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POSABIT SYSTEMS CORP (POSAF) is a leading provider of point of sale (POS) solutions for the cannabis industry. The company offers a comprehensive suite of products that streamline operations, improve customer experience, and ensure compliance with state regulations. POSABIT's innovative technology allows dispensaries to process transactions securely, track inventory in real-time, and generate detailed reports for business analysis. With a strong focus on customer satisfaction and industry expertise, POSABIT SYSTEMS CORP continues to expand its market presence and drive growth in the rapidly evolving cannabis sector.
POSaBIT Systems Corporation reported a 79% revenue increase to $6.4 million for Q1 2022, up from $3.5 million in Q1 2021. The company also achieved a record transactional sales volume in March 2022. Gross profit grew 70% to $1.5 million, though gross profit margin slightly declined to 24%. The net loss was $(470,000), an improvement from the previous year. POSaBIT maintains its full-year 2022 revenue guidance of $37 million to $40 million, signaling robust growth expectations. The company onboarded 44 new stores and appointed a new Chief Revenue Officer to enhance sales.
POSaBIT Systems Corporation has appointed Julie Solomon, Ph.D. as the new Chief Revenue Officer. Joining from Synctera, she will oversee sales, marketing, and customer support to enhance the company's approach to market expansion. With over 25 years in FinTech, including leadership roles at Yodlee and Oracle, Solomon aims to deepen POSaBIT's North American footprint. CEO Ryan Hamlin emphasizes that her experience will drive growth and success in new and existing markets.
POSaBIT Systems Corporation (OTC: POSAF), a leader in payment processing for the cannabis industry, will host a conference call on
POSaBIT Systems Corporation (OTC-PINK: POSAF), a leader in cannabis payment processing, announced issues during its earnings call for FY 2021, limiting investor questions. They will host a follow-up conference call on May 3, 2022, at 4:30 p.m. ET, in partnership with Stansberry Research. Investors can submit questions beforehand at investors@posabit.com. The call will be accessible via toll-free and international numbers, with replay options available shortly after the event.
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) reported a 172% increase in revenue for 2021, totaling $21.3 million, exceeding its guidance. The company anticipates 2022 revenues between $37 million and $40 million, marking over 80% growth. Transactional sales volume soared 174%, indicating strong market expansion. Despite positive revenue growth, the company reported a net loss of $(10.6 million) for the year, driven by a significant non-cash change in derivative liabilities. For Q4 2021, total revenue reached $6.4 million, up 110% year-over-year.
POSaBIT Systems Corporation (OTC: POSAF) has expanded its point of sale system to New Mexico, coinciding with the state's launch of recreational cannabis sales on April 1. CEO Ryan Hamlin expressed enthusiasm for serving this new market, highlighting the system's suitability for local dispensaries. Within the first two months, the company plans to establish services in approximately 20 dispensaries. This strategic move aligns with POSaBIT's goal of providing innovative payment solutions for the cannabis sector.
POSaBIT Systems Corporation (OTC: POSAF) will host a conference call on April 28, 2022, at 4:30 p.m. ET, to discuss its fourth quarter and full-year results for the period ending December 31, 2021. The call can be accessed via toll-free and international numbers, along with a live webcast. Following the event, a replay will be available. POSaBIT specializes in payment processing and point-of-sale systems in the cannabis industry, providing compliant solutions for cash-only businesses.
POSaBIT Systems Corporation (OTC: POSAF) has expanded its point of sale and payments solution into Texas and Georgia, marking its presence in 18 states. This move highlights the company's commitment to increasing its geographical reach within the cannabis industry, according to CEO Ryan Hamlin. POSaBIT focuses on providing innovative payment processing solutions tailored for cash-only businesses, particularly in complex sectors like cannabis. The company aims to enter additional markets throughout 2022 and beyond, reflecting a strategic plan for growth and scalability.
POSaBIT Systems Corporation (OTC: POSAF) has expanded its operations into the West Virginia medical cannabis market, marking its entry as the 16th state where the company offers point of sale solutions. This expansion demonstrates the company's commitment to providing valuable technology tailored to state regulations as the cannabis market grows. CEO Ryan Hamlin emphasized the importance of their solutions in navigating the unique challenges of cash-only businesses in the cannabis sector.
POSaBIT Systems Corporation (OTC: POSAF) has launched its point of sale solution in the CBD market, now operating in over twenty locations across the U.S. This expansion taps into a booming industry, as CBD sales reached $4.6 billion in 2020, with projections suggesting the market could grow to $15-$20 billion by 2025. CEO Ryan Hamlin expressed enthusiasm about entering this sector and its potential alignment with future cannabis dispensaries. While pursuing CBD opportunities, the company will maintain its primary focus on cannabis dispensaries in legal states.
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