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.