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GreenBox POS (NASDAQ: GBOX) reported record processing volume of $754 million for Q1 2022, up from $315 million a year ago. Revenues increased to $4.9 million compared to $4.7 million in Q1 2021. The company completed its acquisition of Transact Europe and partnered with Cross River Bank to enhance its banking-as-a-service offerings. However, gross profit decreased to $2.3 million (47.6% of revenue) from $3.2 million (66.4%). Net loss was $21.3 million, an increase from $13.3 million in the prior year.
GreenBox POS (NASDAQ: GBOX) will announce its Q1 2022 financial results on May 16, 2022, after market close. Management will host a conference call at 4:30 p.m. Eastern to discuss the results, provide updates, and answer questions. Interested participants should dial in 10 minutes early using US Dial In: 1-844-825-9789 or International Dial In: 1-412-317-5180 with Conference ID 10166964. A playback will be available until August 16, 2022.
GreenBox is a fintech firm utilizing blockchain technology for customized payment solutions, enhancing transaction efficiency for merchants.
GreenBox POS (NASDAQ: GBOX) has announced that management will present at the Taglich Brothers Investment Conference on May 2-3, 2022, at the TWA Hotel, New York. Scheduled to speak is Chairman Ben Errez, who will highlight the company’s growth in customized blockchain-based payment solutions and its role in digital payments. The presentation is set for 4:15 p.m. Eastern time on May 2, and will also be available via a live audio webcast. GreenBox specializes in using proprietary blockchain security for financial products and fraud detection.
GreenBox POS (NASDAQ: GBOX) announced the appointment of Simon & Edward, LLP as its new registered public accounting firm, effective April 19, 2022. This decision follows a thorough evaluation by the Audit Committee and is not due to any disagreement with the previous firm, BF Borgers CPA, PC. CEO Fredi Nisan expressed gratitude towards BF Borgers and emphasized that this transition reflects the company's commitment to strong governance as it prepares for future growth.
GreenBox POS (NASDAQ: GBOX) announced today the successful completion of its SOC 2 Type 2 certification audit, conducted by Armanino, LLP, for the period from November 1, 2021, to January 31, 2022. This certification verifies that the company's controls meet the AICPA’s trust service criteria, ensuring robust security and risk management processes. CEO Fredi Nisan stated this achievement aligns GreenBox with industry standards and demonstrates their commitment to protecting customer data. SOC 2 compliance is not mandatory but is recognized as a hallmark of reliability in the fintech space.
GreenBox POS (NASDAQ: GBOX) announced the appointment of Adele Hogan to its Board of Directors, replacing Carl Williams. Hogan, a seasoned transactional lawyer with over 30 years of experience, has a strong background in mergers, securities, and compliance, having closed deals exceeding $200 billion. She aims to support GreenBox's growth in blockchain technology and payment solutions. Chairman Ben Errez expressed confidence in Hogan's contributions to future M&A and dividend plans, underscoring her affiliate role in balancing the Board's composition.
GreenBox POS (NASDAQ: GBOX) has completed a $16 million acquisition of a merchant accounts portfolio from Sky Financial & Intelligence. This strategic move, involving $1.5 million in cash after previous residual returns, is expected to enhance profit margins and create new revenue opportunities by integrating Sky's portfolio, which surpassed $1 billion in processing volume. GreenBox plans to eliminate commission costs through its own sales team and leverage the new accounts for additional customized solutions, reinforcing its revenue-generating capabilities.
GreenBox POS (NASDAQ: GBOX) has successfully acquired Transact Europe Holdings for approximately $28 million. This acquisition enhances GreenBox's capabilities in the European market, providing access to valuable licenses, systems, and personnel. Transact Europe holds key memberships with major payment networks like Visa and MasterCard, facilitating rapid payment solutions for European merchants. The acquisition is projected to boost GreenBox's adjusted EBITDA by approximately $2 million in the first year and is expected to be accretive to cash EPS.
GreenBox POS (GBOX) reported a remarkable revenue achievement of $26.3 million in 2021, reflecting an increase of 208.6% from $8.5 million in 2020. The company's processing volume surged nearly tenfold to approximately $2 billion from $202 million. Key developments included the launch of a new ACH bulk processing channel and a strategic partnership with Cross River. However, GreenBox incurred a net loss of $26.5 million for the year, mainly due to rising operating expenses, which escalated to $37.7 million.
GreenBox POS (GBOX) announced the appointment of INNOCEAN USA as its first advertising and branding agency of record. INNOCEAN will spearhead a comprehensive campaign to elevate global awareness of GreenBox’s FinTech capabilities. The initiative includes a full branding strategy, designed to amplify brand visibility across diverse platforms. Key new hire Jacqueline Reynolds, with extensive experience from leading brands, will guide strategic communications. GreenBox aims to enhance its presence in the UK, Europe, and Asia, capitalizing on the growing demand for digital payment solutions.
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