POSaBIT Systems Reports Financial Performance In Q3 2023, Shows Resilience In Cannabis Payment Industry
Portfolio Pulse from Joana Scopel
POSaBIT Systems Corporation, a cannabis payment solutions provider, reported increased financial performance for Q3 2023. Transactional sales rose 11% to $157.9 million, total revenue increased 32% to $13.6 million, and gross profit went up 10% to $3.2 million. However, the company faced an operating loss of $0.26 million and a net loss of $7.5 million, which included non-cash impairment and derivative liabilities. Adjusted EBITDA was $33 thousand. The company has recovered to 75% of its processed volume after a decline in PIN Debit Processing acceptance rate and is expanding its market share. POSaBIT extended its credit facility with Perga Capital and plans to list on the TSXV. Shares of POSAF surged 67.41% to $0.45.
December 01, 2023 | 12:42 am
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POSITIVE IMPACT
POSaBIT Systems reported strong Q3 2023 financial results with significant growth in sales and revenue, but also a substantial net loss. The company is recovering from a service interruption and is expanding its market share. Shares jumped 67.41% after the announcement.
The positive financial growth figures and the recovery from the service interruption indicate a strong performance, which is likely to instill investor confidence and could lead to a continued short-term positive impact on the stock price. The significant surge in stock price following the earnings report suggests a positive market reaction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100