POSABIT SYSTEMS CORP - POSAF STOCK NEWS

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.

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.

POSaBIT Systems to host conference call and webcast to discuss Q4 and full-year results for 2023.

POSaBIT Systems Corporation (PBIT) closed a non-brokered private placement of 3,107,142 units at a price of CAD$0.28 per unit, raising approximately CAD$870,000 or USD$650,000 to repay convertible promissory notes. Perga Capital Partners LP purchased 2,857,929 units, providing aggregate gross proceeds of approximately CAD$800,220. The offering includes 3,107,142 common shares and 2,734,284 warrants, subject to a four-month hold period. The related party transaction is exempt from formal valuation and minority shareholder approval requirements.