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POSaBIT Systems Corporation (POSAF) (CSE:PBIT) (OTCQX:POSAF), a leading provider of payments infrastructure in the cannabis industry, announced its financial results on Tuesday afternoon for the three and nine months ended September 30, 2022.
“The third quarter was very strong with a 26% sequential increase in revenue, making it the first time we have had a $10+ million quarter. We continue to expand our commercial footprint and announced several strategic new partnerships this quarter that validates the strength of our platform,” said Ryan Hamlin, CEO and co-founder of POSaBIT.
Balance Sheet: As of September 30, 2022, the Company had cash and cash equivalents of $8.2 million compared to $4.4 million as of December 31, 2021.
"Contrary to many in our industry and the current economic climate, our business is growing at an increased pace, our sales funnel is full, and our balance sheet is as strong as it's ever been. We are increasingly optimistic about the long-term prospects for our business and are raising our 2022 gross profit guidance to $10.0 - $10.5 million, reiterating our revenue guidance of $37 to $40 million for the year and reiterating our prior statement that we expect positive Adjusted EBITDA in 2023,” Hamlin added.
Recent Operational Highlights:
The company signed a four-year royalty licensing agreement with a large cannabis technology provider, for guaranteed minimum revenue of $20 million at a virtually 100% margin.
“We continued to onboard new merchants at record levels and secured a royalty licensing agreement for our point-of-sale software that will generate recurring guaranteed revenue of at least $20 million at virtually 100% margin over the next four years,” Hamlin said.
Moreover, it announced Vermont as the newest state added and live for POSaBIT.
2022 Outlook: The Company is raising the high end of its gross profit guidance to $10.5 million and reiterating its revenue guidance of $37.0 – $40.0 million for the full year 2022.
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Photo: Courtesy of Joel Muniz On Unsplash