POSaBIT Q1 2022 Strong Revenue Growth, Reafirms 2022 Revenue Guidance

POSaBIT Systems Corporation POSAF PBIT total revenue for Q1 2022 was $6.4 million, up 79% compared with $3.5 million in the first quarter of 2021.

Q1 2022 Financial Highlights

• Transactional sales for payment services totaled $103 million, up 61% compared with $64.0 million in the first quarter of 2021

• Gross profit was $1.5 million, or 24% of revenue, up 70% on a dollar basis compared with $900,000, or 25.4% of revenue in the first quarter of 2021

• Net loss was $(470,000), inclusive of a $1.6 million non-cash change in fair value of derivative liabilities, compared with a net loss of $(514,000), inclusive of a $(322,000) non-cash change in fair value of derivative liabilities in the first quarter of 2021.

• Adjusted EBITDA was $(1) million, or (16%) of revenue, compared with $71,000, or 20.0% of revenue, in the first quarter of 2021

Ryan Hamlin, CEO and co-founder of POSaBIT, stated “We continued to onboard new merchants during the first quarter, primarily higher volume stores that, when coupled with anticipated same-store growth from our existing store footprint, reinforces our optimism for another year of exponential growth in 2022. Based on our current visibility, we are reaffirming our full-year 2022 revenue guidance of between $37 and $40 million, which represents growth of more than 80% at the midpoint compared to 2021.”

As of March 31, 2022, the company had cash of approximately $3.2 million compared to approximately $4.4 million as of December 31, 2021.

Photo: Courtesy of Mackenzie Marco on Unsplash

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