solutions have gained traction as new merchant onboarding accelerates following the January launch of its Gen3 technology. Processing volume is the primary source of GreenBox revenue, which is residual based. The Company attributes this growth to the platform ease of use, capabilities in high-risk verticals, as well as growing banking and processing networks.
"Our original 2021 projections were based more on Q4 2020 processing volume levels and proved to be too conservative. Given the visibility we now have from the first quarter, we are comfortable now raising our full year estimates,” said Fredi Nisan, Chief Executive Officer of GreenBox POS. “We are encouraged by the rapid adoption of our proprietary blockchain technology and believe the launch of our smart-contract token technology may pave the way for additional revisions to these projections.”
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
GBOX@mzgroup.us
www.mzgroup.us
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