POSABIT SYSTEMS CORP - POSAF STOCK NEWS

POSaBIT (OTC-PINK:POSAF) has reported a record revenue for 2022, continuing its streak of doubling or nearly doubling revenue for five consecutive years. The company raised its FY 2023 guidance, predicting revenue growth to $60 million and gross profit to $13.5 million—a 62% increase from 2022. In Q4 2022, total revenue reached $24.9 million, up 141% year-over-year, with gross profit soaring to $16.2 million, reflecting a 459% increase. Despite accounting changes impacting expected revenue recognition, POSaBIT is still positioned to leverage its acquired Hypur assets and expand its market share in the cannabis payment infrastructure. However, future adjusted EBITDA may be slightly negative compared to initial expectations.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) announced a conference call on April 26, 2023, at 4:30 PM Eastern Time to discuss its fourth quarter and full year results for the period ended December 31, 2022. The company specializes in payment solutions for the cannabis sector and aims to advance cashless transactions in the industry. Investors can join the call via toll-free numbers or through a live webcast accessible via provided links.

The press release contains forward-looking statements about the company's strategy and operational expectations. It highlights potential risks associated with market conditions and regulatory uncertainties that might affect future performance.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) announced it received a notice of termination from Akerna Corp. regarding its agreement to acquire MJ Platform, Leaf Data Systems, and Ample Organics. Akerna indicated a third-party proposal could lead to a superior offer. Consequently, POSaBIT's board chose not to match the alternative proposal.

This notice does not affect ongoing commercial agreements with MJ Freeway, which include exclusive rights for payment processing services, bolstered by POSaBIT's recent acquisition of Hypur for $7.5 million. This acquisition is expected to add over $100 million in annualized Gross Merchandise Value.

POSaBIT Systems Corporation (OTC: POSAF) has acquired assets from Hypur Inc. for up to US$7.5 million, effective April 1, 2023. This transaction allows POSaBIT to enhance its payment solutions for the cannabis industry, providing a suite that includes PIN debit processing and compliance technology.

Hypur generated US$5.3 million in revenue and US$1.3 million in gross profit in 2022. The deal adds over 150 active merchant locations and strengthens POSaBIT’s banking relationships. The acquisition positions POSaBIT uniquely as a comprehensive provider in the cannabis payment space.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) has announced its financial guidance for 2023, projecting total revenue between $60 million and $63 million, and gross profit between $15 million and $17 million. The company anticipates positive Adjusted EBITDA for the year. CEO Ryan Hamlin emphasized the company's growth outpacing the cannabis market, highlighting ongoing integration efforts for their point-of-sale and payments platforms. POSaBIT plans to report fourth quarter and full year 2022 financial results on April 26, 2023.

POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), a leader in cannabis payment solutions, announced its participation in a fireside chat at the 35th Annual Roth Conference on March 13, 2023, at 5:00 PM ET. Investors can access the webcast here. Management will also hold one-on-one meetings at the conference, and interested parties can reach out via James@HaydenIR.com to arrange meetings. POSaBIT aims to enhance financial services in the cash-only cannabis sector, providing cutting-edge technology for retailers.